t
5
Bradstreet's Review Issues
Annual Report on Busi
ness Conditions
Any depression in business
which may follow the stock mar
ket slump of last fall will be
shorter lived than any of its pre
decessors, according to a forecast
for 1930 contained in Brads
street's review of the business
"year Just past. Excerpts from the
report, released for publication
today, follow:
The Business Year
- Nineteen-twenty-nine was a
many-aided year, replete with
happenings, some of these, as for
Jnsfajce,'' new high records in
mtofiUnes of trade and industry,
highly" stimulative; others, main
ly those connected with the stock
market and its varied . fluctua
tions, of a nature calculated to de
press. Opening under- a fairly
heavy momentum accumulated in
the lata month ot 1928, busi
ness, collectively speaking, rose to
new heights, defying rather un
favorable agricultural yields and
prices, the combined influences of
widespread heat or droughty or
both, upon buying in- affected
areas, the restrictive effects of
high money rates and, curtailed
credit upon old and new enter
prises, and the apprehensions, ear
lier expressed and later partly 1
realised, of speculative excesses
weakening confidence In general
business. The year closed quiet
ly, with most of its early gains,
not folly maintained, but at least
partially garnered, with an appar
ent minimum of damage done and
with the commercial and indus
trial community chastened, per
haps, but cheerful withal, facing
the new year with a display of
confidence.
The cereal crops, as a whole,
were 1 per cent smaller, spring
wheat, oats and barley showing
still larger percentages of decline,
with, however, higher prices mak
ing up for part of this loss, and
potatoes, with a yield 23 per cent
below 1928, rising to over double
the price per bushel of the year
before and accounting for the en
tire gain in the total estimated
value of all crops. Railroad ton
nage In the fall partially reflect
ed these crop losses in reduced
car loadings and gross and net
earnings.
Agriculture
Perhaps the most notable fea
ture of the agricultural situation
was the sharp change shown In
the world position of wheat which
from the lowest point, as to prices.
In years on May 31, rose over 50
per cent by the end of July on
realization of the short yields of
spring wheat in the United States
and Canada and the poor pros
pects for the later-gathered crops
ot Argentina and Australia. Dur
ing the first half of the cereal
year 1929-30, however, the record-breaking
visible supplies In
the United States and Canada a
rood deal of this old-crop wbeat
the bountiful yields in Europe and
the sympathy of wheat markets
with those for stocks, were a
weight on prices until-the middle
of December, when the guarantee
of prices by; the Farm Board
caused a renewed rise, which was
till In progress at the end of
1929. It was. In brief, a rasp nf
present plenty as against future i
possible scarcity which caused the I
stalemate In the last half of the !
year.
Peak Production in Most
'Industries
In the first seven or eight
months of, the year the "heavy"
Industries, notably 'steel, pig Iron,
coal and t kindred lines moved
wiftly and bettered the gains
made in the preceding year over
the rather lean returns of 1927.
Iron and; steel output peaked in
May and made another near Peal:
In Jaly, and both, with automobile
production, broke, all records.
Machine tools and electrical
equipment sold in unsurpassed
Volume,, this latter aiding cooper
movement, which showed a rather
wide fluctuation in prices, from
24 cents early in the spring to 18
cents daring the rest of the year.
In later months the heavy indus
tries seemed rather to anticipate
the stock market break, the gen
eral iidnstrlal index peaking in
mid-summer and declining there-
a dressing
. . . in your
pocket
. TTTrw Dorothy Gray's slim new
Y Vanity Cats ia your haod
teg yoa cu freshen youf malcc-sp
anywhere as readily and adequately
as If job were at jour own dressing
table. Tils smart case Injenioesly
holds rocge, powder, faffs and aa
aspic mirror; lipstick; tiny eyebrow
knob ana tweeters j Eye' Shadow
sad Istbime. Obtainable la a wide
aricty of colorful leathers, this '
dwr new YsnityCsseiMkrsahar-
aatuorjidtmtfc
after, although still recording
gains over a year ago op to the
time of the speculative debacle.
Th. -lighter industries were
later in reaching their peak, but
silk manufacturing and : rayon
production broke all records.
Trade
Distributive trade was active
during the year. Except for small
decreases in department store and
wholesale operations February,
some of this owing to irregular
comparisons with the leap year
1.1928. unbroken lines of increases
month by month from January to
November were shown in whole
sale and retail trade measures as
made up by the Federal Reserve
System and Bradstreet's. As re
gards chain and mail-order house
sales, it may be said that the per
centages of gain over like months
of 1928 easily led all other years,
partly, not entirely, however, be
cause of the constant addition of
new stores. In the cases of both
of these lines if may be said that
the establishment of branches of
mail-order concerns has tended to
obscure the essential differences
between the chain and mail-order
methods of distribution, and in
some compilations the two are
counted together for statistical
purposes.
As the year advanced, the pace
of export trade slackened, partly
because of reduced foreign tak
ings of wheat, cotton and .auto
mobiles, and November reported
the largest decrease from a year
ago in many years. Exports, which
orfIay 31 had been 18 per cent
ahead of 1928, were by November
30 only 3.5 per cent ahead, where
as imports gained in every month
over the year before, and were 9
per cent larger than a year ago
at the close. Both branches of
trade showed the heaviest yearly
totals since 1920.
Finance, Failures and Prices
Except for short periods of
weakness in -stock prices, notably
In late March and in early Sep
tember, speculation in securities
grew steadily as the year advan
ced and attracted money from all
parts of the world to Wallstreet.
Brokers' loans grew enormously
larger, despite efforts by the Fed
eral Reserve Board to discourage
the inflation of prices, complain
ed of as diverting public attention
from other pursuits. It is now
generally conceded that most in
dustries had begun to lag before
the breaks ot the second and third
weks of October occurred, but re
newed weakness in the second
week of November removed all
doubt that the boom had burst.
Energetic action by the New
York banks, ably "backed up by
the Federal Reserve System, how
ever, robbed the stock market
collapse of many old-time fea
tures, such as money panics, fail
udes of banks and a sudden col
lapse of trade and industry, while
reassuring statements by business
interests, mobilized for this pur
pose by President Hoover, soften
ed the blow to public confidence,
and permitted a fairlv orderly re
treat from a situation which, be
cause of the wildness and immense
extent of the sueculatlon. had ht-
come really dangerous. As an ex
periment m psycnoiogy ana as an
example of American industrial
mobility in reducing soeed of on-
erations, the action of the busi
ness interests in November and
December may be said to hn
been a decided success.
Business failures for the year
quite adequately reflected the
general trend, of trad, and In
dustry fa a decrease nor only from
1928 but also from th. two pre
ceding years. They were, of course
WTMl VWU W U1VBV V. M 1 Awmmj
the peak year, while in excess of
1923 to 1925 inclusive. Liabilities
bulked larger tha aia 1928, main
ly because of the number of bank"
suspensions, especially at tne
south, but were less than those
of 1927 or 1926, and also less
than in the years 1924, ,1922 and
1921.
Looking Forward
First of all, in any reference
to next year's prospect wfl, nat
urally, come discussions of the
extent to which the itock market
slump in the fall of 1929 has fore
cast the course of 1930 business.
As to this it may again be said
that this latest speculative over
turn has, so far as is now visible,
been singularly free of many of
the phenomena of earlier convul
sions of the kind. Even the short
lived business recession following
the 1907 debacle, having it or
igin, like-that of 1929, in money
and credit conditions, involved. In
addition an actual currency short
age, a very large number of bank
failures and a heavy toll of or
dinary business troubles from
which the 1929 affair has so far,
generally speaking, been quite
free. In other words, the visible
casualties and the apparent dam
age were less than usual. It Is,
perhaps, partly on this basis, as
well as on the facts that most
commodity markets are not over
burdened with stocks, that the
country's interests, its Industries
and its outlets for new enterprises
are so diversified, that Its wealth
is so enormously greater, that, in
short, to use a homely simile. Its
eggs are no longer all in one bas
ket, that one may be Justified in
expecting the present reaction to
be shorter-lived than any of its
predecessors were.
H
JlClliiS TO
on in sum
STAYTON, Jan. 11 (Special)
Two health clinics are to be
held here on Tuesday, Janaary
14. The first will be for first
and fifth grade children and will
begin at 9 a.m. in the grade
school building. At 1 p.m. an In
fant and pre-school clinic will be
held at the club house. The clin
ic will be supervised by Miss Ru
by Britzka, and Dr. E. L. Rus
sell will be the examining phy
sician. Appointments may be
made with Mrs. J. W. Mayo. All
parents interested are Invited to
take advantage of these clinics.
There will be only three clinics
here the coming year. Since the
demonstration started one had
been held here every other month
except for one or two occasions
during the summer months.
Davis Visits His
Mother 4 Days
In West Salem
Harold Davis, former resident
of West Salem, came Tuesday to
the home of his mother, Mrs. 8.
E. Davis of 1138 Huge st.eet.
He remained until Saturday, at
which time he returned to Al
bany where he will probably be
employed for some time.
tkn&j Gntfi Ymkf Cmmi
- rif$ m ifiiWaslff ft ear
CAPITAL DRUG
:j suit - -.v-; ura. m
araaary
Clearance
and
Stock -Redpoflag
5
allies
oflfl'nvei? ttEne ctti?Q
Everything Reduced
Hosiery, Underwear
Flannellette Wear
Draperies, Curtains
Percales, Prints
Ray on Lingerie
Blankets, Raincoats
ALL MILLINERY REDUCED
Elliott's Dollar Store
176 North Liberty Street
Two door North cf Petmey
Ddiind thftsakf products of three p-f ' iq one torqg factory
c . i rw
And Now for the
Second Em Week
ft
Of Owe Animal Sale
The cold weather has not affected our sale in the
least. When Bishop's put on a sale, men realize the
importance of the values and nothing can keep them
from attending. Our second week starts to morrow and
we predict another big week that will surpass our last
year's sales by quite a margin. If you haven't made your
selection, do so as soon as possible.
St -
jr.
11
A NEW GROUPING OF
Hart Schaffner and Marx, Michaels Stern and other
nationally known makes of Suits and Overcoats.
$30 35 40 $45 $50 $55 $60
TWO
for the price
of
PLUS I2.N
ONE
ALL OTHER SUITS AND OVERCOATS REDUCED 20
ti
M
8 MEETS snanmrs
Reg. $2. $2.50 $3. $3.50
$4.00 $5.00 Values
Collar Attached and Neckband Styles
T? for the price of QQ
100 Pairs Bostonian and
SKI OXFORDS
Reg. $7.50, $850. $8X0 values. Black and tan
wdfrtln and popular Brown Scotch grain
Ski Shoe. Sale
05.95
100 Pairs Bostonian, Wey
enberg, Richard Brennen
OXFORDS
Reg. 16.50 to 1100 values. Broken lines of
tan, brown and black eallskin and other
leathers. Sale
03.45
MEN'S ALL WOOL DRESS PANTS
Liffht and dark shades Many new pat-
wans, au sizes. Keguiar $5 qf
tnd $7.50 values
MEN'S STETSON HATS Here is a value that wlli
make for quick selling. Sixty-nine regular $8.00 to
$10.00 Stetson hats in good shapes and colors. Most
at them are late Pall styles. aj fr
SALE O4:.i0
UNION SUITS Reg. $2.00 part wool Union suits
Chalmers make, fine lib, colors tan, nr
blue, lavender 3XUU
UNION SUITS Reg. $250 part wool Union suits
Park mill make.' Medium weigfcme.' Q-i or
yarn. Blue mottled color... . : .?M.OD
UNION SUITS Beg. $2.00 heavy weight cotton
Union suits, Chalmers make, M JE
Bine mottled colors ...... .7:..... thl.4D
INTERWOVEN HOSE Here Is an unusual off a
and offered st sale prices fot the first time. Our
entire stock of broken lines of silk and silk and
wool interwoven brand hose. Reg. TOo and SUM
values, plain and Jacquard patterns. -f
SALE 2 PATHS FOB flleUU
175 PENDLETON VTRQIN WOOL FLANNEL
SHIRTS Reg. $5X0 Khaki, Grey, Blue and Plaid
patterns. Our regular standard quality. Evergreen
brand, made by our own mill and included in this
big least of bargains at the remarkably &S) qc
low price of .. ,
CANT BUST EM CAMPUS CORDUROYS AND
OTHERS Reg. $3X0, $8X0 heavy weight cream and
tan color caduroys. Hers Is a real ftO
ralue. SALS dt)t)D
(Slightly Imperfects)
Liberal Redaction on Boys' Wear and Blankets
ME
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