Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-01-03

lion of the dranghts damage in the
west and southwest I'm August ana
September. business I'm large lines
quieted down Tariff changes agi-
.tated or realized were brake on
new production In the autumn, and
the scarcity Of money conspired to|
make new enterprise cautious. In
dustrial output while large Early
showed repression later and sagged,
through the impetus given production
early made in many eases for rec
ora production
Failures.
The years failure record was fun
one exceeding that for 1912 by 49,
per cent and that 1908 By per cent,
while liabilities increased 3S per
cent over 1912, though falling Z per
cent below 1908. Half Of the excess
In liabilities over 1912 was explained
BY unsafe banking, a good part Of
the balance being contributed By
large dealers in rubber in automo-
bile, iron and lumber manufacturing
and coal mining Failures in the first
hair Of the year were below those
of 1912, and the Liabilities We're only
slightly larger. hut the third quarter
saw the balance tip against the cur
rent year. especially in liabilities,
which were sweled By the banking
troubles mentioned, and the last quar-
ters failures ana liabilities We're the
largest for two Years Throughout
the entire year 1913, as in 1912, the
large number Of small failures called
attention anew To the fact that the
business community has been greatly
diluted Of late years. Ia the ten years
/ from 1904 90 1913, inclusive the num-
her IN business increased by $1,000
per year. OF by 80 per cent whereas
the Increase In population was not
much over half this rate. This
caused q rise la the percentage failing
eaeh year. ana raised anew the ques-
/ ton whether the heavy increase in
/ the number of traders was justified
/ By the volume of business done and
4 the known fact that profits over that
time were complained Of
Looking Forward.
The liquidation in the stock market
Nm 1918 was apparently thorough
without being panicky Trade and in
dnstry In turn showed symptoms on
Ian orderly retreat rather than Of a
procipltate flight. and since the ial-
proved feeling noted in the latter
weeks OF 1918 set m. less is heard Of
rumors of business troubles in this
and other cities The complete his
tory eff tho t902-03-0l collapse and
quick revival. some Of whose earlier
happenings were closely paralleled in
1913, will repay perusal because hold
ing some lessons and indeed some
encouragements. II is generally con-
coded that while the entry Of indus
try into the stock market in a capt.
tailed form has made it more sem
sitive TO unfayorable happenings, II
has also made II quicker to respond
later To improving Influences The
best judgment seems To support the
view that money. the great desldera-
ltum in finance ana trade, viii be both
cheaper and easier to obtain in 1914
than IN 1919 The passage of the eur.
rency bill Is expected 10 be an aid in
this respect whatever may be thought
of ultimate effects OF the possible IN.
flauou feature Of the new measure
which has supplantcd a seriously de-
feetive system. OF course, any Ill.
Ieensldered rise like that of 1898, Will
Its aftermath of deep depression, is
to be avoi led. and the possibilities oi
Europe endeavoring 70 further liuni.
date It's burdens in American markets
are to be considered IN this connec.
ton. though our immense credit bal.
ance may help us In this respect
Money. however. should be plenty foi
legitimate trade and Industry in 1911
and tho absence of hurdensOme stocks
owing TO long continued hand-to
+, mouth buying. should be helpful. u
= win not be- forgotten that many crops
were short in 1913. and prices, par
, uculnrly OF food, were high. which
may have helped agriculture as g
whole. though no country ever made
much money out Of Its own crog
SHORTAGES. As 90 1914 crop conditions
it may be said that said conditions
, are favorable and winter wheat IS "
excellent shape. The matter of pos
sihle railway rate advances presses
for early solution. An Of the ad
, eauces asked for i'm past years woul,
have been insufficient to save SOM
badly managed enterprises from th'
effects Of their own sins, but the jus
$ tiDe. indeed che absolute necessity. %
allowing the railways Co recoup them
! selves fer high cost Of operation car
* hardly be denied, In this matter th'
" auguries at the outset OF the yeai
are thought favorable, ami if They
@ prove So should have an importan
= effect n stimulating demand for
b. variety 90 articles which moy
t through the marts Of trade Wheihe
r any great liquidation In commodiu
p prices is possible IN 1914 Is doubtful
4 and without that the often predicte,
r liquidation If Labor seems To parlak
- ol the nature of dream Iiigh cost
of an operation. IN fact. seem To hav
come to stay, hut il does not seem pos
sible Co. make proeress in tho matt"
2 oi reducing the worlds most useles
q expenditure. that for ornaments
y Time Will. perhaps, be needed to hoa
$ the bruises. they were hardly deep
1, seated injuries that the business work
t received in 1918, bat past experience
b. would seem TO indicate that Rekin
90 any serious damage 90 tho business
mhric of which there are 40 realh
8 ,angible signs. e comparatively quicl
revival from the quiet visible in NAM
% fines. should ensue. governed, q
j. course hy the money and crop devel
n Dpmeuts OF 1914.