Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1914-01-03

ments to instead of disbursements by
us, of the worlds chief circulating
medium.
The worlds financial difficulties
bulked large in our list of problems,
but there was no lack of domestic
concern. In a session of congress re-
markable for its length, two much
agitated and frequently fought-over
questions were forced to a conclu-
sion. The tariff was revised, but its
enactment, by the way, was coinci-
dent with a shrinkage instead of the
predicted enlargement in our import
trade, and coincidently an income tax
law was put in operation for the first
time since the civil war period. The
currency measure, designed to take
the place of an outworn and often dis
credited system, also became a law.
The Union Pacific-Southern Pacific
railway merger was dissolved, and
terms were agreed upon between the
telegraph and telephone interests and
the country's law officers without the
aid of suit, thus pointing the way to
an ending of the ten-year period of
harrying so called big business
thAOUSh tiIS SOuItS-
Despite, however, the numerous
drawbacks arising from money scare |
ity and credit strain, the discussion of i
new economic measures in congress, /
the continued agitation of new
and old laws affecting the |
rights of combination, the lowering of |
the tariff, the unequal, in some cases
deficient, yields of staple crops. the |
very high levels of prices of commodi-
ties, numerous failures, heavy liabili-
ties and hand-to-mouth buyinz of a
piece with that noted each year since
1907, many new records of trade vol
ume and industrial output were set up.
The backlog of untitled orders on
hand, which were at their maximum at
The opening of the year, tended to de-
cline as the spring advanced Money
was in evidence from early in
the year onward to its close. seeking
he form of close scrutiny of credits
'ather than that of acute high rates.
which indeed We're rather conspicu-
)usly absent Much needed support 4
o trade and finance was given at a I
critical time, early in June, by the sec.
etary of the treasury's announcement
Is to the possible use of emergency /:
and the placing of govern.
nent money in the banks in the sur |
Illus producing areas. The then
'ood crop outlook was of course help. {
ul, but with the realization of the
roughts damage in the west and I
outhwest in August and September,
BUSINESS in large lines Quoted down :
'ariff changes, agitated or realized, g
5ere brake on new production in the
utumn, and the scarcity of money y
onspired to make new enterprise eau. s
Ious. Industrial output, while large f
arly, showed repression later and I
aged, though the impetus given pro- s
uction early made in many cases for I
ecord production. c
The years failure record was a full I
ne. exceeding that for 1912 by 40 per a
ent, and that for 1905 by per cent, y
lille liabilities increased SO per cent f
yer 1912, though falling : per cent /.
Glow 1908. Half of the excess in liza L
ilities over 1912 was explained by II
nsafe banking, good part of the bal S
nee being contributed by large deal. d
rs in rubber, in automobile iron and |;
lmber manufacturing and coal min o
lg. Failures in the first half of the d
ear were below those OF 1912, and s
lie liabilities were only slightly larger, d
ut the third quarter saw the balance "
p against the current year, especially (,
liabilities, which Were swelled by n
lie banking troubles mentioned. and h
e last quarters failures and liabfli. b
es were the largest for two years d
the entire year 1913. as IN Il
il2. the large number OF small fail Il
'es called attention anew TO the fact n
"a the business community has been Il
'eatly diluted of late years. In the II
years from 1904 10 1913. inclusive. Ell
e number in business Increased by CT