Bisbee daily review., 1914-01-04

the surplus crop-producing areas. The | then good crop outlook was of cou.se | helpful. but with the realization of the drought's damage in the west and southwest in August and Septem. Der business in large lines quieted down. Tariff changes, agitated oi realized, were brake on new pro duction in the autumn. and the scar. city of nancy conspired to make new enterprise cautious. Industrial output while large early, shove! repression later and sagged, though the impetus gwen production early made in many
 cases for record production.
 Failures
 The years failures record was
 full one, exceeding that of 1912 by
 4.5 per cent and that for 1908 bv 8
 per cent, while liabilities increased
 33 per cent while liabilities increased
 ing per cent below 1908. Half of
 the excess in liabilities over 1912 was
 explained by unsafe banking, a good
 Iart of the balance being contributed
 by large dealers in rubber. in automo- bile iron and lumber man>facturirg
 and coal mining. Failures in the first J half Of the year were below those of 1 1912, and the liabilities were only slightly larger, but the third quar-
 ter saw the balance tip against the
 current year. especially in liabilities,
 which were swelled by the banking
 troubles mentioned. and the last quarters failures and liabilities were
 tho largest for two years. Throughout
 the entire year 1913, as fin 1912. the
 large number of small failures called
 attention anew to the fact that the
 business community has been greatly
 diluted of late years. In the ten years
 from 1904 to 1913, inclusive, the mum
 Der in business increased by 4500C
 per year, or by 35 per cent, whereas
 the increase in population was not al
 much over half this rate. This caused
 a rise in the percentage failing eact
 year. and raised anew the qpestior whether the heavy increase in tn, nursber of traders was justified D,
 the volume of business done and tho known fact that profits over that tim,
 were complained of
 Looking Forward
 The liquidation in the stock mar , ket in 1910 was apparently thorougl without being panicky. Trade and in dustry in turn showed symptoms O { an orderly retreat rather than of - precipitate flight, and since the i'm I proved feeling noted in the late - weeks of 1913 set in, less is heard o - rEmors of business troubles fin thi . and other cities. The complete histor r of the 1sO2-O3-04 collapse and quicl '- revival, some of whose earlier haT ]. penings were closely paralleled il !, 1913, will repay perusal becaus !. holding some lessons and indeed som s neouragements. It Is generally COT n ceded that while the entry of industr e into the stock market in a capitalize s form has made 1t more sensitive { $ "hi"'oiopio happcHihSn, il nus dio e made it quicker to respond late d to improving influences. The bes
 judgment seems to support the vie' s that money the great desideratum 1 r. finances and trade, will be bot n cheaper and easier to obtain in 19i I. than in 1913. The passage of the GU W rency bill is expected to be an aid ,f this respect, whatever may be thousl r. of ultimate effects of the possible i c. flation feature of the new measur y which has supplanted seriously d s, fective system. Of course. any I ss considered rise like that of 1895. wit D. it's aftermath of deep depression. m to be avoided, and the possibiitiI m of Europe endeavorng to further liqr to date it's burder in American marke i are to be considered in this come m tion. though our immense credit ba e. ance may help us in this respet " Money. however, should be plenty f. te legitimate trade and industry in 19l er and the absence of burdenson ed stocks. owing to long-continued han v- to-mouth buying, should be helpf, oy It will not be forgotten that mar n- crops were short in 1913. and price oi particularly of food. were high, whit ag may have helped agriculture as