Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1914-01-03
bRADSTREET'S TELLS
OF 1878 CONDITIONS
Says Congress Forced to Conclu.
sion; Two Much Agitated
and Fought Over Questions
Special to The Teiegrdbh

New York. Jan. S.-Bradstreet's
says to-day:
Nineteen hundred and thirteen was
a year of disquiet and disappointment
alike In foreign and domestic finance,
trade and industry. The disquiet was
worldwide. though until the latter
part of this year not so much in evil
dence at home as abroad. Disappoint-
ment was keen with those who were
hopeful that the exceptionally strong
position of this country's producing
and consuming interests would render
us partially independent of, il not en-
tirely immune to, the play of the large
financial forces dominating the world
in the year just closed and making for
depression in finance and trade. Re-
view of last years events would prove
incomplete if sight were lost of the
many resemblances il bore to 1902
and 1908, just ten years ago, when the
so-called rich mans or Silent panic"
occurred.
1t has been frequently and with
justice said that the Balkan war and
its attendant evils did not cause but
rather precipitated and revealed the
worldwide financial strain of 1913.
Actions of Congress
The worlds financial difficulties
bulked large in our list of problems,
but there was no lack Of items of do
nestle concern. In a session of Con-
gress remarkable for it's length, two
much agitated and frequently fought
over questions were forced to a con-
clusion. The tariff was revised, but it's
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.
Much needed support to trade and
finance was given at a critical time,
early in June, by the Secretary of the
Treasury's announcement as to the
possible use of emergency and the
placing of government money In the
banks in the surplus crop-producing
areas. The then good crop outlook
was of course helpful, but with the
realization of the drought's damage in
the West and Southwest in August and
September, business in large lines
quieted down.
The years failure record was a full
one, exceeding that for 1912 by 40
per cent. and that for 1908 by 3 per
cent, while liabilities increased SO
per cent. over 1912, though falling Z
per cent. below 1908. Half of the ex-
cess in liabilities over 1912 was ex-
planned 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.
Looking Forward
The best Judgment seems to support
the view that money, the great de-
sideratum in finance and trade, Will
be both cheaper and easier to obtain
in 1914 than in 1918. The passage of
the currency bill Is expected to be an
aid in this respect, whatever may be
thought of ultimate effects of the pos
sible imitation feature of the new meas
ure, which has supplanted a seriously
defective system. OF course, any ILL
considered rise like that of 1895, with
it's aftermath of deep depression, is
to be avoided, and the possibilities of
Europe endeavoring to further liqui-
date it's burdens in American mar
kets are to be considered in this con-
nection, though our immense credit
balance may help us in this respect.
Money, however, should be plenty for
legitimate trade and industry in 1914,
and the absence of burdensome stocks,
owing to long continued hand-to-
mouth buying, should be helpful.