The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1914-01-09

rates, WHICH luQeoO were TdI0cf COL-
spicuously absent Much needed sup
port to trade and finance was given
at critical time, early in June, by
the secretary of the treasury's an
as to the possible use OF
emergency currency and the placing
of government money in the Banks
IN the surplus producing areas.
The then good crop outlook was Of
course helpful, but with the realiZa
ton of the droughts damage in the
west and southwest in August and
September. business in large lines
quoted down. Tariff changes, lgitat
ed or realized. were brake on new
production in the autumn, and the
scarcity of money conspired to make
new enterprise cautious. Industrial
output, while large early, showed re
preston later and sagged, though
the impetus given production early
made in many cases for record pro
duction
Failures
The years failure record was full
one, exceeding that of 1912 by 40 PEI
cent, and that for 1909 by 3 per cent.
while liabilities increased 80 per cent
over 1912. though falling per cent
below 1908. Half of the excess in liza
bilities over 1912 was explained b.
unsafe banking, a good part Of tn
balance being contributed by large
dealers in rubber, in automobile. iro1
and lumber manufacturing and Goa
mining Filures in the first half
the year were below those of 1912
and the liabilities were only slight,
larger, but the third quarter saw tn.
balance tip against the current year
especially in liabilities, which were
swelled by the banking troubles men
toned, and the last quarters failure
and liabilities were the largest 70
two years. Throughout the entir'
year 1913, as in 1912, the large mum
Der of small failures called attention
anew to the fact that the business
community has been greatly diluted
of late years. In the ten years fror
1904 to 1919, inclusive. the humble
in business was increased by $500
per year. or by 35 per cent, wherea
the increase in population was no
much over half this rate. This caus
ed rise in the percentage failinf
each year, and raised anew the ques
ton of whether the heavy increase il
the number OF traders was justified
by the volume of business done anC
the known fact that profits over tina
time We're complained of.
Looking Forward
The liquidation in the stock narke
in 1913 was apparently through with
out being panicky. Trade and indus
try in turn showed symptoms CT al
orderly retreat rather than OF a pre-
feeling noted in the latter weeks 0
1913 set in, less is heard of runners O.
business troubles in this and othe
cities. The complete history OF the
1902-03-04 collapse and quick revival
some of whose earlier happenings
were closely paralleled in 1919, viii
repay perusal because holding some
lessons and indeed some encourage
ments. 1t is generally conceded thai
while the entry of industry into the
stock market in capitalized form has
made it more sensitive to unfavorable
happenings, it has also made it quick
er to respond later to improving in
fiuences. The best Judgment seems
to support the view that money, the
great desideratum in finance and
trade, will be both cheaper and easier
to obtain in 1914 than in 1918. The
passage of the currency bill is expect
ed to be in aid in this respect, what
ever may be thought of ultimate eff
fects of the possible imitation feature
of the new measure, which has sup
planted seriously defective system
OF course, an ill-considered rise like
that of 1895, with it's aftermath of
deep depression, is to be avoided and
the possibilities of Europe endeavor-
ing to further liquidate its burdens in
American markets are to be consider,
ed in this connection, though our i'm
mense credit balance may help US in
this respect. Money, however, should
be plenty for legitimate trade and in
dustry in 1914, and the balance of bur
densome stocks, owing to long-contin-
ued hand-to-mouth buying, should be
helpful. 1t will not be forgotten that
many crops We're short in 1913, and
prices, particularly Of food, were high.
which may have helped agriculture
as . whole, though no country ever
made much money out Of its own