The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1914-01-03

make new entorprIsa IA ttcus ludu~-
lrfal OUTPUTS while g early 1p
Cd oppression l4 h ii
fhough the impetus egep pro AZ
ZION early il 3. de II fItlsEl3 efGez so
record prod uction.
years f1ilnre record was a.st1i1
one. exceed ing thar for 191 2 BY -
per cent and that for 1898 BY 3 per
cent. while liabilities increased 8
per cent oyer f9t2, though falling Z
per cent below 1908. Half OF the e1-
cess in liabilities oxer11912 was ex-
planned by unsafe banking, a good
by large dealers in rubber, IN auto
mobile, iron and lumber mannIactur-
ing and coal mining. FaisEres IN the
first half of the year were below
those Of 1912, and the la oil tiles were
only slightly larger bus the third
quarter saw the balance Up against
the current year, especially IN. liaoAl1-
It's, which were swelled by the hank
ling troubles mentioned, and the last
quarters failures and liabilities we're
the largest for two years. Throu gh-
out 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 In The
ten years 46UL u IL \ p aA@%AtA7
sfve, tfeznum Der IN business in creas-
ed rs, 600 per year. or by 8 IS per cent.
whereas the increase in population
was not as much over half this rate
This caused rise In the percentage
falling each year, and raised anew
the question whether the heavy in
crease in the number of traders was
Justified. by the volume of business
done and the known fact that profits
&I3af n a fT1sAd
The liquidation In the stock mar
ket in 1913 was apparently thorough
without being panfcky. Tradc and
industry in turn showed symptoms of
an orderly retreat rather than OF a
precipitate flight, and since the tm-I
proved feeling noted in the latter
weeks of 1913 set in, less is heard of
rumors of business troubles in this
and other cities. The complete his
tory of the 19G2-03-04. collapse and
quick revival. some of whose earlier
happenings were closely paraieltcd
In 1913, will repay perusai becauss
holding some lessons and indeed
some announcements. 1t is general
Is conceded that while the entry Of
industry into the stock market n z
capitalized form has made II more
sensitive to unfavorabIe happenings,
1t has also made it quicker to respond
later to improving Influences. The.
best Judgment seems 10 support tIi2i
view that money, the great destGer-
atum in finance and trade, Will be
both cheaper and easier to obtain in
1914 than in 1913. The passage Of
the currency bin is expected to be an
aid in this respect, whatever may be
thought of ultimate effects of the
possible initiation feature of the new
measure, which has supplanted scr
tousness detective system. OF course,
any ill-considered rise like that of
1895, with it's aftermath of deep de-
pression,. is to be aboided, and the
possibilities of Europe endeavoring
to further nqufdatei its burdens in
A American markets are to be consider
ed IN this sconections though our inn
nlense credit Balance may help us In
this Respect Money, however should
be plenty f6r gitinlate trade and in.
'dustry in 1914, and the g absence. OF
EuTdensome stocks, owing to long
continued hand Ito mouth buying,
should be helpful. Ittwfli not be. for
gotten that many crops were short
In 1913, and prices, particularly OF
food, were high, which Inlay have
helped agriculture as WHOLE, though
40 country ever maa9s 4anch- money
out of its own crop shortages: AS
TO 81 4acrop conditions 1t may be.
said that, said conditions are favora4
bic and winter wheat is in excellent
shape The matter OF possible rail-
way rate advances presses for early
solution All of the advances asked
for in past years would Shavee been
sufficient to save some badly man
aged enterprises from the effects of
uneiri own i;sIhsss but the justAees IN
daed the absolute necessity. OF allow
ing the railways to reeotp them
seivs for high cost of opratioh can
hardly be denied. In this matter the
auguries at the outset of the year are
thought favorable and If they prove
so should have an important effect
in stimulating demand for variety
or articles which move through the
marts of trade. Whether any great