Las Vegas optic., 1914-01-03

two years. Throughout the entire
year 1918, as in 1912, the large number
Of small failure called attention anew
to the fact that the business commu-
nifty has been greatly diluted Of late
yearr. In the ten years from 1904 to
ll913 inclusive, the number in busi-
ber increased by $4,000 per year, or by
35 per cent, whereas the increase in
population was not at much over half
this rate This caused rise in the
percentage failing each year, and raised
anew the question whether the heavy
increase in the number Of traders was
justified by the volume of business
done and the known fact that profits
over that time were complained Of.
Looking Forward
The liquidation in the stock market
in 1918 was apparently thorough with
out being panicky. Trade and indus
try in turn showed symptoms of an
orderly retreat rather than of a preci-
pitate flight, and since the improved
feeling noted in the latter weeks of
1918 set in, less is heard Of rumors
Of business troubles in this and other
cities. The complete history of the
19O2-OS-O4 collapse and quick revival,
some of whose earlier happenings
were closely paraHeled in 1918, will
repay perusal because holding some
lessons and indeed some encourage
ments. It is generally conceded that
while the entry of industry into the
stock market in a capitalized form
has made it more sensitive to unfavor-
able happenings, it has also made it
quicker to respond the later to i'm
proving influences. The best judg
ment seems to support the view that
money, the great desideratum in fin
ance 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 possible infla-
tion feature of the new measure,
: which has supplanted seriously de-
fective system. OF course, any ill
; considered rise like that of 1896, with
its aftermath of deep. depression, is
to be avoided, and the possibilities
Of Europe endeayoring to further Ii
quidate its 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 II
will not be forgotten that many crops
were short in 1918, and prices, parti-
cularly of food, were high, which may
have helped agriculture as a whole,
though no country ever made much
money out of its own crop shortages
I AS to .19f4 crop conditions, it may be
said that said conditions are favor
able 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 have been
insufficient to save some badly man
: aged enterprises from the effects OF
their own sins, but the justice, indeed
the absolute necessity, of allowing
the railways to recoup themselves fol
!, high cost of operation 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 stimulat
ing demand for a variety of articles
which move through the maTts Of
trade Whether any great liquidation
in commodity prices is possible II
1914 is doubtful, and without that the
often predicted liquidation Of labor
seems to partake of the nature of q
dream. High costs Of all operation
in fact, seem to have come to stay
but it does seem possible to make
progress in the matter of reducing
the worlds most useless expenditure
that for armaments. Time will, per
haps, be needed to heal the bruises
! they were hardly deep-seated injuries
that the business world received in
1918, but past experience would seem
! to indicate that, lacking any serious
damage to the business fabric, Of
which there are no really tangible
, signs, comparatively quick revival
from the quiet visible in many lines
should ensue, governed, of course, by
the money and crop developments Of