Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-01-03
BUSINESS REVUE
BY BRADSTREET'S
IS INTERESTING
Liquidation Begun in 1912 Is
Continued; Balkan War Re-
veaIed Over Borrowing
Abroad,

10Y MOANING ioJhntL SPECIAL leAsfo WHAT.
New York, Jan. -liradstrcete
review OF the business year Just past,
Together with q forecast for 1914,
WAS made public today II furnishes
an interesting resume Of business
conditions IN 1918 According 10
Bradstreet's, 1913 was a year Of dis
quiet and disappointment IN foreign
and domestic finance, trade and
Industry. The disquiet was world
Wide, though until the latter part Of
this year not so much in evidence
at home as abroad disappointment
was keen with those who. with knowl-
edge of the many poltco-economic
domestic problems pressing for solu-
ttion. we're hopeful that the exceptional
/ Is strong position of this couniry's pr,
ducing ana consuming interests would
fonder us partially independent Of,
| If not entirely immune TO- the Play
of The large financial forces dominat-
Ing the world IN the year just closed
land making for depression in finance
land trade Review Of last years events
would prove incomplete If sight We're
lost OF the many resembances II
bore to 1909 and 1908, Just ten years
laeo. when the so-callod rich mans
lnr silent panic" occurred. Then con-
ges0on In the securities market was
in evidence, the phrase financial I'M
Digestion" was coined. ana the results
of much niudicious capitalization Of
industries was manifest first IN col
Ilapslne stock market prices and later
In depressed trade and Industrial CON
iitiana- numerous strikes and bank
suspensions occurred, and all the US
nal aftermath was presented Of an
extended financial or credit situation
being readjusted
II has been frequently ana with
justice said that the Balkan war nnd
ita attendant evils did not cause bui
rather prcciptatcd ana revealed the
world wide financial strain Of 1912
Ilt must with equal justice BE held
that most observers failed to AIDE
quatcly measure and forecast the e.
fects, direct and indirect Of the wal
which. starting IN October 1919
drenchel the Balkans and European
turkey IN blood. converted eastern
Europe into an armed emp, canse'
boarding Of gold ln Austria, France
ana Germany. put q practical perio'
io the European financial and com
mefcial boom. and In steadily widen
ing circles reached into and affecte,
, | The finances and trade OF cotintrie
thousands of miles from and appar
lcnuy unconnectcd with the hosiiil
ties 40 country proved immune
, land an felt the strain of an abroad.
! lrreatly oyercXtended credit situation
Inability to borrow new loans and ar
+, lfleultv In getting old ISSUES refunded
BfaxI ana india. Germany and Aus
uia. France and England canadi
lana Mexico. aa we'll as tho unite'
+ states. were affected this country
f., perhaps least Of aN. because az on
wonderful export trade balance. cush
!, ionlne the impact upon us of the quite
, worlds forces once again our mem
hcrship ia the family Of nation
A brought home To as the real interim
dependence Of the countries. am
. when We confidently expected relic
+ for our own financial needs from on
a enormous export balance instead q
a. gold supplies paid rs In settlement
4 of these balances. We received hac
!, our own securities. which as iG 1the
$ yoars off general strain sold mos
readily In the worlds markets. IN
4 dee 2. ass the result ~ three-cornere
e exchange operations. we found oui
4 selves paying other nations balance
q In markets where our own trade IN
* lterests required payments To instea
). Of disbursements by MS, Of the world
70 chief circulating medium.
e. The world financial diiteultie
{ lbulkcd large i'm onr list Of problem
D. hut there Was no lack Of Items e
domestic concern In n session
lctngrcss remarkable for its length
s. two much agimted and frequeml
81 fnught-over questions were forced
5 liza conclusion The tariff was revised
e bat it's enactment by the way, was q
g Incl lent with d shrinkage Instead I
g. the predicted endorsement IN eur an
port trade ami toineidentiy am IN
c come tax law WAS pat Ia operation y
j che FIRST time since the civil wa
10 period Tho currency measure d.
signed to take the place of am gu
10 worn and often diseredlied system
s. Iuiso became Il law The Union 7.
B.. Iruc-southorn Pacific railway mefs'
vas dissolved. aud terms were agree
upon between the telegraph AN
k telephone Interests and the country
d law Officers without the aid ni a snl
a thus pointing q way to the ending
.y the son year period Of harrSine s.
d called hig business through 90
q courts
Despite. however. the namero'
% drawbacks arising from money seal
n IeitN and credit strain, the discnssio
81 81 new economic measures in cor
Is ercss. the continued agitation oi ne
IN and Ola laws affecting the rights
BE- combination. the lowering of thc TAI
l. iff the unequal En- some cases def
eisnt Yields cd staple crops, the Vel
.o lheh levels 81 PRICES of oommodiue
numerous failures. heavy hahiHtr
land hand-to. mouth buying Of nic'
with that noted each year since 1870
~ many new records OF trade voian
Is and Industrial output were set u
l-iThe backlog III untitled orders q
htl hand which were at their maNimw
az thc opening II the year. tended
idptilnc us the spring advance
/, Money scarcity was IL evidence fro
!, early in the year onward to tts clos
nj seeking the form at close scrutiny
credits rather than That Of acute hie
rutes which indeed were rather COZ
spleaouslY absent Much needed SUI