Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-01-03
bRADSIREE1 reviews
PAST YEAR IN BUSINESS

OF new economic measures in congress
the continued agitation OF. new anC
old laws affecting the rights of com
bination, the lowering of the tariff, the
unequal, in some cases deficient
yields of staple crops, the very high
levels of prices Of commodities,
numerous failures, heavy liabilities
and hand-to-mouth buying of piece
with that noted each year since 1907,
many new records of trade volume and
industrial output were set up. The
backlog of untitled orders on hand,
which were at their maximum at the
opening of the year, tended to decline
as the spring advanced. Money
scarcity was in evidence from early
in the year onward to its close, seek
ing the form of close scrutiny .of cred
its rather than that of acute high rate.
which indeed were rather %conspicu-
Onsly absent. Much needed support
to trade and finance was given at IL
critical time, early in June, by the Sc
cretary 0 fthe %treasnry's announce
ment as to the possible use OF emer
gency currency and the placing Of
government money in the banks in the
surplus crop,producing rea The
then good crop outlook was of course
helpful, but with the realization of
the drought's damage in the west anu
south west in August and September,
business in large. lines quieted down.
Tariff changes. agitated O. realized,
were a brake on new production in
the autumn, and the scarcity of money
cOnspired to make new enterprise
coutious. Industrial output, while
large early, showed repression later
and sagged, though the impetus given
production early made in many cases
for record production.
Failures.
The years failure record was a full
one, exceeding that for 1912 by 49,
per cent, and that for 1908 by 3 per
cent, whsle liabilities increased 80
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 contribute!
by large dealers in rubber, in automo-
biles, iron and lumber manufacturing
and coal mining. Failures in the first
half of the year were below those of
1912, and the liabilities were only
sligh.y larger, but the third quarter
saw the balance tip against the cur
rent year, especially in. liabilities,
which were swelled by tho banking
troubles mentioned, and the laset
quarters failures and liabilities were
the largest for 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 community has been greatly
diluted Of late years. lr the ten
years from 1904 to 1913. inclusive, tho
number in business increased by A.
0G0 per year, OF by IS per cent,
whereas the increase in population
was not as much over half this rate.
This caused a rise in the percentage
failing 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
over that time We're complained of.
Looking Forward. 81.
The liquidation in the stock market
in 1913 was apparently thorough
without being panicky.' Trade and in.
dustry in turn showed symptoms of
an orderly retreat rather than Of a