The Detroit times., 1915-01-09
1915 TO BRING
PROSPERITY TO
U. S. BUSINESS
nm .ns,ru M x-uyS
Disastrous Events of Year Just
Closed Not Unmixed Evil,
Says Report
NUMBER OF FAILURES
LARGEST IN HISTORY
Work of Replacing Wars Waste
Cannot Help But Benefit
Americans, However

Although the short crops of 1913,
unfarovable business legislation, and
finally. the European war combined TO
bring about a general business depres-
sion and an unprecedented number OF
failures during 1914 the events of the
last few weeks of the year just closed
augur a revival OF national prosperity
during 1915, according 10 Bradstreet's
review and forecast, made public to-
day.
Even the unusual number OF failures
--7.5 per cent more than in 1893, here.
tofore the record year for business
disasters--were not an unmiXed evil,
according to the report which, in this
connection, says: "On the surface OF
things 1t might be said that we have
completed, in the form of bankrupt.
eies. vast amount OF liquidation that,
hurtful as II has been, will not need
| to be done over again.
J The war, paralyzing as 1t did for a
| time the financial fabric OF the coun'
| try, also brought lessons which may
prove profitable in 1915, continues the
report. because IL pointed out many
heretofore unknown weaknesses in
the American financial system.
The task of replacing the waste
caused by war undoubtedly will prove
beneficial to American industries, In
I asmuch as European firms will be in
no condition 20 provide for the wei
| fare of their devastated nations. This
is no unimportant item, according "a
the report. which says. THE financial
results, the debts piled mp, the ruin OF
Ifought-oyer regions. the industries de.
stroyed, the lives lost. the trade for
merly possessed gone beyond recall,
must be left TO the future 10 record,
but IL must be remembered that the
world az whole inevitably pays the
bill as surely as the business com
munity pays the loss from failure OF
from fire The lot OF the neutral In
this war Is not an altogether pleasant
one--we I'm this country have felt this
already--but az the leading neutral
country. position which il Is 10 BE
hoped we will retain, we seem destin
ed to fall heir to much OF Europe's
| lost trade Our conduct as a nation
has made, not lost, us friends among
the belligerents. and some OF the
events OF the year have taught ou'
manufacture and statesmen the val
ne. indeed the necessity of strengthen
ing cur industrial resources where tht
war has demonstrated that weakness
es exist"
Despite the fact that. during 1914
eth word moratorium ceased 10 be ;
mere dictionary term and became 1
| living actuality TO the world" Detrot
and many Michigan cities Jared IA
better than their neighbors OF the cen
tral west according 10 report o
the value OF the manufactured prod
iucts OF the various cities The valu'
| OF Detroit's manufactured product
during 1914 was 81 .349 ,546,302 an in
crease OF 1873 per cent over 1913 AM
OF 1876 per cent over 1912. Crane
Rapids showed decrease OF 10 pc
jcent over 1912 while kalamazoo. whicl
has never entirely recovered from tn
effects OF recent disastrous fGilures
showed loss OF 20.9 per cent. Jack
son, Lansing and Ann Arbor showed
gains OF 0S. g., and 9.s per cent re
spectively. That Ann Arbor in par
ticular has travelled far in the las
two years. even In spite OF genera
business depression, is shown by
gain this year OF 20.2 per cent ovei
the figures for 1912
The report, which is neither tainted
with pessimism or colorcd With op
timism, goes deep into the causes un
derlying the disasters OF 1914 and. a
the came time, gives a concrete idea
OF the extent TO which the business
fabric OF the nation was wrecked