The Detroit times., 1915-01-09

food products and raw materials show.
ed very large gains Argentine meat
and corn penetrated our markets. the
latter oven reaching the American
corr belt. Building expenditures re-
fiected the refusal of capital 10 new
speculative enterprises as much, as
oyerbuilding in the larger centers IN
"a decrease OF 10 per cent, following
a Z per cent decrease the year before.
Bank clearings were smaller than in
Nv" previous years, We're S.5 per cent
below 1913 and l09 per cent below the
rec ord year 1912.
Industrial outputs showed relative
ly\greater losses than did trade, pos
sibly because OF the prevalence Of rec
ord capacities In 1913. Cotton con-
sumption. which for the season end
ing Aug. 81 broke all records, fell 9S
per cent behind In the first four
months OF tha new season. Pigiron
production declined % per cent, lake
hon ore shipments 80 per cent and
anthracite coal production 1-2 per
cent, but petroleum output broke all
records, gaining III per cent over the
high record Of 1913.
In agricultural lines the years re-
suits were good, except for wars in
jury TO cotton prices. Record yields
OF wheat. rye and cotton and next TO
record crops OF oats, barley, potatoes,
tobacco and hay were gathered, Cereal
yields as whole were SO per cent
larger than in 1913, and values of
these crops were 1916 per cent greater
than ever before, but the loss OF $307,- :
100000, or 81 per cent, in cotton re-
duced the value OF the leading crops
as whole slightly below the high
record of 1913. Despite the fact that
prices Immediately following the out.
break of the var reached the highest
level ever known. the sagging tend
ency of trade in 1914 brought the gen
eral level OF the years commodity
prices as a whole 33 per cent below
1913 and per cent below 1912. It
was also slightly below the 1910 and
1907 yearly records, but above the
levels OF seventeen preceding years.
Failures.-The records of the court
OF last resort In the business world
made an unenviable record in the year
1914. The total was the largest re-
corded, exceeding 1918 by 14.8 cent,
while liabilities were 23 per cent
greater. They also exceeded 1893, the
hitherto record year, by 75 per cent,
but the liabilities were 7 per cent be-
low 1907 and 1888, the two years OF
evil prominence In failure damage.
As TO the increase over 1898 I'm num-
ber, however. it might be remarked
that the number OF those in business
was SO per cent greater than 21 yeSrs
ago, though only Is per cent larger
than In 1908. whose number 1t exceed
ed by IS per cent Financial mortal.
ity chose some shining marks, per
cent OF the failures contributing 90 per
cent o fall liabilities, and one concern
furnished 10 per cent of all liabilities,
while bank suspensions accounted for
an equal proportion. The damage
due TO large failures was, however,
not 30 marked as in 1907. December
failures broke all records as TO num-
ber
In conclusion the report says:
With the result OF 1914, that year
OF hundred years" In mind one
would be rash who would pin himself
down to hard and fast predictions as
to the course OF 1915 trade.
Tho financial results, the debts piled
up, the ruin OF the fought-over re-
gions. the industries destroyed, the
lives lost, the trade formerly possess
ed gone beyend recall, and must be
left 10 the future to record, but It must
be remembered that the world as a
whole inevitably pays the bill as truly
as the business community pays the
loss from failure or from fire The
lot OF the neutral In the war Is not
an altogether pleasant one-we in this
country have felt this already-but
as the leading neutral country, a posi-
tion which IL IS to he hoped we Wi,
retain, we seem destined TO fall heir
10 much OF Europe's lost trade. We
nov have real currency system. and
the time-honored American panic
seems to have lost most OF It's power
for evil. II fs to be hoped that the
bulk OF our recent legislation, but not
ably the tariff and the ship registry
bills, will bring us new customers. Our
crops have been large, and, even with
the loss in cotton, have brought nearly
as much money as the best OF pre-
vious years. Our conduct as nation
has made, not lost. us friends among
the belligerents, and some of the
events OF the year have taught our
manufacturers and statesmen the
value, indeed, the nee sssity, OF
strengthening our industrial resources,
where the war has demonstrated that
weaknesses exist All in all, the Amer
icat business man seems justified in
taking leave OF 1914 with few regrets
and more hopes than seemed possible
at some disturbed periods in the re-
cent past"