Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1915-01-10
BUSINESS OUTLOOK
is MUCH BRIGHTER
Bradstreet's Tells of the Early Dis
appointments and Later Dis
turbances Of the Last Year.
CLOSING WEEKS CHEERFUL

Nineteen hundred and fourteen was a
period OF disduiet, of disappointment and
alarm at home. and OF cruel stress and
deep tribulation abroad. according e
Bradstreets review of the years bust
ness. The shadows of past wars, with
their Inevitable results of financial un.
settlement and liquidation. lay across It's
path early. ana the worst that had beer
feared from many years OF warlike prep
arations was realized in Europe before
the summer was half spent With the
European war IN plain sight. it would
seem petty to speak Of our own infinitely
lighter troubles in the year just closed il
1t were not that we thereby become inn
pressed with the fortunate situation of
the United States during year which
has seen the industries and lives Of mill
lions sacrificed. 1t was a commentary on
the essentially fragile character of the
worlds boasted civilization that the year
witnessing centenary of peace between
Great Britain and the United States
should have seen US narrowly escape a
war with our neighbors to the south of
us and marked the outbreak OF a con-
flict which has drenched Europe In blood
The Year at Home.
Even without the war abroad, the year
would have been a notable one in this
country. New and untried measures,
heritages from the preceding year-such
rs tho tariff the income tax and the cur
rency system-were put in operation. In
addition, the legislative mil ground stead
lily. and the federal trade board act, the
aesat N,-ts-S L. 40 q
terlocking directorates were among the
years products of uncertain force and
meaning. The banks. facing the going
into effect of the new reserve system,
kept their assets liquid, credits were
closely scanned and new enterprises were,
as a rule, discouraged. Past bad man.
agement, revealed in Nthe cases of the
New Haven and the Rock Island, were
weight upon sentiment, and, as IL these
were not enough, efforts to advance Sc
curities prices met liquidating sales from
abroad, which caused enormous gold ex-
ports. Strained Mexican relations
threatened war and depressed the mar
kets at several times, but the country
was fortunately spared this calamity.
Good crop promise, eventuating in excel
lent yields, attracted only negative at
tention.
Business in the first half Of the year
was only fairly active. failures were
numerous and liabilities large. the heavi-
est single commercial suspension ever re-
corded marking the mid-year. Signs of
Improvement, based upon crop promise,
made their appearance in July, but diff
hculties of transportation lines obtruded,
and the war, which caused a dislocation
of all commercial and financial relations,
made necessary a recasting of the worlds
trade systems. It was tribute alike to
the well-liquidated situation Of the Sc
curities and other markets ana to the
essential strength of the basic conditions
of American business life that the anti
panic measures taken by American bank
ers and public officials proved so sue
cessful.
Measures of Movements.
Securities markets were with fitful ex-
ceptions, under pressure in the first seven,
and closed throughout most OF the last
five months. Dealings. heavily reduced as
they were. hardly made fair comparison
with normal years. therefore. Stock sales
fell AZ per cent and bond transactions AZ
per cent from the much reduced totals of
1913 Foreign liquidation of our securities
was reflected in the largest gold exports
ever recorded, Issues of new capital in
1914 were 1913 per cent below 1913 and Is
per cent below 1912; municipal bond is-
sues fell % and IA per cent behind and
interpretations fell off IS and 81 per cent
from 1913 and 1912, respectively. Foreign
trade was irregular. Exports fell heavily.
l66 per cent from 1913, because of les
sened buying of our manufactures early,
and later because OF the practical stop
page OF cotton sales and exports, Import
trade decreased very slightly; food prod
ucts and raw materials showed very large
gains.
Looking Forward.
With the results of 1914, that year of a
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. On the stock market theory
that all bad news is out, any possible
changes would seem to be for the better.
II needs to be remembered that following
the first crash of hostilities and the sue
ceeding recuperation. the effect of the
immense war expenditures has been a
stimulating one and European as well as
American industries catering in any way
to war conditions have been accelerated.
Our crops have been large. and. even
With the loss of cotton. have brought
nearly as much money as the best of
previous years. Our conduct as a nation
has made, not lost. us friends among
the belligerents. and some OF the events
or the year have taught our manufacture
ers and statesmen the value. indeed, the
necessity. Of strengthening our industrial
resources. whore the war has demon
strated that weaknesses exist. All in all.
the American, business man seems justi-
lied In taking leave OF 1914 with few re-
grets and mere hopes than seemed pos
sible at some disturbed periods in the
recent past
kiIbane Outboxes DALEY.
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