The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1916-01-08
.Bradstreet Revielgs
(conttauedi from page 8

= IaI..-S..-e ..-s i3s vi " -
the stock market was the most re-
markable for years. It withstood re-
peated accessions Of proft-taking, and
severe temporary reactions due to the
ILusitanta, Arabic and similar stnhngsi
were only followed by fresh displays
Of buying and extraordinary price.
movements as witness Bethlehem.
Steel's rise Of $50 points. Quteting.
down in the late autumn, when 1t was
thought that speculation might have
oyerdiscounted war-order results,
strong undertone was nevertheless
maintained to the end, the railway
list, which had therefore been subord-
mated to the industrials, tending to
respond to notable increases in earn
ings.
money became a burden to the banks
and rates low. Call loans fluctuated
within narrow range, IL to 8 per
cent, and commercial paper, never
plenteous enough to meet demand,
ranged between 8 and a per cent
Some choice paper, in fact, sold as
low as 2%,.a low level never hereto
fore reached.
Some Drawbacks.
II would not be correct to draw from
the above condensed summary the
idea that progress was practically I'M
interrupted and that no obstacles
presented themselves. The strain Of
the later months of 1914 and the
earlier months OF 1915 is too fresh in
mind to need mention. The benefits
at first chiefly discernible in the sur
at first chiefly discernible in the sur
plus cereal and food producing sec.
lions OF the west, One section Of the
country, the south. was especially
hard hit by the low price paid for cot
ton, itself an inheritance Of the war.
and trade and collections in that sec.
ton were slow to recover-slower,
indeed, than anywhere else except the
Pacific northwest, which, like the
south, was hurt by the wars Interrupt
ton OF export trade in lumber, even
yet sees room for improvement in
this direction. The south, of course,
profted by forced diversification Of
crops and the Industrial activity OF
the mid.year and later. Trade was
best early in the surplus grain grow
ing regions; thence the improvement
born Of active war-order demand
spread to the Industrial centers of the
east, middle west and south, and la
ter, with a higher price for smaller
cotton crop and the renewal OF de-
mand for lumber, naval stores, coal
and iron, the south picked up well.
BY early fall the trade movement was
going forward with very slight irreg-
ularities In harmonious advance to
record finish.
The business world here did not es:
cape without scars from the disloca-
ton that was wrought in all trade
and industry by the outbreak of the
war. Failures, like trade and indus
try, broke many records. Nothing
like the total OF failures recorded last
year was ever before seen, the in;
crease over 1914, the highest previous
record, being 13 per cent; but in this
connection It needs to be stated that
the first full year Of the war saw the
casualties greatest, and since early
autumn they showed a tendency to de-
cline from the high figures OF the
previous year. There was especially
great liquidation at the south, which
led in the proportion Of failure in
creases, but business mortality the
country over took heavy toll from the
thousands Of new individuals, firms
and corporations which embarked in
business in the past decade, and the
annual percentage Of those failing to
those in business was the largest since
1898. Liabilities were not SO large
as In years like 1914, 1918, 1908, 1907
or 1893, but still were very heavy.
Some OF the largest single suspen'
sions were heritage OF past years
poor management or overextension.
THESE factors as well as hostile legis.
lation may be said to be reflected IN
number Of railway embarrassments,
the bulk Of these, by the way, being
In the southwest, and 1915 ranks sec
ond in volume Of defaulted railway
liabilities.
Looking Forward.
The war bulks SO large in the
worlds affairs at present, and SO
much of our present prosperity is due
to It, that the future Of this country's
trade and industry depends largely
upon the questions of when and how
peace will return to the world. At
the present writing peace seems lath.
er far distant, and II that view Is cor
rect a continuance of insistent de.
mand for a vast variety OF American
products seems as certain as any.
thing can be said to be that exists in
this world of change. Indeed, II our