New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-04


ness. When the Allies, suddenly real
Ting their grea. need for shells, came
here with ordnance orders. the stes.
mills. that at the end Of 1914 had been
running a. the rate Of only about one
third OF capacity. were called on until
tbev were turning out practically al
they could. anj arrangements we're
made TO increase production. Domes-
tic orders. delayed through doub, as
70 the effect Of war on our industry
came later. and In spite o: higher
ur;ces pressed upon producers.
Pig iron making expanded until tia,
product was being turned out az ne
record rate Of more than 100000 tons
y month, and practically all available
furnaces were called into blast Here
a. we'll ~ in steel there was notable
recovery IN prices. Copper protncsrs,
who mad reduced the output Of their
mines, also benefited through ammnni-
ton orders. Sudden call for copper
sent the price up 20 above 20 cents 70
the summer, and, .hougn there was
some recession az production increased,
domestic requirements and new foreign
orders toward the end Of the year toCk
up the slack and the price advanced
again % over % cents, its highest FOR
years.
Buying Increased at Year End.
Other industries were quicksned d.
rsctly through foreign purchases, or
indirectly, as increased employment
and good wages meant renewal OF buy
ing power IN the agricultural dis
tricts proceeds Of 1914 great crops
were spent with caution. The second
year of bountiful harvests has brough,
. Z D.F1f frgf.
ened wonderfully IN me late autumn,
and business being pretty well iiqu.-
dated through the depress sion that pre-
coded the war, as well As the slack
times that followed, wholesalers and
iobbers have found orders az the year
end unusually large. Retailers have
been forced 20 buy 20 rcplenish de-
p!eted stocks, and rising commodity
prices have also served 20 quicken pur-
chases before even higher levels Wer.
reached.
Wonderful harvests. so important
the wear before, were repeated last
year. so that We could do our part in
feeding the world. Russia's harvest
were still shut of from Western tI-
rope. and scarcity OF shipping maze
North America tho most available
source of supply. There has not been
tho reckless competitive forcigu Guy
inc that sent wheat 70 such ne en''
last season. but prices have been ek-
cellcut. The wheat crop surpas ed me
record set in 1914. amounting 90 over
a billion bushels. The yield OF corn
was the second largest I'm our history
reaching over three billion bushels.
and record harvcsts were made Do oais,
barley. rye, sweet potatoes, rice and
hay.
Cotton, through reduced acreage. IN
favorable weather and lack OF ferNil/'
cr. amounted 10 only little over H.
GOO 600 bales. which was less by some
100000 bales than the crop or the
year before The price rose IN spi,e
OF great Britain's putting the staple
on its list Of contraband, and tne
value Of the crop 70 growers wa
greater than IN 1914 The South plant
ed more grain and has recovered wen
from the upset that came when toi-
eign markets FOR its principal staple
were cut oR al the outbreak OF "ar
Great Upturn in Stocks.
On the Stock Exchange this grea,
return Of prosperity was anticipated
in a remarkable expansion OF business
and rising prices Nineteen-fOurteen
began with some trepidation over tor
eign selling and minlmums were nov
abolished for some months thereafter
Great import balances and inflow o.
gold and reports of war orders excited
public Imagination and brought back
70 the market investors and specu4a-
tors who had long held aloof Million
share DAYS were many. In early eu-
tumn II appeared that the busine"
being done was more than Stock EX-
change facilities could accept. Particu-
larry was this true IN the odd lot bust
ness built up in times OF small mar
kets. Dealers who attended 10 such
accounts for brokers accepting orders
in odd lots from the public actually
had 10 increase commissions charged
70 81 to cut down business offered
and give themselves & chance 20 gs'
their accounts IN some sort or shape
War orders, magnlfed by rUmor, and
for the most part shrouded IN secrecy,
brought group OF industrials into
speculative favor. In some cases ne
actual contracts received proved 70 %
grossly exaggerated when the tims
came for officials Of the concerns inter
osted 20 present formal reports 90 theI
stockholders. Dividend disbursements
by such companies ia the autumn dio
not meet expectations, and there mss
been less interest IN the war stocks ioi
the last two months OF the year
Losses IL some of these speculative "a
vorites were for a time almost 40 sen
satIonal as their advances.
The railroad stocks. held back o.
European liquidation, actual and a.
ticipated. did little while the eIcim
ment in industrisls WAS a. its height
In the last quarter OF the year Row
ever railroad traffic has grown ~
mensely. Delivery Of war oFden
brought a great amount OF eHpof
freight. crops moved late and olht'
traffic Of domestic origin expanded
For October and November many lhs,
reported the largest gross receips O.
, their history. Expenditures, siil on
a low scale because OF the economies W
force through the lean months preeeu
iuc. meant that an exceptionally 80
proportion Of total revenues was ca
ried 10 not. \ more accommodating
titude Of regulating bodies, state sno
national. has seemed 20 indicate ueF
ter prospect Tor the carriers.
So. toward the end Of the wear t.el'
/ have been periods Of greater mafhel
/ ,erest in the railroad stocks. ana, wv
/ the conpers. they have done better o.
I iudustrials ceased 20 be indiscrlnh
rately purchased. Prospects OF sudus
/ gain in railroad stocks are. ho"ey,'
! less cnticiug than they were ID
/ order issues. Monthly public stSls
ments e earnings and expenditures =
move that element Of mystery VIZ"
made speculative rockets ~ me
order stocks.
Gold Flows 10 Our Shores.
Great trade balances carly wv
{ ,-oor .urvad cxrn4rgo rates sffoN-s