East Oregonian : E.O. (Pendleton, OR) 1888-current, 1916-01-08
ANNUAL REVIEW SAYS
WIDESPREAD BOOM" IS INDICATED
War Orders and BounteOus FOodExpOrts Bring
Wealth to Manufacturers and Farmers.FalI
Trade Unprecedented. Financial Records
Generally BrOken-.Immense Orders Ahead.


which found stocks or goods bought
on previous conservative lines all too
small to satisfy demands Decreases
shown in the earlier months Of the
year were in many cases made up by
the advance in the fall, but the
years results in distributive trade as
whole are hardly up 10 the best Of
previous years
These three great movements were
closely interviewer with each other
and with auxiliary movements Of a
great stock market boom, unexam-
pied export trade, unheard Of i'm
ports Of gold, unparalleled ease Of
money and a record breaking high
level Of prices. Speaking generally
the great rush Of foreigners for Am
erican food and ready-made war
supplies inherited from 1914 was
over by the first quarter Of the year
by which time the country's indus
tries having mobilized FOR the pro-
duction Of war material, were fully
embarked on the manufacture of mu-
nitions. Exports Of the latter reach
cd their greatest height in July, but
continued thereafter at high levels.
While the great advance IN domestic
trade was reserved FOR the autumn
and early winter, the year closed
with a volume Of holiday trade never
before equaled,
The Financial Upliit.
Financial circles had a very favor
able year Securities markets were
active, interesting and profitable aft
er the resumption Of unrestricte0
dealings in March. The basic influ-
ences were the abundant supplies and
unbroken ease of money together
with the strong financial position OF
the country. Europe shipped US $780,
100000 of gold and returned some
$1,000, coo 600 Of American securities
which We're readily absorbed. Fur
thermore, loans or credits aggregar-
ing nearly $1,000, 100000 We're ex-
tended to foreign countries. These
enormous items failed. however, to.
adjust the balance or trade. and for
eign exchange ruled throughout
strongly in favor of the United States.
Demand sterling, which stood at
around 4S5 last January, declined by
September l to SO, but rallied to A.
"A in the past month, mainly through
large foreign borrowings here. The
establishment of dollar exchange
in settling worldwide commercial
became an accomplished
fact These circumstances were, per-
haps, less conspicuous than We're the
advancing stock prices and the re-
vival Of public interest in specula-
ton The boom in war-order is
sues, coppers, motor shares and 9TH
er industrials was, indeed, the chief
feature on thewhole, the stock mar
ket was the most remarkable for
years. 1t withstood repeated access !
sons of profit-taking, and several
reactions due to the Lusi-
tania Arabic and similar sinkings
were only followed by fresh displays
OF buying and extraordinary price
as witness Bethlehem
Steels rise of $50 points Quieting
down in the late autumn, when It'll
was thought that speculation might
have over-discounted war-order re-
suits. a strong undertone was never
the-less maintained TO the end, the
railway list. which had heretofore
been subordinated to the industrials, |
tending to respond to notable in
creases in earnings
At times the unprecedented ease
Of money became a burden to the