Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1916-01-08

HtuuS netE 10 tue Sed& "A1SA 60"
outbreak Of the greatest war in all the
worlds history. War was indeed the
main compelling cause Of most Of the
years activities. and its effects can be
traced in almost every American trade,
financial and industrial, happenings OF
the past Il months. When to this was
added a second year Of bounteous crops
sold at excellent prices, there existed a
combination such as neither this nor any
other country had previously expert
enced. A review of the year 1915 must
of necessity. therefore, refer back to
certain extent to the latter part OF lsli'
which saw the injection Of the most dis
turbing occurrence of modern times, but
which, owing to this country's fortunate
position, likewise saw the beginnings OF
the Improvement growing into the great
est boom in trade ever witnessed. Look
ing back now to the opening of the year
1915. one may see clearly that the doubt
and indecision reflected in the opening
months of the year were not warranted
that improvement. slow. hating or irreg-
ular as it looked at times. was even then
clearly manifest. and that this country,
then and still spared from participant ion
in hostilities. had already embarked or
the most marvellous expansion seen in
this or any other country.
Three Great Movements.
The history of the business year 1915
may be said to deal with three great
movements First of these was the i'm
mense demand, begun before the year
opened. for cereals. meats. wire, automo-
biles. horses. clothing and a variety OF
other products that practically swept the
country bare of surplus stocks of staples
of all kinds, and especially of any sort OF
ready-made war material. whether FOL
offense or sustenance. An example OF
this was the taking up Of every surplus
bushel of the greatest wheat crop in the
country's history at close to the highes'
prices ever known. The second period
may be said to embrace the marvellous
diversion which occurred in our indus
trial forces, which, lacking occupation
of a peaceful kind, turned toward the
production of war material. demonstrate
ing the adaptability of American manu-
facturers, mechanics and artisans. ano
giving a vast incentive to the production
of all kinds of metals. whose output
alone would place the year in Il class 10y
Itself. With the immense expansion II
industry shown in the fl-st half of 'ths
wear unemployment. which had declined
steadily from, high levels at the outset o,
the year. practically ceased TO exist
skilled labor heca scarce. and the com
monest kind of common labor rose il
demand. The third period may he sale
to have been coincident with the ina
realization by the business world that the
immense foreign demands could not &C
on without a vast influence upon purei,
domestic trade, and this latter brancl
of business possibly depressed early il
the year by fear of our involvement II
hostilities. stimulated by the large earn
ings and swollen pay rolls of industrial
centers, and buoyed by the gathering OF
the greatest food crops in history. bring
ing unsurpassed earnings TO farmers
surged forward in the fall months in &
veritahle ground swell of purchasing
which found stocks Of goods bought or
previous conservative lines all too small
to satisfy demands. Decreases shown II
the earlier months OF the year were il
MANY cases made up by the advance il
the fall. but the years results in distrib
utive trade as whole are hardly up u
the best of previous years.
These three great movements wer'
closely interviewer with each other ant
with auxiliary movements of a grea
stock market boom. unexampled expor
trade. unheard-of imports of gold, un
paralleled ease of money and record
breaking high level of prices. Speaking
generally. the great rush Of foreigner
for American food and ready-made wa
supplies inherited from 1914 was over b.
the first quarter of the year. by whicl
time the country's industries, havin
! modified for the production Of war ma
| terial, were fully embarked on the manu-
facture of munitions. Exports of tn
latter reached their. greatest height i
| July. but continued thereafter at hig
| levels While the great advance in do
mestic trade wal reserved for the au
! ,un,n and early winter, the year close
with a volume of holiday trade never be
fore eQualed.
Looking Forward.
The war bulks so large in the world
affairs at present, and so much OF GU
present prosperity is due TO it. that tn
! future Of this country's trade and indus
try depends largely upon the question
of when and how peace will return to tn
world At the present writing peac
/ seems rather far distant. apd II tina
view is correct a continuance Of insisten
demand for vast variety Of American
products seems as certain as anything
! can be said to be that exists In thi
world Of change. Indeed. II our futur
ability to supply the things Europe need
to carry on war were equaled by GU
means to deliver tships) or the buyers
power to pay for goods bought. Their
would seem to be no limit to our abilit.
to grow rich at our European neigrbors
expense. As to the frst-named draw
back, II is well to note that we are-be
cause We have been and are at peace
now the owners Of the second larges
merchant marine on the ocean, acquire