The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1916-01-08

mere 1uE WELL "AtAt - #+
proyement, slow, hating irregular as
il looked al times, was even then
clearly manifest, and that this coun-
try. then and still spared from partic-
ipation inshostilities, had already en-"
barked on the most marvellous expan-
sion seen In this or any other coun'
try. 81.
1915 may be said to deal with. three
great movements. First Of these was
the immense demand. begun before
the year opened. for cereals, meats.
wire, automobiles, horses, clothing ana
variety OF otser products that prac-
tically swept the country bare OF sur
plus stocks of staples Of all kinds,
and especially of any sort of ready
made war material, whether for OF
fensiye OF 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 highest prices ever known. Inc
second period may be said to embrace
the marvellous diversion which oc-
cured in our industrial forces, which,
lacking occupation of peaceful kind,
turned toward the production OF war
material, demonstrating the adapta-
bility Of American manufacturers, me-
chanics and artisans, and giving
vast incentive to the production OF all
kinds OF metals, whose output alone
would place the year in class. by It
SELF. with the immense expansion in
industry shown in the first half OF the
year, unemployment, which had de-
clined steadily from high levels at the
outset OF the year, practically ceased
to exist, skilled labor became scarce,
and the commonest kind OF common
labor rose in demand. The third Pc
riod may be said to have been coin
cfdent with the final realization by the
business world that the immense for
eign demands could not go on with
out a vast influence upon purely do
mestic trade, and this latter branch
OF business, possibly repressed early
In the year by fear OF our involve
ment in hostilities, stimulated by the
large earnings and swollen pay rolls
of Industrial centers, and buoyed by
the gathering Of the greatest food
crops in history, bringing unsurpassed
earnings to farmers, surged forward
in the fall months in veritable
ground swell of purchasing, which
found stocks of goods bought on pre-.
Yious 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 dstributive trade as a
whole are hardly up to the best OF
previous years.
These three great movements were
closely interviewer with each other
and with auxiliary movements OF
great stock market boom, unexampled
export trade, unheard-of imports of
gold, unparalleled ease of money and
record.breaking high level of prices.
Speaking generally, the great rush of
foreigners for American food and
ready.made war supplies inherited
from 1914 was over by the first quar-
ter Of the year, by which time the
country's industries, having modified
for the production of war material,
were fully embarked on the manufac-
ture OF munitions. Exports OF the lat
ter reached their greatest height In
July, but continued thereafter at high
levels. While the advance in domes-
tic trade was reserved for the autumn
and early winter, the year closed with
volume Of holiday trade never be:
fore equaled.
The Financial upllft.
Financial circles had very favor
able year. Securities markets were
active, interesting and profitable after
the resumption of unrestricted deal.
ings in March. The basic influences
were the abundant supplies and I'M
broken ease Of money, together with
the, strong financial position of the
country. Europe shipped US $780,
100000 OF gold and returned some
81 900, 100000 Of American securities,
which were readily absorbed. Furth.
ermore, loans or credits aggregating
nearly $1,000,000, 900 were extended to
foreign countries. These enormous
items failed, however, to adjust the
balance Of trade, and foreign ex-
change ruled throughout strongly In
favor of the United States. Demand
sterling, which stood at around 4.S5
last January declined by September
! to ,4.50, but rallied to 4.74 in the past
month, mainly through large foreign
borrowings here. The establishment
Of dollar exchange" in settling world
wide commercial transactions, became
an accomplished fact. These circum-
stances were, perhaps, less conspic-
uous than were the advancing stock
prices and the revival Of public In
terest in speculation. The boom" in
war-order issues, coppers, motor
shares and other industrials, was, in
decd, the chief feature. On the whole,
fconiinued on paRa 81