The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1917-01-01

badly due largely 20 peace talk be-
ing Injected into the situation. there
were but few signs OF "A lot-unt in
actiV" buying. or Indications thai the
conservatism so long preached was
really acting rs brake upon extra
ordinary purchasing.
All this activity had occurred. too.
despite IN" fact that II was "A presi-
Dental year, one also OF disturbed
Foreign relations and a period Of dis
appointing crop outturn
Exports az merchandise t0taIcd
-. tso.oo0. 0oo 10 value. eNcclling those
for thc previous calendar year by 50
per cent. and those for the year 1914
by 1851 per cent. Imports aggregated
S23G0. 600 600 exceeding 1918 ana lsf &
by ~ p"r cent. Gold imports aggre-
gated 5000 0n0 600. surps ssing exports
10y 5000 600 00o. our gross imports of
gold during the war have aggregated
81 100 o0e.00 and the net imports
$3.50 ono 200. while our salee ~ mer-
chandise FOR the like period were CON
sid"rably over double our pa bases.
Hence the estimates that We bought
back $4,000. 600 600 ~ Americanf Sc
curities. and IN addition heCamr
creditors for an additions 5 o0o.ol
900 Of foreign bonds or notes.
As our export trade has grown
sLuSe the war began. Its character
has gradually changed. and he early
large shipments ~ foodstuus have
become dwarfed. partly hecauEo ~
crop shortages by later enormous eN-
ports OF manufactured goods-not am
VI these. by the way. mum tiOus--tho
N must b. said that our shipments
60 Entente countries have FAR exceed
cd those 20 tho rest OF the world
Our gains IN trade with the part 81
the world at peace have hardly Hx-
mar ded as much ne might have been
hoped. tho IL IL hard 20 see how our
factors production strained "a ~ was
60 the breaking point. could haze
been further increased.
Credits based ON the new and vast
supplies ~ securities and gold have
expanded and the countrys banking
position has become one OF unparal-
leled deposits and resources Rank
ciearings FOR 1915 testified 20 Tho enor-
nous volume Of tho banking move
ment in total - 100000 Op0 600
sum never before cqualed and a gain
OF 80 per cent over the 1915 high rec
ord and OF 90 per cent over 1914
II the normal excess OF bank trans
actions over clcarings ia leading
citics two and one-haif % one. ho re-
Rardcd as n guide. tho country total
banking burfness. in 1916 was easily
$3.50. GOO 600 900.
stock speculation was more active
than Tor DECADE. total sales IN thu
New York Exchange aggregatiaE
23a ooo. GOO shares gain ~ 30 per
cont on 1915. Ave times what 10 was
in the CLOSED year 1914 and only g
per cent less than In the record hish
year 1905 Bonds sales aggregated
fi.ls0. 100000 a total showing q Sain
81 % per cent over l9l 5. and second
only to 1909. compared with which
wear ira SIR, tr-rf~- fell on i4~sFar cent
Government bond sales. rofcctiuS
large foreign fotatlors. We're Is timfa
az active ss in 1918
Money was easy until toward tho
close Of tho wear and cOliectt0na
were good. with many old accounts
Inundated. especially in tho south.
Failures for the year, refecting tho
flnai closing out Of old. crippled con-
Germs and 81 new ventures in uf-
hcicntiy provided with experience.
capital or other requisites were larEe
in number second only in fact 60