The Bridgeport evening farmer., 1917-01-04

Reported In Many Lines.
"a total of $26o,0O0, 900, a sum
never before equaled, and gain OF
40 per cent. over the 1915 high rec
ord and Of SO per bent over 1914. II
4 the normal excess of bank transac-
tons over clearings at leading cities
p 1-2 to /, be regarded as a guide, the
lcountry's total banking business in
1915 was easily $3.50, 900, 600, 900
Stock speculation was more active
than for a decade, total sales at the
New York Exchange aggregating
232, 100000 shares. a gain of 80 per
Icent. on 1915, five times what it was
in the "closed" year 1914, and only
I18 per cent. less than in the record
high year 1906. Bond sales aggre-
gated 100000, d total showing
a gain of % per cent. over 1915, and
/, second only to 1909, compared with
which year transactions fell off IL per
cent. Government bond sales, reflect
ing large foreign f1otations, were Is
/ times as active as in 1915. Money
was easy until toward the close Of
! the year, rejecting the final closing out
with many old accounts iquidated,
i CSPCCAd1ly Ill lAC SOutlIs = clAuA 70 LII
/ the year, rejecting the nal closing out
of old crippled concerns and of new
ventures insufficiently provided with
experience, capital or other requisites,
were large in number, second only in
fact to 1915, from which they de-
creased s13 per cent; but the rarity
, Of important suspensions is shown in
the volume of liabilities being the
smallest with one exception since
1 1909, 38 per cent. below 1915, and
less than half those of 1914. 81
| Price Movements.
| AS pointed out elsewhere, the crop
loutturn was not in keeping with
other developments, and to this cause
as much as to active foreign demands
were due the new and dizzy heights
reached by many commodities in
| cluded in Bradstreet's Index Num-
Der, which latter rose steadily early
in the year. faltered in the late spring
and summer, and then took a new
flight to still higher ground as crop
shortages became certainties, active
industry swelled pay rolls, and a
snowstorm Of wage advances in the
latter months by process Of an, end
| less chain character still further adj
! VdIlCCu oil price -QOOLdtlOuSs LIS pIO-
cess, resulting in a reduction Of the
dollars buying ability of % per cent.
as compared with the years opening,
of popular revolt against high food
prices. petitions for emba~goes
against food shipments and wide
spread national state and municipal
John Doe hunts for the causes Of adj
vancing prices. That some of the
price advances were bred of specula-
| ton, made possible by cheap and
abundant money, seems certain; that
some were what may be called psy-
Geological or auto suggestive may be
conceded, but that short yields and
, unexampled demand were the main
causes hardly, requires proof. The
fact that Bradstreet's Index Number
for the entire year 1916 was 20 per
cent. above 1915, 33 per cent above
1914, 80 per cent. above 191O-the
last year of food price revolts and
meat boycotts--and just double that
of the low-Water year 1896, is a WIS.,
ible statistical exennplication Of what
have been called the penalties Of
prosperity"
| Looking Forward. :,
The war abroad still sets the meas
ure of prosperity at home, and the ir-
regularity Of our stock, wheat and
cotton markets in the last few weeks
sh ows how sensitive we are to any
prospect of basic change in the
present struggle. Too many fine pre-
dictions OF so-called authorities have
gone by the board in the past two
and half years to encourage any
hard and fast forecasts, bit a few
general remarks may, however, be
hazarded Present high prices Of all
products, the scarcity Of ships, the
severity Of the submarine campaign,
the decision of the western allied gov
ernments not to place large quaint
ties of short-time notes here and the
ability of the Allies to produce much
war material at home, would seem to
Indicate that our exports have about
reached their zenith. Then, too, the
war, while profitable to many. has
brought home to this country as
whole, through the medium of famine
prices, the fact that we are ourselves
paying no inconsiderable part of the
financial cost of the struggle How
much further domestic consumption
can go before past, present and pros
pective high prices will automatically
CLcCk DUyIHS, 1t does
indeed do this, is a debatable ques-
ton. The crop failures of the past
year would in normal times have
given trade a heavy setback 1t was
easy to preach but hard to practice
conservatism in the past year of high
costs Of foods, materials and opera
ton, as well as of deficient stocks
alike of manufactured goods and Of
raw materials. If peace should ar
rive within a reasonable time, it will
find good part Of the coming years.
business as secure as any business can
be that was placed at present price
levels and with stocks of goods con-
cededly small in all positions It
seems certain. however, that peace
will come much more gradually than
did hostilities two and half years
ago, and in this case demands from
Europe for materials for rebuilding
and repair will help to take up the
slack of reduced orders in other lines.
Another and much more doubtful
feature is the question Of the extent