The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1917-01-01
BUSINESS Year
RECORD BREAKER
Comparative Figures Fail to
Portray Progress,
FINANCIAL cost IMMENSE
Prices Show America Carries
War Burdens,

hundred and sixteen was wonderful
year, but that characterization does only
partial justice to this latest and great
est twelve months III the countrys his
tory. hadstrect'S Jcyiew OF the year
SAYS. II was sad% 1915 that adjec-
tives were lacking fifty to portray that
years progress, SO II may be said OF
1916, in turn that comparatiyes tail TO
describe the repeated examples OF high
records set up IN nearly all lines OF
trade and industry, only to be displaced
in turn and reegated to the rear by
new and hitherto unheard-of totals
OF industrial production and trade vol
ume. OF bank clearings and building ex-
penditure, OF transportation earnings
pn land and on water, Of export and I'M
port trade in merchandise, in gold and
in silver, OF mineral output and ship
construction, Of prices OF all commo-
dities, and OF high levels vi wages paid
by enterprises of all kinds. 1t would be
far easier in fact. to single out the lines
that did not break records than to at
tempt TO cnumcrate the multitude OF di-
rections in which trade expanded, in
dustry set up new milestones OF prog
ress, and finance sought wider fieds
of exploitation.
Foreign Trade Expands.
Exports OF merchandise totaled S.
460,000,000 In value, excelling those for
the previous calendar year by 55 per-
cent, and those for the year 1914 by
Isl percent. Imports aggregated s.
3oO,0O0,0OO, exceeding 1914 and 1915 by
52 percent Gold imports totaled
S360.O0000 surprising exports by
SS00,OOO,0OO. Our gross imports OF
gold during the war have aggregated
81 l0O0OO000, and the net imports
SS38,0O00O0, while our sales OF mer-
chandise for the like period were CON
siderably over double our purchases
| Hence the estimates that we bought
back $2,0OO,0O00O0 of american secu-
rites, and, in addition. became cred
itors for an additional 100000 900 Of
foreign bonds or notes. As our export
trade has grown since the war began,
its character has gradually changed,
and the early large shipments of food
s,uffs have become dwaried. partly be-
cause OF crop shortages, by later enor-
nous exports OF manufactured goods
not all of these. by the way, munitions
though it must be said that our ship.
ments to entente countries have far ex'
ceeded those to the rest OF the world
Our gains II trade with the part OF the
world at peace have hardly expanded as
much as might have been hoped, though
it is hard 10 see how our factory pro-
duction, strained as il was to the break
Ing point, could have further increased.
Banking Business $1,000, ,ooo, 900.
II the normal excess of bank transac-
tions over clearings at leading cities, "a
TO ]. be regarded as a guide, the coun-
try's total banking business in 1916 was
easily SbS0.000000000 Stock specula-
ton was more active than for a decade,
total sales at the New York exchange
aggregating 252,0O00O0 shares, a gain
OF 30 percent on 1915, five times what il
was in the closed year 1914. and only
lS percent less than in the record high
year 1000 Bond sales aggregated ST.
lo0,0OO,OOO, total showing a gain OF
% percent over 1915, and second only
to 1909. compared with which year
transactions fell off II percent,
The war abroad still set, the meas
ure OF prosperity at home, and the ir-
regularity OF our stock, wheat and cot
ton markets in the last few weeks
shows how sensitive we are to any pros
pect OF basic change in the present
struggle. Too many fine predictions
OF so-callcd authorities have gone by
the board in the past two and hall
years 10 encourage any hard and fas,
forecasts, but few general remarks
may, however, be hazarded.
Financial Cost Heavy.
Present high prices Of all products
the scarcity OF ships, the severity of the
submarine campaign, the decision OF the
western allied governments not to place
large quantities 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 10 many
has brought home TO this country as a
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 prospective
hiph rTiCes will auiom ,tiratly rhsrL
consumptive buying. il it does indeed de-
this, is a debatable question. The cror
failures OF the past year would in nor
NAL times have given trade a heav,
setback. II was easy TO preach bu,
hard to practice conservatism in th,
past year OF high costs Of foods, ma
terials and operations, as we'll as Of de
iicient stocks alike OF manufactured
goods aud OF raw materials. II peac,
should arSivc within a reasonable time
II will find good part OF the cominr
years business as secure as any busi.
ness can be that was placed at presen
price levels, and with stock. of good,
concededly small in all positions. = |,
seems certain, however, that peace wil
come much more gradually than dis
hostilitics two and 4 half years ago
and in this case demands from Europ,
for materials for rebuilding and repai,
will help TO take up the slack Of re,
duoed orders in other lines.
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