Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-01-05
BUSINESS OF PAST YEAR
GOOD SIGNS FOR FUTURE
Rcadjustment to Peace Basis Calls
for No Flurrics-Outlooi1 for
s This Year Is Good.
REVIEW AND BRIGHT PROPHECY
Financial Situation in Country Gen.
orally Is All That Could BE Asked.
Business OF the Entire Land III
Good Sh'.pe.

Dun's lengthy annual review OF A.
nance and trade is an unusually in
teresting document In that 1t goes
into much detail concerning all man.
ner OF business as IL developed in the
most remarkable year in the business
history Of the country.
The conclusions to be drawn from
the review and the present situation
ness future are encouraging. THAT the
country. after year and half of
the most intense concentration on war
activities, has suddenly shifted to a
peace basis with absence of serious
dislocation OF trade and industry af-
a.. as proof alike of sustained CONT
lions. although there is no disposition
TO minimize the problems which must
al be encountered.
FACTS AND FIGURES THAT
DON'T TELL WHOLE STORY
Remarkable as it is, the statistical
exhibit for 1918. as diagnosed by Dun,
does not present an exact picture OF
the years notable economic move->i
ments, nor does il portray the extra
ordinary conditions arising from the
national emery cncy.
Running beyond all precedent, bank
c'earinss yet do not tell the complete
rs of the grea; activity OF bust
mss, and returns OF gross railroad
h S only partially measure the
pnSsicai achievements OF the common
ea apreeS Tne s,atemens of foreign
OF the colossal shipments OF war ma
,criais and foodstuffs to the American
'much merchandise intended for com
mercial uses abroad could not be en-
ported because vessel space was ur-
gently needed for other purposes, With
recognition Il these facts. the very
ceonsiderable shrinkage in exports from
the high record Of 1917 appears less
ton of the general situation is seen in
inc insolvency statistics, which make
period.
WONDERFUL Is THE
AGRICULTURAL EXHIBIT
Agricultural results are briefly
summed up as follows:
WITH the estimated value, OF the prin-
cipal farm crops running beyond sl1,-
oG0.0o0,o00. the year 1915 ranks as the
most prosperous period in the history
OF american agriculture. Comparing
WITH the previous high record OF 1917
the gain in the money return OF the
ch.ef products of the soil was about
100000, and corn. wheat. oats, bar
ley and rye alone were worth more
than s6.S65.ooo.noo. an increase Of $780,
eHUo.eoo: But reSkoned in quantities.
less noteworthy exhibit. for fields OF
Doth corn and oats. as we'll as certain
the l9l! totals, and the cotton crop
although showing some recovery, was
again an m no" era The combined output
namely ma by the billion bushei harvest
BIG FOREIGN TRADE
UNDER ZIG DIFFICULTIES
Notwithstanding the various re-
straints arising from war conditions
the combined value Of the nations
cedent last year. with exports and i'm
ports together aggreEatinE sS.4o5.-
$4,000 in the eleven months ending
while this total represents a gain of
s4I.70G.000 over the previous high re-
S Sne OF s sss o6 Sh aeo dersnee is Wholly
or from $2,724556.0 900 to $2,S20, ISL, 900,
and the extraordinary commodity
prices Nv We're obviously factor in swell
movements. In considering the reduc-
ton Of more than sl44,O00.ON0 In ex-
ports: however,-from s5633.37S.Oco to
period-it is to be remembered that
The figures do not include the enormous
naval forces overseas. and that large
quantities of commercial goods could
not be exported because of inadequate
shipping facilities and other restric-
tons.
PARTING REFERENCE TO GREAT
FINANCIAL ACCOMPLISHMENTS
Without parallel in previous expert
ence. the financial record of this coun-
most prominent features. The gigantic
figures are fairly familiar TO most !
readers. but. further reference to them
ton OF The raising OF billions of dol
lars in government loans. following
similar borrowing in great magnitude
in 1917, was sufficiently noteworthy,
but il by no means wholly measures
the demands which were made upon the
monetary resources of the people.
apart from the subscriptions 10 the
eating over sll.00.0oo.000 altogether,
thrift and war savings stamps 10 the
amount Of about sl,Ooo,ooo.OoO were
were pa triotically made to the various
war charities More than this huge
sums We're set aside for income and
cost Of transactinE business at the en-
tremc level Of commodity prices and
wages was a not insignificant element
In the situation. That a very consid-
cradle expansion Of credit, as reflect
ed in bank loans. resulted from the
enormous requirements was not un-
natural but the countrys finances were
skilifuNy managed and dangerous In
fation was avoided
y review of the stock market and Il
glance at the present hopeful condi-
ton VIII prove disappointing TO the
'Dessimst and very encouraging 10 the
optiInist who is looking forward to-
good business and good things gen.
orally for the year 1919
TIKI; GREAT BAROMETER
POINTS no BRIGH FUURE
On the iron and steel trade the coun-
try largely depends for prosperity, and
st is something of a barometer for other
lines. The past year in this industry
was one OF organization for production
purposes principally. and in these
efforts many difficulties were encoun-
tered. In providing for the exceptional
situation. practically the entire capac-
ity was COO rdnated, and with prices
officially regulated the. usual market
characteristics were lacking. With the
new year. the trade has entered upon
a period OF readjustmeut. changed con-
ditions being in evidence with respect
to labor and manufacturing costs, the
centralized control OF transportation
the extensive shipbuildnE program and
the advantages and opportunities of the
export field. This, latter phase is en-
gaginS considerable attention, and
from now on is likely TO be An incrcas-
ing factor. In the transition from a
war to peace basis, the low position
of warehouse stocks is favorable
feature.
Probably no lines Of business have
been more disturbed by war emerg-
sencies than the dry goods, leather and
shoe lines. 1t is true also that no
lines are making more rapid progress
towards REIMBURSEMENT to the peace
basis than these. and the Indications