The Washington herald., 1910-08-21

being S3S2.O31. 4ol. as against &g5s. sss. Sss
Building materials are all somewhat
higher than "a year ago The lumber in
dustry complains most Of present con-
ditions. but IL is in a chronic state Of
overproduction, with new mills always
under construction. This may sound
strange for an industry in which the raw
material is rapidly vanishing, but the
eagerness Of timber owners 70 realize on
their property creates the condition
Despite the unfavorabie developments
We have referred 20 and Notwithstanding
some discordant notes. the general tonor
Of replies TO our letter of inquiry IS con-
fdent and encouraging. The country is
prosperous. There is work for every
body, in many localities complaint that
production is restricted for want of labor
and the competition OF employers Is push
ing wages steadily higher Il is inter
esting 10 note the complaint everywhere
that the automobile industry is making
labor scarce and dear. for 1t illustrates
how each development Of civilization re-
acts upon the condition Of the humblest
member OF society.
Volume of Business Large.
The volume Of business has been large.
but there are frequent complaints that
competition Is sharper and the margin
of profit smaller than ever. that labor is
dictator!al. and that improved methods
are constantly required 70 Offset its de-
mands. But the story Of Industrial pro-
gress reads ike that from the beginning.
1T is d common expression from the
smaller cities and towns that nothing il
known there Of business rea ,tion or OF
threatened trouble save what zones from
the few large centers. To then the coun-
try seems very prosperous and conditions
sound. Many OF them express some i'm
patience over the conservative attitude
OF the banking fraternity. whom they &C
cuse Of being frightened at shadows.
Nevertheless. il is apparent that the note
Of warning was we'll sounded and that
a wholesome effort to check the e1pan-
sion of credits has been made. and the
country is in much better condition be-
cause OF it,
The entire West has been enormously.
almost wildly. prosperous. The basis OF
this prosperity has been the high prices
for farm products. which have furnished
the farmers with the means TO build bet
ter homes and barns, drain their lands,
buy improved machinery, enlarge their
farms. and in not a Few instances. com
NIT the oft-heralded offense OF buying
an automobile. We have made consid-
cradle Inquiry into this, and our infor-
nation is that the farmer who buys an
automobile generally pays cash for it
and is better able to own It than most
Of the town purchasers. It is probably
Of more real utility 10 him than to any
other class OF purchasers.
Elsewhere we deal at some length with
The causes Of the stringency over the
West in the spring months Of this year.
Evidently the heavy transactions in land
which are reported from so many locali-
ties in the West were the principal factor
in it, Undoubtedly there has been con-
siderable speculative buying. for specu-
lation is inevitable in any kind of prop
erty that Is rapidly rising in value. but
the basis of the whole movement is the
high prices for farm products.
The movement of young people away
from farms IS checked. The results will
be beneficial 10 the country. The rise of
food prices will Re checked and some re-
ducton from the price of meats in the
last year no doubt will 5e made. Few
observers believe that The price OF good
ullable lands will have any serious de-
cline, but the investments have been very
heavy and but for the conservative pol
icy adopted by the country bankers
a few months ago might have become
dangerously extended
If the corn and cotton crops fulhu
their present promise the country will
have a solid basis for another year OF
substantial prosperity. The Northwest
has been hurt by a short crop. as Texas
and Oklahoma were hurt last year, but
the latter have done well this year. and
a good average for the whole country
seems 10 be practically assured. The in
dustries and enterprises Of the country
will 80 forward upon this with renewed
confidence and energy"