The Grangeville globe. [volume] (Grangeville, Idaho) 1907-1922, 1914-07-09
REVIVAL UNDER DIFFICULTIES.


Oregonian: Business Is reviving. but
the revival Is no more psychological
than was the depression The depres-
sion was due to the bIighting effect of
the Underwood tariff: the revival Is
due to the bounty which nature Is pour
Ing into the hands of the farmers, to
be distributed by them through all trade
channels. Democracy has done all II
can to paralyze industry. but 1t can
not control the weather and the produce
tiveness of the soil. Hence prosperity
is slowly returning In spite Of. and not
because of, democratic legislation.
The evidences OF depression were
abundant before the bumper wheat
crop became certain; signs of activity
and of returning prosperity became
apparent only after it became certain.
Doubt on that point still prevailed well
along In June and business then was
still on the downgrade In the second
week of June bank cearings OF the
United States were 81 per cent less
than in the corresponding week OF 1913
and in Philadelphia, the principal man
ufacturing city. were 1873 per cent less.
The steel trusts untitled orders were
about half as great on May 81 as at
the beginning of the Wilson administra-
tion. Idle cars the railroads num-
bered 2i2.572 on May 81 as compared
with 0,291 on the same date last year.
Ore shipments from Lake Superior in
May were 3.S52,06S against 7.2Si.212 i'm
May, 1913 Gross earnings of railroads
In May showed "a decrease of 1l.42 per
cent. Building permits In II cities dur
ing the first five months of 1914 show
falling off of $22, 27l,949 compared
with the same period of last year. LA
bilities of concerns involved In bank
ruptcies during May were $23,4i7, 496,
as against SIG, 500, sO4 In May last year
The tide turned when harvest began
and 1t promises to get stronger towards
prosperity harvest advances but
there Is Wilson handicap to over
come in the shape of increasing i'm
ports and decreasing exports of manu-
featured goods. In the first seven
months under the Underwood tariff.
ending April &c. the excess OF exports
over imports was reduced $137 .405, 1876.
What produced this change can be judg
ed from the effect of the Underwood
tariff on the wooden industry alone. I'm
ports of wooden goods grew from So
254,2l0 In the first three months OF
1913. to 81, 66i. $40 In the same period of
this year. the sales by Bradford, Eng
lands great wooden manufacturing CEN
ter. to the United States having in
creased $50 per cent In that period. In
May Bradford's exports of worsted yarns
were 2S3, 500 pounds against $500 pounds
in May, 1913 Western wool growers
are selling off their sheep to be turn
ed into mutton, for they are not de-
ceived by the temporarily good prices
due to a worlds shortage. Factories
and mills have been running forty to
sixty per cent of capacity, railroads
employ the smallest number of men
possible on repair and construction work
and new enterprises launched In May
call for about one-third the amount
OF capital represented by those of May
1918.
A mans power TO consume Is reduced
to the minimum of subsistence when he
ceases to produce Multiply that one by
the vast number of men now out of
employment and we can conceive of
the blighting effect of unemployment on
industry In general when the market
for Its products Is shrunk by diminution
in consuming power Thus poverty
passes along the line, touching each one
as 1t passes.
Prosperity is returning. but in a meas
ure reduced by legislation which takes
employment from American labor and
capital to give II to foreigners.
Wooden mills may sell more cloth next
fall. but they will divide the trade with
Europe. Steel mills probably can COM
pete with those of Europe. but they
would sell more in the United States
II the wooden mills and shingle mills de-
manded more steel to install more ma
chinery and If heavier traffic on rail-
roads demanded more rails, cars and en-
gines. American sawmils may sell
more lumber and shingles. but that win
be because British Columbia cannot
yet supply the entire demand. We can
raise certain structure of prosperity
on the good times which have come to
agriculture. but II cannot be as solid
when built on a foundation of idle mills
and idle workmen as 1t would be II built
on foundation of fun employment at
good wages to all.a