The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1914-09-23
SEES DOWNFALL
OF GERMAN TRADE
Berlin Writer Says War Breaks
Up All Industry.
But THE KERNEL IS SOUND.
Unhappy Situation Is Admitted Freely,
and PROBLEMS Of Reconstruction Are
Dlscussed-F oresiaht and Great Elk
p%enditures Needed to Restore Trade
to Normal Footing.

Dlscussed-Fo foresight and Great Elk
penditurss Needed to Restore Trade
to Normal Footing.
Copenhagen.-The Berlin vossische
Zeitlug discusses the extent to which
German Industry already has been hit
BY the wa. DIR. Emil Lederer, the
men capable OF bearing arms has
smashed industry to atoms" All
links uniting various trades have been
broken. The crisis with regard TO
money and credit which occurred In
the FIRST Instance was accentuated by
the necessity OF financing the war by
a single stroke. The attempts made
to meet the crisis by liquidating assets
only made matters worse. The un.
fortunate thing. he says, is that this
liquidation, which Is customary at all
crises, does not In the present instance
affect merely a small body of specu-
~lators. but expresses the fact that Ger
man industry and its production are
on a fictitious basis.
Complete Transformation, DIR. Leder-
eru says, is necessary In order to cope
with the new conditions brought about
by the war. AT present there is little
sign Of this. We see the apparent par
edox. says DIR. Lederer, that In spite
of increasing absorption for military
purposes of men capable Of working
tssxnrn - a irnrnaaa ~ ACKNOWLEDGEMENTS
among those that remain behind. Even
the much sought after labor of women
cannot find employment. Day after
day undertakings shut down or their
output is diminished. Those. indeed,
which continue at work are working
with aimless overpressure because OF
uncertainty. SO the net output is dlmin-
ished.
What, asks DR.. Lederer. are the de.
cisive economic facts? Does the COM
plete breakup OF industry which threat.
ems Germany involve q disruption also
OF agriculture and the supply of neces-
saries? The wal means for Germany.
1rst. the prevention Of exports, espe-
cially articles Of luxury; second, pre-
vention of imports OF means of sub
sistence, especially raw materials such
as cotton and copper; third, reduc-
ton OF demand Of all at the front and
restriction Of demand OF those remain
Ing at home. There no longer Is any
demand for articles OF luxury.
Against these facts. which apparent
" involve the gloomiest possible out
look for the near future, DIR. Lederer
says, must be set others equally de-
cisive. Germany has had a remarkably
good harvest, so on the whole the pur-
chasing power OF the agricultural in.
dustry is relatively big. The same
thing applies to industries which sup.
ply the needs OF the army and other
public purposes. The problem Is to use
this purchasing power In such a way
a. to revive all those branches which
supply the needs Of the above mention
"a Industries. The question is how to
build around the sound kernel. 1t will
require foresight and perhaps great ex-
penditures, for forces which could
bring about this reorganization auto.
mAtically do not exist.
r. must be remembered, DR.. Lederer
says, first, that the amount of available
labor II considerably reduced; second
y, available raw materials probably
VIII not be SUFFICIENT for a long time,
thirdly, the needs Of private industry
hGYa during the war undergone con: