Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-09-08
Unemployment Decreases.

LAS a whole, production is irresist-
IDLY increasing; unemployment is slow
ly and steadily decreasing. distribution
is ruietly broadening.
The unprecede prices for SON.,
of our agricultural and industrial prod
ucts have revitaliZed stagnant labor
generally. besides Strengthening the
position of our most important interest
farming.
The United States has grasped it's
unique opportunity to become larger
factor in international finance and
commerce. Last fall. when Europe
bountiful crops-wheat and cotton-we
harvested for the first time. by rare
coincidence. over 930.000.000 bushels of
wheat and gathered over 700o,0O0
bales of cotton; HENCE our amazing in
ternational credit trade balance for the
year ending June 80. 1915, amounting
10 81 ,094 100000. This immense ball
ance has created serious exchange
problems. But let US not forget that
over $500, 900 900 of this export excess,
as compared with the previous year
was caused by the decrease in imports
OF raw material in connection with our
retarded Industrial activity. accompa-
MED by idleness and suffering on the
part OF wage earners in many of our
manufacturing centers.
Several of our strongest assump-
tons have proven erroneous. Our
stock of gold was not exhausted by
foreign shipments: in fact, interna
tionaI exchanges gradually turned in
our favor. Our cotton exports were
not cut in five. as predicted. but ex-
ceeded 81 per cent OF the previous
years volume. Our copper industry
was not ruined, but has been stimu-
lated. Our stock exchanges have not
been overwhelmed BY a flood of dis
tressed American securities sold at
sacrifices by European holders. but we
have readily absorbed all offerings At
present the iron market, the barome-
ter Of our national trade. is strong and
active. The New York Stock Exchange
is Vigorously celebrating it's new lease
upon life with a speculative orgy in
some issues which is causing thought
ia! men no little concern This is
caused mainly by the unprecedented
plethora of funds congested in New
York city. where funds were loaned as
low as per cent on call.
November 1G 1914. the federal re-
serve banks were opened.
The federal reserve system had not
yet been fully tested. The country still
awaits the action Of the two most i'm =
poTtant factors in its operation, name
ly, the entry of the state banks as
members and the removal of govern
ment deposits from the independent
treasury.
We have reasons to believe that our
financial position will strengthen
steadily as the European war pro-
crosses: that our devoted President will
lie successful in preserving neutrality.
When war ends what will II mean to
us as a nation? We shall be rich
enough and generous enough to con-
tribute literally toward the help of the
needy: to assist in the reconstruction
Of some of the ruined nations: to give
employment to the mass of immigra n Is
who will probably rush to our SHORES
to compete vigorously with the strong
er nations in seeking foreign trade.
We are on the eve of world wide
changes in every department Of life.
The responsibility rests upon each of
you who are the leaders in thousands
OF communities to use your influence