The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1915-09-08
Production Irresistably In
creasing; Unemployment Is
Slowly Decreasing and Dis
tribution Broadening.
WARS GREATEST BENE-
FIT IN OUR AWAKENING
Has Served to Bring This Ma
tion Face to Face With It's
Resources, Power and Re-
sponsibility, Says Law.

Seattle. Wash, Sept. s-"As a
whole, production Is irresistably in
creasing; unemployment is slowly and
steadily decreasing: and distribution
h quietly broadening" according to
the presidential address Of william A..
Law 81 the American Bankers assoc
citation which Was delivered at to-
days session of the bankers onVen
ton.
President Law. who Is the head of
the First National bank Of Philadel-
phia. viewed tho worlds economic sit
uation from several angles. In part
he said: u na
we are meeting In the midst Of
TRANCE and stirring days. saturated
with the romance OF world changes.
In Europe war has continued its prog
ress WITH increasing military %fcrocity,
economic devastation and the loss OF
human life. In America the situation
has served to reveal the marvellous
material our OF the United
States.
During the year you have seen
sterling exchange rise to its maximum
price of two generations. and sink 10
Us minimum. You have seen Interest
rates uncomfortnbly high and again
disc%ouraRingly low; YOU have seen
wide fluctuations In the values of our
staple products; YOU have seen econ
omy practiced hy all. as a consc-
qucncc. retail trade suffered severely.
Manufacturer in many branches
have not been able simultaneously Ia
meet the combined effects 81 tarin
changes. the unusual shifting Of
FaYt..- 80 both V4us ..nNnWluU uVtI nWN-
ducts under war conditions. and re-
Gently the demoralizing competition
for skilled labor by the contractors
for war supplies. IA soon as business
IL resumed on - largo scale We are
going 20 face most unusual labor con
ditians. Practically no Immigrants
are coming iu M the present time:
our normal movement averages about
100000 per month.
''rhose industries concerned IN the
production and distribution Of food
yiuns have been least Injured Leather
hns boon stronE and active; the auto
mobile industry has been surprisingly
! stimulated. due In great measure Ga
the war. on the other hand, textiles
have been irregular and difficult. Con-
struction and an products purchas-
able nv the railroads have been slow
and dun. our coal tonGge exceeds
the combined tonnage Of the %produCti
of agriculture. forests. manufacture
and animals. The success Of mani
~ our railroads therefore, depends
upon manufacturing activity. The
railroads have been suffering from .
four-f0ld burden ~ decreased ton.
mage. decreased freight rates and IN
Increased costs OF labor n money
hut they are pluckily overcominl
their difficulties.
"Aa o whole. production Is irrcs
istihly Increasing unemployment .
slowly and STEADILY decreasing; distri
hutton Re quietly broadening.
1.-THE unprecedented prices 70
some Of our agricultural and indus
trial products hnyc reVltalized stag
nant labor generally, besides strength
c1iug the position or our most Inn
portnnt interest farming. The Unit
ed States has gr8spod its unique op
portunitv 10 become n larger facto
In international finance and rom
mercc. Last fall when Furope need
ed tho surplua 81 our two most boun
tlful crops. wheat and cotton. "
harvested for tho FIRST time. by "A rnr
coincidence. ~ $40. 0O0. 900 hushcl
of wheat and gathered over 1900
200 bales ~ cotton; hence our amas
Ing international credit trade hnlanc
for the year ending June 10. 1ai.
amounting To 81 O9f. O0O, 1000. TIL.
immense balance has created seriot
exchange problems. But let W M
forget that for over 1890. OOO. 600 Z
this export excess as compared wit
the previous years was caused hy IN
decreas" IN Imports Of raw materi,
I'm connection with our retarded ~
dustrial a~ctivi.y accompanied n
idlpness and suffering on the part Z
wRge-oarners IN many Of our mani
featuring centers
! Several ~ our strongest assumI
lions have proNen on
o stock of gold vas not exhausted D
foreign shipments. In fact, lnlerns