The labor world. [volume] (Duluth, Minn.) 1896-current, 1915-09-04
A BANKERS BUSINESS FORECAST:

g Before this Report reaches you, we
will have reached the end 81. the first
year Of the great European War. The
irnpoverishme1t of Europe. while In
evitable If the war lasts long enough,
will not be as rapid ala is popularity be-
lieved. The agricultural area planted
in Europe, the number OF factories
operating and their output. the condi-
ton ,'of business In the belNgerent
countries outside Of the war ,xones-
ali OF, these go to- prove the. great re- 4
sourcefulness OF the countries, now at
war. Until. very recently. the factories
Of Germany were buster than the Tao
tories in our. own country and those
who believe that the fields OF Ger
many Russia; Italy, France. England
and even Belgium are not being Gull
tivated to the limit, are misled. -
The principal banks Of the warning
nations hold more gold today than
they held when the war began: The
statement credited to- the German
bankers, who Informed the Emperor
that the country would be bankrupted
by another winters campaign, pro-
badly meant that the government
would be bankrupt as the coun-
try itself has a. wealth and a re-
sourcefulness which would carry 1t
through several years of war;. Ger
many is more likely to find itself
short Of men than short of munitions
or money. The entrance Of Italy into
the war and the fact which has finally
leaked out that Kitchener. while pre-
tending to organize an army Of one
million men has really organized an
army Of four million men, are two
factors which will, naturally tend to
shorten the war, When Germany
finds herself short Of men, when Rus
STA finds herself short of munitions.
when France finds herself short OF
cause England would naturally, be
glad to end 1t at any time, having
nothing to gain through it's continu-
ance.
Why Not Arbitrate.
The business situation in this coun-
would be had there been no European
war. To be: sure. we are doing lot
of business in war supplies and food
stuffs but, because, Of the war, other
have mo- nevs san as'q to What viii hap:
pen to our business should the war
suddenly end, because, while the END
our exports of arms and explosives
these items form only small part 81
the totals Of our daily exports, ever
at this time. Tie end Of the wal
would mean the beginning of much
business In this country which will
probably not be. taken up until thu
European trouble is settled: The
Is trouble. with 1abor-disagree
strikes and loc:<outs. Some of these
troubles are doubtless due to the &C.
tivity OF foreign spies in this country
and the remainder of them due to thu
cupidity of the employer or employee
seeking to take advantage of the pres
ent situation to drive bargain. Thu
result of these labor conditions is, 4
mination of the war would leave :thos,
involved in:strikes aid lockouts in bat
shape indeed. Both sides to these con
troversies would do we'll to look to
): ward recent events in Chicago wher'
the street car strike was satisfactor.
arbitrated and where the building
trades t4 les strike is now settled: Jus
arbttrate our differences but keep tn,
wheels moving for, ii they are stand
ing still when the war ends. they ma,
stand still for long time and som,
Of them may never turn again.
Balance Of Trade Increase.
During the year ending. June 3oth
we increased our exports by 435 mil
lion dollars, and decreased our import
by 234 million dollars. which increase.
our favorable trade balance over tn
previous year by $40 million dollars
Our exports were $500 million dollar
and our imports 1850 million dollars
-. million dollars to compare with g. ia