Catoctin clarion. [volume] (Mechanicstown, Md.) 1871-1940, 1916-10-19
PROSPERITY MOI DUE
TO DEMANDS OF WAR
Bulk Comes From Ordinary Rusi-
ness Channels, Declares
Charles M. SChWab.
s2,50o,O0O, oOOTRADEBALANCE
Department of Commerce Shows Vast
Gain in Wealth Under Wilson,
Munitions Business Is but One
Per Cent. of Total.

In answer to the cry of Republican
politicians, that the unprecedented
prosperity that has come to America
under the administration of President
Wilson Is due to the European war
orders, comes statement from
Charles NJ. Schwab, head of the
Bethlehem Steel Company, himself a
Republican, that refutes the charge.
at is a mistake to imagine that the
major portion of our business Is war
order business" says MIR. Schwab, In
signed article in the October number
Of System. "Even a casual inspection
Of the great volume of exports will
demonstrate that the bulk is drawn
from the ordinary course Of business.
It is also found that, at present
prices, domestic business Is as profit
able as foreign munition business"
No one can doubt the capability Of
Mr.. Schwab to judge the business stu
alton, nor can one gainsay the recent
figures issued by the Department of
Commerce. In this report, it is stated
that, during the first eight months
of the present fiscal year, the exports
of the United States showed trade
balance in favor of this country of
$1,73000O,OOO.
Trade Balance $4,000, 100000.
Predictions are made that the trade
balance for the entire year will ex-
coed the unprecedented figure of So
5OO,0OO,OO0. The value of the exports
for the eight months was $3,435 ,969,-
212, an increase of 81 .205, SS2, 100 over
the same period last year.
Another financial authority, too,
has spoken-Charles Hayden, Of Bos-
ton. lie estimates that American
securities held abroad have been re-
duced from $G,OOO,OOO,OOO, before the
war, to $1,000,0OO,000 at the present
time. COincidentally, the United States
has become a creditor of foreign ma
lions, for the first time in history to
the extent of 81 ,5OO,OOO,OOO. Under Will
son, therefore, we have wiped out
S6,000,000000 Of foreign Indebtedness,
and are creditor to the amount of
S50O,000O00
Mr.. Hayden calls attention to the
fact that this always was a debtor
nation under Republican rule.
All Glasses Prosperous.
And so, from all sections of the
country, from all kinds and classes
Of business, from the merchant, the
manufacturer, the farmer, the work
lngman, come reports of unparalleled
prosperity. The Chamber of Com
merce of the United States, in an
official report, declares that basic
stocks are rising, that railroad earn
ings are abnormally high Indicating
the great movement of commodities),
and that the national prosperity will
continue.
Not temporary prosperity, due to
the war, Is this that Is filling the
Golfers of the nation. 1t has sound
basis for permanency, made certain
by the laws enacted under the Wilson
Administration. The President him
self IN his recent speech at Bnlti-
more, emphasized the value to the
country Of the Tariff Commission, the
Trade Commission, the Federal Re
serve Board and the shipping bill.
These enactments not only will slim
ulate the productiveness of the coun-
try, but will safeguard its output and
provide means of conveying 1t to all
the ports Of the world.
How Business Has Gained.
Here is just a glimpse at percen-