Graham guardian., 1916-11-03
PROSPERITY NOT DUE
TO DEMANDS OF WAR
Bulk Is Ordinary Business, De-
cIares Charles N. SchWab.
$500, o,oooTRADE BALANCE

Wilson United States 10 . Creditor
Nation For Flrst Time - Munitions
euslnsss Only I Per Cent Of Total.
In answer to tho cry Of Republican
politicians that the unprecedented pros
perity that has come to America under
the administration Of President vii /
son Is due to European war orders
comes o statement from Charles NJ
Schwab. head Of the Bethlehem Steel
Company. himself Republican, that
refutes the charge.
at 10 . mistake to imagine that the
major portion Of our business 10 war
order business" says Mr.. sehwab in q
signed article in the October number
Of System. "Even q casual imposition
Of the great volume Of exports will
demonstrate that the bulk 10 drawn
from the ordinary course Of business,
Il 10 also found that At present pricss
domestic business 10 as profitable ~
foreign rnunition business
40 one can doubt the capability CT
Mr Schwab to Judge the business stu
alton. nor can one gainsay the recent
figures issued by the Department Of
Commerce. In this report 1t IL stated
that during the first eight mouths Of
the present fiscal year the exports Of
the United States showed II trEde bal
ance In favor Of this country Of 81.
730.OOO.OO0.
Trade Balance $2.soo, 100000.
Predictions are made that the trade
balance for the entire year will exceed
the unprecedented figure Of S2.IOO.00O..
003. The vulnc Of the exports for the
eight months was $3,435.0G9.2l2. an
increase Of 81 .2O5. .Ss2. 100 over the same
period last year.
Another financial authority. too. has
spoken = Charles Hayden. Of Boston
He estimates that American securities
held abroad have been reduced from
$1,000 O0O. 600. before the war. to ST..
000.O00.OO0 ut the present time. Coin
cidentally. the United States bns be
come n credltGr of foreign nations. for
the first time In history. to the extent
Of 81. dN.0O0OO0. Under Wilson. there.
fore. we have wipei out $1,000 100000
OF foreign Indebtedness. and are
creditor to the amount Of $500 .O010O0
Mr.. Hayden calls attention to the
fact that this aiways was . debtor na.
tion under Republican rule.
All Glasses Prosperous.
Ana SO. from all sections Of the coun.
try. from all kinds and classes of
business. from the merchant. the
manufacturer. the farmer. the work.
ingman. come reports Of unparalleled
prosperity The Chamber Of Com
merce Of the United States. IN an Off
cial report. declares that basic stocks
are rising. that railroad earnings 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 fllinS the Golfers
Of the nation II has a sound basis for
permancncy. made certain by the laws
enacted under the Wilson ndministra.
tion. The President himself. In his
recent speech at Baltimore, cmphasiz-
ed the value to the country Of the
Tariff Commission. the Trade Commits
sion. the Federal Reserve Board and
the shipping BILL These enactmeiits
not only will stimulate the productive
ness of thr country. but will safeguard
its output and provide means Of con.
veying It to all the ports Of the world.
How Business Has Gained.
Here IN Just glimpse at percent
ages. prepared by expert statisticians.
that prove what the Wilson admins
tration has done for the people:
Increase In bank deposits. 8S per
cent: money In circulation. % per
cent: stock Of gold in United States,
34.l per cent: foreign commerce. 52.7
per cent: balance Of trade In favor Of
United States. 2S7.8 per cent; agricul-
tural exports. AL per cent; manufac.
tured exports. l55 per cent; railway
revenues. 47.8 per cent; value Of gen
ernI crops and live stock. 1914 per cent:
Value Of wheat crop. G7.5 per cent:
output Of pig iron. 35 per cent: produc.
ton Of steel. $50 per cent; farm lands.
1877 per cent; men employed In manu-.
featuring. 1872 per cent: wages paid
IN manufacturing. 41.5 per cent: cap
ital employed In manufacturing. 300
per cent: value Of manufactured prod.
ucts. 41.2 per cent.
30. It may be seen that all lines Of in.
dustry have proflted under the great
wave Of prosperity that the Demo.
cratic administration has wrought.
AND THE MUNITIONS BUSINESS
COMPRISES ONLY ONE PER CENT
OF THE TOTAL OF MANUFAC
TURED PRODUCTS.
10 II the part Of wisdom, therefore, to
gamble with prosperity such A. thlsf
VIII the American voter dare to
throw away a sure thing?
TOO MUCH PROSPERITY
r@n RAnElnA WANT Ann