Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1916-08-17
Two Years of Business
Under Present Regime
From the sprlnsti cid Republican.

quarter of this year, showing net earn
ings of sSl, 126, 04S-far IN excess OF any
previous quarter in the corporations ms
tory. Other metals show the same eN-
pansive tendencies as iron and Steel roi-
lowing a sfirinkage at the beginning OF
the war, the textile industries have eN-
perienced a great expansion. One OF the
changes in the dry goods situation mas
been the changing OF a trade balance Oh
$3.50, 900, 600 annually against this country
to one of SIS, 600, 900 in our favor. Cotton
goods export trade has doubled; our KNIT
| goods trade abroad has Increased at least
eightfold; the wool goods trade has m
creased fully tenfold. While raw COTTON
sold as low as 5 to 6 cents a pound IN
the fall of 1914 and the south had to unit
the crop of 1915, the American consump-
| ton has jumped to 1900, 600 bales and the
price of cotton is now back where 1t Nsis
before the war began, although not a paie
is sold to the central powers. Prices OF
commodities have increased tremendously
during the two-year period, but pfoiits
and wages have increased and the price
lifting has not been due to money mflaton
SO much as to unprecedented foreign oe-
mand for American goods.
Ocean shipping has been scarce since
the war began and rates very high, put
at the end of two years. there is q very
large Increase N the tonnage of American
ships engaged in the foreign trade. Fig
urGS IOI ut IlSCal Ntsi IitS So'S wv
1916, nave not been published, but the
federal commissioner of navigation. in MS
last report, showed that in the fiscal year
ended June so, 1915, or the first year OF
the war, American shipping in the foreign
trade increased by 3S9 vessels and 795.3sl
gross tons. Lloyds Register shows that
in the calendar year ended December 81
last, the United States took over BY pur-
chase British shipping to the amount OF
SIS, 34S tons.
Discussion as to the economic effect OF
European peace on the United States has
perhaps too little that is tangible to sup
port conclusions. The war is not ended,
8 and one may regard as futile forecasts OF
} what. may happen with the coming OF
2 peace If the war has a third full year still
2 to run. But 1t is noteworthy that, ac-
f corGing to a recent publication of the Ma
1 tional City bank OF New York, the mos
: careful estimates show that up to date
Europe's loss In crippled industries is al
ready 5000, 600, 900 and that $1,000, DOC, O0'
: would be needed at the outset to replace
t plants and machinery for the purpose o
n an early resumption of production. l
e very much of that new plant and equip
n ment must come from the United States
the only country prepared to fill rush or
e ders for the quick rehabilitation of ruine'
t factory towns and cities in the presen
a war zones, it is reasonable to expect tina
: our export trade will not shrink int
: negligible proportions with the coming o
peace.
The neutral portion which the Unite
IS States has maintained for two years ha
paid, and it will continue to pay. Whethe
n it is "heroic' or not is another question
This is a discussion of business, not c
Id international morals, or justice, or civ
10 ilization.. %lt is certain that England ha
liz many times in her history taken advan
l. tage of q fortunate neutral position to er
rich herself and strengthen her CONNER
s. cial and financia status during the wal
T. of her continental n~eighbors. OF tt
E. United States it can t%ruthfully be sal
al that the war was none Of its making an
ly that nowhere would the end of the horrt
ed be welcomed more enthusiastically tina
i'd here.