Gilpin observer., 1916-10-26
Bulk Comes From Ordinary Bust
ness Channels, Declares
Charles M. SchWab.
81, 100000, oooTRADEBALANcE
Department of Commerce Shows Vast
Gain in Wealth Under Wilson
Munitions Business Is but One
Per Cent. Ct Total.

|
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 mistake to imagine that the
major portion of our business is war
order business" says Mr.. Schwab, in
a signed article in the October number r
of System. "Even casual inspection
of the great volume of exports will
demonstrate that the bulk is drawn
from the ordinary course OF business.
1t 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 a trade
balance in favor of this country of
,73O,OOO,OOO.
Trade Balance $4,000, ooo, 900.
Predictions are made that the trade
balance for the entire year will ex-
coed the unprecedented figure of 81
5CO,Oo0,0O0. The value of the exports
for the eight months was s3,435, 969,-
212, an increase of S1,2O5, 49,, 100 over
the same period last year.
Another financial authority, too.
has spoken-Charles Hayden. of Bos-
ton. He estimates that American
securities held abroad have been re-
duced from S6OOO.OOO.OOO, before the
war, to $1,0OO,OOO,OOO at the present
time. Coincidentally, the United States
has become creditor of foreign ma
lions, for the first time in history, to
the extent of 81 SOC, 100000. Under Will
son, therefore, we have wiped out
$6,OOO,OOOOOO of foreign indebtedness,
and are a creditor to the amount of
S5OO,0OO.OOO
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
fngman, 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 conimodities),
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 a sound
basis for permanency, made certain
by the laws enacted under the Wilson
Administration. The President him.
self, In his recent speech TT Balti-
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 a means of conveying 1t to all
the ports Of the world.
How Business Has Gained.
Here Is just n glimpse at percen-
tages. prepared by expert statisticians,
that prove what the Wilson Admins
tration has done for the people:
In, ho
cent; money in circulation, % per
cent; stock of gold I'm United States.
34.1 per cent; foreign commerce. 52.7
per cent; balance of trade In favor
of United States, 2S7.6 per cent.
agricultural exports, AL per cent.
manufactured exports. 1855 per cent.
railway revenues, 1915 per cent. value
of general crops and live stock. 1874
per cent; value of wheat crop, 61.5
per cent; output of pig iron. 30 per
cent; production of steel, 35.5 per
cent; farm lands, 1921 per cent. men
employed In manufacturing. 23.2 per
cent. wages paid in manufacturing,
41.5 per cent; capital employed in
manufacturing, 300 per cent; value
of manufactured products. 41.2 per
cent.
So It may be seen that all lines OF
industry have profited under the greet
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 tach nc
this?
VIII the American voter dare to
throw away n sure thing, on the
chance that his return may be the
onOrinniIS cost of Mnr,e nnvnriu and