The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-07-13
BUSINESS OUTLOOK

The,eare now over million American soldiers
in France fully equipped, and by January LIST, it
is expected that we will have approximately A.
100000 men in the army. Submarins have
proved aAfailure and the huge shipbuilding cam
paign initiated by our Government in now being
ranidv carried out. We celebrated the Fourth
of July by launching nearly one hundred ships
and fourteen destroyers, aggregaring about $780,
600 TONS These are wonderful accomplish
ments despite the criticisms showered upon the
Administration few months ago. We shall
soon also betshipping aeroplanes on large scale.
industrial mobilization of the steel industry is
complete and the entire war machinery of the
country is running at high pressure and with as
little friction as possible. America has certainly
gotten it's stride, and the American army will
soon enlghten Germany as to it's fighting
capacity; so we may hope confidently for the vic
tory which ourtaid will surely hasten.
But there is another aspect to the situation
that cannot be ignored. This terrible war in
wolves vast sacrifices of life, blood and treasure,
and the end is by no means yet in sight; for while
the enemy may be,weakening, still he is not beat
en-, and since it is.a matterof life and death for
the military autocEacy of Germany, that party
must and will continue the until conquered
by shattering blow, which will require even
greater efforts by the allies than any hitherto
put forth. This country must, therefore, be
prepared for still greater sacrifices, for heavier
taxes, for far more rigid economy and even
further government regulation. Sad to say, it
must also be prepared for growing casualty
list. Price fixing and rationing orders are
especial sources of complaint; nevertheless, such
incidents must be expected and it should be add
ed that they usually cheerfuly met, the policy
of the Government unquestionably being to Gre
ate as little friction possible, says Henry
Clews' weekly letter.
The most encouraging business factor is the
crop outlook, nature in this respect having par
ticulary favored the United States. Aside from
slight damage to wheat, that crop still promises
very heavy yield probably the second largest
on record with the remote possibility of being
bumper crop. The harvest of winter wheat,
which is usually about two-thirds of the crop, is
now well advanced, yielding excellent results, and
should be completed during July. The expected
yield is nearly billion bushels, or about $780,
100000 more than last year; an ample supply
for our Allies well as for ourselves The price
of wheat is now 1926, compared with range
OF S1.O8 to $1.76 in 1915, the record year of l.
O25,00O,O00 bushels Our cotton crop also prom
ises extraordinary results According to the
Government report the acreage is per cent
higher than last year and condition 5.5 points
higher, indicating yield of 15,3OO 900 bales
This would be 100000 bales more than last wear
and nearly equal to the bumper crop of Is, 692,-
600 bales in 1911. In 1911 10 to IL cents was
good price for cotton, the present price being
nearly treble those figures. Needless to say the
cotton industry is much disturbed Prices of
finished products are very high, staples having
considerably more than doubled during the last
twelve months, while manufacturers are dis
tracted by strikes in one direction prospects of
government regulation and price fixing in an
other. and uncertain cotton outlook in still
another. Two additional growing months are
still ahead OF us, and August, if not July. is
usually month of more less crop deteriora-
ton. The Government has fixed the price of
copper at 26 cents rise of IL cents This
viii assure the copper companies continued