The Pleasantville press. (Pleasantville, N.J.) 1912-1929, 1918-10-19
of our permanently productive invest

An official statement from the Wal
Department puts the outlay upon
warehouse construction in the United
States completed or in process plan
ned to facilitate the speedy handling
of materials for the use of the Army"
at Approximately S21S,000
With a few exceptions, the buildings
are permanent structures of concrete
brick and steel, they are equipped
with railway sidings and all the latest
devices for the movement of goods in
peace as well as in wal times, and
the facilities that they will provide
will no doubt greatly increase the
speed with which the vessels of the
merchant fleet we are building can be
loaded and unloaded both now and
hereafter when we shall have ecov-
cred the place that we formerly held
among the maritime nations of the
world.
Other permanently productive in
vestments hat are being made as a
result of the war include such enter
prises as the plant for subtracting nj
trogen from the air that is being
built at Muscle Shoals at a probable
ultimate cost of $500 600, a powder
factory which will involve an outlay
of $124.OO0,OO 900 and which is being
designed so that 1t can be used for
the manufacture of fertilizers, and
scores of gun and ammunition works
that are owned by the Government
and can be converted to the uses of
peace. Finally, there is the capital
that the Government has set aside for
the War Finance Corporation, the
Railroad Revolving Fund.-" and the
Grain Purchasing Corporation, which,
though included in our war costs, is
being safely and productivity employ
ed and will be returnable to the Treas
ury in the process of post-bellum
liquidation.
Of course, 1t may be urged, and
properly, that a large allowance should
be made for the depreciation of these
assets, and the policy of treating
them as dead investments is undoubt-
edly wise, but that policy is keeping
us in a position that will make the
obligations of the United States Gov
eminent the most %besought invest
ments in the world the moment that
their further issuance becomes un-
necessary.
The question is not one of their re-
payment, but of how rapidly they may
be repaid without bringing about a
credit contraction that will create de-
preston. In fact, one of the things
chiefly to be feared is that the lessons
of industrial efficiency and personal
economy learned during the war will
enable us to reaccumulate wealth so
rapidly that we will pay off the public
debt too fast, and thereby debate al
undoubtedly inflated situation so sud
denly that credit will be Frustrated.
This was what happened after our
Civil War and brought about the panic
of 1873. Men can adjust themselves to
almost any change. provided it is not
too sudden. Defiation is desirable
and Inevitable, but it should not he
so accelerated that it will result in
shock and dislocation.
Including the men who are fighting
anu TIE I1tu anu WOIltu WIZ dIt
working to keep them supplied with
food and wal materials. some 10000
600 people are probably engaged in
work that is. in a sense, unprOductive.
When these people are returned to the
ranks of productive industry, the ra-
pidity with which they will be able
to create wealth will be astonishing.
for their efficiency will be greatly in
creased by the new methods that have
been introduced and the devices and
economies that have been adopted to
speed up aad augment war production.
The study that has been given to
scientific economy and the results
that have been attained are not gen.
orally understood or appreciated. In
Washington there are two organiza-
tions within the Wa Industries Board
that have done remarkable work
along these lines. One is the Conser-
Walton Division, formerly the Com
mercial Economy Board, of which A.
M. Shaw is chief. The other is the
Resources and Conversion Section.
whose chief is Charles A. Otis.
The function of the irst-named
board has been to eliminate the sur
plusage of styles and sizes made and
sold in the manufacture and distribu-
ton of stable articles, upon the the
DRY that a multiplicity Of styles in
volved waste in production, unneces-
sarily stimulated the demand, and
compelled merchants to carry stocks
that tied up millions, and perhaps
billions, Of capital that was needed for
the prosecution of the war.
To induce the manufacturers to
make the changes and introduce the
reforms recommended time has, of
course, been required, but as their adj
vantages became apparent the resist
ance has diminished, and in many diff
ferent lines of trade the simplifications
that have already been effected will
save an enormous amount of labor and