davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-06-22

ounce. For 1914 l have assumed a
recovery of $40 a ton and cost of
production of $3.50, which combine
to make cost of SIG ton and a
net profit of 81 an ounce.
The last chart, No. a, shows the
gold imports and exports to and
from the United States from the
fiscal years 1924 to 1917-'18
ended June 80. The year ended June
30, 1914, shows gold balance
against the United States of S45,-
100000, but in the next year, ended
June 30, 1915, there is recorded
gold balance in this country's favor
of $25,000,000. There would have
been still greater amount for that
year had it not been for the fact
that all United States foreign Sc
curities were liquidated against the
trade balance, which was then in the
nations favor.
New-York tribune., 1919-06-22

those countries in order to offset th;.
adverse trade balance.
The first condition that is eoino
to assist the gold mining industry ia
freedom of trade, which is prem;sed
upon the resumption of a sound
financial relationship with FOREIGN
countries. The demand for Amer.
can and Canadian materials in for.
eign countries is great. As evidence
Of this fact the companies which ara
holding copper at the present time
and carrying extensive margins in
order to hold it, must have certain
knowledge of foreign demand
which will soon materialize and .h
sorb their product. The effect ~
putting gold on the open market
would be given the gold miner what
ne justly should have, and / wish IA
emphasize the fact that while other
metals have dropped gold has been
at constant level of price. That il
an excellent omen.
New-York tribune., 1919-06-22
What Causes
Delayed Deliveries

This would have been important
enough in itself if it had gone into
erect smoothly, but such was not
the case. A portion of the workers
IN Lawrence, about one-iifth Of the
total labor force in that city. insist
cd that the manufacturers paw fiftv-
four hours wages for forty-eipht
hours work, and when this was de-
MED them they quit their Jobs. The
result was strike lasting sixteen
weeks. Although only a minority of
the workers at Lawrence refused
to work, and most of the mills ran
more or less of their machinery
throughout the period of trouble.
the strike seriously disorganized
production in this, the chief centre
of the American woollen industry
The lost production thereby entailed
was the cause of many of the de-
layed deliveries which are now
greatly disturbing clothing manu-
tacturers and distributors.
While the production of civilian
goods in this country has thus been
reduced to small proportions. run
New-York tribune., 1919-06-22
lnfo,p Of
Gold to Il. S.

In the next year, ended June 80.
1915, there was a gold balance in
favor of the United States of S4O4,-
100000, which indicated that the
period of security liquidation had
ceased and that gold was being paid
TO offset still larger trade balance
IN favor of the country.
The year ended June 80, 1917,
shows gold balance in favor of the
United States of 1866, 900, the
total imports of gold for that year
amounting to $977,O0O,0OO. Much
of this gold was paid by neutral ma
tlons. which contributed to strength
en- the financial position of the
United States upon the country's en-
trance into the war. In no other
way is it clear that these neutral ma
tions could have more effectually
contributed to the Allied cause.
want particularly to point to the
fact that, from June 30, 1917, u
rapid decline took place in the
movement of gold either to or from
the United States. In fact, the coun-
try developed an adverse balance of
66,000,000 in actual gold in the year
ended June 80, 1918, Americas first
year of the war, and since that time
the gold movement has been practi-
cally negligible on account of the
uncertainty Of the outcome of the
peace treaty.
1t can be readily seen that the
United States has become, by hav-
ing liquidated it's obligations in for
eign countries, by having negotiated
loans and by having so large a gold
reserve in custody, a creditor ma
ton.
New-York tribune., 1919-06-22

cost of producing clothing has risen
tremendously. Wages in the woollen
mills Of this country are now 1870
per cent higher than they were in
1914, and, as stated, hours have
been reduced more than II per cent.
The price of the raw material has
risen by $50 to 200 per cent. Ohio
quarter blood wool in the grease
that sold in 1914 around % cents is
now commanding Sc to SO cents:
fine clothing Montana, secured, that
formerly sold for so cents, is now
held for $1.40 to S1.45, and Aus
trallan geelong Sos, secured, that
was quoted in pre-war days around
80 to 55 cents, is now priced at
S1.3O to S1.35. All other costs enter
ing into manufacturing, including
mill supplies, fuel and taxes, have
risen to heights that would have
seemed lnconceivable five years ago.
Woollen manufacturers see little
chance Of lowering their production
costs materially in the near future.
The total supply Of wool through
out the world is large, but it is
mostly in primary markets, such as
Australia, South America, South
Africa and the Orient, far from
manufacturing centres. The short
age of shipping is still greatly re-
tarding the movement of wool from
these distant points of production
to the countries where it can be
spun into yarn and woven into
fabrics. The total supply of wool
IN this country is considerable but
not excessive. The latest complete
figures of stocks in the United
States are those of March 81, issued
by the United States Department
Of Agriculture. These showed that
at that time the total stocks in this
country aggregated about 456,O0O,-
600 pounds, consisting of $4,000, 900
held by dealers, $4,000, 900 held by
manufacturers, 2S7,00O,0O0 held by
the government and 33,O00,000 en-
route from Australasia. Since March
New-York tribune., 1919-06-22
Prophets OF Lo,ver
Prices May Be Wrong

Some persons have assumed that
prices are bound to drop, and are
waiting to see what the trend of
prices will be before they expand
production. The result of this ten
dency to withhold investment has
created a condition Of stagnation in
development which is just as artif-
clal as]Were some of the tremendous
gains made in commodity prices due
to the erection of economic barriers
and the imperative war demand
Had the nation at this moment con-
cluded the period of readiustment
and new construction, it might ex-
pect to be able to contract the cur
rency, but it has not yet reached
New-York tribune., 1919-06-22

The copper production of Ari-
iona has expanded rapidly in the
last three years, and to that ex-
panslon must be accredited the in
crease of gold output, in the period
under review, of 26.4 per cent.
Montana recorded decline of SO.
per cent, and all of the states and
dependencies of the United States.
not before mentioned but combined
show a loss of 1874 per cent, which
corresponds closely to the general
loss for the entire production of the
United States, which was 1922 per
cent.
The third chart is devised to show
the effect of a combination of fac
tors which explains in part the de-
cline of the gold production through
out the world in the last three years.
In 1912 the hypothetical quartz
gold mine which | have chosen as
an example yielded S12 a ton, and
the total cost Of production was 81
ton. The cost of production an
ounce was $11.70 and the profit was
$3.50 an ounce. have assumed the
price of gold at $40; the depre-
ciating value of the ore with depth
and the increased cost of production
regardless of any change in the
economic conditions. AS conse-
quence in 1913 have assumed a re-
covery of $11 ton at a cost of
$3.50 ton. In this case there is a
production cost an ounce of 1880
and the net profit was $6.4O an
New-York tribune., 1919-06-22
Continuous Decline
an Australian Output

In Australia, country which was
mo less remote from the centre of
economic pressure, but in which the
resources Of the gold mines are
becoming rapidly exhausted, there
has been continuous decline for
the last three years, totalling 45.5
per cent. The decrease in output
in Canada is 26 per cent for this
period of three years; in British
India, 13 per cent, and in Rhodesia,
1873 per cent. The entire decline
IN the gold production of Great
Britain, including all of her colo
MES, amounts to $46,OOO,OO0 for
the same period, and represents
15.4 per cent of the total produc.
tion for 1915.
In the United States the drop in
New-York tribune., 1919-06-22

ming far behind the consumption in
the last two years, conditions in Eu-
rope have been much worse.
England's great woollen mills
have been pushed to the limit to
supply the needs of British and AL
lied forces, and the British people
have been forced to resort to stand
ardized cloth to conserve their rap
idly dwindling reserves Of clothing.
AS to Belgium, Messrs. Shaler and
Poland, members Of the Commission
for the Relief of Belgium, said in
recent report: "Work in many fac
tories, mines, commercial and indus
trial establishments that might
otherwise be resumed Immediately
cannot recommence for lack of
clothing" Such a serious shortage
of this essential of life is almost
irconceivable.
AS to Germany, which before the
war was second only to Great Brit
ain in her exports Of woollen manu-
factures, the people have been cloth
ing themselves in paper and have
been experimenting with all sorts of
vegetable fibres in their efforts to
supplement their almost exhausted
stocks of the standard textiles. The
dearth of clothing in other countries
of Europe-France, Italy, Serbia,
Rumania, the former domains of
AustriaHungary, Russia and the
northern neutrals - differs from
those just described only in varying
degree. The significance Of these
conditions in Europe is more fullv
realized when it is recalled that.
prior to 1914, Europe exported to
other parts Of the world, over and
above it's imports, over $4,000. 900
worth of woollen manufactures a
year
New-York tribune., 1919-06-22

they are at an unusually high point.
before the war we exported only a
negligible quantity Of woollen and
worsted yarns and fabrics in the
piece. These exports were so small
the government did not consider it
worth while to classify them sepa-
rately from woollen rags and wear
ing apparel. Last year our exports
OF fabrics alone were valued at S8.-
568,S56 and our exports of woollen
and worsted wearing apparel have
also increased greatly. Our total
exports of all manufactures of wool
are now running at the rate of over
$3I 100000 a year, compared with
an average of about $3,OO0OOO a
year before the war. Assuming
that values have doubled, this indi-
Gates that the quantity of exports
has been multiplied fully six times.
10 be sure, the decrease in i'm
ports and the increase in exports
represent only a small percentage
of the consumption of this coun-
try 1t is impossible to ascer
tain exactly what this percent
age is, but it is probably not
more than 5 per cent. However
under the conditions which have
existed in this country during the
last two years every factor operat-
ing to reduce the supply of woollen
manufactures has been important
1t is in the midst of these cond;-
tlons that there has come the most
radical reduction in the hours of
operation, and consequently in out
put, that the American woollen in.
dustry has ever experienced. While
the war was in progress and patri
otto appeal was made for maximum
production, the textile operatives
withheld their demands for shorter
hoQrs of labor, or TT least did not
press them to the point of trouble
but the declaration of the armistice
was the signal for an insistent de-
mand that the forty-eight-hour week
be put into immediate effect, Massa-
New-York tribune., 1919-06-22

war IN 1917 war orders began tc
flow into the woollen mills, and the
flood of government business swe]led
to such proportions that finally, Just
before the armistice was declared
last fall, about three-ffths of the
woollen and worsted spindles of the
country were running on clothing
and other equipment for the army
and navy. 1t has been estimated that
the total amount of production thus
taken from the civilian trade was
two-thlrds Of a full years consump-
ton. AS this country depends on
its domestic mills for more than
nine-tenths Of its requirements of
woollens and worsteds, this extraor-
dinary diversion of machinery from
civilian lines resulted in running
down stocks of goods in manufact.
uring and distributing channels to
very low levels.
AS to imports, during the last two
years the volume of woollen and
worsted fabrics in the piece and of
carpets and carpetings brought into
this country from abroad has aver
aged only one-third of what it was
IN pre-war days, and during the
early months of the current wear. so
far as reported, it has dwindled still
further. This has obviously been
due to the fact that European mills
have had all that they could do in
supplying the military needs of their
own governments. The total imports
of all manufactures of wool import-
ed have been about the same dur
ing the last two years as before the
war in terms of value, but allowing
for the doubling Of prices this
means that the quantity of these i'm
ports has been halved.
New-York tribune., 1919-06-22
By A. H. Garside

Secretary Industrial .Seruice Depayt-
ment, the Merchants National
Bank of Boston.
TIME wool manufacturing indus
try of this country has ex-
perienced a remarkable re-
covery from the depression in which
1t found itself early this year.. On
March only 58.2 per cent of the
woollen spindles and only A7.3 per
cent OF the worsted spindles were
turning. By May /, which is the
latest date for which comparable
hgures are available, the number Of
active woollen spindles had risen to
1872 per cent and the number Of
worsted spindles active was TAP per
cent. The improvement is further
shown by the increase in the amount
OF wool consumed, from 23,186,818
pounds III February to 39,159,945
pounds in April. The increase in
active spindles and wool consumn-
ton up to May l would have been
much greater if it had not been for
tne serious strike at Lawrence.
Mass, which lasted from the early
part Of February to the latter part
OF May. With that trouble now
ended there are no labor difficulties
interfering with production at the
present time, and most manufacture
ers are operating every machine for
which they can find operatives.
The industry is now running full
tilt. Most manufacturers have or
dcrS on their books which will take
a'i OF the goods that they can pro-
duce until well through the summer.
when normally they should be run
ring on their new seasons lines.
Many mills are far behind On their
contracts, and jobbers and clothing
manufacturers will be unable to de-
hvsr . large portion Of next falls
New-York tribune., 1919-06-22

cent in gold output was due largely
to the complex treatment Of the ores
Of that state, and the fact that it's
mines are situated far from the
coast, thereby making labor difficult
to retain.
IN South Dakota the Homestake
mine, which is we'll developed and
has large reserve of homogeneous
ore, was able without difficulty to
maintain the normal output. The
production Of this mine contributes
by far the larger portion of the
gold output Of South Dakota, and
the decline for this state was only
8.3 per cent.
New-York tribune., 1919-06-22

merchandise until we'll along in the
retail selling season. The demand
for woollen and worsted apparel at
retail is so large that wholesale
houses have been forced to cut down
retailers orders drastically and al
lot their merchandise according to
the respective needs of each buver.
Meanwhile prices are strong all
along the line, from the raw materi-
al to the made-up garments, and the
levels at which manufacturers
opened their fall lines this year now
look very low indeed. A leading
manufacturer of long experience
SAID this week that in his entire
career he had never witnessed such
& rlght-about-face from depression
to prosperity as that which has
taken place since last February.
New-York tribune., 1919-06-22
'ds Gold Output Greatly Cailed by the High Cost of inne

duction took place, and it is evidence
of the chaos in which the Mexican
government found itself at the be-
ginning of the revolution. The pro-
duction was little over $6,00O,OOO
in 1915, and in three years it has
increased to $10,0O0,0OO, gain in
output of 66 per cent. All coun-
tries of the world not heretofore
mentioned show an aggregate de-
cline in production of AZ per cent.
To analyze the situation of the
United States more carefully, have
prepared chart on exactly the
same principle as the world -produc
ton chart and covering the same
years, from 1912 10 1918, inclusive.
New-York tribune., 1919-06-22

that period, and must still expand
its credit structure and correspond
ingly expand its currency to meet
that exigency.
With the signing of the peace
treaty there will be tremendous
demand for the delivery of great
variety of commodities to the Euro
pean countries. Those who have
waited will find themselves in the
same market in competition with
this great demand to obtain delivery
OF their equipment. Aside from the
delay, however, they will have
passed through a period of high
prices, and should be able to paw
what little excess Of price is now de-
manded for their equipment.
When the foreign demand arrives
1T will receive precedence of delivery
over domestic requirements for the
same products. And why should this
not be SO? These devastated coun-
tries of Europe are entering upon
a period of reconstruction that is
altogether vital to their existence,
and they should have the first COM
mand of all needed materials. And
American industry should, there
fore, be prepared to place its orders
during this present period, when the
domestic demand may be met with
out conflicting with foreign delivery.
This condition reminds me- of the
fact that, generally speaking, indus
trially America is marking time"
at moment when the country
should be "going over the ton"
New-York tribune., 1919-06-22
Extracting Ore Offers Opportu-
nifty to Returned Soldiers to
Earn Large Compensation
i'm the Great Outdoors

cleaner business and there is not a
business in which they can engage
with more enjoyment, because of it's
outdoor life, than the mining in
dustry.
In the matter of international
trade, l have said that the United
States has become creditor nation.
The United States has always, as
nation, expressed an advanced en-
lightened self-interest in it's interna-
tional relationships.
The country has goods abroad and
IS unable to get them home, and
must, therefore, do certain things to
Offset this condition. 1t will be nee
essary to educate the American peo-
pie, and it will likewise be necessary
to educate the people of Canada, to
the need Of absorbing the invest
ments of foreign countries in Can
ada and the United States. Why?
Because foreign countries with which
both Canada and the United States
wish to trade have no gold to de-
liver. They have no goods to de-
liver, because their industries are
paralyzed and the trade balance is
against them. To draw on the cur
rency in circulation would cripple
their internal financial structure.
With what will they pay? They
have nothing with which to pay until
broad policy has been developed to
absorb in the United States and in
Canada the industrial securities of
New-York tribune., 1919-06-22

chusetts mills had been running
htty-four hours week, and in
some states the working time was
somewhat longer. The cut to fortv-
eight hours, therefore, was re-
cuctlon OF over II per cent 1t has
been shown by careful Investigation
that when hours of operation are
reduced in the textile industry the
output of the mills is cut in practi-
cally the same ratio, as the volume
OF output is limited primarily by
the speed of the machinery, and the
machinery cannot be speeded up
simply because hours are cut. So it
is evident that the introduction of
the forty-eight-hour work week has
lowered the output of American
woollen mills by about II per cent.
New-York tribune., 1919-06-22

California is shown by the chart to
have just about maintained it's pro-
duction ratio to that of the United
States, in a somewhat similar man
ner as South America maintained
its production with respect to the
world, notwithstanding the fact that
the economic pressure was so severe
in the United States. This may be
accounted for because of the fact
that much Of the California output
comes from placer mining, in which
labor is not as large a factor in the
cost Of production. The decline in
California gold production is 23.7
per cent. In Colorado the decline
is As per cent. This marked varia-
ton in ratio is due in part to the
difficulty in obtaining labor and also
to the complexity Of ore treatment
in Colorado, which involved the use
of chemicals, the price of which ad
vanced rapidly as the war pro-
gressed
In Alaska there is recorded a de-
cline of 45.5 per cent, which corre-
spends exactly with the decline of
Australia, and it can be accounted
for not altogether by the economic
pressure, but also by the closing
down of the Treadwell mine, which
was an important factor in contrib
utIng to the Alaskan output. Never
theless, the decrease in production
since 1917 shows the tremendous
effect of the war on Alaskan gold
mining.
In Nevada the decline of al per
New-York tribune., 1919-06-22
Imports of Wool
Exceed 400, 600, ,OOOP Pounds

Imports Of wool into the United
States have totalled over 100000
600 pounds year during the last
three years and have been running
during the first quarter of this year
at rate of around 300,000.000
pounds for the year. The domestic
clip which is now being marketed
will be about the usual size, or close
to 300,000,000 pounds. These stats
tics of stocks, imports and domestic
clip may be compared with the con-
sumption of wool in this country.
which last year amounted to 7i0.-
100000 pounds. Consumption DUR
ing the first four months of this year
has been much less than during the
same period last year, having run a:
the rate Of only about 435.000, ,0cO
pounds for the entire year. How
ever, as noted, wool consumption IS
increasing very rapidly, and during
the entire year it will aggregate very
much more than the monthly figures
for January to April would indicate.
Furthermore, the demand is chiefly
for the finer woods, which are ir
much less supply than the coarsef
varieties.
In brief, then, the woollen and
worsted industry of this country is
in the fortunate position Of having
a broad, strong demand for its prod
ucts at remunerative prices. For th>
present, at least, it is free from labor
difficulties. The only cloud on the
horizon is the apparent shortage Of /
the finer wools available for use n 7
this country.
New-York tribune., 1919-06-22

mately 95 per cent of the total,
whereas normally the gold mines of
the United States produce one-ffth
of the worlds gold output. This
denotes the extreme economic pres
sure to which the gold mining indus
try of the United States was sub
jected on account of the existing in
ternational situation and reflects the
volume and rapidity of the financial
mobilization of the United States
upon entering the war. The effect
was much more acute here than it
was in some other countries that had
felt the pressure from the begin
ming in 1914.
Russia naturally shows the effect
of disorganized government. The
Russian decline in gold production is
62 per cent for the last three wears.
a drop from 100000 to S1O.-
100000, and this indicates more elo-
quently than anything else the ef
fects of Bolshevism.