Omaha daily bee., 1919-03-03
Good Times Ahead.
New York Times.


During the last few days the security mar
kets have been buoyant, while The commodity
markets have continued a moderate, orderly de-
cline. The movements are logical, not contra
dctory Stocks rise on the prospect of profits
Commodities fall on the prospect of lower
costs Both movements are prophetic. The
saying that the wheel does not grind with the
water which has passed over it applies partcu-
larly to calamity news. There is nothing alarm
ing or depressing in the bad news of the past
years OF terror and destruction. That lies be-
hind. The future must be better, not only by
comparison with the war conditions, but by
comparison with the best before the war. We
are not on the crest of prosperity. Rather we
are rising fom the depth of calamity
1t is true that the world never witnessed
such destruction of capital. But it is also true
that it never witnessed such increased capacity
of production. The latter is more important.
The destruction was temporary and has stop
ped, while the increase of production is as per-
manent as we choose to make it, under the
stimulus of world wants and American capa-
city to supply them. The world lacks food
and clothes and materials to supply every want,
to total of uncounted billions Here only is
plenty in goods and capacity of quick produc-
ton. Every consideration of neighborly duty
and selt-interest constrains us to remove the
obstacles in the way of bringing foreign buyers
and Our sellers together
1t is not practicable to assemble all the facts
in support of this statement of conditions. Only
the broadcast outline can be filled in here. The
great bank clearings attest the activity of trade.
The suggestion that the volume is in prices
rather than in goods is negatived by the tom
mage passing over the railways. Never was there
such a volume of business and never sounder
conditions among traders, as the fewness of
insolvencies proves. The largest foreign trade
of 1918 was in its last month and the first
month OF 1919 registered above any other month
in all time. The trade of January put the world
in our debt $4l0000,00O against $40 100000 for
the entire fiscal year 1914
Undeniably food is dear, but wages are high
and give no sign of immediate fall. They need
never fall if labor will earn them. High wages
and cheap living are a contradiction only SEEM
ingly. They are reconciled by quantity pro-
ducton, capable of immeasurable increase if
labor and capital meet with open hands rather
than with clenched fists.
mo true picture is without shadows, but the
shadows only prove that there is sunshine.
Living is too high for many, even with high
wages. But the high prices have caused such
accumulation of goods that it is almost scan
dial. We have taken from the soil in the last
year more money than we have raised in Lib
erty bonds, and we are almost dreading the
bounty of next years harvest. How shall we
pay for it. or store it, or move it from the farms!
Never was there in sight such a total OF living
or slaughtered food animals although never did
any people reap Sucn pfOHL from lIle SAFE VI
them. There is so much cotton that the plant
ers are planning to restrict production. Once
we were to be ruined by Chinese cheap labor.
Now some seem to think that we are cursed
by abundance.
That is not true because foreign needs are
greater than domestic supplies. The problem
of bringing them together is far from insolu-
bic. A Produce Exchange meeting of the trade
last week resolved that the embargo on exports
of oils and fats should be removed, seeing that
the present supply is 970000000 pounds, against
580,000000 year ago. In the House of Repre-
sentatives there were protests last week against
the embargo on cotton exports, and against
requirements of licenses for trade with neutrals.
At this port there is an accumulation of $780,
100000 Of goods awaiting shipping. There is in
the American market French buyer for Ameri-
can coal, on account of the check to foreign
mining. Our boycotters may remark that the
French buyer says that he will take American
coal only until Germany undersells. The cable
reports that France is negotiating for $40000-
600 worth of machine tools, an equal v.lue of
farmers machines, and $100,000000 of raw ma
terials Another French inquiry is for 800 loco
motives and $4,000 cars, additional to $4,000 to
be taken over from our army outfit Last week
a syndicate of American bankers arranged a
credit of $50,000000 for Belgian bankers, all to
be spent here, and $10,00OOOO forthwith It is
only Americans who are waiting for our prices
to collapse. Foreign demands are exigent and
instant