Great Falls daily tribune., 1920-04-06

III
EDITORI4
ECONOMIC FACTORS IN NATION.
The spring outlook in the nation from an &C.
onomic standpoint is not as good as it might be.
The preacher Of pessimism is not popular, and
Justly 50 because it is better to meet the future
with hope and courage than with dispair what
ever the events it brings us may be. But 1t Is
not pessiistic to look the facts in the face, and
that is what the Springfield Republican does in
q very simple and informing way in an editorial
written about week ago. 1t says:
In the agricultural year the first thing OF ma
tional importance to look for, just as the Nature
lover looks for the first bluebird, is the condl-
ton of the young wheat crop after the siege OF
winter. Reports to central markets in the west
are not favorable to large winter wheat crop
this year, some estimates placing the ylelo as
low as 525,O00,0OO bushels as compared with
731 ,686, 900 bushels last year. In the southwest
there has been too little rain or snow and fartner
north there has been much winter killing OF
the plant. Kansas has had the dryest winter in
30 years-which is in striking contrast to what
New ENGLAND has had-and in the past fort
niqht the crop has suffered another mishap IN
severe wind and dust storms which blew tne
wheat in many localities out Of the SOIL Early
and WIDESPREAD rains would work much improve
ment in the situation, but at present the general
expectation is that the governments first crop
report will show at least 100000 acres OF
winter wheat abandoned.
That spring wheat will be more extensively
planted is doubtful; some think the acreage OF
spring wheat will be less than normal. The tu-
ture of wheat prices looks uncertain because the
government price guarantee will expire this
coming summer. Then, too, the supply OF farm
labor in the wheat belt is so short that it is diff
ficult for the average producer to secure help
even for ordinary demands, to say nothing OF
puttinq in extra acreage. All these influences
were felt in the Chicago and New York wheat
markets last week; wheat prices rose.
What Of the country's labor supply? The
question can best be answered by immigration
and emigration figures. We know that in the
war immigration ceased entirely and the econ
omis effects were profound After the arm
istice emigration seat in; indeed, in 1919 there
were many months when more people left the
country than came in. Last August the balance
of emigrants over immigrants was some 5000.
But the tide has turned and for several months
the balance has been in our favor. Ellis Island
reports that in January 25,051 immigrants en-
tered through the port of New York and in Feb
ruary 22O86 1t is believed there that the ar
rivals this month will rise above 10000. The
immigration from Italy is becoming notable in
it's volume. Government experts are now pre-
dieting a rapid return to pre-war figures. The
prediction is reasonable, provided steamship &C
commodations are ample enough, for American
wages are so high that they must dazzle the i'm
aqination of the working class abroad. Political
and economic conditions in Europe, moreover,
are still so chaotic that the urge to emigrate
must be powerfully felt in many European
countries.
Existing economic problems, however, cannot
be solved merely by a slight shifting Of popula'
ton. The general European situation is cursed
by the still blazing embers of war passions. The
federal reserve board in recent bulletin points
out in connection with the upset in exchanges
that '"The need Of gold embargoes for these
countries lies in the expanded currency anc
credit structure Of Europe. Relief would bt
found in disarmament, resumption Of industrial
activity, imposition of adequate taxes and issu.
of adequate domestic loans." But look at Francs
and Poland, with armies being maintained al
most on war basis-certainly on war basis
in Poland because of Polish ambitions in Rus
sia and French fear Of Germany as well as ap