San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1924-03-26
1t Is More Than Balanced,
However, by Price Rises
of GA Per Cent.
NOT REAL INCREASE
Land Values Higher But
Railroads Have Not Kept
Pace in Gains.
Nv HARDEN COLFAX.


Copyright. 1924. by Consol. Press Assn.
Washington, ID. c., March &c.
Government enumerators who have
been engaged for the past fifteen
months in taking an inventory of the
wealth of the United States have vir'
tually completed their work and are
on the eve of announcing the ma
figures. These will be in the neigh
borhood of 100000, 100000 as of De
cember 81, 1922, as compared VITA
$751;, 000,O00,O ten years before:
The increase during the decade mas
been about 60 per cent.
During the same period, however,
the cost of living has increased about
"a per cent and as the enumerators
figure the cost of living by averaging
the costs of commodities OF all kinds
and sorts, the increase is in reality
the index also to the rise in general
prices. Hence the unusual situation
is presented whereby general prices
have risen "a per cent while the gen.
eral wealth of the country. 'lnven'
toried at the higher price values, mas
risen only 90 per cent.
Apparently there has been no actual
increase on the face of these prellml-
nary estimates in the wealth OF the
country as the increase of 90 per cent
falls below the general price rise OF
"a per cent. From these two sets. OF
figures indications are that there has
been a slight decrease in wealth as
measured by physical property in the
possession of American citizens. Some
Americans hold that the dollar has
become so debased from its pre-war
values that it is no longer an accurate
standard for measurement and that
the correct comparison with III is
to be obtained only by inventory OF the
physical properties of the country, re.
CARELESS of dollar values, as compared
with a similar inventory of ten years
before
Would Show Decrease.
Such cumbersome method OF com.
parison is regarded as impractical. IL
it were made. however, and if the Off
cial and private figures as to the rise
in living costs are correct, the record
probably would show a slight dimuni'
ton in our national wealth as COM
pared with the wealth of the country
in 1912. 49,.
G The -lavishness with which uAmeri-
ca shipped its merchandise Of every
description during the decade. is re-
garded as a possible explanation, in
part, of the apparent discrepancy.
Commerce Department figures show
that during the ten years ending De-
cember 81, 1922, the excess of Ameri-
can exports over imports was more
than So, 900, 100000. In return for
this huge excess of goods-whose de-
parture from America depleted the ma
tonal wealth to the value placed upon
them-there were received only prom
ses to pay.
These promises, in tine view of the
census bureau, do not constitute
wealth. They constitute a mortgage
and not a first mortgage at that
upon the efforts of future generations
of Europeans. Neither S11 ,000, 0O0,-
900 in foreign loans held in the treas
ury here nor the foreign securities sold
by private financiers in this country
since the war figure in the count. A
suit of clothes on the back of an
American wage Garner, outweighs, in
the inventory our whole grand total
of billions in foreign securities. e
In its task of estimating the coun-
try's wealth, the census bureau has
thus far disposed of totals for every
state except Oklahoma. 1t is expect
ed that the figures showing Okla
homa's wealth will be completed and
announced within the next two weeks.
When that is done. the bureau will
make public the grand total by states.
Land Values Increase.
Based OH preliminary figures the to-
tails will show an increase in land
values throughout the country to
about an increase in land values
throughout the country to about $780,
000,000.000. This includes all land,
from the most valuable city real es-
tate to the arid regions, together with
the buildings and other Improvements
thereon. In 1912 the value of the ma
tons real estate was about S9S,000.-
100000. The figures reflect the up
ward rise in prices-as the land, Of
course was the same in quantity in
1912 as it was in 1922 and the S52,-
000.000.000 is attributed entirely TO
new buildings erected, plus the marked
up prices at which real estate was
held.
How much of this $50 ,OO0, 900 900
increase is pure initiation is not hard
to estimate. Total building during
tne uecdue ndruiy eeAceeueu SlO,VUU,-
100000. 1t is believed when allow
ance is made for old buildings de-
stroyed to make way for the new
and the fire loss not replaced,
the remaining s37.0O0,O00 in real es-
tate values probably is nearly all due
to initiation.
Tax-exempt real estate such as gov.
eminent buildings. schools and
churches. apparently has increased
from about So 100000 to S19,-
000,000,000 The value Of machinery,
etc. in factories appears to have
tripled while that on farms is marked
up at an increase of about so per
cent.
Railroads have failed TO keep pace
with the rest of the country's posses
sions, showing an apparent increase
of less than % per cent.
AsH