The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1929-01-07
GAIN IN
PER CAPITA
WEALTH
By HARRY GUSACK
Financial Editor

Financial Editor
The per capital wealth of the
United States has risen from $3.50
to nearly $4,000 in the past 50
years. DIR. julius Klein, director of
the bureau of foreign and domestic
commerce of the Department ot
Commerce announced today IN re
viewing the economic progress OF
this country during the past half
century In reviewing tine effec-
tive utilization of natural resources
and aggressive development of for
eign markets which have been re-
sponsible for this progress, DR..
Klein, in part, says,
During the so years that have
passed since the Government first
issued the statistical abstract of the
United States, the per capita wealth
of7our country has risen from $3.50
to-nearly $4,000. So far as actual
vidual in the Nation is at least
three and a half times as ''well.to-
do" as was the case half a century
ago, though, of course, because Of
the change in prices during that
time. the increase in buying power
has not been quite on the same
ratio.
Advance in Resources
The advance in the total resources
of the country has been even more
astounding. The latest available
figure for those total resources
shows that they aggregated about
S325 900, 900, 600. seven and half
times the sum for the year 1880.
The ratio of increase in our national
wealth has been three times greater
than that of our population. Figures
in the Statistical Abstract show
how the deposits in our banks have
mounted from something more than
$4,000, 00O,O in 1850 to $5l 900, 000,-
900 in 1927.
Fifty years ago the American
people we're laying the bands Of
steel that were to bind together the
far-flung regions of the nation ard
to open vast new areas to CultlVa-
ton and the forces of economic
progress.
The building of the transconti
mental railways was a genuine
pioneer epic of hardship, courage
and dauntless tenacity in the con-
quest of obstacles imposed by
nature. In 1878 there were only
about 5000 miles of railroad in the
United States, and even those were
not closely coordinated as to reGu-
larity of service and effectively uni
fled operation. Today. according
to our Statistical Abstract, there are
100000 miles of railway in this
country.
Markets Increase
One of the greatest of the ele-
rnents working toward American
industrial and commercial progress
during the last 50-year period has
been the size of the market. The
enormous unrestricted and highly
diversified domestic field available
for sales-effort on the part Of man
ufacturers-the vast population need
ing the products of our American
farms-these have formed a secure
'Eoundation on which our producers
have been able to build and to eX'
pand.% Domestic trade. with its
amazing variety and the versatility
that it demands. has been an in
valuable traping-ground for our
successful saleSmanship overseas.
The year 1928 Nclosed with domes-
tic business Target. than ever before
and foreign trade moving in eXcep-
tional volume. and there is every
1uQlGd L1On THAT TUE N5A l0N Ci9 "a
recent months will beN carried into
the New Year. The ! output of
farm crops during 1928 was about
per cent larger than in the pre-
ceding year. and industrial produc-
ton showed an even greater in
crease. Exports of American
merchandise were larger than ir
any year since 1920-exceedinG
So 900, 900 900.
Exports of finished manufactures
have been steadily expanding for six
years and in 1928 were about 10 pei
cent higher in value than in 1922
The most marked growth during the
past year occurred in the exports OF
automotive products, which seem tc
have reached total value OF almost
$500 200, 900 and were about one
fourth larger than in 1927, the best
previous year. During the past SIX
years the value of our automOtive
exports has H. reased by about $500,
900 900. or more than $50 per cent.
AS the purchasing power ano
standard of living of other nations
show further Improvement, it is
probable that there will be still
greater demands from abroad fol-
American automobiles. Marked gains
have also occurred in recent years ir
our exports of many other fahri
Gated commodities - industrial ma
chinery, agricultural implements, OF
flee appliances, rubber tires anc
cutlery.
Our imports were valued at abou
$4,1OO 900 900 in 1928. or 2 per cen
less than in the preceding year
There was a further moderate de
crease in import prices during thu
year. so that the quantity of good
imported was actually slight,
larger than in 1927. The average
price of rubber-that indispensable
raw material-was about onefourtl
lower than year earlier, and ther'
were also marked declines in tn
average unit value of raw silk
sugar. and many other commoditie
that we import in large quantities
Prospects Bright
Summarizing conditions at tn
beginning of 1929. l may say tina
domestic production and trade ar
in record volume and that our for
eign commerce continues to SHOW
steady growth as a result of an in
creasing foreign demand for Amer
can manufactures. The maintenance
of our imports at about the sam
level as in the two preceding year
indicates the large purchasin
power and general prosperity OF tn
United States.
Mounting prosperity, increosin
comfort. an ever-greater and NOR
$ astonishing equipment for faciiitat
ing and accelerating all the phase
of our life-these are, it seems t
me, the outstanding features in tn
economic development Of our cour
y try. whether our comparison cover