Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-24
Continued From First Page.)

preston is but a forerunner of In
dustrial depression.
Again, however, the actual facts oil
the present condition of labor refutt
the theory that all's wrong with Ameri-
can industry as measured by the stock
ticker thermometer.
The Department of Labor of the
United States Government keeps very
accurate records of employment
throughout the country. It's September
report on labor conditions in more than
$4,000 industrial establishments shows
an actual gain not only in employment,
but in the amount received by the
workers. And this gain was not con-
fined merely to few sections, but was
found in seven of the nine geographic
divisions. Said the Department OF
September stood at the highest level
vet reached in any month Of 1929, or
in any month since March. 1927. The
level of employment in September, 1879,
Was as per cent higher than in Sep
TENDER. 1928, and employees earnings
were Tl2 per cent greater. this oeng
the twelfth successive month showing
a higher level Of employment than IN
the same month of the preceding year.
and the thirteenth successive month OF
higher pay roll totals"
The report showed, furthermore, that
o of the IL groups of industries ana so
of the 50 industries had more employees
at the end of this 12-month period than
at the beginning.
Certainly there is no foundation in
labor conditions for the slump wnlcn
overlook the stock market.
Nor can the condition of our foreign
trade give cause for concern. the en-
ployment of many men and women
both on farms and in factories, is oe-
pendent on continued sales aoroao OF
not millions but billions of dollars
worth of American products. AT the
first of September, this year, we had
sold nearly per cent more OF our
products to other countries than DUR
ing the same period last year. Inc
grand total Of our sales abroad In the
first eight months Of this year was
S3,347, 100000. During the same perloo
we bought abroad products valued at
5000 600 900; so that European ana
other foreign countries owed us prac-
tically one-third Of a billion dollars on
the exchange of commodities in the hrst
two-thirds of the present year: NO
cause for worry there as to the future
of American business.
Let us look then, finally, at the
s'home" statistics of industrial produc-
ton and distribution, to see whetner
there need be any fear of the immedl-
ate future.
Probably there could be no better
barometer of prosperity than the cleo
trical industry. In good times" there
are more installations of radios, tele-
phones. house wiring, automobile bat
teries, vacuum SweeperS waffle irons
and all the other kinds of electrical
equipment, household and industrial.
than in hard times" The records OF
the Department of Commerce early this
month showed that orders for electrical
goods booked during the first nine
months of 1929 we're $4,000, 900 more
than during the same period of 1928.
Total sales in these nine months
reached the huge sum OF $1,000. 100000.
One might go through the entire list
of American industries, the actual sta
tistics of production and sales, and flnd
but few showing even slight declines.
The manufacture of cotton and WOOL
textiles shows gratifying gains, ana
manufacturing production in practically
all other industries has moved steadlly
inward since 1924. Yet there has been
no great squirt" of production, no over
stocking of dealers shelves, no filling
of warehouses with unSold goods. II
there was a great surplus of manu-
featured goods coupled with lack OF
buying power at home or abroad there
might reasonably be fear as to the
prospects for business and employment
during the next year. Similarly, If
merchandise prices, wholesale and re-
tail. had been pushed steadily higher
in the last few years, it would be but
natural to expect a swift descent But
the detailed, accurate statistics Of price
changes in all industries show no Sky
rocketing." The great manufacturing
corporations of the United States have
been making profits, it is true But
the profits Of manufacturer were the
result Of increased sales, and lower
production costs, based on improved
methods OF operation, rather than in
creases of prices.
A report of the Commerce Depart