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The fiscal year 1925-26 has similarly been a recordbreaking period in our financial activities. In every month of the fiscal year the debits to individual bank accounts were notably larger than in the corresponding month of the previous fiscal year. This enormous expansion in financial activities was accomplished without dangerous tension of commercial credit, without any perceptible increase in merchandise stocks, with a smaller stock of money than in any other recent year, and without any appreciable advance in the level of wholesale prices. The upward trend in credit operations appears, therefore, to represent a steady growth, reflecting the general progress of industry and commerce rather than any temporary inflationary expansion. Our operations as a lending Nation during the fiscal year 1924-25 had towered far above those of any previous year since the war, the total amount of foreign capital issues publicly offered in the United States having been no less than $1,382,000,000. Foreign investment operations continued at practically the same high rate during the fiscal year now under review, the total reaching $1,302,000,000. Of this sum $335,000,000 consisted of German capital issues.

Financial improvement abroad was almost general. Previous gains in public finance and currency stabilization were consolidated in most countries, and further progress was made toward limiting the fluctuations in exchange rates, hitherto so destructive in international trade and finance. The Hungarian and East Indian exchanges were stabilized at new parties, and the Danish and Uruguayan exchanges have been virtually at par for many months. Belgium has attacked its exchange problem with resolution. On the other hand, the new Polish currency, the zloty, sank rapidly beginning with July, 1925, though with partial subsequent recovery. Likewise the French franc, with many sharp fluctuations, dropped from its approximate 5-cent level to below 3 cents. The difficulty of the great French Nation in solving the problem of its currency remains the most unsatisfactory spot in international finance. Financial recovery in Germany was aided in some degree by the so-called flight of capital from the franc.


The value of exports declined slightly, 2.3 per cent. in the fiscal year as compared with that preceding, but this was due to the lower average prices of export commodities, a quantitative increase of 2 or 3 per cent. having taken place. The physical volume of exports thus marked a record scarcely, if at all, exceeded even at the height of the post-war boom. The increase would have been much more marked but for the poor wheat crop of 1925, which cut down greatly the exports of that commodity. The value of imports showed an exceptionally great increase. 17 per cent. This was in large part due, however, to higher prices, the phenomenal rise in rubber alone accounting for an addition of about $300,000,000 to the value of imports. Nevertheless, even in quantitative terms the imports were of record volume, reflecting the high prosperity of the country with the consequently strong demand for foreign raw materials and exotic foodstuffs.

Exports to all of the continents of the world, except Europe, were greater in 1925-26 than the year before. The decline in the case of Europe was due to smaller shipments of wheat and the lower price of cotton. Exports to South America increased 16.6 per cent.; to Asia, 17.5; to Oceania, 20.5; and to Africa, 21.6. Imports from every continent showed an increase, the most conspicuous being in our purchases from Asia, which were greatly affected by the abnormally high price of rubber. The excess of exports over imports was much less. FOREIGN TRADE OF THE UNITED STATES.

Years ended June 30.

both of American business and of the American Government. The success so far attained is re markable. Our total foreign sales in 1925-26 were 120 per cent. greater in value than on the average from 1910 to 1914. After allowing for the lower buying power of money, they were approximately 50 per cent. greater in quantity than before the war. In the past five years the quantitative increase has been about 26 per cent.

Adjusted for the change in the buying power of money, exports from the United States in 1925 were 37 per cent. greater than in 1913, In the aggregate all other countries showed a decrease of about 5 per cent. in exports, Europe as a whole a decrease of about 24 per cent., England a 22 per cent., and Germany a 35 per cent, decrease. Amer ican foreign trade (exports and imports combined) represented 11 per cent. of the world's total trade in 1913 and 16 per cent, at the present time. COMPARATIVE CHANGES IN TRADE. Actual Values.

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The value of our exports of finished and partly finished manufactures in the fiscal year 1925-26 reached the huge sum of $2,572,000,000. This was an increase of 160 per cent. over the pre-war average and of 59 per cent. over 1921-22, These classes constituted 47 per cent, of our total exports from 1910 to 1914 and 60 per cent. in 1925-26. Finished manufactures show even greater growth than partly manufactured goods. Agricultural exports have held up remarkably well considering the situation.


Tot. (dom, & for.).

All other, total.
Can. & Newf'dl'd..
Latin America..

Years Ended June 30.


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Per ct.

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816 1,704 2,205 2,420 320 551 658 709 302 536 845 879 191 64 538 344 12 140





201 322


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Tot. exps. of do

Mus. Mus. 4,865 4,753 -2.3 3,824 4,466 +16.8

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Mils. Mus. Exp.. merchandise. 2,166 4,312) Imports, merchan. 1,689 3,554 Excess of exps. (+) or of imps, (-):] Merchandise. Gold..

+477+758 +1,040 +288 +18-407 +115-97 +20+19 +37 +29

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Finished Migs....

3421 412 646 635 654 1,211 1,670 1,937

86 54



1,689 2,608 3,824 4,466) 164


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Silver. Quantitative index eliminating the effect of price variations (1913-100):] Domestic exp.... Imports.. Finding foreign markets is thus a major task Fin. Manfgs..

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To European countries we sold in 1925-26 goods to a value only 62 per cent, above the pre-wa average, representing a quantitative increase probably little more than 10 per cent. But our exports to non-European countries, in the aggregate, had nearly trebled, increasing 197 per cent. The gain was 344 per cent. in the case of Asia, 191 per cent. for Latin America, 321 per cent. for Oceania, and 281 per cent. for Africa. Rapid advance in our sales to practically all non-European countries has oceurred even since 1921-22 in the face of Europe's progress in regaining her export trade.

Thanks to elimination of waste and these other contributing factors, we can as a nation show one of the most astonishing transformations in economic history, the epitome of which lies in the following comparative table from the Department of Labor: MOVEMENT OF WAGES AND PRICES, 1920-1926. (Calendar Year 1919 100.)

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We are reaping the benefits of some 600 industrial research laboratories, mostly established in the last 10 years. While we have increased our population 16 or 17 per cent. in a dozen years, we have swelled productivity of the Nation by something like 30 or 35 per cent. Our farms produce 13 per cent. more with the same number of farmers as twelve years ago; our railways carry 22 per cent. more traffic with about the same number of men. SCIENTIFIC RESEARCH.

Perhaps the most notable event in the expansion of scientific research during the year was the estab lishment of an important committee for the enlarged endowment of research in pure science through the National Academy of Sciences, of which the Secretary of Commerce is chairman. The members of the committee are: Elihu Root, Andrew W. Mellon, Charles E. Hughes, Edward M. House, John W. Davis, Julius Rosenwald, Owen D. Young. Henry M. Robinson, Felix Warburg, Henry S. Pritchett, Cameron Forbes, Albert A. Michelson, John C. Merriam, Robert A. Millikan, Gano Dunn, Vernon Kellogg, William H. Welch, Thomas H. Morgan, John J. Carty, Simon Flexner, Oswald Veblen, James H. Breasted, Lewis R. Jones, Arthur B. Lamb, and George E. Hale. This committee is endeavoring to secure a fund of from $10,000,000 to $20,000,000 to be expended over a period of 10 years, mainly through American universities.

One of the most effective developments for cooperation with American industries in research is through the system of research associates. During the past year there were stationed at the Bureau of Standards sixty-two of these associates, representing thirty-eight industries. The researchassociate plan has proved most successful in making available to our industries the unusual research facilities of the bureau.


Joseph S. McCoy, Government actuary in the United States Treasury Department, in a copyrighted article in the American Bankers' Association Journal, September, 1926, deduced from the income tax reports that one out of every 10,450 Americans is a millionaire. This article, somewhat condensed, is herewith printed by courtesy of both the author and the Journal:

From the returns in the several income brackets published annually by the Bureau of Internal Revenue, we can easily ascertain the number of individuals in each State who have net incomes within certain limits. The latest preliminary figures made public by the United States Bureau of Internal Revenue indicate that seventy-four individuals in the United States acknowledged each a net income for the calendar year 1924 in excess of $1,000,000. This means that their entire income, less all allowable deductions, such, among others, as prior-year losses, bad debts, interest on debts, taxes paid, depreciation and business expenses, was in excess of $1,000,000 each.

The total net income of these seventy-four individuals was returned at $154,852,709, an average of Something over $2,000,000 each.

Of these individuals, about one-half, or thirtysix, had incomes not in excess of $1,500,000.

Those with incomes in excess of this amount, but not in excess of $2,000,000, numbered thirteen. With incomes of over $2,000,000, but not over $3,000,000, there were fifteen persons.

There were four with incomes between $3,000,000 and $4,000,000.

There were three with incomes between $4,000,000 and $5,000,000, while three individuals returned incomes in excess of $5,000,000. These three returned a total income of $27,955,319, an average of over $9,318,000.

The source of the income of these seventy-four
persons with million-dollar incomes was as follows:
Received as wages, fees or salaries.
Earned in individual business.

Profits from partnerships.

Profits from current sales of real estate,

stocks, bonds and other property.

Profits from sales of capital assets.

Rents and royalties received.

Interest from investments.

Interest on Government bonds (taxable)
Receipts from dividends..

Receipts from fiduciary sources.

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1,249,700 9,245,689



One surprising thing becomes very clear. That is, that individual big business is practically obsolete. Out of a total income of over $189,000,000, less business, while about nine and a quarter millions was than a million and a quarter was earned in individual earned in partnership business.

The profits from the sales of property held for less than two years, including both real and personal, amounted to less than $3,000,000. The profits from the sale of capital assets, however those held for over two years-amounted to over $50,000,000. This is to be expected. The receipts from investments other than corporate. but including rents, amounted to over $15,000,000.

Over $102,660,000 was thus received as dividends from corporations. This means that our wealthiest men are deeply interested in corporate business, both personally and financially.

There is one thing that may seem a trifle odd to the casual observer, and that is that these seventyfour individuals earned on an average over $54,000 apiece that year by their personal services. The fact is very evident that, in order to be included among our pecuniarily most prosperous, a man must possess financial ability of the highest order. Again, their enormous receipts from dividends indicate ownership of large amounts of corporate stock. Directors' fees, however, could account for comparatively little of this salary, so it must be that many of these seventy-four are leading officials of our largest corporations, and are in receipt of princely amounts as compensation for their invaluable services. evident, therefore, that our most wealthy people with incomes in excess of a million a year are not on the retired list, but, on the other hand, are active and vigorous and, in addition to all their other income, are earning through personal service an average of about $150 each every day in the year.

It is

The wealthy that we have so far been studying are those with annual incomes in excess of a million dollars. In addition to these are the people who are actually worth a million dollars or more, although their income may be much less than a million. The real millionaire is he whose total wealth is in excess of $1,000,000.

An American with one million dollars cash capital 50,110,436 invested in Government bonds at par, paying the 4,602,434 Liberty Loan rate of interest of 4 per cent., would 11,124,379 have an income of only $42,500. Again, if he puts 677,686 $50,000 in a city home, $50,000 in a country home, 102,668,615 $50,000 in fittings, furniture and automobiles, 2,497,644 keeps $100,000 balance in bank, and invests the remainder in stocks netting him, say, 5 per cent. $189,151,813 his income would be $37,500.

34,299,104 $154,852,709

The American individual who receives an annual net income of $50,000 exclusive of income derived from personal services, it would seem safe to say, is an American millionaire.

The latest complete statistics of income issued by

the Bureau of Internal Revenue is for the income received for the year ending Dec. 31, 1923, the tax upon which was payable during the year ending Dec. 31, 1924. That report shows that seventyfour individuals also returned net income in excess of $1,000,000. Of these, forty-six were married men; one, a man, head of a family; two women were heads of families; twelve single men; seven single women, and six married women separately returning their income. That is, fifty-nine men and fifteen women received net incomes in excess of $1,000,000. These seventy-four individuals represented at least sixty-eight separate families, probably six of which reported separately the income of husband and wife, each of which returns, however, individually were in excess of $1.000.000.

Of the 7,698,321 returns analyzed in that report, 8,600 returns were made by individuals whose wealth was probably in excess of $1,000,000. That is, their net income, exclusive of salaries and wages, was in excess of $50,000.

In 1914, upon this basis, there were probably about 4,500 millionaires in the United States. This number increased to about 6,600 in 1915, to about 10,900 in 1916, to about 11,800 in 1917, the maximum number of American millionaires at any one timedue probably to war conditions. At the present time there are probably about 11,000 American millionaires.

The increase in number from 1923 has been caused by the wonderful prosperity of corporate business. This has occurred since the removal of the burdensome excess profits tax that was levied upon corporations as a war measure. This tax produced the largest revenue ever derived from a single source of taxation in a single year of which the world has any record. During the calendar year 1918 over $2,505,000,000 accrued from corporations on account of this tax.

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The fear that the American business man deteriorating in ability is without ground. It cannot be gainsaid that the modern business man is not the slave to his business that those of the old school were. That is, he takes time off, occasionally. to look after his physical welfare. His business does not depend, at any rate to the extent it did in past times, upon his own individual work. He now has a well organized force watching for the signals, each ready to aid the team at his call, and so, working together, form an almost irresistible organization.

The following table will illustrate the probable distribution of American millionaires by the States in which their returns for income tax were filed. The probable number of persons with wealth in excess of $1,000,000, and the number, included in the former group, who reported net income in excess of $1,000,000 for the calendar year 1923, is given below:

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W. Va..

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U.S.. 8,600



These statistics also show the squeezing out of many of our war-made millionaires. By 1923 some 2,800 of these were no longer in the millionaire class, many had even totally disappeared from the list making income tax returns, while others made returns of comparatively small incomes. evidence seems to prove that it is easier to earn great wealth than it is to preserve or conserve it.

In 1914 the number of American millionaires was about 45.44 per each 1,000,000 population. In 1923 it was about 77.30 per each 1,000,000, while to-day it is about 95.22 per each 1,000,000.

The latest returns that we have from our three wealthiest citizens are that they owned $33,811,500 of the obligations of States and political subdivisions thereof; $82,691,850 of obligations of the United States not taxable, and $3,823,598 partially taxable. In addition, they held corporate securities from which the dividends in 1924 amounted to about $30,000,000.

This represents a total of stocks and bonds held by these three persons of from $750,000,000 to $800,000,000, from which they received about $34,500,000 interest and dividends.

If to the value of these interest-bearing securities be added the value of all the other property owned by these three millionaires-their non-productive or inactive securities, their holdings of real estate, collections of art, jewelry, and all other personal property-it would seem safe to say that the entire present value of their gross estates will be in excess of $2,000,000,000 or, because of the newness and class of investments of two of these, over $1,000,000,000 to our wealthiest man-a billionaire.


This estimate is about as close as the income statistics will allow. The undeterminable fact that some persons are now in possession of very valuable property that is not at present productive may increase the number of American millionaires, but, on the other hand, the possession by others of property that is exceptionally productive at present may act as a set-off. It is, therefore, safe to say that at the present time, among over 115,000,000 people, there are some 11,000 who are worth in excess of $1,000,000 each.

The Philadelphia Evening Public Ledger notes in this connection: John Jacob Astor of New York was worth only $150,000 in 1815. He died in 1844, and his son, to whom the fortune was left, was worth $6,000,000 in 1855. In 1815 there were only four men in all New York with fortunes of $200,000 or more. In 1855 there were twenty-seven millionaires, with William B. Astor at the head of the list.

as general farm placements, will total nearly 400,000. During the season 70 temporary offices were opened and maintained for an average period of 35 days each. Ten employees constitute the permanent staff of the farm labor division. During the intensive harvest season 45 temporary special agents and clerks were employed, with an average employment period of 90 days. The per capita cost for handling the seasonal workers was about 13 cents.

GOVERNMENT HANDLING OF FARM LABOR. Commenting upon the work of the Farm Labor | division for various kinds of emergency work, as well Division of the United States Employment Service, Secretary of Labor Davis, in his annual report for 1926, said in part: The big Wheat Belt extending from Texas north to Canada and west to the Pacific, embracing a territory of approximately 70,000,000 acres of wheat and similar grains, presents an interesting problem in meeting the requirements for help needed to harvest the crops at just the proper time. During the year reported the harvesting of cotton, particularly in Texas, presented many intricate and difficult problems. In more than 50 burnt-out eastcentral Texas counties the cotton crop was a failure. In the great cotton sections of Arkansas, Louisiana and Mississippi there was a shortage of cotton pickers. Requests by telephone, telegraph and letter were made upon this service, and the unemployed cotton pickers in the Texas drought area were transferred to the sections in Arkansas, Louisiana and Mississippi, where they were needed. Such interchanging and transferring of labor can be accomplished only through and by Federal direction and Supervision.

The number of laborers handled by the farm labor

Following is a summary of the number of seasonal laborers and general farm hands directed to employ ment by the farm labor division for the calendar year ended December 31, 1925:

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Secretary of Agriculture William M. Jardine his annual report, dated Nov. 1, 1926, reviewing the year in agriculture, said in part:

In the far west the present year has been one of continued improvement on the whole. The Pacific coast had an early and favorable crop season in well with grain, livestock, truck crops, and citrus contrast with the east and has done reasonably fruits, but apples, pears and peaches have beer

THE TARIFF AND THE FARMER. There is no doubt that tariff protection is most effective on commodities produced exclusively for domestic consumption. When there is a large export surplus of any article, the price of that surplus in export trade tends to set the price for the domestic supply as well. American agriculture is moving steadily toward a position in which the home market will absorb more and more of its total production, whereas industry is becoming increasingly dependent on export sales. In a comparatively short time agriculture is likely to have more need of effective tariff protection than industry.

Further moderate improvement in the agriculHural situation as a whole has taken place during the last year. Certain regions have suffered re-low in price. verses, notably the cotton States, whose principal crop, produced in exceptional abundance, is selling at very low prices. Parts of the spring wheat states have harvested a poor crop. Generally speaking, however, the position of agriculture is better now than it has been in any year since 1920. Livestock raisers. dairymen, and winter wheat growers have earned good returns, and underlying conditions in the corn belt have improved. Since the depression period of 1920-21 every Agricultural section of the country and every imortant branch of agriculture have made progress. The gain has been substantial. For the crop year 1925-26 the net income of the agricultural industry is a unit is estimated at about $2,757,000,000, or per cent. more than for the crop year 1924-25. in the same period the net return of the value of he capital invested in agriculture was about 4.6 er cent., compared with 3.1 per cent. in the crop rear 1922-23 and only 0.6 per cent. in the crop ear 1920-21.

Unfortunately, the recent slump in cotton prices hakes it doubtful whether the crop year 1926-27 will carry forward the story of improvement at he rate established in the last few years. An averge price of about 18 cents a pound for the estlnated cotton crop would be necessary to yield the otton States an income equal to that of last year. Recently the farm price of cotton has been around 12 cents a pound. While there are prospects that his extremely low price will be only temporary, it loes not seem probable at this writing that returns the cotton growers will be satisfactory. It is so true that over much of the country farmers tre still struggling with a burden of debt and reJuced buying power.

Winter wheat growers have harvested and markted early an excellent crop of high quality. Wheat 8 not selling at as high a price this year as it was at his time last year. In parts of the spring wheat States, where yields were reduced by drought, there is listress. Spring wheat was practically a failure n much of South Dakota and central North Dakota. Indeed, all crops suffered there. In northern and eastern North Dakota, the situation is much better. The Mountain States, particularly Monana, have made good progress this year in recovery from the effects of the depression. Over the greater part of the wheat States conditions have been good for three years. In 1924 our wheat farmers produced 863,000,000 bushels, and for what they sold they received an average price of $1.28 a bushel. In 1925, with a crop of only 669,000,000 bushels, the average price received for wheat sold by farmers was $1.46 a bushel. This year high yields in many States will compensate most farmers for the drop in the price.

In the corn belt conditions are now somewhat more favorable than for several years. There is a tendency toward a better balance between corn production and hog production, and therefore between corn prices and hog prices. Although there is no undue surplus of corn, as there was last year, there is enough of it on hand to fatten a probably increased number of pigs. Similar optimism is warranted in regard to the livestock industry generally. There was a lack of balance in that branch of agriculture in 1925. Corn, oats, and hay were heavy crops, while the number of animals to be fed, especially hogs, was relatively small. Livestock producers were therefore unable to take full advantage of the low price of feedstuffs. That trouble has now been fairly well corrected, and the livestock industry in general is in a stable condition. The range country has had a good year. Cattlemen have done fairly well, and prices of breeding stock have advanced for the first time in five years. The cattle industry is moving once more toward prosperity.

The sheep industry is enjoying its fifth consecutive prosperous year. Prices for wool and lambs at present are perhaps not high enough to encourage continued expansion of the sheep industry, except in areas especially suited to it.

On the whole the dairy industry has been in a relatively favorable position since 1921. Its products did not suffer as great a slump in prices during the depression as those of the grain and meat industries and it did not remain depressed so long. Last year, the markets for dairy products began to reflect a better balance in production, and this year dairymen in the east and north have had fairly good returns.

In 1901 our agricultural exports made up 65.2 per cent. of our total exports. By 1913 the proportlon had dropped to 43.6 per cent. There was an increase during the war to 50.6 per cent. in 1919, but after the war the downward trend was resumed. In 1925 our agricultural exports dropped to 44.2 per cent. of our total exports. In the year ended June 30, 1926, the proportion was only 40.6 per cent.

It would be in the highest degree unwise for farmers at this time to launch an attack on the tariff without carefully considering the possibility that in the near future they may need it more than any other economic group in the country.

What we should seek in dealing with the tariff on agricultural products is to insure the home market, so far as possible, to the American farmer. He should have effective protection against foreign competition. Labor to-day has, by means of the immigration laws, effective protection in this country. Among the chief reasons why the United States is better off than foreign countries are that labor is here paid well and that there is little unemployment. This is of direct benefit to agriculture. Even a very little reduction in food consumption per capita, which would come from lowered wages or unemployment, would speedily pile up bigger surpluses of farm products than have oppressed agriculture in recent years. Well paid labor is thus of advantage to agriculture as affording a large consuming market of high purchasing power. On the other hand, there is no doubt that the price of what the farmer buys is substantially increased by high wages. The remedy of the farmer is not to break down the protection for labor, as this would be disastrous to agriculture, but to seek by means of the tariff the same effective protection against foreign agricultural competition that labor has secured in its field by means of restricted immigration. To this the farmer is beyond any shadow of doubt entitled.


Farm taxes remain at almost the same level that they reached in 1925. A partially completed survey by the Department of Agriculture reveals the fact that the total taxes collected from farmers in eleven States are slightly higher in 1926 than they were in 1925. These eleven States contain nearly one-third of the farm acreage of the country and present a fairly accurate indication of the situation as a whole.

Drastic reduction in farm taxes can not be expected at the present time. The demands of the users of automobiles for better and more improved roads and the necessarily high costs of education will keep the expenses of the States, counties, and local units close to their present level.

As applied in most of the States, the general property tax must of necessity burden the farmers to a greater extent than it does the proprietors in other industries. The farmers have a larger proportion of their property in a form that can be reached by the assessor than do other groups, and it follows that they pay a larger share in the total expenses of government. An obvious solution for this difficulty points toward an attempt to devise taxes that will force other groups to continue their share.

Co-operative associations reporting to the department at the end of 1925 had on their membership rolls a total of 2,700,000 producers. Allowing for duplication, it is conservative to state that approximately 2,000,000 farmers are now engaged in co-operative marketing. The membership of co-operatives to-day is more than three times as great as in 1915, when it was approximately 651,000. The total business of co-operative associations

in 1915 was $635,800,000. In 1925 it reached the huge total of approximately $2,400,000,000.

There are 6,500,000 farmers, each representing a unit of agricultural business. It is therefore not easy to organize agriculture for effective business operations. But the start that has been made in that direction indicates that it can be done. There ought to be separate organizations for each leading commodity. But there ought not to be too many competing organizations, each striving to handle the same product.

There are about 4,000 farmers' elevators in the

United States, and no fewer than nine wheat pools These elevators and pools, however, do not conduci any common policy, As a result they have probably little more bargaining power than have individus wheat growers. But if they were federated, ou wheat growers organizations would be in a position to exercise a very considerable influence on marke conditions. It is not necessary for a co-operativ association to handle the whole of a crop in orde to have some say as to its price. It is often enough to control merely the surplus beyond what is require for current consumption.

ANALYSIS OF IMMIGRATION STATISTICS. During the fiscal year ended June 30, 1926, Secretary of Labor, James J. Davis in his annual report said, 496.106 allens were admitted and 227,755 departed, resulting in an increase of 268,351 in the alien population of the United States. This is against a net gain in the alien population of the country of 232,945, in the preceding fiscal year, when 458,435 alions were admitted and 225,490 departed.

Of the 496,106 aliens admitted in the last fiscal year, 304,488 were immigrants or newcomers for permanent residence and 191,618 were non-immigrants returning from a short stay abroad or coming for a visit to this country. Two-thirds, or 150,763, of the aliens departed this year were non-emigrants who were either here on a visit or intend to return after a temporary sojourn in a foreign country. The remaining 76,992 allens leaving during the year were emigrants intending to make their future permanent residence abroad.

About three-fourths of the present-day immigrant aliens are in the prime of life-16 to 44 years old, During the fiscal year ended June 30, 1926, 16 out of every 100 were under 16 years of age and only 9 out of every 100 were 45 years and over. While the immigrant aliens coming in during the same period were about equally divided by sex, the present outward movement of emigrant allens is largely one of males, the men exceeding the women by nearly three to one.

Of the 76,992 emigrant aliens departed during the year, 75.3 per cent, or 57,986, were from 16 to 44 years of age and 20.3 per cent. were 45 years and over, while only 4.4 per cent, were children under 16 years old. More than 65 per cent, or 50,701, of the total emigrants reporting length of residence had been here not over five years and 77 per cent., or 59,046, had resided here not over 10 years.

Common laborers predominate among the outgoing aliens. Three-fifths or 33,107, of the total emigrants leaving the country during the last fiscal year and reporting occupations were of this class. Skilled workers rank second among those having an occupational status, and servants are third in number.

Aliens debarred from entering the United States during the year numbered 20,550, comprising 14,573, males and 5,977 females. Nearly 86 per cent, or 17,563, of these were turned back at the international land boundaries, 15,808 from Canada, and 1,755 from Mexico. The other 2.987 aliens debarred during this period were rejected at the seaports, being principally stowaways and seamen seeking permanent admission to the United States without first obtaining visas from American consuls.

A number of aliens deported from the United States after landing reached a total of 10.904 during the fiscal year ended June 30, 1926. This is the largest number ever deported during any one year, and is an increase of 1,409 over the preceding fiscal year and 4,495 over the fiscal year of 1924, when 9,495 and 6.409, respectively, were deported. Deportees during the fiscal year 1926 were sent to nearly every part of the world. Europe, with 5,088, received the largest number: 2,588 went to Mexico; 2,102 to Canada and Newfoundland; 430 to Central and South America and the West Indies; 589 to Asia; 107 to Africa, Australia, New Zealand, and the Pacific Islands.

Of the 496.106 aliens admitted, 157,432 came in as immigrants charged to the quota: 150,299 as natives of non-quota countries, Canada (91,019) and Mexico (60,620); and 83,754 as home-coming residents of America. Those coming temporarily for business or pleasure numbered 56,614, and 25,574 passed through the country in transit on their way elsewhere: 11,154 aliens were admitted as wives and children of United States citizens; 5,666 as government officials, their families, attendants, servants and employees and 1,920 as students. The remaining 3,693 were of the other admissible classes under the immigration act of 1924, including aliens to carry on trade, ministers and professors and their wives and children, and World War veterans and their wives and children.

The number of Chinese admitted during the fiscal year 1926 was 8,622, as compared with 9,551 for the fiscal year 1925. The number refused admission during the past year was 477, as compared

with 688 in 1925. There has, however, been marked increase in the number of Chinese applyin for admission during the last few months of th fiscal year, and this increase is attributed to the fa that both the Chinese and the steamship companie bringing them understood more clearly the chance of being admitted, in view of certain decisions of of courts with regard to the status of Chinese unde the immigration act of 1924.

The Board of Review considered 27.028 cast involving 46,755 allens during the past fiscal year 11,771 of these cases were new warrants of arres for deportation, the balance being appeals or actio on cases pending at the beginning of the year. Socle cieties, relatives, friends and interested parties othe than Senators, Congressmen and attorneys wer interested in 2,752 cases; while those in which Senator and Congressmen expressed an interest were 1,02 and 1,869 respectively. In 4,483 cases the allen were represented by attorneys.

The causes for which warrants and appeals wen considered come under a number of classification 9,697 involved the Contract Labor Law; 12,829 the surreptitious entry or as stowaways, without inspec tion, without passports, visas, etc.; 5,784 cases wen requests for extensions of temporary admissions and in 3,298 cases the granting of exclusion oi warrant upon likelihood of becoming public charge (aliens arriving without funds) 2,399 cases involve the application of the Chinese exclusion law; 2,77 crimes involving moral turpitude (burglary. felong forgery, grand larceny, murder, robbery, etc.): 1,436 cases insanity was considered, and in 12 idiots, feeble-minded, imbeciles or mental deficienes 1,292 were illiterate; prostitution, immorality, etc. were considered in 1,136 cases; and 1.009 cases wen considered on grounds of physical defects.

Fines upon steamship companies for bringing allen in violation of law were imposed in the aggregat of $644,535.

One of the outstanding achievements of the yest in administration has been the extension of the foreign service to continental Europe. Technical adviser on immigration questions are now assigned not onts to the American consulates in the United Kingdom but also to consulates in Belgium, the Netherlands, Poland, Germany, Norway and Denmark, with the prospective assignment, at this time of a similar officer to Sweden. Nineteen technical advisers are already abroad, and their work justified to the full the inauguration of this system. There has heen a marked decrease in complaints, notably at the port of New York, where the bulk of this travel thus affected applies for admission. Out of 276,646 alien applicants applying at the port of New York during the fiscal year ended June 30, 1925, 3,606. or 1.2 per cent. were rejected and returned. Of s total of 270,074 alien applicants for admission at the same port in the past year, only 1,544, or less than six-tenths of 1 per cent, were excluded.

There has been a pronounced improvement in the methods of inspection thus made possible at ports of arrival in this country. Whereas in former years alien travel to this country was largely seasonable, and at many times of an almost impossible volume, so far as inspection under the immigration laws was concerned, aliens now come through our ports in reduced numbers and are distributed with remarkable evenness through the year, due, of course, to the requirement that the issuance of immigration visas by the American consuls shall be spread out over at least ten months of the year. The only travel that could not embarrass us in undue volume would be aliens of the non-quota or non-immigrant classes and no difficulty seems to have been experienced by our officers in handling the flow of travel satisfactorily under existing laws, Immigrant aliens came in during the past fiscal year at a rate of 25,000 a month, though the figures jumped to nearly 34,000 in May. Under the first quota law, which became effective in 1921, 40.000 a month, was the prevailing rate. Before any quota restrictions were in force the monthly rate was 100,000 or more admissions.

(For comparative figures of Immigration Statisties see pages 198-200).

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