558, or
less than one-seventh of the number in use in the United States.
Automobile distribution is of peculiar significance because the industry
has developed almost entirely since the Spanish-American War and
therefore since the time when the United States first began to develop
into a world power.

The world's cotton spindleage in 1919 is estimated at 149.4 million
spindles. (Letter from T. H. Price 10/6/19.) Of this total Great Britain
has 57.0 millions; the United States 33.7 millions; Germany 11.0
millions; Russia 8.0 millions, and France and India each 7.0 millions.

No effort has been made to cite figures showing the estimated value of
various forms of capital, because of the necessary variations in value
standards. Enough material showing actual quantities of capital has been
presented to prove that in agriculture, in transportation, in certain
lines of manufacturing the United States is either at the head of the
list, or else stands in second place. In transportation capital
(particularly automobiles) the lead of the United States is very great.

If figures were available to show the relative amounts of capital used
in mining, in merchandising, and in financial transactions they would
probably show an equally great advantage in favor of the United States.
In this connection it might not be irrelevant to note that in 1915 the
total stock of gold money in the world was 8,258 millions of dollars.
More than a quarter (2,299 millions) was in the United States. The total
stock of silver money was 2,441 millions of dollars of which 756
millions (nearly a third) was in the United States. (_Stat. Abstr._,
1918, pp. 840-1.)

4. _Products of the United States_

Figures showing the amounts of the principal commodities produced in the
United States are far more complete than those covering the resources
and capital. They are perhaps the best index of the present economic
position of the United States in relation to the other countries of the
world.

The wheat crop of the world in 1916 was 3,701.3 million bushels. Russia,
including Siberia, was the leading producer with 686.3 million bushels.
The United States was second with 636.7 million bushels or 17 per cent
of the world's output. British India, the third wheat producer, had a
crop in 1916 of 323.0 million bushels. Canada, with 262.8 million
bushels, was fourth on the list. Thus Canada and the United States
combined produced almost exactly one-fourth of the wor