The chronicle=news., 1913-12-05
CAUTION NEEDED
N BUSINESS
WORLD


economic. political aud social condi-
ii0us. The economic changes ar.
such as Inevitably follow u period at
Exceptional and worldwide Industrial
ariiSi,y: while the political and 30
leisi ehssg~-. particularly in the
i'ait-d States. are closely following
iin the wax. of ih-~- developments.
Although this process Of r"sdjnsi-
m~nt la. zone far and deep. !, can
not " said ,o have completed it's
course: for there AT" other changes
yet tn come. aud more or less i-sis-
isiiou of an unseiiilns character
mus, .,iii b- faced. ho~s,-. nnw-i-
come II may be-, Nevertheless. there
II .nm~ compensation In the fact that
political aud social tendencies ean
no~ liz more clearly iar~e~~n. anil q
must b~ remembered that ~e are
s-ars~iy ever free from pnbii- auS.
isii~s of more OF !~~s Importance. n'.f
that The ordinary activities of the
country rsanot b- pogmau~ntly held
hask. II is further compensation u
know that while many of the aeN
i-ss s.inIiS~ proposals are hostile io
capital and viewed with mns~ "r lees
un~ssin~.s. tho trnd~a~y toward ~s-
issn- political sadIeaiisn l. IN the
usn~ However. there l. silii much
uncertainties In ih~~~ directions:
sufficient ., i~asi Ia warrant soniln.
u~d conservatism.
Tho M-Niran problem appear 10
be- as crowded with unsersaiaiy ss
-,-s sud ~- arr still on the edge Of
!, crisis, Whether thi. really m~sas
. beginning a' IN" esumbiins al
itu~fta's power or not. events oaiS
an d-s~rmine. Tao important poiuis
have defiail-iy b~cn settled: f'f>i.
tha, Nm~sisah intrrt~n'i.n si'i Only
l,~ an extreme resort. AMI s-roea.
that the gr~at ia~rf. arc a unis in
-, ,,,ost Of our attitude toward M-Si'
20 The oatiook At Nashihxina for
easi~ac, legislation 'hoash MIXED l.
no, sasis~ly uufssnFahir. The sur
face prospects. IL L. true. at. son~.
~ hat ~ouiuscd by political eros. ~uf-
rests: yet there is s'soes uud~s~ns.
svN,. backed by The rs~sid-ni. in ia
sos os ~asiy arstnn upna this a1i.;m.
t.astani question. Ns lime psoGsrss-
a.. the ahj-sti.aai ~icm-as. s'~ being
more ana more eliminated from the
earlier rr.po, o,ais. and IN" "n'io"I !.
uo~ 10, the passage of a bill In the
.a.'y months of 1914. Perhaps ur
mos, disappointing c,~mcn' IN ""
bushes. situation ia tho mui'i'itinx
!! violence Of trade contraction Thi.
i. ..n.pi-nousi, irs~ in the east.
tho ,sr-ai .'cei Industry. which IL
running about 6" pr cent o! cspar-
/ i,y. leading in ;his rrsrrc'. steel
y, Ices have ic-n much reduced and
there have BEEN rumoT> at more eh-
s.n.itc shut 'dowa.. much. however.
os whica l. cNaar-rs'ion. The rFCs-
IN, depression In steel Ia ioo extreme
to last. and later IN rush Of orders
IL inevitable. In the '~Niil" trades
there tas sis, br-n more or ''ss 80.
-.s.ion. asd manufacturers ar" ON.
ba,ras~csl by tho hieh cost Of -"
materials and the prospects Of In
creased competition in foreign Eoods
under the lower tariff. Our sco.cn
Industry in particular feels this Tor
cign competition. .ic. too. will some
II the finer grad.~ ~ cotton so'ds.
The steel trade. however. !. ."1i era.
I,tvcIy indifferent toward tho tariff.
for tho reason tha, neither Great
Isritain nor Germany are able -
meet American prices uudcr prcscn'
coalitions. So far a. general h'tsi.
meas 4. concerned. IL Is good in the
south, whore conditions are unusual.
Is SQUAD AZ tho west there are
some complaints Of slackeninR busi-
moss. hut n. n rule tho situation II
much better than In tho cast. where
depression IL much the kecur.t. No
lasting depression seems probable
because there il no cvrrproducticn
In any important, line Of industry,
and mill. canno, shut down Ions
without incurring serious short
age. which they are not likely 10 Ia
vor. The railroad situation Is still,
Unsatisfactory because Of shrinkase
in traffic aud declininE Rros. and not
earnings. \ ray OF hope. however.
exists in the strong arguments which
arc now being placed before the in
tcrsiatc commcryc commission for
higher rates. Thcsc claims arc 40
con vincing and reasonable that II
would scem impossible for the att
thoritics to any lorxcr deny Just
compensation to the railroads. unless
tho commission deliberately wishes