The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-31

products OF railway supply Institutions.
but II is hard to believe that a war can
on the whole do our business anything
hut harm. what American railways need
more than anything else Is new capital
War cannot help them get IT, II sends
savings to the sock. - unscttles the
machinery OF credit and whatever Is CON
sumed in useless waste or destroyed in
bombardments and battles. or, as in the
case of agriculture and industry. pre-
vented for time { ON producing wealth.
must b" replaced out of funds which
otherwise might in part be available for
investments In our railways
"A young country like the United States
should he taking in new capital from
abroad \ declaration OF war finds US
buying back our own securities"
\. u. Juiliard of \. T.. Julllard & CO.,
jobbers I'm dry goods. said:
The first fleet of a European war in
my opinion will he for Europe to dump on
the United States its surplus dry goods
and textiles n any price which ii can do
under the present tayiff That will
dcmoralize the industry in this country
1t is a question what would happen. IL
Europe can get its raw material the in
dustrv would not cease because so many
women are employed. hut II IL did not
obtain this material 1t is doubtful II the
United States would greatly benefit. How
would we get our goods over there II they
wanted them The problem of ships will
be most important.
From any standpoint a European war
will be most injurious to the United
States"
"Fevcrish activity for a time might he
expected by the producers of variety
Of products needed for the supper, OF
armies in the field. accompanied by a
corresponding lessening of demand for
other products largely consumed in times
of peace. Consequently. even with the eN-
ira activity in some industries and de
spite the rise In the price Of LIVING,
a general rise In wages could not be-
expected and many men would be thrown
out of work in other industries, so thai
labor In general would be demoralized
rather than benefited.
The nations OF Europe, being our
chief customers, with their industries
paralyZed and their financial resources
largely absorbed in maintaining military
operations increasing taxation and lack
of employment would SO seriously impair
their buying power that our export trade
would. in the main, seriously suffer Even
where goods might be sold the question
OF contraband of war would come into
play. so that many lines Of goods would
be liable TO seizure and vessels would be
una HE to approach blockaded ports
b AT the close OF the war AL the nations
engaged would ind their resources SO i'm
paired, their Industries demoral.zed and
the purchasing power " the people so rc-
duced that our former profitable markets
would disappear for an indefinite period
with the result that our own superb bun
dant capacity would mean the CLOSING
down Of mills and workshops In our owr
/ land and a period OF general depression o
| There has been very little perceptibls
effect IN the steel Industry Of the United
States so far. Editorlally, the Iron Az.
! in its last issue said:
European war. news has not vet beer
a measurable factor In tine domestic stee
trade. In exports the influence of wal
/ risks Is felt and with increasing grain en-.
gagements at advancing rates there has
/ been a tightening of the general ocear
freight market Galvanized sheets, al
which Austria and Germany are consid
cradle producers, while England Is 9
( heavy exporter, are up ten shillings a tor
! in European markets. There has alsc
| been a stiffening OF tin plate abroad"