The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1914-07-02
GREATER EXPANSION Than
EVEK KNOWN WILL FOLLOW
No Fundamental Reason For Depres-
sion, He DecIares-What is Happen
ing is Not Peculiar to United States,
But There is Short Worldwide
luIl in Business.

New York, July 2.-The World |
prints the following copyrighted cable |
dispatch from London, giving an inter-
view with Sir George Paish, editor of
The Statish and an economist of Eu-
ropean reputation, in which Sir
George gives his views of business
conditions and the financial outlook in
the United States
What is happening" said Sir
George, sis not peculiar to the United
States, but is incidental to the bust
ness situation generally. We calcu-
lated upon this reaction for 1915, but
it has come earlier, and believe an
improvement is near AS to the Uni
ted States, the shortage of the maize
(corn) crop last year is one of the
contributing causes. Such a shortage
is inevitably followed by shrinkage
of trade.
"a more immediate cause is the de-
lay in the decision of the Interstate
Commerce Commission. For that the
President cannot be held responsible.
hear that President Wilson person
ally hopes that the Interstate Com
MERGE Commission will grant the APP
plication of the railway companies.
You cannot expect the railroads to
concede such a big increase of wages
in so short a time without giving
them some set-off against such an ad
dition to their expenses.
81 am not sure that further delay
won't result in the abolition of thu
Interstate Commerce Commission ant
probably induce the American peopl'
to come to the conclusion that Min
istry of Railways had better b.
created
Promise of Good Crops.
IF the Interstate Commerce Com
mission grants the increased rates
business will show distinct revival
especially with the prospect of goo,
crops this year.
There is no fundamental reasol
for depression. The American peopl
are enjoying a great income, whicl
no one doubts will show enormous
expansion as time goes on. But
naturally, If great industry like tn,
railway is uncertain Of the future. /
will not spend capital at the norma
rate and many trades are affected
especially the steel, equipment ant
timber trades.
Apart from the situation in thu
United States there Is a universe
disposition to go easy until the inter
national political situation, particular
ly in the Balkans, shows signs Of be
ing adjusted.
"If the projected issues Of the
French Brazilian loan are satisfac
tory the situation in Paris will men(
rapidly and the nervousness o
French investors will disappear
There is no lack of courage amont
English investors, who have sub
scribed more capital for new issue
this year than ever before, and the.
will continue to subscribe for stroni
securities.
Investors Have Lost Nerve.
"Of course, business is now on sucl
a big scale that it demands free In
vestment of money by investor
everywhere to keep it going. TIL
main cause of the existing situation
is that continental and American in
vestors have lost their nerve.
"As to the security markets, tn
great accumulation of money in II
ternational money markets fore
shadows extremely low rates of dis
count, which rarely fails to brin
about a substantial rise in the pric
of securities, especially high elias
ones.
| The insecurity in the Balkans an
in Mexico, and the dilatoriness of tn
] Interstate Commerce Commission, a
contribute toward intensifying tn
trade reaction, which, after their al
justment, will surely be followed b
greater expansion than ever know
before.
These reactions are good thing
They result in the survival Of tn
fittest and in renewed and enlarge
expansion along safe lines"