Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-05-21
PROSPECTS OF PEACE AND
EFFECTS ON BUSINESS
Views Of Henry CIews May BE Only
One Mans Idea, or May BE
Real Thing.
LABOR QUESTION uPPERMosT
Peace in Europe May Mean Big
Business for Whole World, but
No One Can Tell Just Yet-All n
Matter of Speculation.

Henry Clcws X Co.'S review of the
market conditions for the week past
Is not AS optimistic as usual. The
report SAYS:
Business interests are still, chiefly
dominated by the war The impress
sion that peace is near is gaining i'm
strength daily. Germany undoubtcdlv
desires a settlement il satisfactory
terms can he arranged. Unfortunately.
while positive efforts may be made in
this direction. the outlook for imme-
diate success is doubtful. Each of the
allies have heavy demands to mako
upon Germany. demands to which she
is not likely TO consent. Great Britain.
Russian and France arc on the ascen-
dant OF power in a greater degree
than at any time since the war be-
opportunity 10 assume the offensive
ana strike their ,stronges. blow. with
out which ii seems certain they will
not consent TO peace. Therefore, while
the desire for peace exists, and while
some preliminary efforts in its direc-
ton are entirely within the range or
proba hility, the outlook for an actual
suspension of hostilitics appears re-
mote The Mexican trouble seems to
have passed out OF serious cons,dera
tion as 4 market factor. althoush still
source of considerable anxiety to
inc administration ut Washinrton
f"h'icS also appear to be a factor of
minor Importance from the business
STANDPOINT. and this campaign is at
tracing less interest than any prcsi-
in
OF course. because it is oyershadowed
in the public mind by war in Europe
and our own difficulties with Mexico
THE LABOR QUESTION IS or
THE MOST ABSORBING INTEREST
The labor outlook Is causing con-
siderable perpleXity in industrial cir
cies. Wages have advanced in many
instances. especially in munition plants,
IS result Of war profits. II is rccog-
niz"d, however. that war profits are
purely cphcmeral, and that when peace
comes as II might within the year.
these Will quickly melt away iuclud-
!nr the extra profits enjoyed by MANY
OF the !ndustrialS outside Of the war
group. There are really two points
u! view regarding the labor outlook
one is that when the war is over II
not before, there will be a slump I'm
everything pertaining to the munition
INDUSTRY; that a sharp international
struggle Will Immediately begin for
the markets OF the world: that Europs
VIII be on much lower cost basis
than the United States: that in conse-
auence our exports of manufactures.
which nearly irebled in the last nine
months. would shrink 10 their former
basis: and. that consequently there
viii be overproduction and sharp in
dusiriai setback followed by lower
prices and vanishing PROFITS.
1t is quite certain thai sooner or
later some reimbursement Will be neces-
sarN II we are TO meet foreign compe-
tition and gain the firm footing In the
worlds foreign markets which IS he
coming a national ambt ion. Profits
Will have to return TO normal. and costs
VIII undoubtcdiy be reduced. But the
that chiefly perplexes man.
ayers IL will labor be willing to ac-
ccpt It's share Of the inevitable read
Justment' Probably not, and this is
n diihculty that may have to be solved
before many months have pa sse1. There
Is snli another point Of view, which is
this: Keen foreign competition may ad.
miitediy be unavoidable when the war
is over hut il is argued that we will
be better prepared to meet tina, COM
petition than is generally supposed.
Foreign competition. il is argued. will
not i've 40 severe many Imagine
because wages in Europe will remain
relatively high owing to the reduced
supply or labor and the excessive taxes
winch labor viii have to aid in paying
Furthermore. neither Germany nor
Great Britain Will waste much time be-
fore endeavoring to regain lost ground:
their recovery and reimbursement will
necessarily he gradual; consequently,
while labor here may resist a readjust-
ment. II will probably gradually COM
promis" as leaders come 10 realize ir-
resistible conditions. Such are the
widely divergent views Of the labor
outlook. IL Is question II either
view rs entirely correct, and q solution
in All probability will be found be-
tween the two. An important factor
IN the labor outlook will be the i'm
migration movement: some authorities
expecting large outflow from this
country when peace arri<cs. while 9TH
ers anticipate larg" influx. The lat
ter is the most probable. because Of
the nnwillingneSs and the diifc uleses
which soldiers viii experience in re-
turning 10 their\former occupations.