The Washington times., 1916-01-06
Sounds a Caution Against
0verexpansion in Finance
and Industry.
aEs TARIFF BARRIER
Would Block Dumping Of
CheapIy Manufactured Ma
teriaIs in America.

NEW YORK. Jan. "a note Of eau
ton regarding overexpansion In finance
and industry. and an earnest plea for
tariff readiustmept which will prevent
the dumping OF cheaply manufactured
goods in this country after the war
were the two salient factors brought out
in a lengthy statement issued by Judge
Elbert II. Gary. chairman of the United
States Steel Corporation.
Judge Gary was extremely optimistic
regarding present conditions. stating
that the steel mills were running to ca
pacity and that the demand for steel
was so great that prices could easily be
misunderstanding that they might be.
He added that the present steel bookings
were greatly in excess of the produc-
ton. which is larger than ever before.
Hopeful and Confident.
The future. however. he pointed out
is beyond the power OF man to fathom
with any certainty. It may be dark and
desperate. and 1t certainly will be in
Europe when the war Is over. This is
said. with the greatest opportunities,
and It may properly be hopeful and con-
fident II necessary steps to protect It
are taken. Such steps can be achieved
only through proper governmental as
sistance to private enterprise. which In
its turn must appreciate and reciprocate.
Judge Gary said:
Furnaces and mills are running at
full capacity, and II is Impossible to
supply fully the demand for prompt
delivery. Prices could easily be ma
terially advanced and perhaps will be-
though believe as to some OF the COM
modities, at least, they are nigh enough
1t Ia not certain they can he controlled
for the reason that the requirements Of
purchasers and the offers they make,
fix the prices to q large extent. The
bookings are considerably in excess Of
production, which Is larger than ever
before. Apparently about rs per cent
ton and the balance for foreign use:
directly or indirectly The influence OF
the export sales upon domestic sales 1
do not undertake to say. The ramtfica-
tions, the connections and the influ-
ences are complicated and they are
Need Of Caution.
The conditions pertaining to this in
dustry reflect, more or less, those of
other lines, and perhaps are an indi-
cation Of the general situation. Ger
tainly there are evidences. which can
not reasonably be questioned, Of great
prosperity. They are seen in the banks.
| the stores, the shops, tine railroad fig
ures, the hotels, places OF amusement,
and, not the least important, the enor-
nous sums given to charitable and re-
| lief demands.
Regarding the future and the dangers
which may exist and the need Of eau
ton, Judge Gary said:
IT would offer words OF caution. We
are proceeding at a rapid pace. There
's great expansion at present fear
there is great imitation. Some of the
circumstances surrounding the financial
and industrial world are peculiar and
not iustified. There will be Jars and
jolts when eyes are opened and things
become normal. We ought to stop, pom
der. reason. We shall be all the better
| for It, Legitimate enterprise and prog
ress will be benefited II we read all the
signs, consider the past and reflect upon
the future.
The destruction Of billions upon bill
lions OF property in any country must
necessarily affect in some degree all
other countries. The economic condi-
tions in the United States may and
should be good In the long future, with
the usual Interruptions. II We are fully
! alive to our opportunities.
II believe the wars of Europe will not
| be so long protracted as many men pre-
, dict"
Judge Gary then brought out the fact
/ that when the war Ia over the United
states will be confronted with new con-
ditions, and the the foreign countries