The Washington times., 1916-10-29
Amounts.

Until the close OF the week politics
and election probabilities appeared to
exert practically no influence in wall
Street, or other financial circles.
Friday and yesterday. however. there
was a more strongly pcrvadinG Hughes
sentiment on the New York Stock En-
change than for several weeks, and ac-
tivity in speculation. accompanied by
further price advances, was resumed.
Two factors contributed to bring about
the change in conditions. In the middle
OF the week New York Republican head
quarters sent out word to its campaign
ers to quit talking negative stun ana
.egin roofing hard for Hughes, with
the result that the campaign became
much more poppy.
The second factor was Judge Ebert
II. Gary's warning. made before the
American Iron and Steel Institute, AT
st. Louis, that unless protective taliff
legislation Is enacted adversely Will re-
place prosperity at the close of the war.
Stated His Opinion.
Judge Gary did not endeavor TO dis
credit the present state Of prosperity In
the steel and iron trade. He simply re-
sponded to a demand for his opinion as
to the future outlook for business. In
the course of the discussion he said,
In part: Ill ,o, tho, tho .tee, husi.
ness in this country is better than even
| before. Our concern is only for the tu'
| ture, MANY believe there will be- con-
| t!nuance OF large business, others think
/ there will be Il material recession. Nc
! One can certainly foreten. obviously
the wise man will husband his re,
| sources. keep within safe limits, ano
Ryoid overextension. 1t Is better to bt
prudent and make less profits than &c
! become reckless OF extravaganza at the
risk of calamity.
Whenever the war shall close th'
! business of this country Will be con
! fronted with new conditions. The pur
| chasing power of the whole world vii
have been very greatly reduced For
eign countries which are now buying
our products. because compelled, vii
| withdraw their. patronage in large
, measure. Other non-producing coun
| tries will find their financial resources
and credits lessened. More than this
foreign producers in great need, will
ply the countries that are financial!
able TO pay and at prices based upol
cheap labor and low cost, as they hav,
a perfect right to do.
To Face Stiff Competition.
"our producers. including our wage
earners, will find themselves in com
'merclal antagonism with the most per
sistent and difficult competition eve
| experienced, unless this shall be pre-
! vented by laws that are reasonable an
sufficient. Most OF the foreign produc
ing countries, and quite likely all o
them, will be thoroughly protected b.
! tariff provisions, and we should be Of
a parity with them in this respect.
"I firmly believe. II the present un
protective tariff laws remain unchange
we shall probably meet with competi
ton from foreign sources after the wa
closes which will adversely, and per
haps disastrously. affect American in
dustry and American labor. Condition
will be oven worse than they were be
tween October ], 1913, and the beginnin
OF the war. II the laws shall be amend
ed and adequate protection to America
producers and their workmen IL afford
ed. we may expect satisfactory bus
ness conditions for some time to come,
EXorbitant prices Is the only caus
contributing toward checking Of tn
vast volume of business being trans
acted In this country, The sentimen
that the present state of prosperity wi
not cease with the conclusion OF tn