New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-12
REACTION IS
A YEAR AWAY
But for Labor and Trade
ReprisaIs 1t Might
Be Two.
Pittsburgh. Penn. sept. ..

Industrial interests nave SET io''
ward for At least one year the date
Tor any positive trade reaction. Ii
they could accurately appraise Two
rev factors introduced this week and
roach satisfactory conclusion. the
date would probably be set forward
TAO wears or more. The first factor is
tic .o-called cicht-nour day. the in
fucncc OF which s. ain, sdy being felt
beyond railroad circles primarily
affected. The head Of the largest
specially concern Of its class in the
United states. which has six or eight
rlants located In various parts of the
countr- for iacility in distribution,
said that last Wednesday strike had
Occurred I'm their mid-Wcstern plant
that wa wholly unexpected and had
teen ina1guratcd for the sole reason
that the Prcsiden, Of the United
state. had indorscd the eight-hour day.
he asserted that while economic law
would defeat tho eght-hour law m the
end. he feared that there would be a
revival Of tie labor troubles IN IN
Gustrial circles over the next four
months. The second factor is the power
placed in the hands of the President
OF tho United States for reprisaIs
against Great Britain i'm connection
with the existing blacklist II TINS
rover should be exercised, even for
political effect upon the November
elections. ITS influence abroad would
he unfavoiable. not so much in cur
failing munitions while tho war lasts
n, In placing this country in les
favorable position for export trade
after peace is declared.
Aeid, from these new factors. how
ever. there is noticeable change in
scntimsrt regarding the continuance OF
existing industrial conditions. partlcu-
larry a. regards the steel trade. In
yestigatiou has been going on for sew
eral weeks past in the way Of fore
casting Europe's needs for reconstruc-
ton. with the result that estimated re-
ouiremeats surpass all previous caicu-
lations. The problem Of credits IN
volvcd ir this prospective business 10
also becoming less formidable. m view
Of the success Of recent financing. One
local manufacturer venturcd the state
mcnt that Europe's financial position
would not be any worse. proportion
ately. than the position Of the United
States after the Civil War. and he re-
fcrred % the wonderful development,
especially i'm railroad building, which
occurred in this country after that
event. "Of course" he said. "we shall
have t. 10 for Europe what Europe did
for us during that period, namely. pur-
chase European peace securities issued
against works Of reconstruction. and.
he added. "our investors are already
being made familiar with foreign in
vestments through the purchase of war
securities
It is etimated that year or eigh-
teen months will be required after
peace is restored to reorganze Eu-
ropes industrial activities. and that
during this period the United States
will be drawn upon for material, par
,icularly Of machinery. And on this
subject OF machinery. it Is an inter
estiuc fact that more attention is being
devoted Just now to the invention and
installation Of labor saving machinery
than ever before, the chief stlmulant
20 this end being the continued short
age Of manual labor.
At the present time tho requirements
of the shipping trade are responsible
for the congestion of order books with
the steel companies While the heaviest
tonnage is for plates and sheets. there
is a line of accessories in shipbuildinG
which foot up large total. The next
big rush is likely TO be for railroad
equipment. considerable percentage
Of which. operated to the maximum for
the last eight months, is IN need OF re-
-, - arJ ,on1acemont