Arizona republican., 1916-01-06
Republican A. p. Leased wire1

'TdTN, ClldlTl1dn or the united states Steel corporation, today issued state ment dealing in detail with prevailing prosperous conditions in the steel and iron trade. together with a forecast for the future of that industry.
 Reference is made to the European conflict in it's worldwide application to economic conditions Judge Gary calls attention to the dangers of over pro- duction of imitation by manufacturers and bankers, resulting from OVercon- fidence, and the aid of the government is invoked for adequate protection of the country's industries. In part the statement follows:
 Tt will be admitted by all manufac- turers of these products that there is no reason for complaint at the present time as to the volume or urgency of the demand. nor in most cases as to the prices received, notwithstanding the cost of production, have been larger during the last five years be- cause of increase in wages, freight charges, etc.
 The rate of production at present in the United States is about 3S. .OOO. 900 tons of pig iron and about 41,O00,0O tons of steel ingots per annum. This
 
 tons of pig iron and 16.OOo.O0O tons of steel ingots one year ago, and 33,5O0,0 900 tons of pig iron and 350O0.0OO tons of ssteel ingots at high water mark in the year 1913 for pig iron and 1912 for ingots.
 Prices could easily be materially advanced and perhaps will be. al- though 1 believe as to some of the ;t icyIo enough It is not certain they can be controlled, for the reason that the re- quirements of purchaser and the offers they make fix the prices to a large extent
 Apparently about . per cent of the sales is for domestic consumption and the balance for foreign use. directly or indirectly The influence of the export sales upon domestic sales I do not un- dertake to say.
 conditions pertaining to this indus try reflect. more or less those or other lines and perhaps are an indication of the general situation. Certainly there are evidences which cannot reasonably be questioned of great prosperity. It is not my purpose to discuss the reas- OTIS for these satisfactory conditions. They exist: and it now seems probable that they may continue for months to como.
 When there is possible danger ahead. the locomotive engineer is di- rected bv his rules. formal instructions and signs 70 proceed with caution and sometimes tC stop. look and listen. We may draw an analogy. l would offer words of caution. We are proceeding at a rapid pace. There is great cX- pansion at present. I fear there is great imitation. Some of the circum- stances surrounding. the financial and industrial world are peculiar and not justified. There will be jars and jolts when eyes are opened and things be- come normal. We ought to stop, pom der reason We shall be all the better for it. Legitimate enterprise and progress will be benefited, if we read all the signs, consider the past and re- fleet upon the future.
 What of the future? Who can say with any feeling of certainty? IL may be very dark and desperate. It will he thus in Europe and we in America will feel the effects to greater or lesser extent The destruction of billions upon billions of property in any cOun- try must necessisarily affect Tn some degree all other countries. Economic conditions in the United States may and should he good in the loEg future, with the usual precaution if We are fully alive to our opportunities.
 T believe the war of Europe will not be so long nrotracted as many if not the most of men predict. This opinion is based principally upon two grounds Tn the first it seems apparent tfat lit tie if any, benefit to any belliSerent country or to the world at large can result from the war except and unless it be the firm establishment of an in- ternationaI tribunal for the settlement Of all international differences; one that is universal and practical and Whose decrees are enforcible: one that will prevent the Drolongation of wars in the future This can be created If so, negotiations for peace and for such results should be opened at once and pushed to a conclusion.
 If one side or the other should ab- solutely conquer tEe other side (which seems impossible unless the war is carried to an extent that would leave the surviving peoples of the present generation of all the nations helpless md hopeless) there would be no need nor disposition for an international tribunal The leaders of all the na- tions must realize and appreciate these facts and are likely to act upon them soon.
 The other ground for my belief is that each of the warning nations is starving for men and money both. They do not admit it but the signs are plenty and convincing. Any nation that js' prolonging the war beyond the time when it can be reasonably and horOraby discontinued is slowly but surely committing suicide.
 But whenever tre war shall close the business of the country will be confronted with rev conditions. TFo purchasing power of the whole world will have been very greatly reduced Foreign countries Who are now buying our products. because compelled, Wil withdraw their patronage in large measure. Other ncn-p producing cOun-