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

NEW YORK. Jan. GA note Of eau
ton regarding overexpansion In finance
and industry. and an earnest plea for
a tariff reimbursement 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
that the steel mills were running to ca
pacity and that the demand for steel
was so great that prices could easily be
advanced-hinting that they might be.
I 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. 1t 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 1t may properly be hopeful and con-
fident IL 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 he.
| though | believe as to some of the COM
modities. at least, they are nigh enough.
1t is not certain they can he controlled
| for the reason that the requirements of
purchasers and the offers they make,
fix the prices to large extent The
bookings are considerably in excess Of
production. which is larger than over
| before. Apparently about rs per cent
tion and the balance for foreign use.
! directly or indirectly. l'he influence Of
| the export sales upon domestic sales
| do not undertake to say. The ramtfiCa-
ences are complicated and they are
| uncertain.
Need Of Caution.
| The conditions pertaining to this in
dustry reflect, more or less. those "f
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, the 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
| Il 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 justified. There will be Jars and
| iolts when eyes are opened and things
| Ger, reason. We shall be all the better
| for it, Legitimate enterprise and prog
| ress will be benefited II we read all this
' 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
| b. so long protracted as many men pre-
: dict"
! Judge Gary then brought out the fact
/ that when the war is over the United
| States will he confronted with new con-
| ditions and the the foreign countries