The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-05
All the Latest Financial Nes Nth the Stock Market On

deal of discussion. Nevertheless. q
rapid computation, which was made
by some OF the financial authorities
after Judge Gary made this state
ment. shows that he was not far out
of the way. II we take as q basis Of
the estimate the billions which the
United States has found 1t necessary
to secure IN the first twelve months
since entering the war.
Our Industrial Progress.
At almost she Identical moment when
Judge Gary was speaking to the
Japanese commissioners, Vice Presi-
dent Kies. of the National City Bank.
was addressing that remarkable boly
OF American chemists that was in
convention in this city In the last
week of September. Mr.. Kies referred
somewhat Indirectly, and yet infer
entially with great emphasis, to one
point which Judge Gary was making
at the time Mr.. Kies was speaking
to the chemists. Judge Gary said
that We can accomplish these stu
pendous achievements In securing
money and men without interrupting
our Industrial progress. Mr.. Kies
seemed to be persuaded that one OF
the most momentous lessons OF the
war Is the one which is now being
taught TO the American people and
which when learned will make certain
very great industrial progress and
very great commerce especially across
tho seas after the war is ended.
III this Is to be secured, however.
there must be great changes in the
attitude Of government and of State
legislatures toward industry. The
government at Washington, Mr.. Kies
intimates, is now showing how great
Is the efficiency and how vast are the
results which can be accomplished
through cooperation. combination.
and coordination. 1t is an object les
son which it Is believed the people are
gradually but surely learning in one
sentence of his address Mr.. Kies says
that the harmful effects of our arti-
fetal regulation of industry, damag-
ing as they may be to industry, new
ertheless, viii not prevent the accom-
plishment OF many satisfactory re-
suits, II there be more intensive or
ganization and greater development
Of efficiency in American industry.
That was the fundamental purpose
of the men who perfected the great
combinations, which were a few years
ago somewhat cynically referred to
as big business" And, notwith-
standing the harmful effects, as Mr..
Kies called them. of artificial and
unwise regulations OF industry. the
leaders in these great corporations
have been able to secure intensive
organizatians and very great effici-
ency.
1t has been apparent for some time
that men who think deeply are re-
alizing that there must come change
in the attitude OF the government and
the State legislators toward industry
and toward the railroads. Nicholas
Murray Butler, In an address deliv-
cred some months ago, spoke OF the
situation in which the railroads hnd
themselves as one fraught with
danger to American prosperity. He
believes. as do all the railway man
ayers, and as do the bankers who re-
Gently met at Atlantic City. that
regulation and supervision of the rail-
roads should be exclusively committed
to the national government and should
be enforced by wise. just and yet
friendly administration.
Then, too. almost all Of the leaders
in our great corporations. in our banks
and in our transportation systems. are
persuaded that, IL we are further to
build up our foreign trade and main
tain 1t as 1t can be maintained. there
must be such Federal legislation as is
embodied in the so-called Webb bill.
which II enacted. into law will permit
combinations Of American exporters.
In fact. Mr.. Kies speaks of this as
one of the pressing needs II We are to
take advantage of the suddenly de
veloped and yet wonderful opportunity
for holding and increasing our foreign
commerce which the world war has
now offered to US.