Arizona republican., 1920-11-20
Financial Review
By ERIC KoBBE Of BIyth, Witter & Go.
Results of the Election


 "After election everything will pick up." is the oft repeated phrase that has greeted and answered almost every discussion of the present business anu economic conditions of the country, and like most things when repeated often enough it has assumed the cloak of a fact. Just why everything will pick up'' is not quite clear, but it ap- pears that some magical influence will at once become evident which will change the whole complexion of affairs | and put an end to all our worries ana cares. Would that this was fact in deed, and that such change would oc- cur but alas a studied and unbiased opinion seems to indicate that onIy e small percentage of change will be traced as a direct result of the election, and these changes do not seem of the too immediate future.
 Let's analyze quickly from a busi- ness standpoint just what the indicated changes will be, and what will result. In the first place the greatest change of all seems to be for us to pass from under an administration which was so prone to interfere with and make ex- periments in the operation, control and regulation of our great national indus tries, besides interfering in careless
 way and to a seemingly unwarranted
 degree in the disputes between em-
 ployer and employe. The consequences
 of this change are particularly diftl- cult to foresee.
 The league of nations, which consti-
 tuted the principle issue is related in
 no way to business, therefore the re-
 suit of it's defeat can be eliminated
 from consideration. No banking or H.
 nancial questions were involved, and l no currency questions. The tariff is- sue was kept in the background, and such vital economic questions as excess
 profits taxes, high prices. costs, etc. were kept out of the campaign by botf
 parties. Hence those who thought i would be so easy to point out the busi-
 ness consequences of the election may find themselves mired.
 In our opinion the tangible results l will be subordinated to the sentimenta ones. Of first importance comes thu 5 diminution of government control o
 industry. Second an upward revision
 of the tariff. However, not many i'm
 nortant industries are concerned witt : | either of these matters. The coal in . :. dustry should benefit most from tn ' former, while as to the latter most 0 2 our industries are such husky infant 2 that they are more concerned with tn development and regulation of Flu |. ropean market than they are with pro ' lection. The texile mills and chemlca 7 companies appear to need this protec s ton the most. Our paper mills com . panies need protection from Canadia = competition, but as substantis = amount of the wood pulp necessary fc = our mills comes from Canada, this pro = tection becomes very difficult to ' made practical
 One result, which may be classed 2 s sentimeptal, is a restoration of conf
 dence-so necessary and an admitted
 important factor in prosperity. How ever, granting a return of enough bus
 ness confidence which will warrant u
 going ahead with all sorts of expansie of plans, the direct and immediate r le sults will be practically nil, while u r. future effect may be slow to materia l. ize and difficult to trace. Exact plal at must be worked out and executed al z0 the buying of goods and materials al ed the hiring of labor must begin befo Tn the country will feel the influence ,h this increased confidence. This talk es time. All together in our opinion | IT. immediate and tangible results of | Ia election will be very few.