The Washington times., 1922-11-21
Money and Trade
On the Horizon.
Some Dark Spots.
In Continental Europe.
Not in United States.
by GEORGE w. HISMAN.
International News service.

sons are taking a gloomy view OF
the securities market. Among the
spectators. who are In today ana
out tomorrow. the usual reasons
are given. They are known TO
everybody.
Among the investors and fnan'
ciers, who In the long run make
the market the reasons are differ
ent. These have little to do with
pools. stopped loss orders, shor,
selling, and SO on. They concern
rather such permanent influence
as the United States Congress.
which has assembled again, the
changing character Of the Senate
and House, the doubling OF the rad
ical labor vote In the English Par.
Lament and it's effect on the Lon
don security market, the dangers
nenL OF Europe. the menace OF Eu.
ropean revolutions and the fear OF
"A further decline I'm the foreign
demand for American products.
Every day In the Wall Street re-
views. after the equal references
/ to polls and bulls and bears. one
finds a lot Of comment on politics,
current and trade from North Da-
kota TO Ckrainia. from Washington
| to Rome or Teheran. The ques.
tions are:
Are the permanent factors in
Americas politics. In Europe's pol
itics and business, working for
the worse?
Are we I'm any immediate danger
| OF some new and tumultuous
movement?
IL this time for Americans
with money 10 take fright. hesi-
tate TO invest II. and draw back
and sit tight?
In the present Congress there
| will be may new business and anti
| business arguments. There Will he
new onslaughts on present condi-
| tions and business organization in
| the United States. Those will be
in order because many Washington
lawmakers will feel that they ought
| TO respond to the discomfort and un.
rest shown by the voters In the re-
cent election. But, in general, with
the present President and present
Cabinet. the arguments and on
| slaughts can not get far. Whether
they should or not, is a different
question. The fact is that they
won't.
The same may be said Of the ses-
| sion OF the new Congress, which is
three or four months off at the ear
! licst and nearly "A year Off at the
! latest. Mr.. Harding and his asso.
/ ciates will still sit In the seats Of
| power. So, Tor several years. the
| financial men who fear great
| changes may count on a fair amount
Of calm and stability.
OF l. glrsh conditions. the lead
| securities market. and its effects on
! the American market, on" can say
almost the same. The radical mem
berS OF parliament are twice as nu.
/ merous as formerly, but nobody pre-
/ diets that they will be numerous
enough 10 take over the Government
| in the next two or three years. With
! the best OF luck. their appointe ed
! time is supposed to be about four
or five years off. Meantime, Eng
lish business is growing better. so
a man who expects the United
States TO suffer some sudden shock
from lead in the future IL simply
looking for trouble.
But Europe - continental Europe
are we not threatened with Jars.
collapses and losses there on any
day. at any hour? Do not the daily
reports on shaky exchanges and
coming bankruptcies. on American
responsibilities and American inter-
ests, mean depression or possible
panic some day in the United States?
Not bit Of it-apparently-not u
bit Of 1t.
Nobody would regard Germany's
or Russia's or Austria's or Hun
garys condition as a bull argument.
even for the long pull But this
much can be said: II they all col
lapse, they will not jar the world
severely. They are so near the
bottom that If they fall they can
not fall far.
| At the same time. our own mar
kets and the markets Of the world
outside of Europe are open to us
as never before and the demand
for the goods that mean wages In
the making and profits In the sell.
ing Is bound to increase-is in.
creasing.
These facts seem too common.
place to be stated. They would
be II we were not forever forget.
ting them.
|