The Washington times., 1922-04-28
MONEY-TRAH
Enterprise Going?
Nonsense.
Confidence Reviving.
Securities Moving Up.
BY GEORGE w. HINMAN.

CElCAGO, April Zb.-SOme men Or
big affairs fear that American busi-
ness men are losing their enterprise.
They have said 80 in the last day or
two. What are the evidences?
The tremendous sales of bonds; the
increasing purchases of tax-free Sc
curities; the preference shown in the
market for foreign government loans
rather than foreign industrial invest
ments-all these are supposed to
show not only the desire of men with
money for the safe and tranquil life
of the coupon clipper, but also their
aversion to the uncertainties and
anxieties of financial pioneering and
empire building.
IL the suppositions are correct.
what are the reasons? They are to
be found, thick as blackbirds, in
financial reviews, Congress debates
and business speeches.
One reason is Government med
ding in business. This reason has
nothing to do with Government own
ership. II is not academic in any
way. 1t has reference TO the sixty or
seventy Government commissions
that go out. investigate, rip up &C
counts in private business offices and
report back to Washington compe-
tently or incompetently, as may
happen.
Many Object.
To this sort of thing not only the
so-called conservatives, but the lib
erals in politics object; not only
manlike Edge OF New Jersey, hut
Reed of Missouri and Lenroot OF
Wisconsin. For the Government TO
take over two or three industries
and operate them would be compare
lively harmless, from the viewpoint
Of these gentlemen and the big husi-
ness men who think as they do.
What wearies, harnesses and destroys
constructive business is the contsnt
disturbance without any definite pur-
pose or end.
A second reason Is the limiting
OF business incomes by such direct
legislation as the transportation act
or even by taxes. There never will
be any rush for railway investments
as long as stock dividends arc prsc-
tically limited to 5la or 6 per cent.
Why shouldn't a man buy bonds in
preference TO railway stocks, as long
as he can get almost the same in
come without the same risks?
Why should a man so into new
venture, to develops new country or
new industry. II by special laws or
taxes, he probably will lbe prevented
from making any more money than
IL he left the cash in the savings
bank on put It in bonds or mort
gates? The question is asked daily
not only in this country, but in Eng
land, which faces the same problem
as the United States in this respect.
Up to this date, there has ben no
satisfactory answer.
Confidence Reviving.
But does all this mean that Ameri-
can enterrise has passed out. Not al
all The recent course of the stock
market shows that. The rapid rise
OF industrial stocks and oils proves
that American investors and specu-
lators are getting back their cour-
age and confidence. Even the spirit
of the so-called stock gamblers Is
! an evidence of reviving faith in the
! reviving enterprise of this country.
| The vice president of n great west
I ern railroad said to the writer yes
| terday:
FOR three months the shipments
OF all products along our line have
! Increased a little week by week
/ each week over those of the previ-
/ our week. The farmers are getting
back their pluck. They have not re-
duced their acreage. Each one left
his neighbor to do the reducing and
! as for himself, decided to plant and
, produce all he could. 1t is the same
with the rest of the people. They
are all hoping and working their
best"
There In the story, in only one
field of endeavor, but the story just
the same.