The Washington herald., 1922-11-21
Money and Trade
On the Horizon.
Some Dark Spots.
IN Continental Europe.
Not in United States.
By GEORGE W. HINAlAN.
InfernatiollAI NeWa eefgice.

f
InternatioAaI News ssgsics.
CHICAGO. Nov. 20.-Many per-
sons are taking a gloomy view 'of
the securities market. Among the
spectators. who are In today and
out tomorrow. the usual reasons
are given. They are known to
everybody.
Among the investors and finan-
ciers. who I'm the long run make
the market the reasons are differ
ent. These have little to do with
pools. stopped loss orders. short
selling. and 90 on. They concern
rather such permanent influence
~ 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 Its effect on the Lon
don security market. the dangers
Of financial collapse on the conti-
nent OF Europe. the menace Of Eu-
ropean revolutions and the fear of
q further decline In the foreign
demand for American products.
Every day In the Wall Street re-
views. after the equal references
To polln and bulls and bears. one
finds a lot Of comment on politics,
curreht and trade from North Da-
kota to Ukrainia, from Washington
to HOME or Teheran. The Ques-
tons are:
Are the permanent factors in
Americas politics. In Europe's pol
itics and business. working for
the worse?
Are we In any immediate danger
Of some new and tumultuous
movement?
L. this q time for Americans
with money to take fright. hesi-
tate to invest It, and draw back
and sit tight?
In the present Congress there
will be many new business and anti
business arguments. There will be
new onslaughts on presenk condi-
tions and business organization in
the United States. Those viii 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.
a l.a -
sion Of the new Congress, which In
three or four months off at the ear.
liest and nearly a year off at the
latest. Mr.. Harding and his asso-
ciates will still sit in the seats of
power. So, for several years, the
financial men who fear great
changes may count on a fair amount
of calm and stability.
Ot English conditions, the lead
securities market, and its effects on
the American market, ona 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 to take over the Government
In the next two or three years. With
the best Of luck, their appointed
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 Is simply
looking for trouble.
But Europe - continental Europe
are we not threatened with lars.
collapses and losses there ON any
day, at any hour? Do not the dailv
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 q bit Of it-apparently-n u
bit Of It,
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 thev AL col
lapse. they will not Jar the world
severely. They are so near the
bottom that IL 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 IL we were not forever forget
ting them.