Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-11-04
favored STOCKS
TO SUFFER LATER
Babson Warns Against Sp.cu-
laling in Issues Cuddlcd
by Congress.
ANOTHER PARTY SEEN
Believes Conservative Organi-
cation Will Wage Figh,
in Few Years.
PARTY SEEN
Ispecia! to The T:mes-D,spatch.1

iSnecia! to The Times Dispatch.]
WELi-ESl.EY HILLS, MASS, Nuv
3.--in our interview this week with
Roger w BAhson. the question Of
wha; effect the congressional clcc-
ticns Will have upon business.
brought from him the following
| statements:
Il see one Interesting Issue in the
congressional elections. namely. the
number of new radical members sent
to Congress Those OF us in the
East do not understand the View
point Of our Western people. hence
few are awake to the great change
which Is coming about in our polit-
lea lineup. Throughout the pre- sent
generation. the contest has been be-
tween the Republicans and Demo.
Gratis. The days of this alignment
however. are numbered. Both OF the
old parties have suffered extensive
changes. AT least, by 1929. and per-
haps In 1924. real contest may he
wagcd between the so-cnlled Con-
serva,ives on the one side. and the
so-calied Radicals on the other.
by Radical I do not refer TO
the !. w W's. or any group COM
monty known as Bolshevists. The
new Radical party will he more like
the Bull Moose party of 1916. The
Conservative group Will represent a
combination OF both Republicans and
Democrats. who are opposed to the
extremes Of the other group. The
elections will serve to show to what
extent this new alignment is taking
shape.
Secs Overthrow of &c. O. r."
LAS 10 the immediate effects OF
the elections they should not be
important unless the Republican ma
jori,y in Congress should be over
thrown. do not, however. expect
such an event
after ALL" continued Mr.. Rabson.
most OF us business men worry
great deal more over politics than
we should Everybody today is look
Ing to Washington for a present.
Nine-tenths of all the important bills
before Congress this year were de-
signed to help some one group
usually at tho expense OF the others.
Farmer and labor demands. railroad
financing. state roads. soldiers bonus
and the tariff fight are few eN
ampies. This stampede to the gov
crnment for ass Stance Is one III tae
pestilenccs which always follow
war. The same mania developed
after the civil War. From 1865 to
1870 bankers and business men spent
more energy lobbying In Congress
than developing their own business
The government must mix into busi-
ness I'm war time; II is hard TO get
out nf IL after the war is over.
Eventually people Will realize that
you can't take out OF the government
more than you put into it, For the
present. however. the situation pre-
sents serious danrcr--not to those
who fail To get assistance, but to
those who succeed.
ANY growth founded upon so
fckle a basis as government favor
must he precarious, The industries
and the individual companies which
are really good Investments Will be
able to fight theis way through
without having to depend upon cx-
orbitant tarIns or government cap
tai. They must have hard f'adding
for "A while. hut when the ,iepres-
sion Is over they VIII co trol the
field. While others are b iding up
influence At Washington. they arc
building organizations at home. Al
the time II may seem as IL the con-
Germs which get the most protection
or AZ isiance from Washington are
the winners. hut their advantage Is
only temporary. Instead Of trying
to pick the companies which get the
most assistance from the govern
ment. investors should look for the
companies which cans sget along with
the least!
This factor marks a sharp dis
tinction between the railroads to-
day. Under the Esch-Cummins law
tho roads have the privilege OF call
Ing upon the government for assist
aace In their financing. Many In.