The Lakeland evening telegram. (Lakeland, Fla.) 1911-1922, 1916-01-03

\
AS l see it, our stock market was
entitled to the rise it had and prices
would have gone higher if it had
not been for the wild and dangerous
speculation in the so-called war
stocks. When we have again caught
our balance, there is going to be re-
newed speculation with higher
prices"
At that point the question was
raised as to how the European coun-
tries were to continue to finance the
war.
Finances for War
"They are on a paper basis now"
the trust company president replied,
land they will have to issue more
paper to carry on the war and for
reconstruction purposes with their
governments behind it. That pro-
cess will have to be continued until
they can eventually work out of
their troubles. Until then they can
not afford to allow anybody to ask
for real money.
AS far as we are concerned, as
long as the war lasts, we have only
the allies to consider financially. In
the case of England and France and
Russia, to get more credit here
those governments will have to act
with their bankers in depositing and
guaranteeing loans.
After the war is over we will
continue to prosper because of the
start we have gained on the rest of
the world. This has been the only
free market in the world for capital
and trade will continue, as it always
has, to follow capital. That is
what made En- gland a world power.
That is why the French commission
is now here planning to get copper
and steel and iron and machinery in
this country for reconstruction pur-
poses after the war is over, That
is why we are doing more business
than ever before with South Ameri-
ca and will continue to do that bust
ness.
He is under so but acknowledged by
many to be the smartest in the
whole financial district He was
born in Germany, has lived in Lon
don. is still British subject, but
has been actively engaged in bank
ing in his Wall street firm for 20
years.
Uncertainty.
There is not man alive, includ-
ing the Prime Minister of England
and the Chancellor of Germany
our private banker said who knows
when the war will end. If | had to
make bet, would say that it
would not continue beyond next
summer. That would be based on
my knowledge of the human factor
involved. From now on the human
element in the great conflict must be
counted on more and more. There
comes a time when flesh and blood
nearly reached that point in Eu-
rope.
1--WE are going to continue to
prosper in this country after the
war, simply because of the start we
have on the rest of the world. We
will not, however, increase our
leadership; we will lose ground
through lack of efficiency. If we
had our money, plus European eff
cheney, we could easily lead the rest
of the world, ndustrially and
financially; but it is like this, while
our money will stand at 100 per cent
our efficiency will be about IS per
cent, compared with say 80 per
cent in France and Germany But,
even so, our average will be some
thing like 20 per cent, while for
years Europe, with its efficiency,
! will have to move slowly through
lack os funds.
Inside of five years after peace
has been declared, we are likely to
have slump here, because of over
production, overspending and inila-
tion in general. 1t will not be any
thing like as bad as 1907. Then,
after we have had a reimbursement,
we will 20 ahead on sound basis.
But we cannot hope to hold all of
the ground gained as Ions as we as
a nation are willing to remain inef-
Gcient