Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1916-12-28
BANKER REyNoLp s SEES NO
eRsATs'pANoER 70 BUSINESS
AFTER WAR ENDS.
sFlNANcIERs LEARN TO
MEET NEW CONDITIONS
Valuable Lessens Gained From Crises
Developed 81 Crest confitot-Priess
Will Seek Lever lsvsls - Labor
Must Have Protective Laws-cood
Times Should Continue.

Des Moines Dec 2S.--Optimism re-
garding conditions in this country
following the European war was ex-
pressed today by Arthur Reynolds,
former Des Moines financier and now
vice president of the Continental and
Commercial National Bank of Chicago.
who is in Des Moines as the guest Of
Oscar Lofquist Mr.. Reynolds de-
clared he is optimistic because Of his
belief in the Balance and poise of the
American public and the demonstrated
ability, Of the financial and business
leaders of the country to meet new
conditions
Going back to the beginning Of the
war, Mr.. Reynolds fecounted the
various calamities which many fnan-
ciers predicted and which failed to
materialize "The war came on sud-
denly" said he. New 6onditions en-
tered Affairs We're often erratic.
There We're no precedents to guide US.
Bankers learned more in the first two
years of the war than they had in
many years before. They were COM
PEELED to work out new methods. II
was a very interesting period but not
as profitable financially as it might
have been. However, it taught the
lesson that every problem can De
solved, and gave the bankers confi-
dence to meet future emergencies.
When War Started.
Early in the game, il will be re-
membered, many well informed men
predicted that the first thing that
wonld happen would be the dumping of
American securities back upon this
country. They declared our markets
Would be flooded and all Of our ready
c%.h would be absorbed. They saw
panic ahead. Exactly the opposite
happened. The foreigners We're found
to be anxious to hold our securities.
"The next problem was how to
finance the great cotton crop. Millions
of. dollars were deposited in the
southern reserve banks and the bank
ers' pool was organized with mem
bership including banks all over the
country. Again the apprehensions OF
the financiers proved groundless, and
very little of the added funds were
touched in, handling the cotton crop.
"The third problem was that food
products would become drug on our
hands. The declaration was that we
could not get our foodstuffs to foreign
consumers. The theory of most bank
ers was that business would stagnate.
The difficulties seemed insurmount-
able.
Big Export Business.
"What has been the real condition?
II has been that we have seen the
greatest export business in our history,
amounting to something like $3,OO0,-
600. 900. An unprecedented era also
prevails at home. This is not in mum
tioEs alone but in all lines of industry.
was reliably informed recently that
it will require 35,00000O hides to re-
place the shoes that have been ex-
ported I think it is generally stated,
TOO. that only Is per cent Of our steel
production goes to Europe in the shape
Of munitions.
From these foregoing facts it can be
seen that under conditions the IKE OF
which we have never experienced be-
fore, predictions made even by the pest
informed may 80 seriously astray.
However, there appears to be GOOD
reason to believe that following the
war this country must take some steps
to insure continuance Of our pros
perity. ts
Judge Gary, recognized as broad
gauge, faf-seeing man, possessed OF q
remarkable fund OF sane IDEAS, has de-
clared that above all things else the
United states must have "a tariff that
will protect her industrial life. feel
that he is correct. There is our weak
spot. Foreign nations are even now
preparing to center their efforts on our
tempting market. was told by an
authority that a German citizen must
get a permit from the government in
order to purchase a pair Of trousers.
This is done for two reasons--to con-
serve the supply and to- enable Ger
many to accumulate large stocks to
throw upon our markets when the war
is over
Labor Needs Protection.
American labor needs protection
Labor has been one Of the greatest
|beneficiaries Of the war. Men who
drew from $3.50 to "a a day now get
from 81 to $15 Labor at such prices
Neuralgia
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