Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-12-06
INDUSTRY TO GIVE
ADVICE ON PEACE
Atlantic City Meeting will
Send Delegation Abroad.
Public Ownership Hit.
WARBURG NOTES PERILS
By the Associated Press.

The organized business men OF the
United States. through the recon.
struction congress of war service
committees. today decided to send
commission to Europe. to be available
the event that they need assistance in
the working out of, economic. prob
lens that might enter into the peace
negotiations.
Recently Harry A. Wheeler. Chi
cago, president of the Chamber oil
Commerce of the United States. sent
IAN inquiry to President Wilson ask
ing If such a commission would be
helpful at the peace conference. Pres
ident Wilson made no direct reply,
according to Mr.. Wheeler.
The resolution, unanimously adopted
by the congress, states that 1t ap-
preciates the necessity OF continuance
of unremitting effort in order that the
world may be restored to normal con-
ditions as quickly as possible ana the
blessings of peace brought to all
peoples.
Other Resolutions.
The congress also adopted a resolu-
tion opposing government OWNERSHIP .a1ap
and operation of teleSfaphs' teie-
phones and cables.
The congress today adopted a reso-
luton urging that the railroads pe
returned to their owners under led
era1 charter.
The congress also urged that all
war restrictions and regulations on
industries be removed as speedily as
practicable except on such industries
as are engaged in the production,
preparation or distribution OF food,
feeds and fuel, and that the restrlc-
fIln Ilf q
taken off as early as Is consistent
with the welfare of the nation and
her allies.
Another resolution adopted called for
notifications Of antitrust laws. while
of public work OF every
sort was urged in another resolution,
in order that opportunities OF. employ
ment may be created for unskilled
labor.
The congress also urged a greater
merchant marine, and after the adop-
tion of other resolutions adjourned.
Resolutions Committee.
The committee to which resolutions
were referred was made up OF Inc
seph H. Defrees, Chicago; food. Lewis
f. Pierson. Chicago: heat, light and
York: iron and steel, John w.
OLeary, Chicago; metals, not iron
and steel, Eugene Meyer, New York; /;
Conn; wood. John H. kirby HoustsA.
Texas leechemicals. DR.. William Il.
Nichols. New York. leather, Augustst
voeel, MflW aukee; eastern pruduEtG
NJ z. Carson Riverton, Va: Industrial
Charles A. Stone. New
York: at large, r. G. Rhett, Charles.
ton. S. c.; Charles Nagel, st. Louis; Z.
{. T,t,ra Mi ", Rockford. Uk
Public Ownership Question.
The congress is also expected to ex-
press itself on the question of public
ownership of ships and railroads.
Before the clearance committee re-
ported the congress was addressed oy
Paul NJ. Warburg. former member OF
the Federal Reserve Board. on after
the-war financing.
Government responsibility and fnhu-
ence in industry. the growth OF wh1ch
has been accelerated and accentuated
ness but will at the same time pre-
sent the danger. unless carefully safe
guarded in both form and scope. or
and debauchlng the gov
eminent itself. said Mr.. Warburg.
ut is this peril" said Mr.. Warburg,
our proudest triumph. and 1t must be
our serious concern that a national
effort born in idealism should not
bear the seeds of ultimate national
decline The reconstruction period
places US face to face with this prob
lem and it is during this period that
thoughts will have to be developed
eading to 4 solution entirely fair to
the people. In the case Of the rail-
roads it is not merely question be-
tween security holders and shippers;
it is a question which affects on the
one hand the very root of integrity
and safety of our future life. and on
the other the very foundation of our
economic development. The next
year or two must bring forth legis-
lation which ought to be for the rail-
roads what the federal reserve act
has been for the banks"
To Call Out Best Talent.
Speaking primarily to the bankers
attending the conference, Mr.. War
burg said "it is now the privilege Of
our bankers and f1nanciers to make
themselves generals in the arts of
peace, and to ii out as volunteers
the best talent for the constructive
pursuits of commerce and trade in all
parts of the world
There is in this call no challenge
to England" he continued. "She will.
am certain, retain her logical and
traditional position of a world center
of commerce and finance. If read
Alright the signs of the times, England
and the United States, soon to be
joined byFrance, allies of the past,
will be partners rather than COM
petitors in the futuFe-partners not
of a close corporation to the exclusion
10 no ~ hi IN
wide open for any respectable new
associate wishing to enter"
Germany'S place as an international
banker, Mr.. Warburg asserted, will
have to be considered. however, .as
vacated for some time to come"
"Investment Trusts"
Many Of the countries of the world,
especially those most affected by the
war, he said. will have difficulty in
maintaining a parity Of exchange with
will have only small quantities of goods
which the United States will need and
as they will haye only small quantities
of gold to spare to enable them to buy
American goods it will be necessary for
American bankers and business men to
buy the individual and collective obliga-
tions of their nationals or their indus
trial enterprises or such securities or
assets of other countries as they con-
troll -.
To assimilate these securities Mr..
warburg urged the organization of 'in-
yestment trusts" which would invest
their funds in foreign securities and
against their assets issue stocks and
bonds for sale in the home market.
Conversion Of the War Finance Corpora
tion into a peace finance corporation
would be of immense benefit in this re-
spect, he said.
Tho country may expect to see with
the coming Of peace. Mr.. Warburg said,