New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1918-12-18
Henry CzeWs
Weekly Letter
Especial to the HeraldO


Especial to the Hera1d)
New York, Dec. 1S.--A very singu-
lar combination of confidence and
perpleNity prevails in business circles.
Confidence is generally strong, part
ly because war has bred q spirit of
courage that animates nearly all mon.
Difficulties that before the war would
have produced q depression and low
er price are now faced with a. deter
minat1on to overcome all obstacles
which IS a very decisive factor in re-
cuperation. Sentiment is usually re-
garde1 as an element that does not
exist in business; yet it makes g. vast
difference whether fear or confidence
is the ruling spirit, and fortunately
the latter dominates opinion, not only
in the United States, but also in Great
Britain, The two leading industrial
powers of the world. So long as
these two nations possess the ability
and the initiative to go ahead, as
they unQuestionably do, there is no
reason to fear that the war will have
anything approaching the depressing
effects once anticipated. 1t must be
itcly more closely related than ever
before, and that the resources and
cooperating powers of the chief ma
tons We're never so easy to marshal
as unit in the work of regeneration
as at present. 1t is quite evident
therefore that there will be interna-
tional cooperation in the work of re-
construction. The production of raw
materials and the distribution of fin
ished products cannot be left to hap
hazard and speculative designs; but
must be guided by temporary govern
ment control, with a view Of avoiding
waste, of concentrating energy, of
stimulating efficiency and of restrain
ing imitation or speculation by united
economic methods.
Such are some Of the reasons on
which there is solid basis for conf
dence. When it comes to perplexi-
ties, however, the situation is not so
pleasing. OF these there are legion,
the chief being rehabilitation, recon-
struction and labor. AS for demobil-
ization, our own country has plunged
suddenly into taking down in a few
weeks the phenomenal war machine
that required about eighteen months
20 create Of course a sudden reVers-
al OF SuCn titanic energies CduItOL DS
accom- plished without loss and de-
preston. A period of hesitancy and
declining prices must be inevitably
endured, and that period we now
seem to be entering. Nevertheless, a
great deal has been accomplished in
this direction. In some cases the
government was caught with big sup
plies on hand; and in other instances
manufacturers have fallen into SINH
lar difficulties. Those in control at
Washington, as a rule, are expert
enced business men, who appreciate
q delicate situation, and are reducing
stocks and prices with a view of ia
cilitati1g q gradual return TO natural
conditions. War contracts have OF
course been comm only car celled; but
this was not unexpected, and in most
cases the government is showing
every possible consideration to NUM-
ton makers and others who helped
win the war. From the nature of the
case numerous complaints and losses
must be incurred, though many of
these will he borne by the govern
ment, and paid cut of taxation as
legitimate war expense.
Concerning reorganization, little
can be said, for such plans are still
III the making. hdIlN IIsduS SoIINSA1-
tions have recently been held to dis
cuss such plans; and in all of these
assem- blages it was universally rec
ognized that we mad entered a new
era and that Cd methods and ideas
must give way to the new. The CEN
trail thought OF most SPEAKERS was
that business must be more highly
organized; that efficiency must be
closely studied; that accumulated va
cancies from war must be filled; that
we must prepare to meet keen com
petition in foreign markets and that
we would be compelled 10 take Il
much greater part in world affairs
than ever before. For the present at
least we must feed a large part of EU-
rope; certainly the chief sufferers
from the war. We must also fit our
selves to export the products of our
furnaces and mills on a far more eX-
tenSive scale than hitherto. All these
things mean that we must be also
prepared to finance such operations;
in other words, to give European ma
tiopS rra5if and buy their securities