The daily times. [volume] (Wilson, N.C.) 1902-1936, 1918-12-18
HENRY CLEW'S
FINANCIAL LETTER
It's An Interesting Review of
Financial Conditions in
America
READ 1T CAREFULLY

New York, Dec ia very sin
gular combination of confidence and
perplexity prevails in business cir
cles. Confidence is generally strong
partly because war has bred a spirit
] of courage that animates nearly all
men Difficulties that before the
war would have produced depression
and lower prices are now faced with
a determination to overcome all OBJ
stacles, which is a very decisive fac
tor in recLperation. Sentiment is
usually regarded as an element that
does not exist in business; yet it
makes 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
Icssess the ability and the initia-
tive to go ahead, as they unquestion-
ably do, there is no reason to fear
that the war will have anything ap-
preaching me depressing effects once
anticipated, 1t must be remember
ed that the world is infinitely more
closely relat ri than ever before ano
thdt the resources and recuperating
powers of the chief nations were
Lever so easy to marshal as unit in
me work of regeneration as at pres
ert 1t is quite evident therefore
tna' there will be international CO.
operation in the work of reconstruc-
lion. The production of raw mate.
HAS and the distribution of finish
ea products cannot be left to han.
i'2ard and speculative designs. bur
must be guided by temnorsrv .ou
- "nent control, with a view q,
avoiding waste, of concentr,,ia
slsy' OF stimulating efficiency and =,
,es'falnlng imitation or snecu,o,,oa
" , united economic methods.
ouch are some of the reasons o,,
dd 1n,on tnere is solid basis for CON.
tiaa when it comes to pernlert-
'ies' however, the sitpatjon p'ipieAi-
gion p''asing. OF these, there ara ,o'
s saon' lhe chief being demohi,i.a,, M ls
den' e.ons.ruction ns.,. and labor. As 'lpn fo.
ne,moOlllzation, n,,l cNr own countrS w hor lol
lin Dnsea = tal suddenly into taking downs rs
m.a,i lew weeks the phenomina1 o"n wv :
machine that required abo,,. war
sna seen months to create. OF 'c, oonsas elsh-
oas, auen reversal of such titantia y d
o,s'es ont 1o.a cannot be accomplished w,tn tn-
NJ oe' loss loss and depression. A rSr,as @..n,
must Aes'tanoy es fancy, and declining Ys nrices
nerioa Inevitably endured. and tbat
period we now seem to ~ ana tnat
been sneo sneless' a great deal more ba.
- 0n accomplished in this dirao.,a' naS
eauspa some Ca. cases the Government r'',On, wa.
srasht sna 1T with big suplies oa'Dt ON s.na. was
ars , ~ other instances manufao.n.
20
ties 've W, iailen into similar dieou,
.les' Those in control a. u,at' aimcui-
ness rrn, as u rule are experienced 'l,us- hnui
sitm.4 1,ss men, who appreciate a da,,"n4- d Dusi,
s,,da,,on' and ns, and are reducing sl'a.s stosss
hna ina prices with a view of ssei,itn. s,0cas
lug a gradual return 70 na.. iao,ii'at-
conrsa War contracts have =,
toarse s.4 Sc been commonly canao,,. Iase OF
NJ pus this was not Unexpected snosi,ea; aas Il
nOS' ina cases the Government is 'nu asoli IN
msnitier nn EVERY possible consideration 5D0|, w.
belnaa ',0n makers and Others uh " y
., aeiped win the war. From s - VINO
nlain.a o case numerous con,
.sa plalnts and losses must be Jus ino, com,
sr tu0ash taa many Of these will be- ,aSpared nare
taxation atr Government, y" and paid out t'hv hv
pense.. 'inate war ex-
Concerning reorp.ni,o.,
tnn ia DE be said for such plans ar. natle .,,,,
tiona fl ,n9 making Many trade 1 oons., sun
a," us nave recently been ho,, ,,en-
tlsouSs t1aal such plans and IN p',u "a, 10
'hese assemrages it wac 91 IN, m all Of
non, re10snised n that we had e,,ssps''ly enteras
ido.s y era and that old methods ,,s
Ts ,ueaS must give way 10 S tno an. ana
ars .n' Gel central thought of most ,|' .nas'' new
9is s,s,' was that business must - speak
n,Snly mSa4 , organized; that ef,cioo moa. +.
mu1sta% u1a Ds closely studied; that av~'' aco~
mu,a'ed a,,aa. vacancies from war r, mnae ae'u !
keen naive ,nat we must prepare to 1c mao ~
a.. assn competition in foreign y ma.', mee
e'S' and that we would be com mol, ne,,a, =
70 take much greater part In worl,
Continued on Last Pace,