New Britain herald., 1919-05-31
Henry Czews
 Weekly Letfer!
especial to the Herald) NeasOns For Caution and Homo

regarding economic conditions over
 eneFe' Such views are but natural to
 those Who nave been forced to endure
 prolonged strain. All the belligerents
 nave suffered beyond words and their A People are more or less under the in " nuence of nervous exhaustion: so
 that at this time hopefulness is not to
 De expected. But this state of mind is
 only transitory. The recuperative
 abilities of the three greatest Euro
 pean nations are not fully realized
 When peace has been signed, when
 unrest subsidies, when industry re-
 ylves, dropping spirits will vanish
 ana the hopes of a new and better era Rs Will stimulate men into fresh energy and enterprise. The surest cure for postwar maladies will be work. The
 world IS weary of boodshed and
 waste; 1t hungers for productivity, and
 this country can devote itself to no
 more benef1cent purpose than aiding RA resumption with all the financial and Mwndustr1al support that we can safely put forth. In helping Europe on sound
 and generous lines we shall be helping
 ourselves. We have an abundance of
 all the food and raw material needed across the Atlantic, and if we lend ,. wisely and liberally Europe will be g able to pay us the more promptly.
 Our Place in the World.
 The United States is today beyond W question the strongest nation in the & world. We have reached our matur- W lty, though far from our full develop
 ment. We need a freer intercourse with our fellow-men throughout the AmAworld. We want more of the fruits of
 civilization; and if we are to possess $these things, as we should, we must be prepared to take our proper place in the forefront of the family of na- #S& tions, ready for the responsibilities
 that such legitimate ends imply We A must sustain the weak; doing our @@ part for maintaining international or der, and giving the helping hand to
 those about to embark upon the stormy
 seas of sef-government and democra-
 cy. George Washingtons memorable advice about avoiding foreign entan- k elements applied very closely when we
 first began to walk in paths of free
 dom; but they do not apply in the i same degree under modern circum- stances. Responsibilities of this char acter have too long fallen upon sin gle nation; Great Britain already hav- ing a much heavier burden of this character than she can be expected to carry without mourning jealousy if she adds to it. Why should we not act disinterested guide and stabil-
 izer to wretched Armenia and disor- n sanized Turkey? No one will deny that our supervision over Cuba and
 she Philippines has been beneficial to all concerned, despite our mistakes.
 We have shirked such responsibilities too long. Let us take our proper place in world leadership on lines that will
 hppease and not create jealousies. WSuch a policy would broaden our vii
 ASion, at the same time diverting us
 rom petty home politics and saving
 Is from the evils of excessive self-in-
 rospection.
 Psychology As Market Factor. s Psychology is playing an extraor- dinary part in the present security market It is a common belief that there is no sentiment in business; and in large measure this is true. But confidence and depression are opposing Sentiments, which have had very much
 indeed to do with values since war began. We are just emerging from the most stupendous crisis in history and extreme reactions are inevta able. Tn other words, the pendulum must 3 swing backward as violently as it S previously swung forward, accelerat- ed by economic starvation following s& war. We are already in a period of . unreaSon1ng optlm1Sm, a perfectly 5 natural sequence of the terrible de- 4 pression of the last few years The world is consequently threatened with # an era of speculation and expansion that later on may strain banking re- sources to the very limit unless re- straint is wisely and courageously ap- piled to prevent dangerous excesses M Fortunately American bankers are S much alive to such possibilities, Y though without cooperation of the business community they cannot be & entirely averted. The present infa- BA tionary temper is the sequence of \ past events; a sort of fever in the # blood of our economic system, which # must run it's course to the point of exhaustion a result not yet in sight. Despite imitation of credit, commodi- A ties and wages the business situation
 &sn the United States is still strong;
 much stronger than that of any other W nation in the world because for the M next twelve months at least we stand to lose less and gain more than any sb@of the other nations involved. There are unusual danger spots ahead and Agreat risks of an imitation that will W bring unpleasant consequences later y pn, unless checked in time. The imme- diate outlook, however, as whole warrants discriminating confidence 8 and a steady belief in all sound and 7 we'll established enterprises
 Stock Market Influences.
 Stock exchange activity has contin- A ued upon an extraordinary scale, x mearly 100000 shares daily al- though intervention of Decoration day caused some slowing down. H Values as a rule continue to advance, the exceptions being few and unim- roortant Considering the enormous