The Birmingham age-herald., 1919-01-31

to American investors, and these bank = CTS. who will make careful investiga-
 tions, are to be the medium by which ultimately American money can be in-
 vested in the bonds.
 Sometime ago. in fact, shortly after the Nsigning of the armistice, one of the leading authorities ins this coun- try upon financial an dindestrial mat ters, man of large and successful experience. said that from all that he could learn it was certain in&his opin- ion that there will come in the course of year very heavy offering of for
 eign securities, especially municipal bonds, in the American markets and he had no doubt that these would be of- fered upon such terms as to make 1t certain that the securities would be readily absorbed. Millions upon mill lions of them may be in the course of the next two or three years marketed in the United States and the Ameri- can money thus invested will, 'indi- rectly al least, serve partially to off, set the obligations European nations are under to the United States.
 MT. Schwab may have had in mind his own great manufacturing plant, where there are inevitably to be im-
 portant and perhaps difficult readjust-
 ments which while in progress will
 tend to depress the market for the
 peaceful products heretofore manu-
 factured by the Bethlehem Steel com
 pany. MT. Arnold looks at the ques-
 tion from a broader point of view than
 MT. Schwab appears to have done The wonder is why MT. Schwab has so sud-
 denly changed his attitdue, which was that or an extreme optimiSt before he
 went to Europe, and seems now to be
 that of a dejected pessmist, althoush
 ne must sojourn in Europe only a few
 days. He may have been depressed by
 what he saw in the devastated re-
 gions.
 MIR. BARUCH AND OTHERS
 The commission of American bank CTS, who, as a whole, represent many millions of capital seeking investment, IS not to be the only one from the united States which before summer IS ended will have made a careful ;n- vestigation of financial, industrial and agricultural conditions, especially in france and Belgium. Already Bernard baruch is there and seems to have been as industrious as he was con- splcuously industrious while acting for tne government at Washington during war days. He has discovered that
 rrance Will not permit any exports ! needing all of this mineral which the mines can produce in order to, aid her agriculture and industries. He is in Vestlgating other conditions and the presumption is that he has found noth ing to justify the belief that there will pc heavy falling off in exports ot industrial material in Europe. at least l TOT some years. Another commission IS about to go to Europe for the pur-
 pose of investigating labor conditions ana also to look over the fields where agriculture flourished before the war so as to determine whether these have
 been greatly injured by shot and shell that years will be required before they can be restored to normal conditions A commission which represents the copper industry of the United States is l'already on it's way to Europe.
 waiter Clark Teagle, president of the standard oil company of New Jer- sey' intlmates in recent statement pubilshed in the Wall Street Journal
 that 1T there can be adequate trans portation provided. meaning presum- aDly ships, there should be an increas- ca export of certain kinds of petro- 1 leum products althoughsa falling off in demand for fuel oil In fact, all the evidence points to
 a view respecting our financfal oT business relations to Europe and on, own well maintained industrial activ. ny which differs from the point ot view of MT. Schwab is reported to nave expressed a day or two ago in europe. Even in the steel industry when the price is so fixed that dema nd TOT the products begin to respond. the prooablllty is that brief period ot depression due to readiustment will eha and renewed activity will begin