The Washington times., 1919-11-24
Boersianer's
Comment
on Business
~ BoERsIANER.

By BOERSIANER-
Seldom has the bourse situation
been so clearly defined as 1t is today;
rarely have numerous contingencies
been focused upon the one contin-
gcncy Of the present-money.
Only at relatively long intervals Is
mouey-its rate and accessibility
provisional factor in determining the
course of the stock market. Fair
rates and abundance are normal, are
taken for granted. Ordinarily, stock
brokers only are as normally mindful
Of bank accommodations as are mer-
chants and manufacturers: tnde ed, a
little less so because their loans are
collateral and may be liquidated with
In a quarter Of an hour II necessary
Currently everything on the stock
exchange depends upon how much
money brokers can get and at what
rate. The provisional condition may
continue for another month. II the
credits withheld from the stock ex-
change are not absorbed-perhaps
more than absorbed with Succeeding
weeks-by other borrowers, then tn,
natural. or negative, increase in the
money. supply will be as it always
has been at the turn of the year, ir-
resistibly remedial.
speculation--as the word is loosely
Lsed-is not confined to the stock
exchange: is not only national, 1t is
universal. Governments abroad are
inoulging 1t by virtually making a
lottery OF their loans.
In the United States the rage In
cjudes food products, the raw mate
rails of industry, lumber. clothine.
land. Speculation in such primary
needs is far more serious than the
tieding on margins on the bourse.
for IT IL vital influence in tie high
ccst OF living. This is not generally
known, but 1t is correct
Now that the Federal reserve board
ana some New York bankers have
placed . caltrop on th( stock err
change, let them place a few caltrops
In the industries which more acuteIy
ap0 numerously affect the country.
Much--and rightly SOS made Of
the result of the French elections
kabidfty and syndicalism met thor
oughly salted defeat. The French
evinced their characteristic common
sense in crisis. They were pour In
france, encorc pour la France, toh-
Jcurs pour Ia France In their own
phrase. they promise to compose them-
seves, reader than the other war
l'cken nations. England's prospects
M MISUNDERSTANDING political
course are not as good. RadicaIism
seems ascendent there more than ~
france-post-war Incidence and er-
tfayagance are rampant
were well for students of foreign
eScnange In especial to have in mind
tne meaning of a postwar condition
IN former belligerent countries. par-
tlcuiariy European. The cares ana
anxietfes OF millions of day WORKERS
diminished to one anxiety-possible
oeAth. Ihis, once in the services de-
creases daily.
or these millions OF European work
ers 20 per cent for the first time
enjoyed three generous. weII-cook.d "a
meals, were furnished with a suSs-
cient quantity of clean and warn
rafment; had tobacco and gratuitou.
amusement, much leisure and an eY-
lstence full of variety.
Men who during four and 6vs
years nave been thus treated-the
occasional spells Of fighting were the
iitensest zest-do not readily ecs back
TO the routine and monotonous eight
or ten hour drudgery of the pre-war
period, with its additional callrinp
cares.
The workers at home were aneet.d
ano.her way. They got un-
ureaIneo.o1 wages. Their support
and goodwill was paid for at practi-
cally their own price-for the war
mad to be won At any cost. Thev
were cajoled by politicians and f1at.
tered by newspapers. Their every
demand was met.
Small wonder there are now idle
ness, discomfort and underpkoduction
simultaneous with the idleness. dis
content and underproduction there 10
an orgy OF extravaganza. Works Of
art, jewelry, bicycles. AUTOMOBILES
are lavishly bought at astounding
prices. Theaters and cafes are crowd.
ed There is an Unsuitable demand
Tor pianos, music boxes, furs, fancy
dogs gaudy finery, liquor and to-
bacco on the part Of the workers
Let Mr.. Hoover tell the other side
of it:
The production OF necessaries for
this 4s0,0Oo,0O0 population Gncluding
Russia) has never been at so low an
ehb as at this day
"A summary of the unempIoym~nt
bureaus in Europe will show that
100000 families are receiving un-
employment allowances in one form
or another and are, in the main, being
pau W CONSTANT lHhdtlOn or currency
A rough estimate would indicate that
the population of Europe is at least
00.00O,o00 greater than can be sun
ported without imports, and theiy
situation is aggravated not only by
lack OF raw materials, imports, but by
low production Of European raw ma.
terials.
Due to the same low production.
Europe is today importing vast guam
| titles OF certain commodities which
she formerly produced for herself and
can again produce. Generally, in pro.
duction. she is not only far below even
| the level of the time of the signing
| of the armistice; but far below the
maintenance OF life and health without
| an unparalleled rate of import"
! There are, then, very good reasons
| for what is doing in the foreign ex.
| change market.
PROTEST BRITISH