The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1919-08-13
BANKER s
0P P|N|ON
Of CRISIS
J avs World is Short of Com
mon Necessities of Life
as a Result Of the
War.
LABOR WILL WIN OUT
Whole Situation VIII Right Itself a.
Production Is Increased
and Prlces
Drop.
LABOR WILL WIN OUT

UNITED Press Leased Wire Service.1
NEW YORK, Aug. 13-James A.
Stillman, president Of the National
City bank. one of the worlds greatest
financial institution, today analyzed
the present fianapcial crisis. In an in
terview with the United Press, en-
phasizing the following points:
The world is short Of the common
necessities of life, and that is tho sit.
uation to be dealth with.
The high cost of living Is the result
OF wars destruction, which makes the
world short the necessaries Of life.
Wage earners will come out Of the
present economic situation the
gamers.
Labor may lose now, owing to high
prices, but 1t will gain when prices
drop. because wages will not recede
IN the same ratio.
The present railway question should
not be considered as a dispute be-
tween employers and labor, but as one
of national policy.
Railroad men are misled by misfn-
formation, distorted statements and
half truths. ,nsSS
Railroad investments as a class are
of investment.
The public has received full value
from the railroads and the best service
In the world.
THE general situation at this time
is one which calls for temperate
speech said Mr.. Stillman. "llo man
who has any sense of social RESPONSE
bility will want to say or do anything
hot II ir,1 fhn VI q tnYN
excitement which exists.
Patience is a great virtue now. The
world has had enough fighting. Or
ganized labor has officially endorsed
the league of nations on the theory
that the world has reached stage Of
civilization where it ought to be aDle
to devise better way of settling dis
putes between nations than by war.
"That general principle is i'is: as
true in disputes in industry and be-
tween classes as 1t is in international
affairs. There should be better way
to settle them than by strikes, lock-
outs or other means which entail
losses and suffering upon the public.
We should be able to settle our diff
ferences without threats or violence,
as becomes free people. Any fair
proposition will win in this country in
the long run.
1.-THE war has Interrupted industry
and made many conditions abnormal.
It is Just what was to be expected
after the withdrawal OF so many mil
lions Of men from production. The
whole situation will right itself as pro-
duction is increased. Food will go
down and clothing will be cheaper.
"The country went through SINH
lar situation after our civil war. At
first there was scarcity and high
prices, but when industry was fully
resumed we had long Reriod of fall
ings. It's true that in many instances
wages do not keep pace with commodi-
| ties when the latter are rising, but on
| the other hand, wages do not fall as
! fast as commodities when the latter
| turn downward.
Labor generally loses on the rising
scale, but gains on the downward scale
and lasts longer than the losses.
"I venture to predict that the wage
! earners will come out Of the situation
/ the gamers, because the decline IN
what they will buy will be greater
than In wages. It always has been
SO. All the improvements in industry,
: by invention and the accumulation OF
capital, work for the benefit Of labor.
/ ''As for the proposal of the railroad
! brotherhoods, that is not matter 10
| be discussed in hot blood. 1t is qucs-
| ton of national policy to be settled by
fair discussion, not considering rail
way owners or railway employees
alone, but the interests of all people.
"How can the railways be most ef-
ffciently operated, SO that the trans
portation charge which the public
must pay shall be as small as Is con-