South Bend news-times. (South Bend, Ind.) 1913-1938, 1919-10-27
Serious Business
By William r. Boyd, Jr.

Belgium have ratified the settle
ment made at Versailles and are
moving their commercial batteries
into position.
The Four Big Factors.
Here, four powerful and contrib
utory forces are admittedly influ-
encing readjustments and the status
of our domestic and foreign COM
merce. towit:
First-The peace treaty
Second-The labor problem.
Third-The money market.
Fourth-Foreign credits and ex-
change.
Business, generally. optimistically
expects all four OF these problems
TO be worked out with REASONABLE
promptness. The war settlement
contained in the peace treaty is re-
garded as the paramount factor in
readjustments. 1t also has particu =
lar influence upon the third and
fourth propositions above stated.
Therefore, the first move 10 be ex-
pected is action by the senate as it
alone has the power to remove the
first disturbing factor and permit
final decision on the many business
commitments that are beinG de
ferred until the treaty is ratified.
Capital. Labor. the Public
The second propOsition-the labor
problems now under discussion
by the industrial conference meet
ing in Washington upon invitation
of the president. These two war
ring elements have been brought to-
gether in council with representa-
tives of the consuming public oc-
cupying the middle grOund), 10 con-
fer over conditions fundamental TO
the tranquility and prosperity Of the
entire citizenship of the nation.
Business circles regard this confer
ence as an augary of better arrange
ments: as an opportunity to prove
that labor, capital and the public
can work WITH. not FOR. each
other; a chance for them TO get to-
gether and pull together during the
era Of commercial rivalry which VIC
are now entering upon
The third proposition-the money
markets only partially dependent
upon the working out Of the first
and second. In degree not alts-
EethCr measurable we are suffering
from abnormal speculation due in
part perhaps to the fact that some
elements of business are 1Oy-riding
and exceeding the speed limit. The
turnover in high-priced and luxuri-
Gus mercantile stocks is remarka-
bly, large and testifies how ''leaky
the dollar is and partially explains
the general demand for higher com
pensation FOR service Large
amounts Of money are being divert
cd into highly speculative channels
while credit and currency are re
quired i'm large volume for crop
moving and governmental and leEi-
innate corporate financing Despite
all this. however, thanks TO our adj
mirable federal reserve system
there is no scarcity of money at the
moment for purely commercial re-
quirements though the rate is high
Foreign Credits and Exchange.
The fourth propOsitiOn-foreign
credits and exchange-cannot be
worked out definitely until after
ratification of the peace treaty. Safe
and definite plans must be made to
facilitate the carrying on Of our
trade with the rest of the world
In the case OF Europe and South
America the exchange situation is
hindering American exports and il
is imperative that an early solution
he found Of the method OF payment
for The goods we sell them. 4
sound system Of credits must be
developed and inaugurated if we
are 20 enjoy the prosperity that
follows the sale OF our surplus com
modities for foreign consumption
To aid in finding the solution OF
some of these pressing problems the
business men from England. France.
italy. Belgium and other countries
are now meeting with America
business men in Atlantic City, unds