The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-10-01
BANKER DESCRIBES
EUROPE OF TO-DAY
Back From Abroad, f. II. Sis
son Declares She Is Work.
ing Out Salvation.
CREDIT CAN BE SUPPLIED
War Finance and Grain Cor
porations Can Aid When
Private Capital Cannot.

A picture Of European conditions. CIV
ing due weight to factors that are not
reassuring. including evidences Of eco
nomlc and social disturbance. but EN-
phasizing reasons to warrant belief that
Europe is working out her salvation.
was presented yesterday by Francis H.
sisson. vice-president Of the Guaranty
Trust Company, on his first business
day following a six weeks visit in Eng
land, France and Belgium. He ex-
pressed the opinion that the banking
and investment forces in the United
States would be unable by themselves
to meet the constantly growing credit
needs of Europe. but pointed out that
abundant credit can be extended by the
War Finance Corporation and the Food
Administration.
"This winter will mark" Mr.. Sisson
said, 1.-THE real test of the situation. The
scarcity of coal. food and raw materials
for industry will have a most serious
effect, particularly in middle Europe and
Italy. When people are cold and hungry
and idle the ground lies .fallow for revo-
luton. In spots, and possibly in large
areas that may come, but against 1t
is the instinct of these people for Great
ing and accommodating wealth and for
social order. In the long run feel
that II can be confidently asserted that
constructive forces will win the day,
although there are certain to be difficult
situations for them to overcome.
''The situation is particularly bright
Ia Belgium. where people are returning
to their tasks and the country and its
institutions are on a sound financial
basis. For the other bslligerent coun-
tries not so much can be said England
IL. of course, the centre of all interests
to-day. Her great problem Is the labor
question, and IL that can he solved in
such manner as not to decrease her
production and not unduly increase
its cost. her rapid recuperation from
the effects Of the war is assured. 1t
seems certain that the labor issue there
must be fought out as the issue seems
to be at present irreconcilable. That
the fundamental common sense of the
British people will ultimately bring san
ity and equity out of the conflict OF
interests seems credible.
England watches United States.
ENGLAND is watching the United
States with the greatest interest ana
some apprehension. Our entrance into
the fields of shipping, foreign trade and
international finance is not an entirely
welcome one, but one with which, OF
course, she must reckon although not
without regret and fear of our rising
prominence. That her views must be
adjusted to these facts seems, OF course,
certain to US and have no doubt Will
follow.
English Government officials and
financiers view the exchange situation
philosophically and, on the whole, are
inclined to regard It as a good thing
from their point of view, as they feel
that IL will restrict buying in this eoun-
try, Induce saving and stimulate home
production There seems to be no ques-
ton in the minds of English ohlcials
that they will be able to discharge their
obligations to us, although they frankly
say that they must at times ask us 10 be
patient with them and allow them 70
work out their problem.
"Rapid progress in reconstruction Is
being made in France. Her people are
returning to work gradually, her devas-
tated districts are rapidly being revived
1t will of course be years before much
of this destruction can be replaced, but
the rest of France is busy and prosper
Gus. A great deal of money was spen,
there during the war by England ano
the United States and its effects are
enormous Indebtedness and the French
Government has not yet undertaken tc
collect the taxes from the French people
which a sound financial policy would die
tate That this situation must be raced
with courage and sacrifice sooner OIL
later is obvious to the outsider, bu'
France herself does not yet seem as a
whole to have awakened to it. Hell
Government has apparently regarded II
rs politically inexpedient to raise thu
question.
Italian situation Serious.
"Italy faces a serious situation. par
ticularIy through lack Of coal and socia
unrest. The same situation applies
throughout middle Europe, and the com
ing winter will undoubtedly be the cru
cial period in its history.
Germany Is setting about its task o.
rehabilitation intelligently and indus
triously. on the whole, and, IL the neces
stiles OF life can be provided Cor hei
people 1t seems reasonably certain tina
Germany will come back rapidly. Ger
many has, perhaps in higher degree
than most Of her neishbors industria
will power and economic sense, which
are certain to make for her quick recov
cry II working conditions are at all r.
yorable. Already the interchange o
trade between Germany, France an'
England has begun and animosities o
the war, so far as commercial relations
are concerned, are being rapidly forgot
ten.
my most vivid impression OF the Flu
ropean situation as a whole was received
from two great labor parades. I saw
the first in the streets of London and tn
last in the streets OF Brussels, labor mill
tant and aggressive, feeling its powe
and determined TO gain more equitable
distribution of the wealth 1t helped 4
create and a larger voice In industr!
and government This Is movemen
which must be reckoned with and upoi
. the future of Europe and perhaps tn
world hangs IN the balance. / cam
AWAY with the feeling that civilization
to-day walking a tight rope across tn
chasm between the old order and tn
new, balancing as yet skiifuily but pain
fully these conflicting forces whicl
threaten its fall, but so far making
progress toward its goal"
Merge Chicago banks.
CHICAGO, Sept 3o-Beginnlng to-mor
FOur tho aarntp1s ~ the Illinois Trus