The Washington times., 1919-10-21
Boersianer's
Comment
on Business
by BOERsIANER.


and visiting season is at an end, yet
New York hotel managers despair Of
meeting reservations, let alone ac-
commodating arrivals, though several
huge houses have opened their doors
since last November. Amusement
places are thronged. though acces-
sions to these are numerous. Square
upon square of Broadway and Fifth
avenue are congested day and night
with pedestrians.
Explanations are many and ready.
Three ask attention: Virtual suspen-
sion of the building Industry, in the
last four and a half years, has caused
a heavy shortage of houses and
apartments: lack of servants; return
of expatriates.
Postwar relaxation and profiteer.
ing prodigality have no." 'ost much
Of their validity as ~xplanatory
these. Noisy and y iSive celebra-
tions have ceased r day the wars
aftermath is larg' ,onr. ned to the
industrial worl strikes, higher
wage demands, e
Probably the best explanation of
the surge in New York and to some
extent in the larger North Atlantic
coast cities is the permanent return
of Americans from abroad. These
European-loving ladies and gentle
men have taken possession of certain
hotels-as a rule family hotels-in
numbers that exclude former inter-
mittent guests. American colonies m
Europe are depopulated to the at
least economic good of America. A.
the same time Americans who for
merly spent their winters in Europe
now remain at home.
Change Is Important.
n 20 or &c tf,,N
tant 1t means about S400, ,0O0, 900 an
nually to the American purse. Po-
liticaily, economically and socially
the change is more important still. 1t
implies that cosmopolis, with its
acute and sure sense has chosen the
United States for an abiding place.
American and other cosmopolites (the
latter are also here), have concluded
that the United States offers the most
attractive sojourn for enjoyers; have
decided. in other words, that the ac-
cumulated burdens of the war make
Europe an undesirable residence.
There are fair weather birds as there
are storm petrels. The instinct of
both is infallible.
In a year or two, nevertheless,
Americas advantages must be rela-
tive rather than positive. 1t is pos
sible for one country to be prosper
Gus "nlle all OtheT countries are un-
prosperous, but the prosperity will be
comparative.
The modern world is linked eco-
nomically. Depression in the most
part of nations must be felt in the
strongest of nations. While else
where the war is being paid for, the
United States cannot but feel the
hard. laborious payment, even assum-
ing that American financiers and in
dustrials will be equal to the compe
tition which they must meet. marked
ly in the Britisher who, just now. has
not the money OF the American, but
has the longer and superior expert
ence in world trade and finance. The
sudden shift of the latest Belgian loan
from New York to London is indica-
tive of the suggested rivalry
Massive Immigration.
Undoubtedly there will be as mas
sive immigration as the Government
will permit. AS always, laborers, ad-
venturers and cosmopolites will flock
to the land of PROMISE: their migra-
ton this time will be the more i'm
PEELED by the misery in the stricken
lands Correspondingly. emigration
will be limited. That which induces
people to come Mere will prevent
their analogues from returning. The
alarming estimates. made View
months ago Of the exodus of the alien
workers arc refuted.
But exports will decrease and i'm
ports increase. Europe, to survive.
must soon buy as little and sell as
much as possible. In time the trade
balance will be in favor OF Europe.
In year 81 within eighteen months
Europe will cease to be a customer
of the United States in the present
understanding of that term; which
implies less manufacture here to-
gether with an increasing redund-
ancy of labor and machinery. unless
South America and Eastern Asia
may be substituted for Europe as
equal absorbers of American prJ1-
ucts. which is stiff contingency.
since that trade will be contested
by Great Britain also, provided the
British can arrange for world-hnsrce
with reasonable promptitude and re-
mapped Europe remains set.
Clause Is ProvisionaL
The latter clause, II must be
quickly admitted, is provisional.
Mr.. Mssaryk, of Prague. who makes
a speciality Of small nations. now
computes these at sixty-eight and
divides them into twenty-e'ght
states OF which seven alone are ho-
mogeneous. In each of the other
twenty-one there is an Ulster or a
whole Ireland, or A former Poland.
All have sensitive toes, easily trod-
den on.
Whatever the outcome politically
and socially in Europe-pace League
OF NationS--whatever portion OF
South Americas and Eastern Asias
trade the United States secures. the
hectic economics which New York
city typifies at present cannot well
be permanent. A SOLDERING reaction
is inevitable either late in 1920 or
early in 1921.