The Washington times., 1919-12-31

NEW 1oRh. Dec. 0l.-Ihe past
year, which normally should have
been the reconstruction year." fol-
lowing the great war. with adjust
ments back to a peace basis in the
business, financial and industrial
world. has been marked by labor
troubles and financial problems of tn +,
first magnitude. In normal times of
peace they might have led to a panic,
but the United States is emerging
triumphant, and the outlook is full
of promise
These troubles. which have so
greatly retarded a return to normal
conditions. have not been confined to
any one couLtry. They have virtu.
ally been world wide. But in the
United States they were emphasized
by the fact that Europe had been
looking to this country to take a
leading part in the rehabilitation of
the worlds trade and industry
The delay over the peace treaty,
which eliminated in the United
States in the rejection of the treaty
by the Senate il. November, created
an atmosphere of uncertainty which
was felt throughout the whole realm
of business
Labor World Unsettled.
Labor unrest, accompanied in some
quarters by threats of Bolshevism
has caused apprehension in both
America and Europe. Hasty steps
nave been taken to combat 1t on both
sides of the Atlantic. The fears were
about equally divided. Europe knew
that tie-up Of American industry
would prevent shipments of goods
that Europe must have il she is to
recover. And America knew that
industrial paralysis in Europe would
choke off production that must be
forthcoming if commerce is to be sta
bilized and the exchange rates re-
stored to normal.
The high cost Of living has been
problem everywhere and has contrib
uted to the general unrest.
However, these were difficulties
which economic experts promised
would be naturally adjusted If pro-
duction weer increased in every
branch of activity--industrial and
agricultural.
There has been a curious intermin-
CLING of business and politics in this
connection, but there are now evi-
dences Of cooperation between the
two factions of our national life in an
effort to allay national unrest, which,
If not checked, might prove fatal to
both.
American business interests have
been doing their utmost to take ad-
vantage of foreign trade openings,
not only in Europe, but in the Orient
and South America.
Great Loan to Europp.
y. Paul stamm, leading New Yprik
ba anker. advocates great loan to the
continental countries of Europe.
better OF that she could get along
without outside financial assistance.
Steps have been taken by a group
of bankers to remedy this state of af-
fairs. A national committee on Euro
pean finance has been formed, with
Harry A Wheeler, a Chicago banker,
at its head, to study European prob
lens and see how best to supply food
and raw materials on long time cred
its. Another relief suggestion was to
allow Europe to postpone for FIVE
years the payment OF the interest up
on the s9,647,00O. 900 borrowed in this
country. A similar proposal has teen
made in London relative to the post
ponement of interest payments upon
the money advanced by Great Britain.
The crude oil production of the
United States reached the stupendous
total Of 3s.4s7 900 barrels in the
single month OF September The sill
yer mines OF the West have been un-
able To cope with the tremendous
foreign demand and tho metal has
been selling around $50 an ounce.
| tho rI-'-ea' >-i"~ L.,c"y., foe % N"-r =.
.