The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1919-05-30
Business and Finances
By w. S. Cousins Editor American ,8enker


place United States shipping in priv
ate hands; return of telephones and
telegraphs3 putting the army and
navy on a peace basis with which is
associated the question of military
training and preparedness; recon-
struction of revenue laws and reduc-
ton of taxes; new immigration law to
meet conditions developed by the war;
protective tariff to shield American
industries and preserve standards of
living
Internationalism
Americas participation in the war
gave her an opportunity to vindicate
the great principle of international
trust and brotherhood but present
world conditions are such that Amer
lean resources are needed in the re-
Mobilization of the stricken countries
of Europe. In many respects our par
ticipation in European affairs has
just begun and we now face the great
est responsibility in meeting the fl
nancial and other needs of Europe
during the years of reconstruction
that are Immediately ahead. At the
same time the successful fulfillment
of this responsibility will bring with
it the greatest possible reward
There has just returned from Eu-
rope number of prominent Amer
lean bankers and economists who have
been engaged in minute examination
of financial conditions on the other
side. The party includes Frank A.
Vanderlip of the National City Bank
of New York: Henry P Dawson. Of
the Morgan Co.. and others. Mr..
Vanderlip is emphatic in his state
nents that only American wealth and
resources can save MANY of the coun-
tries of Europe from economic coll
lapse and that we must point out our
credit unstintingly if we are to be of
service in the dark hour of Europe's
history.
While. emphasizing the response
bility of the United States to the
world in this critical period, Mr.. Van
derlip is not pessimistic of the re-
suits. "If America rise to her duty"
he said, II am very optimistic over
the outlook. The thing is too big for
me to dwell upon, but l am greatly
impressed with the tremendous
thing that has happened in Europe.
1t can be saved, but it is up to Amer
lea to- do it.
Europe has got to be looked at as
a unit, not as made up of individual
countries. If some countries are help
ed other may be left stranded. We
must pull together in reconstruction
las we did in military work. This is
not going to be anybody's game, but
everybody's duty. 1t is not only the
bankers that must concern themselves
with the reconstruction of Europe
but business men over here must ap
preciate the necessities of the stu
alton and extend helping hand t.
the war-ridden countries"
Business Adjustment Satisfactory
Reports to the Federal Reserv,
Board from the various centers con
firm the rapid readjustment of bust
ness to new conditions and especiall
to the new price basis. From ever
district comes an indication Of the in
lcreased activity of trade due to tn
revival of purchasing under the pros
lpective great increase in agriculture
output. The general disposition t
abandon the attitude of hesitation an
postponement, which has been cha,
acteristic for some time past. has rer
dered the question of control {
prices by public authority less urger
than it seemed to be few week
ago.
What is now happening seems I
indicate that business will. after
; period of initial readjustment
prices. proceed upon a level not {,
I removed from that established durir
the war. leaving the question as
the ultimate level of prices to the {
ture and to more slowly acting force
: The problem of strengthening Il
! lstructure of credit and of eliminatir
: from that. structure all elements
$ weakness will then continue as a pc
: manent factor in the situation. pen
n ing the time when banking polici
X have been SO developed and appli
y in practice as to bring about the RI
, toration of prices to a stable and nc
NAL basis.
in There is considerable speculation
Of to the course of steel prices. The gt
eral opinion is that advances abe
IS the quotations agreed upon with ,
ne industrial board are certain. On
Igiother hand. there has been some pr
be cutting. also some advancing of q,
he Itations. In general. however,
es prices of the industrial board are
pit ones which predominant. Promin
he steel men think that higher prices
he tali steel products will rule before S
pA TENDER. This presupposes that b'
mess will be on a large scale at t
ID time. for il is quite improbable I
is prices could be advanced out of p
aviportion to demand. 1t is expec
,e- that heavy foreign buving win ha
TO developed by fall Increased dem;