The Washington herald., 1919-06-27
financial News-New York and Local Markets

money metal Our stock OF gold u
increasing. We are likely every year
to add to 1t by Imperative imports
of gold and will undoubtedly increase
our store of gold In the year 1919
by not far from a hundred millions
taken from our own mines.
Our Other Advantages.
We have. however. in Mr.. Wander
lips opinion other advantages. ex-
ciusiveiy our own, upon which we can
rely for the maintenance of our finan-
cial prestige. There Is no doubt that
we are to enjoy for a long time a
foreign trade vastly SURPRISING any
heretofore possessed even by Great
Britain. Trade of that kind will tend
all the more surely to maintain our
financial supremacy.
Mr. Vanderlip, however. believes. as
in fact do all OF our Industrial and
financial leaders, that II is essential
II our International trade be of the
highest benefit to, us that in addition
to selling heavily to people Of other
lands we should also buy heavily of
the commodities which those people
have TO sell. In other words our i'm
ports should gradually but surely tend
approximately to equal our exports.
II We bring Europe to normal con-
ditions, and that is something which
Mr.. Vanderlip and other leaders are
sure that We can do. we are to stand
forth proclaimed. perhaps grudgingly.
by other nations but certainly pro-
claimed as a nation which Is the
reservoir OF worlds credit and which
is the worlds store house of raw
material. Never before has any ma
to-, -. A.N nd n
there be wisdom II is a position which
will be found to be impregnable.
The Question of Production.
Into the single word, production"
may be compressed all the reasoning
necessary to base prosperity upon
both here and in Europe. II Europe
resumes production. increases IL,
speeds II up to the highest possible
point and IL the United States does
the same thing then there will be
mutual benefits: for our markets can
take the surplus production of Europe
and their market can take our sur
plus production so that there will arise
no danger OF over production. Then.
too. production, in Mr.. Vanderlip's
view. as well as in that of others
who have given much thought to
present day conditions, will go far
towards solving perhaps the most
crucial situations of the time and that
| is the relation of labor to capital
, Mr.. Vanderlip emphasizes as Judge
i Gary has done. as John II. Patterson
of Dayton, Ohio. has done, as we'll
as other industrial leaders. the neces-
sity for bringing all of those who pro-
duce whether they work with their
/ brains. with their capital or with
their hands. into such community of
interest and into such community of
humanity as will make it possible to
secure the highest productive output
at the lowest possible cost while at
the same time maintaining and as
| the occasion arises increasing the
share which those who are employed.
receive.
Mr.. Vanderlip believes that the
greatest question in the world today.
not only for the United States but
/ In other nations. is such adjust stment
of differences between capital and
labor as will supplement the other
marvellous resources which the United
States possesses with another namely.
harmony and good will between those
who labor and those who pay that
labor.
HOLLAND.