New-York tribune., 1920-03-05
"unlisted. tsells cents per share.
Europe Fast Coming
Back, Sisson Tells
Canadian Bankers
Says Continental Observers
Fail to Appreciate Part
Y. S. Has Played in
Financing the Old World

1OhONIO, March 4.-Francis II.
Sisson, vice-president Of the Guaranty
Trust Company, Of New York, in an
address here tonight declared that
Europe was coming back. He was
speaking at the annual dinner of the
Dominion Mortgage and Investment
ASSOCIATION at the King Edward Hotel
Europe has not succumbed to it's
economic catastrophe. And have
faith enough-blind faith, if you will
to believe that it will not succumb.
Late last fall there were many dire
prophecies about the economic doom
which impended in Europe; it was
feared by these prophets of gloom that
as a consequence Of a cold, hungry
winter Bolshevism would sweep
through Europe and then spread in the
Western Hemisphere. It is curious to
Kussla is seeking peace to-day and is
Tar more anxious to establish com
mercial relations with the remainder
of the world than the remainder of the
World Is to do business with Soviet
Russia. In other words, Bolshevism
has discovered, if our prophets of
gloom have not, that Western Europe
does not intend to succumb to it, and
sun more important, can do without
Bolshevistic Russia easier than Bo!-
shevlstlc Russia, with its starving
millions, can do without Western Eu-
rope.
Reason for Rally
"The betterment that has been ac-
complished in Europe since the cessa
ton OF hostilities has been due chiefly
to the TACT that that continent has been
able to command the raw materials of
the remainder of the world and to bend
It's energies to the production Of es-
sentlals--to work. 1t must work still
harder.
Even Soviet Russia is beginning to
understand that and to appreciate the
necessity for work 1t is anxious to
exchange its gold-the crystallizcd Ia
Dor Of Russia--for locomotives and oth-
er railroad material in order to bring
the supplies of food to the urban popu-
lation. And Soviet Russia, in despcra-
tion, is turning it's soldiers into la
borers. There is no substitute for
work
among the former European bel
ligerents, Great Britain is, of course.
indisputably in the best position. Her
industry has made enormous strides
during 1919, and her foreign traders
and bankers have made notable progress
in the worlds markets. in spite of
certain hampering obstacles. The
British LXchequer has laborcd under
tinent, has clearly underestimated the
necessary outgoes. The elasticity of
the British taxation system has, how
ever, come to the rescue of the govern
ment to certain extent, and it now
seems clear that the record which will
be made in the coming fiscal year will
be far more satisfactory than that of
the fiscal year just ending.
The Continental View
Among the continental belligerents,
the difficulties to be surmounted have
IN some cases, proven quite insuperable
For this. the prolongation of the peace
negotiations has been in part to blame
Part of the difficulty, however, in some
cases large part, has resulted from
the inability or unwillingness of some
Of the peoples of Europe to face the
facts. They have preferred to accuse
'heartless America of being 'gorged
with the fruits of victory and refusing
tory
They forget that the people of the
United States in absorbing s25 900 ,OOO,-
600 Of government securities during the
war provided $4,000, 100000 in credit
TO Allled governments, on which in
terest will Be funded for the next three
years. They forget that approximately
$4,000. 100000 of such credits were adj
vanced after the armistice; that they
took back $4,000, 100000 worth of Amer
lean securities held abroad; that loans
to foreign governments totaling several
billions of dollars have been made
through private channels; and last but
not least, that American merchants are
L tO-Nl n of Il H.,
Of credits for European customers to
whom goods have been sold--and, of
course. the American money market has
to carry this load"