New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-05-18
Manufacturers
Ask Investors
To Help Europe
Financial Assistance Must
Come From Americans in
Business Way, Not u. S.
Loans. To Be of Real Aid
Own Interests at Stake
Curtailn,ent of Expendi-
lures Urged; Industrial
Platform Is Prepared

Immediate aid for Europe by Ameri-
can investors to help the war-torn coun-
tries recover industrial and commercial
life was urged by the committee on
banking and currency at the opening
of the twenty-fifth jubilee convention
of the National Manufacturers Asso-
citation at the Waldorf-Astoria yester-
day.
The economic and industrial interests
of Europe and America are closely in
terwoven, it was pointed out and I'M
less American investors give assistance
there can be no hope of the restoration
of normal economic life on the Eu-
ropean continent. AS result the
financial and industrial structure Of
America will be unable to complete
It's own program of reconstruction.
This aid, it was emphasized, must come
from the investing public and not from
additional loans by the government.
The convention is regarded as the
most important one in the history of
the National Manufacturers Associa-
ton, because it meets during crisis
IN he economic situation of the world,
and for the first time In the Industrial
history of the United States organized
industrial. as represented in the asso-
citation, will present IAN industrial! plat
form for America" This platform in
cludes panLs covering industrial rela-
uons, transportation, merchant marine,
taxation, government relation to indus
try, immigration, AmericanizatioN.
banking and finance. integrity of the
courts and the soldiers bonus.
Help for Both Parties
After its adoption the platform will
be presented to the national conven-
fions of the Republican and Demo-
cratic parties.
The convention held its first session
yesterday afternoon, and will continue
until tomorrow evening. Men promi-
nent in the nations commercial. indus
trial and financial life will deliver ad-
dresses. Several hundred delegates we're
IN attendance yesterday, and the total
number expected is one thousand
stephen c. Mason, president of the Ma
tlonal Manufacturers Association, is
presiding
In reviewing the present financial
situation of the United States and Eu-
rope the committee on banking and
currency urged in its report volun-
tary curtailment by individuals in con-
sumption and expenditures, so that
there should be no further need for
government loans, with consequent
added imitation of he currency. Coop
Grafton and the curtailment of credit
also were insisted upon at this time.
The payment to America of some
$4,000, 100000 lent by this country to
Europe, and upon which the restora-
ton of financial stability depends, the
committee pointed out, can be accom-
plished only with help from the United
States.
AT the present time" the commit
tee declared, 'the prosperity Of the
United States is intimately assoc lated
with the situation abroad. This is due
to the fact that, on the one hand, we
are large creditors, while, on the other
our foreign trade, which is a matter Of
great Importance to US, is seriously
threatened by the present exchange sit
uation."
The report said in part:
"The rehabilitation of Europe is
important to the development of our
foreign trade European buying power
is temporarily curtaied, due to the
exhaustion of capital resulting from
Ave years of warfare. Even in the
United States the concentration upon
war production has resulted in a con
siderable depletion of our own capital
equipment.
at is of first Importance that the
worlds capital fund be speedily re-
plenished and augmented. New capt
tai, especially for Europe, is the great
need. War for the nation is like riot
Gus living for the Individual Useful
resources are diverted from productive
to destructive ends. 1t is to get its
system started again that Europe needs
captal-needs it to stock up food, tc
supply raw material and to restore its
WORKOUT equipment.
ut is to the United States that Eu
rope is now looking for help. In view
of what we were able to export during
the war there is no question >abou
our fundamental ability to be helpful
But there is serious question as t
our willingness to make the implie
sacrifices and of our ability to con
struct'th requisite machinery to col
lect the capital and to apportion