New-York tribune., 1920-02-16
Talk Of Industrial Depres-
sion Rot Says Samuel NJ.
yauclain. Who Insists us.
Field Is the Whole World
Marvels at French Spirit
Believes Europe Will Con-
tinue TO Buy Here Despite
Disparity in Money Value

" Vaucain, president Oh the baldwin
,oeomo.ive Works, is out Of sympathy
With the pessimists. He regards the
,,oom that has been prevalent in the
snaneisl marts as largely artificial.
and is himself an .optimist without
reservations regarding the business
ou,look. In setting forth his views
,or The Tribune he indicated that he
;s "bull" on France particularly, that
hs is not alarmed about the critical for
s;gn exchange situation and that he
sxpects the volume of business Of the
Baldwin works to be much greater this
year than last
The locomotive builder has recently
returned from France, which he visited
Tor the first time since 1915. Before
the war he had visited the country
frequently. Though a native of AL
toona, Pa, he is of French ancestry.
he reports that he never saw the COM
mon people of France more energetic
than they are now, and declares that
Americans do not have to worry about
that country, for France is on the
mend
France" he said, in dismissine
the view that the countries Of Europe
are in desperate straits, "has made
more progress in construction in one
year than our own South made in
twenty years after the Civil War. For
France is victorious and hopeful, and
her people are looking forward to a
great future for their nation"
Believes Common People
OF Country True Index
vigorous gray-haired man Of
siyty.two, MIR. Nauclain is known to
bis close associates as keen OBJ
server. For one thing, he requires
compsratlve.y IS little sleep-four hours
usually satisfy him. Thus he gets
time to look around when he is abroad
and mingle with all classes of peo-
pie. H does not believe one can feel
the pulse o. 4 country by visiting the
art museums, the opera houses, the
stock exchanges and the banks. He
thinks that one can really get close to
national situation only by observing
tne temper OF the common people.
In discussing his ways the head of
.he great locomotive works remarked:
I'm great fellow to nose around
among common people. think Abraham
Lincoln was exactly right when he
sad that there must be some good in
hem lthe common people, or the
good Lord wouldn't have made so
mlny of them.
The plain folk in France can now
Be seer Derpetually with smiles on
,heir faces, and they seem not to
sve earn about their troubles. They
are getting furtte~ ahead every day,
and the economic situation is steadily
improving
"ln Paris saw less evidence of crime
man In New York Phi adelphia or Chi
cago. The people of the city never were
Oh better behavior for twenty years
before the war. In the business district
cr in the Latin quarter-anywhere in
Pafs-one finds the people busy and
energetic.
The French unmistakably have de-
termlned to get on top. They are the
'lctors, and in two, three, four, FIVE or
six years they will get there. All they
need is to accumulate little.
They left no doubt in my mind .as to
wnether they deserve our confidence.
Sy Jove. I'd give them any credits they
| want, They need raw materials and
| some manufactured goods, but will only
| buy what is most needed.
Expects France to Export
Some Grain Next Winter
And in the agricultural districts
/ s0ndltlons are surprisingly good. III
bet France will be in a position to ex-
port grain in the winter of 192O-1921." !"
Exchange bankers attribute the low
Value in terms of dollars to the fact
mat france is importing more than she
exporting and to the fact that the
sovernment's expenditures exceed the
'e'ehues, making it necessary to create
money by printing press methods and
mus to heighten imitation. If France
could export grain next winter it would
Oe very hopeful sign of the country's s
economic recovery.
- france will come up all right" Mr..
sauclan insisted, testifyng that,
broadly speaking, every one in France
u now energetic and anxious to put
us shoulder to the wheel. There is
"Vevldence Of laziness there, he said.
Mr. Vauclain contended that the
uahEers and others were making too
Evaen OF the curtailmcnt Of trade with
europe which, it lie expected, will re-
sa.l from the depreciation of the for
Ign currencies. He pointed out that,
s.spl'e exchange rates, Europe will buy
osre essentials in this country. be-
@Ise, sh, IN his phraseology. it is cheaper
ssy Ssuy wheel to repair a watch at an
@Navagant price than to wait for
ower prices for the wheel and mean
"ne lose the use of the watch.
| borrower, the locomotive manu-.
.sc'urer, who can still tinker with en-
s.aes and Immediately find what ia
"rohg in case he happens to be q pas
s,sager on train hat gets stuck, said
aat Europe is not our natural market
lu. llSi many kinds of manufactured goods
w.. W.. IN normal times will be our COM
ses'or pe He regards selling to Europe
| sJ; ay" as phase of the after -the-war re-
( sayustment, but feels that the perma-
n.n. foreign trade of the United States
I" the world.
o... 90 not care for European busi-
tssss, the blue-eyed veteran of indus.
y! snapped. "If Europe had the cash
Ssppayy psy ! would not accept more than
s.VoVO0O Of European business this
mar. mar Nor do l want the regular en-
imwsmient of my men to depend or
os,.s,s'can orders alone either. I am
sssnhe my business from all parts OF
bn. bM. world. l believe in going after the
S.'ness. When we desire a glass OF
sn Hser we do not sit down, hoping Il
sla. lm come up the pipe and spill into a
he a's' and automatically move over to
~o We