New-York tribune., 1920-02-16

motto in German, The world is our
field.' The Germans are out of the
race for a while, and it is now our
time to say, The world is our field
In our business here we're busy and
we are going to keep busy.
Regarding the possibility of Ger
man competition in the export field we
must remember that Germany has no
ships - and she is restricted by the
peace treaty in respect 20 building
ships. Germany will have no money
either if she pays the reparation bill.
1t is right for the Allies to trade with
Germany now and help the country set
to work.
England, France and Italy will not
be able adequately to rehabilitate them
selves unless they help Germany, Aus
tria and the rest of Central Europe,
which, in the future, should buy the sur
plus materials of the Allies Germany
is going to be the buyer now, instead
OF the seller as formerly. But you
don't have to worry about the German.
He will take care of himself"
Incidentally, Mr. vauclain said he
understood that Belgium was excel
lently on the road to normal economic
life, and felt that the whole of Europe
was beginning to improve.
Getting back to his observations of
French conditions, Mr. Vauclain said:
Il never before saw France so en-
ergetic. The common people, who do
the work, put the country in order and
make things move, are going forward
and look determined. Those who ed
to make their living out of the multi
tude may be grumpy, but that is good"
After explaining his plan for fnanc-
ing European trade, he touched on
American conditions.
This question led him to a new
tangent: do you think, Mr. Vauclan
that the United States is now on the
verge Of serious industrial depres-
sion, resulting in part from diminish
ment of the stimulus of European war
and afterthewar business ?"
Industrial Depression
Talk "All Rot" He Says
This talk of an industrial depres-
sion," he replied, "is rot. We're going
to have the busiest kind year.
ter year than 1919. We've already got
our full quota, based on our expecta-
tions. And we're going to strengthen
still more"
What proportion of your productive
capacity is now being utilized ?" the in
terviewer inquired.
I'VE are now running rs per cent
Of capacity-as fast as we desire for
the moment-and approximately 70 per
cent of our present activity is on for
eign orders. Recently we have been
getting larger proportion of domestic
orders, but this does not yet show
up fully in the actual work under way"
Mr.. Vauclain was asked about the To-
comotive needs of the American rail
roads. He replied:
when the railroads come into the
market we shall be ready for them
| but we are not depending on them. We
are busy developing business in the
oHer fifteen -sixteenths of the world.
THE country really needs about
1000 locomotives as soon as it can
get them. If orders for this number
are placed to make up for. the lack
of buying in recent years, The equip
ment is this particular will be in
pretty good shape, but the effective
tives will be still greater in 1921. AS
matter of fact, the American rail-
roads will have q hard time getting
all the locomotives they require built,
as the locom olive works will be busy
with foreign orders. / cannot depend
wholly on the fckleness of domestic
buyers. What l want primarily is
uniform employment for my working
men--all the year round"
Asked what the effect of the critical
situation in the foreign exchange mar
ket had been upon sales in recent
weeks, Mr. St. Phales replied: "Our
| sales to Europe have never been as
large as in the last six weeks at any
time since the armistice. Great Brit
ain, Spain, Belgium, the Scandavian
countries, France-in fact, all of Eur
ope except the former Central Powers
and Russia-are already among our
"All we purpose to do for France is
to supply what the French people ask
for. England has recently been buying
many parts from US. We realize that
England and France eventually will be
able to take care of their own needs
and have a surplus of locomotives for
export to their colonies. We feel, how
ever, that we can meet foreign COM
petition. In the pre-war days American
portunity in foreign trade as now con-
fronts them because they lacked capital,
they lacked ships, and they lacked con-
fidence, all Of which they now possess.
Before the war our concern never
made an organized effort to get foreign
business. Now we consider the whole
word our customers, and besides Euro
pean trade we are now filing orders
from Argentina, Brazil and other South
American countries, Cuba, South Africa,
fifty locolmitives for Egypt, Japan,
China and Australia. We feel already
that we have found our market"
The directors met Friday to approve
the annual report of the president for
| 1919. It was said in the offices Of the
company that it will not disappoint
any one interested in the affairs of the
company Mr.. Vauclain, however, pre-
diets next years report will be mucn
better.
Mr.. Vauclain has previously crypt
caly set forth his attitude toward the
European credit situation. and, accord
ing to his friends, his views were mis-
understood.
EuropeAns Want the Help
OF u. S. ON Reasonable Terms
"The Europeans" Mr.. Vauclaip ex-
planned, when asked to define more
clearly his credit policy, "know what
they need. and they want our help on
a reasonable basis. II the French can