New-York tribune., 1920-07-09

r. W. Stetson Finds Pes
simisna In C . nstra l
and Western Europe; !;
France lis Recovering

Germany has At last come to- realize
that itSlost tho war, according to q.
w. Stetson, vite-prssident and mem
her Of the managing committee Of the
Guaranty Trust Company. MI. Stst-
son rsports the atmosphere In Ger
many is porvaded with pessimisrn. but
he attributes that sentiment. In part
to an effort to get the Allies to miti-
gate the peace terms. With Harold
Stanley, another Of the vice-presidents,
Mr.. Stetson has just returned from q
two-month trip to Europe, in which
the two bankers made survey Of con-
ditions In Central and Western Eu-
rope
Stetson declared in statement pre-
Indications that the Germans were con
fdent Of their ability to come back
and do not realize themselves what a
long journey that must be. Her great
est economic dificulties are currency
imitation and lack.sof raw materials.
How these problene are to be, met it
is difficult to see clearly.
There are these reassuring sides
to the picture, however: Germany's
agricultural output is being stimulated
are assured. Her industries were not
destroyed by the war and are produc-
tive and efficient, needing only raw ma
terials to supply them. Her people are
Industrious and thrifty and glad for
the opportunity to work. Undoubtedly
there will be numerous changes before
any definite political status is fixed,
commercial instinct will endure and
accomplish important results. learned
that radical steps toward decreasing
their present imitation and meeting
their fiscal problem are contemplated
and will 60 far toward the work of
restoration.
Austria Crushed
Throughout Middle Europe there is
much confusion and it Is difficult to
make definite statements about condi-
tions. Austria is, for the present at
least, crushed, and there is little sem
blance of industrial or productive activ-
ity. The food lines are formed daily
in Vienna to care for the starving and
thousands of lives are maintained only
through charity. The bitter racial hat
reds which exist throughout Middle
Europe have not died down and, in fact,
seem to have been infamed by the war
and the readjustments following it.
"In Czecho-Slovakia the idealists and
dreamers, who were largely instru-
mental in working out the political re-
adjustments, now realize that the prac-
tical problems presented by such read
justments are much more difficult and
that the making of nation is long
process. Agricultural production there
is good and the financial institutions
are in a relatively good condition, but
the work of unifying and organizing
the life of this new nation, of course,
presents difficult task and it is too
soon to make any predictions concern
ing it.
From Jugo-Slavia, Greece, Hungary
and Rumania various reports are heard,
but in all these countries the problems
OF reconstruction are dominant and
their solutions have not vet been
worked out. The breaking up of the
Austrian empire complicates the stu
alton for all of the constituent and con-
tiguous countries. .. -,
Italian Situation
r. "There seems to be no new problem
presented in the Italian situation.
which is still difficult, as the lack Of
coal, due primarily to under-produc-
ton in England and the difficulty of
financing shipments from the United
States, is a very serious handicap.
Italy has surplus of nothing but
labor. and that is a problematical eco
nomic asset under existing conditions
there" '-O'''
In discussing the situation in west
ern Europe, Mr.. Stanley said:
"One finds much of a reassurinr ma
ture in the developments of the last
year, among the Allied countries. Eng
lands courageous and farseeine policv
IN spite of serious political problems
throughout the British Empire, is bear
ing Obvious results in the restoration
OF credit and business activity gener-
any Her firm tax program, her for
elgn trade policy and her logged de-
termination to maintain her nosition
Of financial supremacy are all combin-
ing to speed the restoration of normal
conditions in England. Of course. la-
Dor troubles. decreased production and
political difficulties in her dominions
are giving England great concern. but
the British trait of sticking to the lob
promises to triumph over these diff
cultles and substantial progress over
year ago is evident.
France Recovering
France is rapidly getting back on
her feet. The French peasant is pro-
ducing splendid crops and France ex-
poets to raise enough wheat to supply
her needs this year. The French in
dustrial worker, in spite of sporadic
strikes, is producing effectively, and
the whole labor situation. in fact.
seems to be much improved in the last
few months. The French people gem
orally are ready and eager to work.
France still needs fuel and raw mate
rials, and has great financial problems
to solve, but definite plans can be made
20 meet these problems as soon as the
German Indemnity is fixed; and there
seems no doubt that France will work
out it's future successfully.
Belgium has already moved back
we'll toward the normal Conditions
there have been fully described, and it
seems pretty generally understood that
Belgium perhaps least of all of the ma
tlons OF Europe presents a problem"