The Birmingham age-herald., 1920-08-31

healthful growth of business in foreign
 markets"
 ANOTHER POINT OF VIEW
 One of the leaders ill the market for investment securities whose knowledge of the markets is remarkable stated this morning that che general liquidation
 which we have witnessed in all classes of securities for the past sixty days is
 only temporary. The banks have called
 loans chiefly to finance the crop move ment The closing out. of margin aC- counts and loans on securities has re- suited in the throwing overheard of bonds without taking into account eitheI
 their intrinsic value or their yield. But
 this is a condition which is. only tenn porary There begins to appear certain
 indications of early improvement. The
 business outlook therefore for the fail and winter Is not discouraging. but oD
 the other hand. justifies the belief that
 1t will be good. although Of course the
 feverish and phenomenal prosperity ot
 war days will not return.
 VANDERLIP ANSWERS HIMSELF
 In a statement made by MT. Wander
 lip about the time Mir. Saunders and
 others spoke in terms that were hope
 ful he is quoted as having said that
 the debt of the United States meaning
 probably the great debt of other na-
 ticns to us. Jnd that represented by the
 balance of trade in our favor, can only
 be liquidated through the import by the
 United States of a much geater amount of commodities than we export At the same time :Ir. Nanderlip says the American exports as a class are so anna teurish that they cannot match the exporters of Great Brita-n. Therefore i'll the competition for the world trade the exporters of Great Britain are certain to
 gain mastery over American exporters. But if that statement be true. then Nlr. Nanderlip seems to answer himself when
 he says that the principal way by which the debts of other nations to the United States can be paid will be by the pur- chase and import by the United States of the commodities of other nations. But if Great Britain, and even France, are past masters of foreign trade as com pared with the exporters of the United States. then the reasons are excellent for believing that the imports which MT. Vanderdip regards as essential will. as | soon as economic readjustments have been completed in the United States, far exceed our exports.
 MT. Kahn is quoted IS having said 'the loans which this country has made to Europe are not to be canceled, at least Europe will not ask us to cancel them. But the economic readjustment now in progress upon which in some measure the maintenance and increase of our for eisn trade will depend. cannot be per- fected, according to MT Kahn, until we make a fair arrangement with our debt CTS across the sea by which these debts will cease to be an immediate trouble | some factor and problem i'll the budgets 1 of Europe Mr Kahn evidently is of the opinion that arrangement can be- and probably will, soon be made. Probably he has in mind the funding of this debt 1 into long life bonds. When arrangement | is made it will aid in the readjustment now under way, and we shall then see whether it is true, as MT. Vanderlr says. that our exporters are mere anna teurs as compared with the exporters
 of Great Britain, and also Belgium anc
 France.