The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1920-09-04
GERMANY BEGINS TO
REALIZE. WHO LOST
The EUROPEAN WAR

NEW YORK, Sept. 00.-Germany
has at last come to realize that i.
lost the war. according to E. W. Stet-
son. vice president and member OF
the managing committee of the Guar
anty Trust Company. Mr.. Stetson re-
ports that the atmosphere of Germany
is pervaded with pessimism, but he at
tributes that sentiment in part to an
effort to get the allies to mitigate the
peace terms. With Marold Stanley,
another of the vice presidents, Mr.
Stetson recently returned from a two
months trip to Europe, in which the
two bankers made survey of condi-
tions in central and western Europe,
says the Tribune.
Underneath the dark surface" Mr.
Stetson declared in statement,
there were many indications that the
Germans were confident of their
ability to come back and do not
realize themselves what long jour
ney that must be. Her greatest eco
nomic difficulties are currency infla-
ton and lack of raw materials. How
these problems are to be met 1t fs
rather difficult to see clearly.
There are these reassuring sides
to the picture, however: Germany's
agricultural output is being stimu-
lated in every possible way and large
crops are assured. Her industries
were not destroyed by the war and
are productive and efficient, needing
only raw materials to supply them.
Her people are Industrious and thrifty
and glad for the opportunit to worK.
Undoubtedly there will be numerous
changes before any definite political
status is fixed, but through it all
German thrift and commercial instinct
will endure and ccomplish important
results. l learned that radical steps
toward decreasing their present infla-
tIon and meeting fiscal problem are
contemplated and will go far towrd
the work of restoration.
Austria Crushed
Throughout middle Europe there
! is much confusion, and it is difficult
to make definite statements about
conditions. Austria is, for the pre-
sent at least, crushed, and there is
| little semblance of industrial or pro-
ductive activity. 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 hatreds which
exist throughout middle Europe have
not died down and, in fact, seem to
! have been 1nflamed by the war and
the readjustments following it,
''In -Slovakia the idealists
and dreamers, who were largely in
strumental in working out the poll
teal readjustments, now realize that
| the practical readjustments are much
more difficult and that the making OF
nation is a long process. Agricul
| tural production there is good and
the financial institutions are in rela
| lively good condition, but the work OF
unifying and organizing the life of this
new nation, Of course, presents diff
ficult task and it is too soon to make
any predictions concerning it.
From Jugo-Slavia, Greece, Hun
gary and Roumania various reports
are heard, but in all these countries
the problems of reconstruction are
dominant and their solutions have not
yet been worked out. The breaking
up of the Austrian empire complicates
the situation for all of the constituent
and contiguous countries.
italian Situation
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 a surplus of nothing but
labor, and that is problematica
economic asset under existing condi
tions there"
In discussing the situation in west.
ern Europe, Mr.. Stanley said:
! "One finds more of reassuring na
ture in the developments of the last
year among the allied countries
Englands courageous and far-seeins
policy, in spite of serious political
problems throughout the British EN-
pire, is bearing obvious results in the
restoration of credit and business
activity generally. Her firm tax pro
gram and her logged determination