Evening star., 1920-10-17
lights. why didn't we do

hack to rights why didn't we DO
ito Simply because the number of
tionships was too few to enable the
thing to be done. The available cap
ital was insufficient. The 100000
900 borrowed by France costs over
9 per cent interest. and If the offering
had been $500, ,000. 900: nobody can say
what the rate would have had to be
to bring the subscriptions. 1t would
have been an impracticable attempt,
and England chose not to enter the
market at all. The trouble is that
we are not accumulating capital fast
enough to play the helpful part in
world affairs that we ought to fe
playing at this time. We ought to
he granting credits to Italy. Germany.
Austria, Poland. Czechoslovakia and
other countries to enable them to
buy raw materials for their Industries
and get back to steady work. AS
people we are spending too much or
unnecessary things and investing TOO
much in unnecessary and often III
advised enterprises, like some OF the
companies in the west referred 70
waste is going on while the world So
ciety seems to tremble upon the very
brink of dissolution for lack of ef-
fective cooperation"
VIII BE Considered.
This great convocation or bankers
has several subjects to take up Tor
thoughtful consideration.
Richard s. Hawes. president Of the
A. b. A., declares that thrift is the
most important factor-need, II you
will, in America today; thrift that the
wherewithal in new capital may De
found to further our exports to Eu-
rope. through the purchase OF fore1gn
securities-not government securisles,
but the securities of solvent corpora.
tions."
From all sections Of the country ef-
forts at aiding Europe to rise are
being talked of and much may be ex-
pected from the proposed 500, 900, 000
bank which the United States Cham
Der of Commerce and the A. B. A.
are working to bring about.
Charge 1t to Taxation.
That there is a shortage of new
money at this time is largely due. ao-
cording to the theory of financiers, to
the taxing system asit stands today,
This, too. will be bEought up at the
A. b. A. convention. where the Off
cials Of the association are working
full force for the abolition Of the ex-
cess profits tax and substitution OF
commodity sales tax.
Great Britain and the world gem
orally gave the United States the
wherewithal needed in the develop
ment of this great nation to it's out
lying borders. through the enormous
purchases of American securities.
which again stood the countries of the
old world in good stead as their cash
source during the wars demands via
sale in America.
Moving Along Steadily.
In the meantime the steady march
Of commodity prices down the de-
cline continues. Sometimes it is at
tended with rather startling develop
ments and is not as slow and stately
as business men desire.
Wisely managed corporations have
done everything to reduce their in
ventories, but many have been caught
with large stocks which need hnanc-
ing to care for-and new financing in
these days must be paid for-al-
though at price it seems possible
to dispose Of almost any amount OF
securities.
It has looked during the last few
weeks as if money were coming out
decidedly more freely. and it seemed
to indicate that the would-be investor
feared the going high rates were
near the end of their rule.
Fills Vacancy ON Board.
The Columbia National Bank an
nounces the appointment of John N.
Swartzell as director of the insti-
tuition to fill the vacancy caused by
the death of his father, George w. +.
Swartzell.
Calls for 81 ii Per Cent Payment.
The Secretary of the Treasury has
called upon banks holding proceeds
of the September Is sale Of Treasury
certificates to pay into the Treasury Dot
later than next Tuesday 50 lis per
cent of the balance Of such funds
in the banks.
Local Securities.
The past week has witnessed q sharp
upturn in the typesetter atocks. but
elsewhere there have been no important
changes Earnings are said to be very