Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-09-27
GOSSIP OF
THE STREET

The president Of one Of the large,
downtown banks, VINO returned last
week from an extended European trip,
brought back with him very interest
jns booklet Just issued by Sir George
paisch under the caption of "The
World Crisis--A Suggested Remedy"
In brief, Il Is plan to overcome the
economical and financial danger, and
to restore the exchanges. Because Of
Sir Georges intimate knowledge Of the
European financial and economical stu
alton his views naturally come in for
serious consideration.
In discussing this intricate situation,
Sir George says:
Economically, the war has had con :
sequences which cannot be easily or
quickly overcome. First, IL has
caused a great curtailment Of the pro-
ductive power Of all the belligerent ma
tions. No less than 10, 900 900 OF the
most able bodied men Of Europe have
been killed or have died Of disease and
many millions have been 80 severely
wounded that their labor will be perma :
nently lost. This factor alone is re-
sponslble for considerable decline in
productive power and can be overcome
only as children grow to maturity. BY
reason of the underfeeding of children
population Of the greater part OF
Europe the process Of restoring pro
ductive power Is being further DELAYED.
'.The second factor is the exhaustion
caused by the war and the inability OF
the great mass of the people of Europe
to exert the energy they displayed dur
Ing the war, especially as the conditions
Of the peace have given them no fresh
stimulus to action. The prospect OF
making reparation payments has tended
to paralyze the peoples of the Central
Powers while the prospect of receiving
reparation payments has paralyzed the
people of France and Italy.
THE third Is that the great mass oi
the people of Europe learned during the
war the value Of their labor and ar,
no longer willing to work long hour,
for a mere pittance. In every countr,
there are demands for higher wages
shorter hours and better conditions.
The fourth is that, with taxation 81
burdensome and with production s,
deficient, the supply of capital every
where Is inadequate to the need.
Thus Europe Is face to face not onl,
with greatly reduced productive power
but with no prospect Of effectively re
storing II until, in some way or other
conditions can be changed.
Compared with pre-war conditions
Europe's productive power has been re
duced between 80 and 40 per cent, Will,
its desire to consume has increased rath
er than diminished. Moreover, the peo
pies of Europe, capitalists as well az la
borers, have an exaggerated idea Of their
power to purchase, brought about by tn
immense profits made during the war
as well as by the great advance In tn
rate Of wages. Thus, while the quantit.
of things available for consumption ha
greatly diminished, national purchasing
power has increased enormously"
Car. Building Statistics
Statistics regarding the number O
freight and passenger cars delivered Il
the railways Of the United States b,
the car building companies during tn,
first seven months Of 1920, and tn,
numbers on order with the carbuilderi
but undelivered at the end of this period
are published by the Railway Age II
its current issue.
when the year opened. the car
builders had orders from American rail
ways for only 24.s16 freight cars ant
407 passenger cars. The number OF
order and undelivered increased steadily
until at the end of July it amounted t
5O,275 freight cars and 81 passenger
cars. The steady increase in the mum
Der on order and undelivered Is OBJ
yiously due to the fact that the builder,
were constantly receiving orders faste
than they were turning cars out. /
Is significant that in April, when tn,
effects Of the outlaw strikes were fell
most by all industries, the output O