The Birmingham age-herald., 1921-01-29
Daily Financial Gossip
By HOLLAND

| New York, January 2s.-(Special.) )-whc
 can reach well Justified opinion respect
 Ing conditions in Germany as long as
 some of the expert authorities are in
 such wide disagreement upon the Ger.
 man situation. day or two ago a re- port came from France based upon the
 expert opinion of Professor Blondel tell many which, if the report is accurate, would justify the opinion that that na- tion is in more healthful condition than any upon the European continent. Rela- lively speaking Germany would appear from this report to be as well fortified for industrial. financial aud other ad- vance as is Great Britain herself Professor Blondel asserts that Ger manys wealth is practically as great as it was before the war was declared, but that by skllful subterfuge this wealth is concealed. Blondel furthermore declares that Germany can Immediately Ipay France it's claim for damages, be- cause in Germany industry is rapidly gaining normal conditions. and 1t is stim- ulated by foreign exchange which favors exports and also by the adoption of the trust method to an extent far greater than were the trusts which were tablished in the United States before the antitrust law was passed
 This is important for the United States because it must be reported that this country is giving great heed to the op- portunities for trade with Germany which are now open But it is not the view which is taken by our own eX- pert authorities. These have been SUD- piled with what should be authentic in- formation respecting German conditions. The National City bank, for instance, IS in close touch with the situation both in Germany and in the other nations of the European continent. The information which the managers of this institution re- ceived from their correspondents in Eu- rope Is regarded as reliable. Based upon this information this bank reports that Germany continues to be in an unsettled, even in an agtated state. It bases this statement upon several facts First of all, the harvests of last year were not even fair. On the whole they were poor Therefore, Germany stands in need of food and looks to the United States to furnish this aid, as well as much the greater part of the raw materials that are needed there. But Germanys exports are not large enough to pay for these commodities.
 Then, again, the industries are not oper- ating sufficiently to meet the needs of the German people, and if this cannot be
 
 mites which will be exacted be met? The government revenues are inadequate ana for that reason the currency continues to be inflated by paper money. The rail- roads are running steadily behind ana constitute heavy burden upon the pub lie treasury.
 QUESTION OF INDEMNITIES
 It Is true that there is now reason able ground for the expectation that the i,,,la he dnfi mi fol and that the aggregate will be so small as to encourage the German peol<e to undertake speedy payment. At present however, according to the information received from the correspondents of the National City bank, the situation in Ger many is very gloomy, and 1t affects the entire European situation as 1t also at- fleets the United States.
 Here, then, are two reports which are radically different Professor Blondel is recognized as a competent expert. lie stands at the head of the school of eco- monies and political science of the Col lege of France. He has spent some months in making an investigation into the German situation, having given spe- cial attention to the industrial centers Of Germany. According to this report Ger many is not poor, but is abundantiy able to make indemnity payments. He suspects that evasion and concealment are practiced in Germany in order to deceive the allies. a,
 On the other hand, the National City bank feels justified in reporting that the German situation is very gloomy, and that this depression is affecting the en- tire situation throughout Europe and Tn the United States.
 What is the truth? One of these re- ports must be cast aside as unworthy or credence if the other is accepted as ac- curate but which report is inaccurate? However, as long as doubt exists, just so long will the situation remain critical.
 Apparently Americans have faith Ill Germany, believing that if patience IS practiced and financial aid and credit are