The Columbia evening Missourian., 1921-07-20
MISSOURI Man
.JARSLONDON
ON WAR DEBTS
-Play Up and Pay Up Advises
F. O. Watts. Head of First
National Bank of
ST. Louis.
WAS WORLD TRADE MEET
American Delegates Vetoed
ANY Cancellation of Obi
cations buf Prom
ised Help.

1oNDox, July D-Spezkulg tor AHeri-
an business men As the new arblfors Of
International trsde- F. O. Watts. presi-
dent Of the FTrss National Bank Of 81
Louis. threx thrill into the world con
xer,i,a Of business men assembled for
,he annual nee.ing Of the International
Chamber cf Coumrrre- In effect ne told
the deIega.es from the debtor nstions that
their paspIe must play Up and then
paw up- a the only possible policy Tor
fun resumption Of commerce with the
United Ssa:es. Mr. Watts vas chairman
Of the Finance group of the Aneriean
section
The American delegates Included the
fellowing. Harold D. Arnold Fal River;
G. l. Auger. Pafersan; WHY'S w. Baird,
Clreaee: jefferson ". Baker. Detroit;
John Bancroft Wilmington; s c Bar
hour. Cleveland: A. c Bedford New
York: A. L Bieck. Indianapots; Charies
F. Coin. Iadianspohs; L r DAVIS Gle
4eiand; John H. Fahey Boston. Charses
I Ferguson. Cincinnati; EdWard A. FL
oue. Bastsa: Robert Mcbride Grndiey.
Detroit: Clarence r. Howard. 81 Louis;
EeIi1 VI. Mevha.er- indianapolis; Har-
aid C. Msuh0n- Chicago. Warren D.
Oakes. indianapolis; ]. " Perry, Nan
sas CITY: A. Allen Taylor. Indianapolis:
Nsrle Thorpe. Washington. H. c Tor
rznee. Cleveland: F. O. Watts. St Louis:
Tho. Void Minneapolis.
The DELEGATES from the Impoverished
debtor countries were al hrss e4earl. de-
siruos Of seeing some system Of inter
national boekkeeping adopted which
,eua write Of the waT debts. and atse
Of securing from lh- rich creditor ua-
tons. particularly fran america credit
aad capital 10 uader~rife the rehabiliize
iiau Of rheir countries. 1t seemed na-
turaL simple thing TO them the more
simple becsase sf their laek Of apprecia-
t5sB Of the actual position in The United
States.
vhea Mr. Watts explained to them
thai America vas not 50 free FROM the
elects Of the ~ar as they populariy
supposed and further made Il clear that
tke United States had been through a
severe financial aad Industrial erisls.
SHADE Of gissn erept over the debtor
delegates; BIZ: WHEN he said that Ameri-
ca vuuld DO all she coaId in the ress1ra-
tisa 81 the worlds trade they took heart
AGAIN and the Conference resolved L.
self into a group of serioGs- judieious
business men who realized the power
of their united business forces
Few delegates quite understood that
there had beea 4 Reeessar1 defztisn %
currency IN the United Stztes- or that
as consequence Of that defazion there
had been price rooessions which wiped
cut many of the profits that had ae-
cunulzied during the war period Few
q sill appreciated ihs; there were over
three million unemployed in the United
S:zfes-they were Of The opinion that
Unemployment was a European .dIfhcrlty
only-or that the mills and facteries were
largely On part time operation- These
things had TO Be saIt and they had to
be said By one who would say them
with definition but rithoz: pessinisn-
Facts told And e1e other forcefui
thing told Free capital m the United
States. Mr.. Watts showed. will R5w to
the successful competitor for IL And
Is America herself needs over ten bl-
lions Of dolIzrs for the rehabilitation Of
her railways and public utilities. as well
as much new capital for other industries.
the domestic competition will be heavy.
The delegates from the United States
came with fun understanding OF what
.hey wished 10 have done but with no
intention Of dominating the conference
bT weight Of numbers. Undoubtedly they
did dominate the conference hut II was
by weight Of argument. sense and good.
viii AZ international traders ard bank.
ers the Americans surprised everybody
Their ideas were definite. Sus modest
and sheir Suggestions were everywhers
accepted in goodwill and with sati<fae'
iisu-