New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-01-16
R,,siiness Will
Fl,restaH Panic,
Saws T Bedford
,dard Oil Official Is Sure
s'ghat American Leaders
E:s:.f,.n Solve World Problem
J spd Prevent Hard Times
rurope Must Be Restored
q. Time Credits Needed
IN ''hy Nations to Buy U. S.
Goods and Resume Trade

BEDFORD, chairman of the board
! j s;r.ctors of the Standard Oil Com
- ~ New Jersey, addressing the
s~..Nn Chamber of Commerce yes
s s'. asserted his confidence in the
! ' "A of American business to fore
En- manic and hard times.
n ! did not believe" he said. that
...scan business had within itself
6 energy, resOurcefulness, intelli-
e.. .nd power to work out success
En- iss inescapable part in restoring
~. y. .conomic stability of the world
s,'..Aonld be deeply concerned over the
alsnre OF civilization.
d. spr. believing as | do that Ameri-
husiness will meet the situation
ZINC as | do that American bust
80 ean meet it, | have complete faith
-. tbs likelihood that 'ere long the
s.uSs which now hang so heavily over
ss vorld of industry will have been
s-nIsteIy dispelled and prosperity
.ss'n will tread the paths of oppor-
saity"
Europe Must Be Restored
fis,er relating conditions in Europe,
:. H. observed them during a recent
~ Mr.. Bedford said in part:
-sRsfore the people again can resume
...ir normal march of progress real
.ssee must be established and the
.ssssre,nic Equilibrium of the world re-
abolished.
~, 81 -
mi Europe shall be restored to it's
st.ss as producer and consumer,
I'll harmonious relations within its
ar boundaries and with reciprocal re-
atoms with the rest of the world.
sThe second requirement necessary
10 economic stability is radical,
weeping reduction in government ex-
aenditure. | agree with the former
CHANCELLOR of the British Exchequer in
Is recently expressed opinion that 'in
tlnost every country excessive govern
usut expenditure is the main factor in
!dciug up prices Governments the
xorld oyer, because Of the emergenc1
d war, have embarked upon the con-
iuet Of business. The disastrous re-
alts the enormous waste and extrava-
fsnce Of this policy have been evident
b every business man in the u,ited
States and to every business man in
Europe.
"a very careful analysis to which I
live had access of the increase in fhe
physical production OF the United
States shows that Curing the period
itom 1910 to 1915. whereas our popula-
ton Increased only 1872 per cent, the
aning and manufacturing activities of
te country increased more than 80
|,eF cent.
Foreign Balance Falling OFF
tsAt the present time the physical
Nume Of our foreign balance is fall
ag of rapidly and, even at the high
1Iiees Of 1920, the balance of foreign
7ide. expressed in dollars, was for the
naive months of the year 1920 So per
aatiower than IN 1915
But there is an anchor to windward
Msa We have never had at the end of
aasr periods of prosperity. On past
scaslcns the other narlons Of the world
Ewr ssso overstocked with goods. To-
&yshowever, the reduction in their de-
naaas mas been brought about not by
not need or desire for our products,
aasas.
I'VE in the United States have these
M'erials in our mines, on our fields,
Y ll the capacity OF our manufactur-
y plants. Europe needs them and
qua pay for them over and over again
ame, II she could only get them, but
egt them involves credit-long-tim
'sa's more than banking credits.
business Better Than 1t Looks
iod- know, as Z. matter of fact, bust
aasis rot so bad as it is made out to
HIS inere are 10000, 900 people in
dse United States who are eating three
isiis DAY, travelling in automobiles,
casy ears, steamships and trains.
Mas'ng shoes and clothes and other
~. y. COMFORTING themselves pretty
4 sueh as usual.
~ Is true that they are showing
ssposision to question the necessity
aoihg some Of these things. They
~ gong without new automobiles. II
ss ~, ana asking for lower prices on
/ NJ. NJ artlcies, but is not that exactly
&Sau to do?
n = cannot get very pessimistic over
ss,A SITUATION ~ aN when l compare how
ssa oetter oil we are than Europe
Example In fact, l think we can
$500 treasured in the soundness
s ss. Of American business in that
t, n, " lar successfully withstood the
slss. u the tremendous shrinkage in
s:.ss mat has taken place"