Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-09-29
GERMANY AGAIE
WORLD MENACES
BUTIN BUSINESS
Low Point Reached by Mark
Makes Berlin Competition
Greater.
U. S. TRADE IS REVIVING
Special to Indiana Daily Times
and Philadelphia Public Ledger.
By c. B. EVANS.


By c. B. EVANS.
CHICAGO, Sept 29.-Marks (made in
Germany touched seventy eight one
hundredths Of a cent on par of nearly
"a cents yesterday, and a new scratch
was made on the nervous system Of the
exporter and the expert in foreign ex-
change. And Germany was moved lit
tie farther away from the United States
as to quotations Of bills and little
nearer to US in the competition for the
trade Of the world. Many in this city
look upon that country almost as II she
were entering another war, this time
commercial contest, for they think that
every decline in the monetary unit OF
Germany means just so much greater
advantage over US IN the competition.
That IS true only to a slight degree, KoS
il Is work at low wages that Is making
Germany again a world menace.
But II is not Germany only. Chicago
financial men who have been in Europe
recently. while endeavoring to put the
best side out in their conversation.
speak and act as If they had come from
under a great black cloud and were glad
to get home where the sun shines. They
named several countries in which there
is a great excess Of merchandise ready
for export. one of them noting especially
tic ports are full Of unsold goods. Along
with this is a vast amount OF unempIoy-
ment, with monuments of business de-
press in the form of factories with win
dows boarded up. The situation in Eng
land is sufficiently described by Lloyd
Georges word appalling"
There is a general disposition IN Eu-
rope TO fee from the wrath that has
come Europeans are slipping into the
United States through the fingers Of hte
/ immigration authorities in numbers
over and above the allotments to the
various countries provided for in the law.
But also a general shifting about of the
population OF the world more particu-
larly its business, appears to have begun.
Some American manufacturers are set
ting up their shops IN India because Of
the cheap labor there. for a long time
past China has been regarded with
hungry eyes as g place for the econom-
lcal manufacture Of goods now made in
their country. One hears also of mi
grallons TO Argentina, not yet large in
the number Of persons, but significant
on account Of what the MIGRANTS noaa,
with respect 10 manufacture and trade
Inc tides Of travel have shared material
ly since the hot breath Of war also over
the world. 1t would seem, however. that
the Germans have less impulse to coma
this way than in former years. They
are thoroughly harnessed together in
thelr own own country to achieve a Dur
pose England suffers correspondfugIv.
II is largely on account Of these con-
diuons that some good observers have
spoken Of the present moderate lift in
American affairs as q false boom" we
could perhaps get along in an economic
way without Europe. indeed be almost
entirely sufficient TO ourselves. but such
a change would involve adjustment that
would throw business for a time into
chaos
Clearly the world has not Hauidated
ana one may even say that 1t cannot
Iquidate except through a process cover
ing many years 1t is the testimony Of
Chicago bankers, however. that Indebted
ness TO corporations in this country that
have granted credit to foreigners is gen
orally iQuidate1 at maturity. One would
expect many requests for renewals and
doubtIess many are made, but so far as
1t goes this statements IS encouraging.
There Is therefore some ground even
from the viewpoint Of European affairs
for the lively hopes OF many individuals
for revival in American trade This
attitude has been expressed in Chicago
lately by rather liberal purchases Of rail-
road stocks by men of experience One
might ask why they choose that class
of Investment or speculation in preference
10 industrial issues, for the railroads
cannot make much of an advance in their
earnings without a revival Of industry.
True Germany cannot compete with US
In our land transportation activities, but
she can curtail our output Of many man
ufactured articles and appears now to be
doing SO, for one hears of German com
petition with local producers far inland.
in the United States. While there is a
scarcity of many manufactured articles
IN this country, which doubtless will
lead to some revival in production, we
must still remember what they are doing
across the Atlantic.-Copyright 1921, By
Public Ledger Company.