New-York tribune., 1922-05-18
Aid to Europe
Vital, Declare
Trade Experts
1900 at l.. s. Chamber of
Commerce Convention
Favor More Active Co.
operation With Allies
Divided on Debt Action
Delaheld Advocates Cancel
lation; Morrow Optimis-
tic Regarding Revival
By Merryle Stanley Rukeysc,

BY Merryle Stanley Rukeyscr
WASHINGTON, May 17.-unlikc Off
cial European conferences, the CON
vention Of the Chamber of Commerce
of the United States is without an
agenda which limits free discussion.
In connection with efforts to get at the
heart of the European economic
riddles speakers here refer inevitably
| to the central questions Of reparations
and interAllied debts, which were
barred from consideration at Genoa.
In an address at the second days
meeting, Silas II. Strawn, chairman of
the board Of Montgomery. Ward & Co.,
Of Chicago, urged that an American
be appointed to sit on the Reparation
Commission. 1t was understood here
some weeks ago that President Hard
ing favored representation in the
reparations discussions, but nothing
has been done, particularly since an
authorizing act by Congress is neces-
sary. Around Capitol Hill the old ir-
reconcilabe group is still powerful
and disnclined to favor any increased
American participation in European af-
fairs,
American business men, as repre-
sented by the 1000 delegates to tt<4
Chamber of Commerce convention.
seem to favor more active co-opera-
tlon with Europeans in working out
problems which . been parnlyzing
trade. In remark.aeg that "the effort
to solve European questions ut Genoa
was as futile as an attempt to adjust
the affairs Of an individual BANKRUPT
without the presence Of his chief cretii-
tor Mr.. Strawn was striking popu-
lar note.
Less Unanimity Of Sentimect
There is less unaninity of sentiment
regarding the cancellation of inter
Allied debts, which John Ross Della
field. of New York, formerly chairman
of the board of contract adjustment
of the War Department, advocated.
Speaking Of the Allied debts to the
united States, which exceed $1O0O0,-
900 Mr.. Delafield argued:
The effect Of the repayment Of
these loans and the interest upon them
Will, therefore, be cumulative, and
VIII. in itself, not only diminish our
export trade. but also cut down our
homo consumption. The less exports,
the less domestic trade, for the buy
ing power or our people is diminished"
MI. Delaheld pointed out that if re-
lIeved of the need Of paying their
debts to the United States, the Allies
could modify reparations terms i'm
posed on Germany. Under present
conditions. according to Mr.. Delatield,
Germany cannot meet her reparations
obligations without at the same time
becoming supreme in foreign trade.
Morrow More Optimistic
Dwight W. Morrow, OF j. P. Nor
gan & Co., was more optimistic
about present conditions in Europe
than other speakers. He remarked
that foreign exchange was stabilizing
itself through the summation of mil
lions of transactions by people who
don't think in terms of foreign trade
or domestic trade, but who know they
want something and are willing to
give up something for it.
Regarding business conditions. Mr..
Morrow asserted. at is the part of
prudent man to know that it is we'll
to go slow in good times and we'll to
be courageous in bad times"
In reference to the Genoa conference
the banker added: "We are talking
about the Genoa conference cominc to
nothing, and in q sense it did. But it
did find the Allies talking with Ger
mans and Russians on economic oucs
tions.
THE world is getting back to a
workable basis. The after-th thewar
period of adjustment is a part and
necessary part Of the period of boom.
There are many S gns that we are on
the upturn.
at is the business of serious men,"
Mr.. Morrow concluded, "to remember
that in time of optimism men are in
cincd to think that depression viii
never come, and in times Of depression
men of inexperience are inclined to
think that there never again will be
an adequate demand for goods. In
good times, when there is s per cent
more demand than supply, that 5 per
cent is apt to look like 500 per cent as
buyers go from factory to factory max
ing the same demand felt many times.
The same thing is true Of bad times.
When there is S per cent more supply
than demand, that oversupply is apt to
look like 500 per cent. With courage,
with patience, with tolerance, this
great country with it's manifold ac-
tivities should soon pass through it's
PCtiou VI Ot W cSottll. Ill IdCL, lDG
signs are many that We have already
done So
Harding to Speak To-day
Tomorrow the delegates will get
first hand expressions of the govern
ment's policies from addresses by three
spokesmen for the Administration.
President Harding will speak at 3
o'clock. Secretary Hughes will discuss
problems Of the State Department to-
morrow night, and in tie morning
Albert D. Lasker, chairman of the Ship
ping Board will speak on the Pres-
\ THE BOBOLINK