The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-09-11
HOME MARKETS
TRADE HOPE,
SAYS BUSH
Noted Commercial Leader Sees
Little to Gain in Europe
at Present.
By w. s. COUSINS.
Copyright. 1928, by Cosmopolitan
News Service0


News Service.)
NEW YORK, Sept. 11.-This coun-
try should make it's business plans
for next year without counting very
much on a revival of the buying
power of Europe, according to IT.
wing T. Bush, head of the Bush Ter
minal organization and president Of
the New York State Chamber of
Commerce. He reached this con-
clusion after an exhaustive personal
investigation of conditions in Europe.
Bush said today that he did not
share the optimism of many Amer
leans who had painted a pleasing
picture of the progress Of European
political and economic rehabilitation.
For the long pull he feels hopeful
enough, but the immediate future.
he says, Is clouded with many I'M
certainties.
Even though the buying power
Of Europe is at low ebb at pres
ent, look for decrease rather than
an increase in purchases, except
certain raw materials like cotton
and copper, which are Indispensable"
he declared.
All Hinges on Ruhr.
THE trouble with Europe is that
everything hinges on the settle
ment of the Ruhr controversy, and
no substantial Improvement in bust
ness conditions is likely to take
place until that problem is settled.
The small nations of Europe have
their own troubles which they would
like to bring forward for settlement,
but they are all sidetracked until
the curtain has been rung down on
the main show"
This waiting, Bush declared, may
be blessing in disguise to most of
these small countries. It has proven
so in the case of Italy, which has
decided, as he put it, to stop look
ing for some one to hand per pros
perity on a silver tray, and has gone
to work." If the smaller countries
are prevented from borrowing money
through the Ruhr imbroglio, they
are forced to economic. and thus
probably find their way out Of their
difficulties, he said.
Situation Fantastic"
Bush reported the situation in
Germany "fastastic" because of the
smash in her currency, and trade
there more and more based upon
foreign money.
81 visited the office Of q leading
banker and saw on thu wall an
arrangement something like a clock
which indicated the price Of the
English pound in marks every min
ute OF the day." he said. zone of
these clocks was in each room
where sales were made, and before
trade was completed the time of
day in English pounds was ascer-
tanned"
Unless the Ruhr settlement IL
put off too long. Bush believes
that the recovery Of Germany will
be rapid, once it is under way, for,
beneath the fantastic surface, peo-
pie ARE at work, he declared, and
industry is going on, except, of
course, within the occupied area.
What the effect Of the competi-
ton Of reconstructed Europe on
American trade abroad would be,
Bush expressed thus:
Undoubtedly, competition with
America will be more keen when
conditions are stabilized abroad, but
there are two sides to the question.
Sees Balance Struck.
Stabilized conditions will stimu.
late manufacturing in Europe, and
more commodities will be produced
to compete with us in the markets of
the world. On the other hand
stabilized conditions in Europe will
mean an immediate increase In the
cost Of producing manufactured
articles in the central European
countries.
Measured in buying power, the
workers Of Germany receive a
pittance. Once the mark is stabil.
lied, wages must rise to a point
where they will at least support life
in comfort. Thus the general price
level in Europe will make it more
difficult for manufacturers there to
invade the markets of this country.
IF we keep our eyes on our home
markets, and treat as q welcome ad.
dition any orders we may receive
from Europe, we will be on solid
ground, for conditions in this coun-
try are sound. Money is plentiful,
and the outlook for fall business ex-