Show H A Business Men Address Appeal to America i b. b r Bank Report May Mean Effort to fro fix Secure Contraction I Country Show Shon F Further iU ler D Decline 1 England's of f WI Produce Pr Prof Profits its of Billion Binion Dollars r I l Point May l Reach Harmful Point Imports I IBy By Percy M. M jar Cropper I bank statement from om New York f for r the week and anil reports rJ P poor or i Ms scarcely auy con contraction rachon in iii bank credits in jj it t thero the J reserve Deserve board it r no looks probable that at the then 4 3 O or board th the tho bank discount rate rat may aga again l be he raised j in oror or- or p the n of for or which the l bank ank has hs been contending At t the tho o same of the be discount rato rate has Ims hd man many commodities into last ra se te the avenue cn for greater Imp importations During the theM there C M ket et opened v further 1 declines i 0 in III most markets with willI the e exception of tb the I revere re e have been loc local loew l interests r gb the price of or fL advance ad for tor tb the of 01 decline o been a has t tre Chicago and vicinity tirre tirrel I In 10 decline in the I S' S grafl a I n I farther o Chicag-o aur- aur report from I A de- de er e- e further id that a to t reek 1 Is expected A fur fur- r 1110 price o Of was In time will be somo but it leather market market- and the tho hits I of an any before It will be o Pt Produce mar mar- to oil loal people to recessions some it is expected Jj advances e spring greater g rill grow Brow tee ie e of or the thea development de hesi- hesi that there ar are 1 sl signs ns of or ru a buying developed dc in a num- num II duo due duo to to tho tha thor which Is arterS going oln belief ellef that prices aro are r I r the cast east it Is reported I Ks has developed do in a af ar Although of business d of f lines Jines r drastic decline in ind I ts a show sho that up to Ild tad d reports 15 there was an nn advance in siu ity prices exports arc are being f to a great extent and Imports tins In time this will Febe rc- rc D be e situation and in spite 0 of oft r rt L all aU prices must t an can t be he e done as aa aae we e must prepare to countries vILlI other I i eist tut the wool 1001 market shows S ere are plenty plent of supplies on I la fact It has nas reached a point u in some ome quarters Manu Manu- ft report a a. good supply on onI onton's tons ton's I report for or the week shows Jares re in the United States as ast t Ill last st week and a year Stronger r foreign exchange market stif- stif I 1 during dering the tho weel week which is allowing some exporting to beTl bo be o ns Tl is being dono done by br the tho steel Lad it is probable that It will I I erable copper and zinc to tote lei te B Business men In London aj issued an appeal to America they declared in part collapse lla e of If the pound sterl stert ster- ster l Sev tv t York Is no Index to Great financial strength or weak weak- is today todar as before the he monetary center of or Europe I adequate assistance from rom In Europe Great Brit Brit- bell liea forced Coreed to supply Brit I the md eed of ot or the continent as well vell of ot her own traders It r exchange Is really New ope not New York London C te e. e Great Britain is neither t nor sor anywhere near it alIt aler alter al- al ter It er external debt Is larger er r r before In her history This ras i Incurred cu mainly to supply 0 f her continental allies and owed f approximatelY twice as ns tu U aI the she owes America While ei aa oay r fairly expect to collect T tl h debt Great lt Britain is n ag to Write debt of off 50 per Pcr cent of or SPite of ot the facts British busl- busl ness neBS and finances inanc s are in a fundamentally fundament fundament- ally sound sund condition Business m n nand and workers ar are aro recovering from the demoralizing effects of or tho the war Their customary energy is reviving rivinG and BritIsh British Brit Brit- ish mu factories are aro Increasing thor their output out out- put According to estimates made public pub pub- He lic by ono tank chairman tho present present pres pres- ent years year's exports will produce a n. profit of oC from rom to The expression Wo TO arc are rounding the elmer is no now heard on all sides Neither British bankers nor the BritIsh BritIsh British Brit Brit- ish government expect further long long- terms from rom America Appeals for Am American rIcan credit In behalf behalf be be- half of ot tho destitute of or Europe should not be misconstrued as veiled app appeals ap ap- ap- ap p peals peale la for assistance to Great Britain Emphatically It Is not the case casc One fourth of ot Great Britain's debt is to the United States t Is neither an easy nor an i engaging task to tr try to to- express tho the r feeling linS In tho the city re regarding ro- ro garding ar this For Jor tho the most part it Is not mentioned and no banker has been en heard to express an any doubt about the Americans being paid In full fun Debts between nations do not make mako for friendly feelings however and that Is why British financial leaders In la confidential confidential con con- moments sometimes express regret at their country's huge huSe obligations obligations obliga obliga- and Incline toward mutual cancellation can- can collation all around At the same time they feel that It Is for the creditor to tomake tomake make any such proposal Tho They have complete confidence In tho continued supremacy of or British finance Will ill friendly America continue to 8 stand by in helping to make maIco tho the present present pres pres- ent eat disrupted work normal the message message mes mes- sage sabe says In conclusion That is all aU Great Britain asks The Tho market letter of or W. W J. J Wollman Co of or New York sa says 8 In tho the general consternation over the prospect of or a drastic reduction In I our export trade as a result of the collapse collapse collapse col col- col- col lapse of or foreign exchange we e have hav been Inclined to overlook another feature lea lea- turo ture which Is even een more moro menacing menacing- to our domestic prosperity This Is th the probability of oC resulting from rom foreign Imports During tho the war and shortly afterward afterward afterward after after- ward there was much loose discussion about the means to bo be adopted to preVent prevent pre pro vent a n. dumping o of forel foreign n goods In our markets It was su suggested that tha our tariff laws would need revision re ii in order to keep keel out this flood loo of or manu mann articles Meantime tho the employers employers em em- of or the United States have raised wages and conceded shorter working hours until our production costs have mounted to the highest leveIn level leve In the history of or tho the world Labor Labo leaders aro are clamoring for still further Increases with additional concessions in regard to working conditions As AB a result the markets of the United States have been laid open to a foreign forcin commercial invasion n against which we would be helpless The skilled workmen in tho United States aro are r receiving wages that at the present present pres pros ent rato rate of exchange which which necessarily easily must govern sovern international trade trade are aro full fully tent twenty times as high as those of Germany as reflected in inthe tho the selling selling- cost of or a given gi article I Comparative lrI When hen it comes to goods sold In dollars dol lars in the United States the German workmans workman's pay in marks Is represented by a lL maximum of 40 10 cents compared with an nn average o o of 8 per pei day in this countr country The English labor cost Is about quarter one of or that o or of orthe the United States on articles sold In competing markets There Thero Is it a disposition to take refuge refugo Continued ill ed- ed on F w p Page ENGLISH ADDRESS I r Ml APPEl TO Continued From In the tho claim that Europe cannot send us goods goOs because of oC the lack of oC raw materials of ot industry This protection protection tion ton Is likely to prove provo Illusive Great Britain's enormous increase In exports export shows that there is difficulty p no on this score score Germany can manufacture steel products motor cars glassware optical Instruments and countless countess other articles artcle and sell sel them them at a a. i price against which no tariff devised would bo be an effective barrier G Germany rany is undoubtedly short of ot cotton for Instance in instance In- In stance stance yet et she Is selling first quality hosiery in neutral markets at a price I per dozen which is lower than the retail price per pair pall in this country Three items ave avo o a up our production production pro pro- ducton costs These aro are high wages reduced working working hours hous and lessened efficiency on tho the part of or operatives These factors not only give labor a fictitious return on Its Is effort efort through the increased Increase cost of or the things It I buys but thc they also open tho tIm gateway for or the I gateway I Influx of or foreign loreign Importations which will wUl flood our domestic market nn and I I cause causo a decided slowing up In our present pres pres- ont ant industrial pa pac pae e. e Instead of capturing capturing cap cap- turing foreign markets through our own Industry and productive energy wo we are arc Ikel likely even cven to lose our own Tho The attitude o of or labor is similar to that of or I Louis XV w who o said After Ater mo tho the deluge The vital dicer difference nce lies les In inthe tho the fact that the worl workers ers cannot escape es- es capo cape tho the consequences or of their folly foly S Activity In The Tho To tol following owIng view Ie of or conditions is given Iven by Henry Clews Co of or NewYork New New- NewYork York Sl Signs ns of or activity in Congress with wih re respect respect to- to to some definite action acton on tho the peace treaty and tho the nearer approach I of ot railroad legislation have have been tho the significant elements clements of ot public pole policy bearing earing upon tho the stock and investment In marl market ct Abroad broad th tho tha disposition on now I clearl clearly made evident on tho the part of or Great Britain and her allies alies to accept I tho tho modifications of ot tho the treaty treaty which may bo be necessary in order to put it through Congress havo have tho I fears which had been entertained in somo some quarters to the tho effect that there thero might might bo be Jong long delay and perhaps fric frie- friction I tion ton In Europe oven en after our Senate had disposed of or tho the document document The in increasing in- in increasing creasing embarrassment In somo of ot U tKo tile o countries due duo to lack of or re resources 10 ro- ro sources for tor tho the restoration of or Industry Industry Indus indus- tr try has the necessity of or early action acton but at tho same time has madd made it Il more than them ever apparent that there thoro has hag already been a loss of ot in- in time and of trade opportunities ties tes which may never recur The indications indi are already clear that some of or our foreign competitors aided by toy tho the decline in foreign exchange are succeeding succeeding suc sue in taking taking- taking a a largo share share of ot business which wo we had re regarded regarded regarded re- re as S our 0 own There Tere has ha therefore therefore there there- fore Cor been no diminution in tho the ne need d' d for tor a a. better batter beter definition o of or our foreign poc policy the collapse of ot ex exchange ex- ex change rates has furnished a C stimulus us without whid tho the settlement of ot our foreign r relations might havo have been al allowed allowed al- al allowed lowed to drift still longer Can Change c r The Guaranty Trust company company of or New NewYork NewYork ew York YorI says Tho The precipitate decline delno of ot their foreign for for- 01 I eign exchanges to to record low levels le I I has haa brought the tho governments gO of or Europe to a a realization or of the impossibility of ot continuing continuing- longer the policies under which their economic life was sustained during tho the war It lt is now beginning to bo seen en that the present situation arises from their t failure nuro during thelast tho the last year ear to impose upon themselves and upon tho business interests of oC their several countries such restrictions as as w have havo operated to to reduce expenditures expenditures expendi expendi- tures to the point of ot bare necessity while their basic baslO Industries were being being- established re-established upon a a permanently I prosperous basis While the conferences conferences confer conter- of ot leading bankers and business businessmen s men havo as yet el brought brought forth fort tortI no comprehensive comprehensive com corn plan of ot reler relief It Is Is apparent I from the numerous individual l expressions expressions of ot opinion that the evils evis of ot In inflated in- in currencies and decreased production In-I In 1 Lion tion ton In the face of ot a a world shortage of ot commodities are aro at nt last ast understood understood Accumulations Ac Ac- of or gold in somo some Instances beyond anything anything- known before the tho thear war var ar aro are no bar to declines In tho the value of or currencies so long as the central banks continue to Issue their notes In settlement settle settle- sette- sette ment mont of or tho the ordinary expenditures of or government go and to meet tho the still tremendous tremendous tre ftc sums that are aro carried In tho the governmental statements ns war ex expenses ex- ex Appreciation of ot liis lis fact is spurring on the settlement of or tho the numerous numerous numerous nu nu- nu- nu questions as to national boundaries boundaries boun boun- daries darles trado routes repayments and reparations which the treaty of or peace loft left undecided altogether er or dependent upon fortuitous circumstances Cnn Change Tax n Methods Method leto The Tho Te Bacho Bacha Re ie Review of t f N-cw N cw W York has ba 1 tho the following on taxation Another remedy which Is likewise in inthe inthe I the hands of or Congress is a complete turnabout in tho the methods of or taxation through elimination of ot the excess profIts profIts prof- prof Its is tax and a substitution of ot tho tax ta on sales rho Tho effect of or this tax as It bears upon th thc tho credit situation has been to blot out the the army of ot Investors Investor small smal and large lanc who before tho the war could coul bo counted upon to t absorb absorb every year securities running running- into hundreds of or millions milons upon which Investment In the legitimate enterprises of or the country have have been cn dependent for furnishing now new no capital required In commercial and financial development This army army of ot Investors Is not now in evidence The heavy y income and excess profits prot taxes added to the tho the increased cost of oC cost living havo O consumed a very cry largo largo percentage of or o the tho funds which each cach year ear they were sero ready reay to place at tho disposal of ot tho the countr country's s business This constitutes a a most serious de destruction tic tic- of ot now now new capital at a a time when hen It is vitally essential and ant is wholly due duo to this vicious of or taxat taxation I 0 n Says Sars Hughes Dier New New- NewYork ew York brokers brokers brok brok- ers cry While it is true that in tho the aggregate gate gato sato there thero are many long headed and farsi far operators in tho the market who vho disregard t temporary conditions and ancl look to fundamentals when makIng mak mak- big ing Ing their it It is also aso truo true great majority aro are those who can only see things as they appear appear appear ap ap- ap- ap pear from day to day ana anu aro are more |