OCR Text |
Show ' f I The New Scare I A g! TPHAT the American people are absorbing ; much European propaganda and growing unnecessarily panicky over the situation on the continent seems to be the expression of every American business man who returns after investigating in-vestigating affairs in England, France and Germany. The effort to have the impression solid in thisjrountrvjhate cannot ejtisLunlea Eur6pels , put on her feet again and that therefore this country should cancel -war obligations obli-gations and foot the reconstruction bill. Is dispelled In unmlnced words by George Whe-lan, Whe-lan, financier and capitalist, who returned recently re-cently from Europe. He says: la England everyone Is talking of how the American Amer-ican wheat markete are fading away: how the farmer in thla country la faolng economlo dlsastsr. They are preaching all over Burop th dootrln that America cannot II v unless ehe enters Into European affaire In definite fashion. This Is an propaganda. England and continental Shirope fnuet hav a certain cer-tain portion of our product: they are vital to the progress of th countries oversea e. Whatever temporary tem-porary Interruption may occur In oar exports. It, In my opinion, must net be oonsldsrsd as upssttlng our economlo bass. - - , . Ws are paying more nitration to German r'e collapse col-lapse than thsy ere in England. Wa are more nervous ner-vous and are mora apprehensive. Over there, very-one very-one knowa Germany for alx months has been bankrupt,, bank-rupt,, but financial circlea are not apprehenaiv. Why ahould English stocks, which are 100 per cent more Involved In German y'e collapse than our securities, secur-ities, all on 4 baele of 4S to 10 per cent better than our stocks? Over her eeoh rumor or cabled advlca and each fresh decline In the German mark createa 4 wav of eelllng on our stock exchangee. Wholly wfthout foundation security prices are pounded down. This Is Illogical and unnecessary. Blocks on English stock sxchsnges do not fluctuate fluc-tuate with wide variance. That la bees use England's la an Investment market, while America s exchangee are speculative markets. Th worst has happened financially In Germany; ehe le "busted.- Bha le jot likely to go to aoclaliam or communism. The national thought In the Teutonic Teu-tonic republic Is agalnat that. When It oomee the turn In her affairs muat be one of Improvement. 1 am optlmletlo aa to eeeurlty prices la America, tocka hav discounted the very oret that an bapan. The prices representing equltle In America Ameri-ca corporation today, with abundant assets and etrong earning power and facing the bualneea proa-pecte proa-pecte they do. are ridiculously low. As an Illustration, I sold 10.O00 ahares ef English stocks and with th proceeds I eould buy . ahare of storks In this country with the earns return and with the eame eurlty, England la not sacrificing her security values with each movement that occurs In poll Has and International condition as we Americana do. . . ' " It takes considerable of a storm to upset the phlegmatic English and it would be well for Americans to develop the same characteristic. character-istic. After having failed to convince t United States that for humanity's sake and world patriotism we should jump . Into the boiling European pot, these countries now are attempting to make It appear if we do not it will mean economic ruin for the nation. Mr. Whelan doesn't think so, nor do other leaders of finance who have . returned recently from Europe, i' ';' ' . |