THE NENANA DAILY NEWS
Application made April 1, 1918, at the postoffice at Nenana, Alaska,
for entry as second class mail matter, under the Act of March 3, 1879.
“WHERE RAIL AND RIVER MEET”
Published ■ every afternoon except Sunday, by the Nenana Printing
Company, at First and B Streets. Nenana, Alaska.
R. G. Scuthworth---Editor and Manager
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RECONSTRUCTION FINANCING.
To pool Europe’s needs of credit j
and commodities or the one hand
and to pool America's resources to
meet them is a plan suggested by I
James S. Alexander, president of the
National Bank of Commerce of New
York, for rehabilitating European
countries and enabling them to re-«
construct their war-stricken indus
tries.
Mr. Alexander is a member of a
committee recently formed in New
York to investigate methods for sup
plying Europe with American mon
ey and goods during the reconstruc
tion period. This committee was
formed upon the suggestion of Hen
ry P. Davidson and is headed by
J. P. Morgan as chairman.
“A pool of America’s needs
should be met by a pool of Ameri
ca’s resources,” asserts Mr. Alex
ander. “That is, America’s re
sources should be applied to Eu
rope's needs through a great, cen
tralized credit organization, with ex
tensive powers of co-ordipation. This
may sound like an ideal plan stated
in sweeping terms, but I think its
details can be worked out in prac
tical, concrete form.
I
“There seems to be no existing
machinery adequate to do so. There
fore. a special instrumentality must
be set up, probably in the form of
a great credit corporation with capi
tal enough to handle transactions of
a size that would be involved, trans
actions representing not merely the
business of individual concerns, but
the combined requirements of na
tions.
“A necessary step would seem to
be that surveys be made of the
commodity needs of the nations of
Europe; that is, an estimate of how
much copper, steel, cotton, wheat,
and other supplies would be required
for Belgium, and also for the other
needy countries.
“The supplies available in Ameri
ca are great, but they are not so
great as to meet unlimited and un
balanced demands. Therefore there
should be a judicious rationing of
our commodities among the nations
requiring them, in accordance with
their needs.
“In addition to this rationing and
allocation of commodities, there is
the question of establishing ade
quate credits in this country to be
considered. The necessary credits
will be great, so that they must be
carried to the investing public of
the whole country in the form of
bonds or debentures.
'“Because of the deferred maturi
ties of these debentures, the banks
are not to be expected to absorb
them. There will have to be an ap
peal to the general public on the
grounds cf a safe and lucrative in
vestment and for the sake of hu
manity.” Mr. Alexander pointed out
that this would be a means of main
taining the business prosperity and
integrity of America and of protect
ing Americans from unsound invest
ments in European securities.
‘“The security behind these de
bentures should make them almost
equal to government bonds in point
of safety,” Mr. Alexander said.
“They must be based on everything
in the way of collateral that Europe
is able to offer. The individual
European buyer must be prepared
to give a general mortgage upon
his entire assets. His loan should
be further endorsed by a consorti
um of banks in his own country, re
inforced where possible by govern-:
mental guarantees. Thus every de
benture sold to an American in- :
vestor would have behind it equal
security consisting of the pool of
ail the collateral supplied by Europe.
There would be no direct loans
against the collateral of weak con
cerns or nations individually by the
American investor; neither would i
the strong be allowed to monopolize
the benefits.”
Mr. Alexander declared that suf-1
ficient credits must be extended to
meet the full requirements either of
Europe as a whole, of the nations j
of Europe, or of the individual in-:
dustries. The full needs of Europe!
must be ascertained and met, he j
said, and this would make impera- i
tive an economic survev of its re
l
quirements. Credits supplied should j
be made available not to the nations j
of Europe as such, he added, but to
the specific interests within the na
tions, properly co-ordinated; that is,’
to industries, manufacturers, trans-1
portation lines, and even to munici
palities requiring funds for recon
struction.
To put his plan into operation,
Mr. Alexander said, there would
have to be “this scientific survey
of Europe’s needs,” willingness of
individual interests in Europe to
co-ordir.ate their demands, to furnish
satisfactory collateral and to pay,
American rates rather than Europe- ]
an rates on loans made by the pro- j
posed American corporation.
“From the American point of;
view,” he said, “this plan is predi
cated on the willingness of Ameri
can producers and manufacturers to
co-ordinate their selling plans, form- i
ing commodity groups and permit
ting the allocation of their prod
ucts to places and in amounts ac
cording to need. Another factor is i
the willingness of the American pub
lic to buy the debentures at a rea
sonable rate of interest. Still an
other is the co-operation required
on the part of American banks to
subordinate their investment oppor
tunities to the general situation and
not attempt to skim the cream of
European investments, which they
might be well able to do on account
of their close connections abroad.
W ithout this proposed organiza
tion, said Mr. Alexander, American
investors would have thrust upon
them many issues of varying values,
some based on the best collateral
and some on collateral of very un
certain value. His plan, he pointed
out, would be a means to protect
the American people from unsound
investments in European securities.
“I believe that unless some broad
minded scheme of this sort is adopt
ed there are grave times ahead.
“Solution of the problem of sup
plying European needs should not
be undertaken by governmental
means,” said Mr. Alexander. “It
should be carried out with private
capital, not government funds. Nev
ertheless, the necessary measures
should be organized and adminis
tered on a semi-public basis and
along lines that will have the sup
port and approval of the govern
ment of the United States. The
time is past for the United States
1 government to finance our Allies in
Europe as it did throughout our
participation in the war; there are
plenty of domestic problems for at
tention to engross the full fiscal pol
! icy and activities of the govern
ment.”
Mr. Alexander pointed out that,
unless a means could be evolved by
which America and Europe could
work together in solving the prob
lems, “unsettled business conditions
I in Europe will grow still worse and
inevitably extend to the United
States.” The organization as pro
] posed for dealing with Europe was
necessary, he said, from a selfish
! point of view of American interest
\ in order to conserve America’s mar
kets and avert possible industrial
; depression. Unless such steps were
taken, Mr. Alexander believed the
world might be drawn into unsound
conditions. America would be liable
to see serious displacements in its
business structure; that is, great
prosperity in some lines and great
depressions in others, and ultimate
lv a depression of the whole busi
ness structure, and possibly a col
lapse, the weaker elements pulling
down the stronger.
SIGNS OF THE TIMES.
N'ot since the rush of ’98 has the
North seen such a continued flow
of people into the territory from
the South, and it is certainlj the
best evidence of the fact that Alas- •
ka has seen its worst period of de
pression and that from now on it
will gradually grow in importance,
believes the Ketchikan Chronicle. No
oldtimer of the North ever had any
doubt of the ultimate * development 1
of the territory, realizing full well:
the great resources and possibilities.
It was only a question of having
conditions right.
At present conditions are far from
ideal for the development of mining
properties, in that all materials need
ed are so high. There is no sign :
of a lowering of prices in the im
mediate future, however, so that a
young and prosperous country can
not wait for proper conditions, but
will make them as best they may.
BURCH FAMILY LEAVE
ON CALIFORNIA TRIP
Mr. and Mrs. J. R. Burch, son
Danny and daughter Vida, left Fair
banks for the coast this morning,
traveling in their own car. They
| will leave the machine at Chitina
and proceed direct to California.
•J. A. Webb is accompanying the
party as a passenger, enroute to
' Seattle.
The Burch home was the scene
of a jolly farewell party on Satur
day, many friends being present to
! say good-bye.
New Puritam and Premium Hams
; and Bacon. Fowler & Morris.
| i
Good and Sufficient.
‘‘She’s giving a very elaborate
party.”
“Gotten up solely on my account.”
“I thought you two were on the
outs.”
“We are. And that’s the reason
she got up the party.”—Kansas City
Journal.
Wasn’t He Cute?
Wifey: You must not expect me
to give up my girlhood ways all at
once.”
Hubby: That’s all right. Go on
taking an allowance from your fath
er as if nothing had happened.—
Brooklyn Citizen.
Squeezed Dry.
“Si Hubbard told me he got a
heap of work out of you when you
was workin’ fer him,” said the
farmer.
“Wal, I allow he did,” said the
hired man.
“Yes. Fact is, I guess he just
about got it all.”—Boston Tran
script.
Wenana, Alaika'i Interior Fuel Depot
WANT ADS
IF YOU WANT YOUR SHOES re
paired, bring them to B and 4th
Sts. Ladies’ Shoes a specialty.
J. McLean.
FIFTEEN MEN WANTED to cut
! wood. Five dollars per cord;
good timber. A. G. Vachon, Tan
ana. k8-16
FOR SALE — Showcase, 5% feet
long. Practically new. Cheap.
Inquire Mrs. Herman Rosburg.
A man entered a drug store very
| hurriedly and asked for a dozen two
! grain quinine pills.
| “Do you want them put in a box,
■ sir?” asked the chemist, as he was
counting them out.
“Oh, no, certainly not.” replied
the customer. “I was thinking of
rolling them home!"—Tit-Bits.
—
NEW DOCTOR LOCATES
IN VOLCANO REGION
j
Dr. and Mrs. J. C. Bulklev ar
rived at Kodiak last month on the
;Farragut with their two little girls,
Hope and Sena, and will make their
‘home on the island and engage in
! the practice of medicine. Dr. Bulk
tley is a graduate of Syracuse Med
jical college and for 14 years prac
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Bananas, Grapefruit, Oranges, Lemons
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Onions, Ham, Bacon,
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AT
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BLANKEIELD EXPRESS
Clean Dry Wood for Sale
OFFICE AT THE TERMINAL
Hauling of All Kind,
RESIDENCE PHONE
ticed in Richmond Hill. L. I„ from j
which place he went to Seattle,
where he practiced three years be
fore going to Kodiak. Mrs. Bulkley
is a nurse, having received her
training in the hospital at Jamaica,
New York.
r.s. McDonald
Public Stenography Typewriting
Bookkeeping Conveyancing
REAL ESTATE RENTALS
LOANS
LIFE INSURANCE
(New York Life)
FIRE INSURANCE
Only the most reliable companies
SAFETY DEPOSIT BOXES
FOR RENT
NENANA LODGE No. 1193
L. 0. 0. M.
MEETS AT MOOSE HALL
FOURTH AND B STREETS
On Second a“d Fourth Tuesday!
At 8 P. M.
M. V. TYLER,
Dictator.1
ALEX FOWLER
Secretary
Department of the Interior
Alaskan Engineering Commission
NOTICE
Passengers leaving on the train
for any point on the line south of
town are required to purchase
tickets before entering the train.
Tickets can be purchased from
the station agent, whose office is
in the employment office, on the
ground floor of the general office
building, Alaskan Engineering com
mission.
Tickets will be on sale at any
time during office hours, and can
be purchased in sufficient time be
fore the departure of the trains.
Regular trains leave the foot of
A street on Wednesdays and Satur
days at 8 p. m.
On and after july loth the freight
on the Xorth side of the river at
Camp 415 dock will be shipped out
Tuesday and Friday of each week,
leaving at 7 a. m., until further
notice.
L. C. ISABEL
BARBER
SOUTHERN HOTEL
BUILDING
Dr. J. R. BOWEN
DENTIST
Price* Most Reasonable
THE BOWEN BUILDING
SHIP TO
GEO. R. GOSHAW, Inc.
ALASKAN DEALER IN
RAW FURS
SEATTLE
Aluks Building
NEW YORK
12? W. 27th JtrMl
We do business direct with you and solicit your RAW FURS.
Your shipments are handled by expert graders and New York
Market Prices are paid on correct grading the day received If
desired, your shipments will be kept separate in order that our
prices may be approved by you. Providing that our valuation
does not prove satisfactory, the Furs will be returned to you,
transportation charges prepaid. Ship by Insured Parcel Post or
Express. Ship in dry condition. Always enclose an itemized
list of contents with name and address. Also place duplicate
list on the outside of package or bale. All payments are made
by check on the Seattle National Bank, or in any other manner
desired. Special instructions, if any, must accompany shipment.
SHIP NOW