New-York tribune., 1920-10-24

IN the country, at the forty-sixth
Bankers Association at Washington
Outside observers who seek to esti-'
mate the value of congresses Of busi-
ness men and other private citizens
often are tempted to search for the
wrong kind of results. After all,
bankers convention can only recon-
mend; it has no mandatory powers.
For this reason it is frequently the
case that the real achievements are
not the resolutions solemnly passed. or
the projects suggested, or even the in
teresting speeches delivered What is
accomplished mainly are the subtle
psychological changes in the makeup
OF the rank and file of the delegates.
AT political convention the delegates
come to register their profound opin-
IONS as to the relative worth of men
and measures. At bankers conven-
ton the delegates come mainly to en-
large their vision regarding the affairs
OF everyday life, to get suggestions
which are Immediately applicable to
their own task of earning living. The
conversations in tht hotel lobbies and
between acts in the theater were eff
fective means of developing national
banking consciousness.
Many Sectional Meetings
And in regard to the theaters the
sale of tickets was greatly stimulated
by the presence in the city of thou
SANDS OF financiers, great and small
NO candid observer can doubt that the
urge to get away from the all-year-
round routine strengthens the impulse
of delegates to attend conventions.
Sitting at given desk through the
years, even If it happens to be the desk
OF bank president, sometimes be-
comes monotonous, and the prospect of
leaving King Detail for a few days and
IN new environment devoting atten-
ton to things in general. rather than
the specific duties of the shop or bank
ing institution, appeals to the latest
aspirations of even a tired business
man to break away from restraints for
a week. This observation is made with
no idea of criticism.
Perhaps it would be better if the
makers of the convention schedules
provided a larger allowance for this
human desire of the delegates. The
bankers program resembled a three
ring circus. Too many good things
were taking place at once. In the after
noon the convention divided into sec
tional meetings, and often the serious
minded delegate-and, judging by the
large attendance at the various gather
ings, there were many of this stamp-
1elt inclined to take in three or four
discussions simultaneously. Despite the
1ullness of the schedule, the Washinr-
TON hosts were most hospitable. and
the social program for the forty sixth
annual convention was more than ade-
quate. On Thursday night the dele
gates forgot that they were cashiers,
bank presidents and lesser executives
and stroled to the ballroom of the
New Willard as mere privates in the
realm OF dancing. Students of inha-
tion and deflation. experts on the art
OF refusing loans, and other keepers of
the coin of the relm looked much the
same as any other large group of one
steppers and fox-trotters at the formal
ball '''N ''''''
Less Demand for Credit
When conversing about the business
and financial outlook, most Of the dele
gates leaned unmistakably in the di-
rectlon of optimism. Many expressed
the view that the peak of the banking
strain had been passed and that the
lowering of commodity prices would re-
duce the unprecedented demand for
credit and consequently heighten the
reserves. The hopeful view of the
bankers respecting prospects was pred
lcated on the assumption that the
wholesale process Of dehation getting
back to a less watery basis-was
healthful. This opinion was expressed
widely by banker delegates, in the face
OF the we'll known facts regarding .hc
extent to which various industries have
receded. The slowing down Of those
industries which were abnormally slim
ulated Is looked upon as a necessary
result Of the readjustment. AS a lead
ing banker from Wisconsin said al
would be unspeakably pessimistic if
the expanding bubble of the 1919 boom
vas stlil growing larger; that would
mean that a great crash was lying
ahead; instead we are letting down
gradually"
The convention put itself on record
IN resolution as believing that "most
Of the pressing business problems of
the day are the inevitable aftermath
OF war and are to be treated as pass
ing phases OF period of reconstruct
tioh through which we must pass pa
'iently IN the full assurance that if is
temporary, although necessary. The
bliilons of wealth lost in the waste of
war and the millions of lives detached
from productive efforts have created
gaps IN the worlds capital which only
' l'ii' ~ tne processes OF re-
hapliltatlon and adjustment the bank
ers OF the country, in common with all
o'her classes, must address themselves
with sanity and patience, in the full
assurance that the commanding posi
Non now held by this country in the
worlds affairs will bring its full re-
ward as the problem is worked out.
Facing Era of Prosperity
AS the richest nation in the world
facing the harvesting ,f bumper crops.
on sound financial basis and operat
ihg under a democratic form of govern
meht now the oldest in the civilized
word. with almost unlimited resources
ana opportunities awaiting our i'm
psovement, this country faces future
OF assurei prosperity whicn can be
threatened cnly by internal strife or
lack ot leadership and intelligent CO.
operation. In the United States. as
the heir of ali ages lies tie hope of
the world.
DUTY and opportunity alike call US
20 Its realjzation-a fidelity to the an
Gent standards of sanity, honesty and
experience which refuses to b. misled
by thu dangers of world reaction and
maintains the order upon which alone a
sound future can be built. In the face
OF alluring temptations to indulge in
general looseness of thought, speech
and action. we would add our offering
OF the arithmetic table, the copy book
and the Ten Commandments as still
the best guides to human conduct"
Regarding current conditions, bank
srs told varying stories, depending on