Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-01-13
Sees BIC BUSINESS AHEAD
OLIVER ]. SANDS DOES NOT
FEAR FINANCIAL TROUBLE
tTeIte Kiwnnis Club More Work. Les.
ExtrnvnEsnce and pctintion Of
Credit Needed.

- American business should look oDti-
smtstically upon tho present financial
Gondition OF the United states. elimi-
nate Speculation and work harder than
ever before to increase production. was
the advice Oliver !. Sands. president of
tho American National Banf. here gave
business men In address last night
before the kiwapis Club.
- Some of the needs OF American bust
ness at the present time, as enumerated
ny Mr.. Sands, are.
T"An honest day. work for = fair
days wages.
"a Congress- which viii Gu; all ex-
trayagances in government eNpend!-
"a national budget system
susin nS'h ioans }or OF speSniatjon BY re-
STOCKS, commoditieS and real estate
49, Has \" Fear of street
sa 9T. $, SaH nus DECLARES mat America need
the present Federal reserve banKing
system. and declared it the greatest
hn ..I machinery in Tho, world.
Not many years ago" Mr.. sands
stated in his speech. we wore copying
the system OF banking used IN Eng
land. Now, the. i1nG.isA are COPYING
ours. In the United states ihc.e IS
now S2,so0.0oo,ooc in gold ia stock. Of
Eh5sh isa'SSs$SS9ocoo is eonpoRndei II
times the amount England has" he
s Mr. Sands asked. nov w6ald Emsrica
Nave been able TO finance the war when
. snels Vas .52e,ooo.eoceoc OF credit
49,. Tells of ..Snfcty valve"
i the United states now was undcr
me OLD bai.ninS system" the speaker
inc eve OF the greatest financial crisis
the world has ever known"
a. some length Mr.. Sands told OF the
sae Federal reserve system and the
seeuslty which II gives to business. He
try had become national bankers and
10 longer "provincials." '''
ot SanS eieaarnSs for the year, he said
the sotal Of the national wealth. and an
increase OF - per cent over last wear
.,st saucation and Amercanization arc
a!So needed, the speaker told the club
We in the South have a % per rent
anerican working population, So We
% not realize the danger to other SEQ
t!ons The farmers are a snleudii Hi
9nce wheel and are doing their b,st 70
increase production and give aid Nv
nara WORK and true Amcricanism"
Would Bnn Speculation
.bcc2Gee business men who ask rrn3i
are compelled 10 borrow two or thre
times as much money to carry on IA.
same volume Of business as i'm pre-wnI.
snn nes mas caused warning to il
to e,imipeaff me ne, reIesal reserve SYST
loans FOR speculative purposes, accord
Ing g, to Mr.; Sands; ''-'''
!,
situation today is one OF security ana
our only anxiety should De 10 ga 40
just our business to meet tho si.nu
ton he declared.
Inc great increase In prices of al,
commodities and OF labor with.sa Il
aRe In production, has made s,,ci -,
inAnoS upon capital that We hay. '. a
saNned our available supply. ,Thn orl,
remedy Is economy and Increased ~
dduStlon. with adjustment OF price
Banks must refrain from lo,ri,r
illus LOT speculative purposes and fn-
pSttha1ent Investments and BY IN ,
aae.nou notwithstanding and production
10 vel as marheting OF products. car
1920 Prospects bright.
speaking of the business nrosn.o,
oi 1V-V. Mr.. Sands SAID:
me leading bankers and busjnc-
mon OF the country almost unaniS,nnS
agree that 1920 holds promisc Us -
sleat business for the pconic ~ ,hT
County. They fully rccorniYe ~ az me
portance Of keeping our ewes on ~
Sause OF nnance and our hands on 80
sanoe ie ana brakes, but with CONNIE
sense, wisdom OF our leaders IVA -
cnmnti system uncXcellcd bv anw
Try IN the world. we can look To-,
aW Win confidence.
nractfS shouid each one preach and
2eTonal and business life" NJ N our
assiared In closing, and every '7 iIi
Wlouai be willing to produrc iI 10. :
Nesy limit OF his capacity thai W. ,.r
Teouce costs and have a In - " ma
10 Sell In the markets OF ,hn ,,,,s - :, !, "