The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-02-10
WAVE OF SAVING
SWEEPING STATES
n. Y. Banker on a Tour
of Financial Centers
Sees Peace Ahead
CRUDE OIL NOT DEAD
Three Dollar Stuff Will Re-
turn in Short Time, B. r.
Moran Says; Visits Here

American people. chastencd by
lessons taught during the postwar
orgv II spending are saving more
moncv on less than they ever have
before and therein lies the financial
s,lyation Of the country. In the opin-
ion of n. T. Moran. vice president Of
,be Bankers Development corpora
lion ~ New York city. who is in
tulsa this week for banking confer
enccS
Comeback n Success.
Mr.. Moran Is just completing an
iuspcction tour OF the country and
IL, banks covering $4,000 miles OF
territory and he finds that the bust
ness of the country Is emerging safe
Iy from the deflation period follow
ing tho war, that the manufacturers
OF tho east are slowly. perhaps. but
surely operating on lower com
modify basis and that the banks.
having eliminated tho greater part
Of their frozen loans are liquld and
IN better shape than ever to meet the
needs Of the people for the commod-
ny with which they deal
Moran's conviction that this COM
ing year il TO be booming one in
81 far az business is concerned is
based upon his knowledge of the fact
that everywhere. from New England
20 the Pacific coast, from the north
ern boundaries to the gulf. people
are learning the habit Of thrift; they
are buying. true. but they are elm
mating I'm their buying the super
abundance of luxuries that charac-
terized IL recently and are putting
money into the bank, Banks every
,,.b hnrnn al Il . L,t
people who never did such n thing
In their lives before are starting saw
ings accounts--and this on less
money in the process VI scaling down
than that out of which they were
unable, apparently, to save at.all be-
fore.
Big Business In Sight.
This new national habit OF thrift.
combined with the action of the fed
eral reserve board enabling the
banks to establish Themselves more
firmly upon a basis of normal rate
Of supply and demand, means busi-
ness on larger scale than ever be-
fore. Mr. Moran, believes. Another
hopeful sign brought TO his atten-
ton during his tour IL the fact that
good banks are consolidating now TO
d much greater extent than before.
The railroads. being the arteries
OF commerce of the country, are so
closely interviewer with it's welfare
that their prosperity or their dis-
couragement IL bound to be the com
mon prosperity or the common de-
preston Of all. Mr.. Moran said. but
he believes that readjustment entail
ing the reduction OF operating ex-
penses and scaling down in proper
tion TO the present cost OF living
will be accomplished in a compare
lively short time and with little
trouble.
Secs Crude Coming Back.
Because the cut In crude oil that
brought to bear upon Oklahoma
business and finance the same tenn
porary depression that has been felt
for some months in the manufactur-
ing and farming districts of the mid
die west and east came late. Okla
homa will recover comparatively
sooner, Mr., Moran believes, and he
is looking for SO oil again within the
next two or three months.
The fact that Europe is debtor to
the United States, ne said, including
government. municipal and private
loans. to the extent OF some s20.-
OOO,000,000 and that this country
holds the balance OF trade serves TO
dissipate the bugbear OF continued
hard times The increased purchas-
Ing power OF the American dollar
the gradual recovery of foreign ex-
changes and the strength of the gen
eral banking position In this coun-
Try Justifies, in Moran's opinion, an
attitude Of cheerfulness toward the
general business outlook this year.