Norwich bulletin., 1921-02-25

for ourselves dies with us What we do for mankind is immortal and lives for ever. rs-''
 Mir Ham spoke in substance. as fol-
 lows:
 When the arrnisttce was signed and rostiiities in Europe were ended. various prophecies were made in America as to our future business outlook There were some of. great ability who predicted | that America would Shoftly experience A great financial panic. while others of equal standing asserted with equal posi- ltiveness that we would experience great industrial revival resulting in in- creased prosperity. To a certain degree both classes of prophets were cofrect-
 After momentary hesitation America
 resumed. the pursuits of peace, and the demand for the products of the factory
 and the farm were greater than ever be-
 fore Prices mounted to unheard of
 heights, and there V~re economists and
 statisticians who assured us that this
 condition would prevail for many years.
 Suddenly, however. the federal reserve
 authorities issued a note of warning. and
 in order to curb speculative tendencies
 that were apparent in business as well
 as in the stock market they nearly
 doubled the price that was asked for
 money obtained through rediscounting fbcommercIal paper with the federal re- lsssfye banks. Prices commenced to de- Fl cline9.the demand for good gradually les ft sened. land production nearly ceased. ;'rBhesas ifactors produced the depression tfhroueh which We have been proceeding. , i.aad.; although Improvement is apparent. , l-evary business man Is striving to under 7 stand swsn4t the future has in store, and , Dsy his plans accordingly.
 ( 1 7 Tn .ordeE to understand what In all l lprobabi will occur in the business. in t. ESustzlah. and financial world in the next , FTeYr6sonths, We must appreciate condi- tf5ns now prevalent, not alone in Amer
 lea but throughout the world. We must f consider both adverse and favorable in- a fuences in arriving at our verdict. There are many circumstances that in- h evitably delay a speedy recovery. and of
 which we must of necessity take account l I nI the first. place. there is the desolatior f occasioned by the world war This has resulted in the dislocation of the chan f nels through which business courses itl a way The industrial system of Americs t has been constructed on the theory that T we should do business not only amonEs . ourselves. but with all the nations of th' = world. It is inevitable that disasters . therefore, in any portion of the work
 should to some degree he reflected h a America, and when the purchasinl e powers of millions of people have beel , | reduced. when ndIlOnA lnFUlSFlNtS nav " been impoverished as result of erhaust 2, ing war when the stability Of their gov 7 ernments are threatened by anarchy anl
 revolution. 1t is inevitable that we shoulC o be affected. and that 1t should seirousl. I. interfere with the demand for the pro 7 ducts of our factories and farms.
 When these adverse circumstance
 will be utterly eliminated. or w-aen grad
 IRl improvements will be observed. is
 matter that of course no one can wit
 positiveness predict; but already
 amongst some of the European power
 there can be observed gradual restora
 ton of production.
 As opposed to the adverse condition
 above outlined. there are favorable cil
 cumstances which point unmistakabiy f
 6 gradual improvement of business |
 America. and offset to a certain degre
 the unusual conditions confronting us tt
 day.
 For the first time in the history of or
 country. we are a creditor nation. IT
 world owes- the United States vast sum a portion of which is due our governmel
 directly. and another part Is due to 0,
 banking institutions and to individual fl vestors. Here is source of incon which our people have not previous enjoyed. The country itself is practically U touched by the ravages of war. We a a nation of vast natural resources pr dueing articles demanded in almost e cry corner of the globe. We have l stable government unt ouched by revol tion. Our own citizens have a vast pu
 chasing power represented by huge sa
 ipgs institutions
 The adoption of the federal reserve a
 has created a vast reservoir of cret .ve which not only prevented during the pa we few months what might have been | ec- most terrific financial panic that we ha 'Se ever witnessed. but which will in the f IL ture prevent similar disturbances. It me sufficiently elastic likewise to care lat legitimate business demands. and crea liu additional facilities to further interes .u- not alone in the United States, b zen throughout the world
 to One further element we should n ne slider in reviewing the present condition ns is the fact that depression through whi M Miat we have been passing. has been occasi, ion ed by under-demand rather than ov. G GeI' production-sn exact reverse of con run , tions that have been prevalent duri IL other periods of depression While D. ias @ haps the result upon the business woI zee: is identical. nevertheless it means fl or recovery will he more speedy when .n .no normal demand for products Is again ( ion perienced.
 pie My conclusion. therefore. drawn fir, .- S"H-.'irEdtion or all or the above nam an conditions. both adverse and favorab we Is that there will be a gradual recove mo of business in America. not 90 rspid .| | the optimistim are inclined to belle nu but nevertheless base on more subs,s ~ tial foundations than the prosperitv 1T TUT we witnessed at the conclusion of
 armistice
 ny At one point in the banouet a oorn, , ,i9 or twenty Boy Scouts marched into , Llu room and repeated the oath of the cI,v me Athens. adapted to Norwich. They "a S the scout yell for the chamber of co ..t s merce and were loudly cheered. The officers of the chamber of co ,-iS merce are: Charles F. Wells. presidei ,rln Allyn l.. Brown. first vice president Jr % 'ow M Lee. second vice president: Henry Parker. treasurer: John J. O'Rourke. S and EIon p-s-e. I,N-, ~. n [N Aoo ans A c.fhh. uas-,. ,S e'o' Ly' .Nati
 Hon. H. M Lerou. Jacob Munz. s.
 Palmer. c. A. saxton. C. P. Wells. J.
 Worth. as IT.. h... ,..
 him John e. piun,l- eo'iiI'i',ee heihaeo |, nf Adams. Lucius Briggs Harry N. Cb art ro,Jya. ., "a. NeSiIlOnu' ~ AT l. col - I. '. 'lSHu,Ie' vs' LOUIS h- ! " non. Richard L. Tarrant, Joseph \. V .s, mouth. James l.. Case.
 The reception committee consisted the directors and the banquet commit ever
 ac- THE BIG GROWTH IN OUR !. .,tS 70 COAL. EXPORTS IN