Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-05-17

ment Of production and prices brought
about by the war and by the boom
that followed it will pass away" Mr..
Morrow said. They will pass away
by the operation of the same natural
forces that have operated in such
periods in the past.
NJ. Morrow declared that I'VE may
Il think we will-get back some day
to a stable Europe. with an orderly
financial system. but we have little
eason to expect that it will be the
same Europe that we knew in 1914
1t is not easy to tell what kind OF
Europe 1t is going to be. but I think
We have moved far enough away from
the war to realize that some of the
dire predictions that were made three
years ago have not been fulfilled by
the events" the speaker declared.
Unsound Expansion.
How will the financial rehabilita-
ton of Europe help America? 1 think
the answer to this question must
largely depend upon how much our
commercial depression has been due
to the financial chaos in parts Of
Europe.
1T is too often considered that all
of our troubles are due to the failure
of portions of Europe to recover
financial equilibrium. But this is by
no means true. The depression in the
United States and in England has
been due in large part to the fact
that great emergency demand for
goods in 1919 led to unsound ex
pansion. With the disappearance Of
the emergency demand the temporary
prosperity passed away, and for the
past two years the world has been
working back through much pain and
travail to readjustment of values.
Two years ago our thoughts were
all on the high cost of living. Then
the reduction Of price came. This re-
duction helped the consumer. but hurt
the producer. Inasmuch as every man
is both producer and consumer ne
has had to balance off his gain in his
capacity as a consumer against MS
loss in his capacity as producer. and.
as in every economic readjustment,
the net loss or net gain has fallen
unequally upon different classes.
The convention was not in general
session this afternoon. the delegates
attending the various group sessions;
There will be general session at .
o'clock tonight at Convention Hall at
which A &. Bedford. vice president Of
the International Chamber of Com
A. Everwijn. minister of the Neither.
lands to the United States. and
Francis Fl. Sisson. vice presidents OF
the Guaranty Trust Company Of New
York. are scheduled to speak.
Report on Nominations.
Tomorrow afternoon the chamber
will receive the report of the COM
mittee on nominations with regard
to the new members of the board
of directors. and will elect from the
nominees the permanent directors.
The nominees are:
First election district. Alvan T. ST.
monds. Fitchburg. Mass: second cleo
ton district, Ernest T. Trigg. Phila-
delphia. Pa: third election district.
John NJ. Crawford. Parkersburg. W.
Va: fourth election district, NJ. j.
Sanders. New Orleans, La; fifth cleo
ton district. John w. Shartel, Okla
homa City. Okla: sixth election dis
trict Edwin C. Gibbs. Cincinnati.
Ohio: seventh election district. vii
liam J. Dean. st. Paul. Mimi: eighth
election district. Clyde c. Dawson.
Denver. Col: ninth election district.
o. NJ. Clark, Portland. Ore: civic de-
velopment department. Arthur S.
Bent. Los Angeles. Calf; domestic
distribution department.. Fred p
Mann. Devils Lake. n D.: fabricated
! production department., George E.
Blow, La Sale. Ill: finance depart
ment. Felix NJ McWhirter. Indian
apolis. Ind: foreign commerce depart
ment, Henry H. Morse, Abingdon.
Mass: insurance department. James
S. kemper, Chicago. Ill; natural re-
sources production department.
Charles S. Keith. Kansas City. Mo:
transportation and communication
department, Carl r. Gray. Omaha