The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1922-10-03
URGES POLICY Of
. CO OPERATION At
BANKER 5 MEET
Lamont Declares Country Comes 70
Parting Of Ways and Must Decide
Foreign Financial Prob.
lens Must Be Met.
CONVENTION SETTLES
DOWN TO BUSINESS
Ten Thousand Delegates Present
Reports OF Committees Come First
Wall Street Throws Open Doors
Visitors Thronp Exchange.
BY nERBERr W. WALKER.


Omitted Press Staff Correspondent
New York. Oct. S.--America has
come to the parting of the ways
and must decide now whether to
cooperate In the counsels OF the
mother country and the old world
or stand aside and add TO our ma.
tional stock OF gold" Thomas W.
Lamont. OF J. 7. Morgan and com
pany. declared In an address to the
American Bankers association con
vention here today.
The United States. he declared. Is
entering new business cycle with
clearing skies and fair weather
The nation has gained great power,
he said. and witt II goes weighty
responsibility" During the world
war this responsibility was dis
charged "a thousand fold" but since
the armistice there Is doubt about
Il.
"Now we have. Il would seem,
come to the parting Of the ways
he said. "Shall we meet the re-
sponsibility that has come to us
with power, or shall we fail?'
Lamont's speech was heard by a
huge gathering of delegates repre-.
senting the nations banking ma
chinery. assembled for the first ses-
sion of the convention at which they
plan to formulate policies on what
action America should take with re-
gard to forgiving Europe's debts,
taking hand in the European fl
nancial tangle. and other grave
problems.
Representatives of the financial
machinery of America, richest ma
ton on earth, met In convention
here today to discuss the European
debt, business prospects. extension
or discontnuahee of the branch
bank system. and other topics which
come close to the pocketbook.
Thomas B. McAdams, president of
the bankers of New York City was
called the thousands of delegates to
order in the initial session of the
full convention to hear reports OF
dozen heads of committees as the
first order of business.
There are 10000 delegates in the
city. It is estimated
Thomas W. Lamont, speaking for
the bankers of New ork City, was
to outline in his address what he
regards as the responsibility of the
men of finance today.
The main business of the branch
divisions of the session was cleared
out of the way yesterday and the
hosts Of visitors have settled down
in earnest to discuss in general
terms the real work of the financial
year.
Wall Street threw open its doors
Yesterday and the visitors roamed
at will in the galleries Of the stock
exchange.
Points made by Lamont in his
speech included.
America has passed through a
cycle of flattening of prices with
business on its back" and now busi-
ness has bound up its bruises and
is slowly moving on to a new goal
1 2-Business still has some hurdles
to Jump, including low prices pre-
vailing for farm products but 4
never knew any country to go broke
because of its abundant crops, so
even though our farmers suffer dis
appointment, think the low price
/ hurdle is the easiest one to jump"
with regard to labor, employ
ers have a responsibility to study
more fully than we do today the
conditions of labor, and be sure
that. by and large, every competent
worker has an interval in the drudg.
cry of work for enjoyment of life
4--Concerning the tariff bill 1--WE
shall be fortunate indeed If we do
not find that in practice it protects
lot of industries that do not re
quire protection, and cuts off from
our farmers and manufacturers a
lot of foreign markets that are
ready to buy our commodities"
u Europe, although politically in
. the voldrums or WORSE" economical
" is on the mend The people ol
Europe are saving money.
The inter allied debt problem, La
mont said. is of paramount import
: ance Eurone owes America $40,
15O.154.196. The first half Of this
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