davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-10-08
Urges IO-Year Holiday

Alvin w. Krech, president Of the
Equitable Trust Company, contended
that the time was not ripe for discuss
ing cancellation or funding, disparaged
the powers Of the American funding
commission, urged ten-year holiday in
which the debts to the Unred States
should be regarded as non-existent
and declared that, while America was
ready to keep faith with Europe, Eu-
rope must first show that it was ready
for the cooperation of this country by
keeping faith with itself.
John McHugh, president of the Me
chanics and Metals National Bank
Thomas B. McAdams, president of the
association, and Myron 7. Herrick
American Ambassador to France, were
others who contributed to the meeting
their views on the international debt
situation.
Through all the speeches, with the
exception of that delivered by Mr.
Krech, there ran the thought that it
was necessary to better world condi-
tons that the position of these debts
should be definitely established with
full respect for the debtors capacity
of payment, and at an early date. The
American responsibility in this con-
noction was emphasized and appreci-
alton accorded to the requirement that
This country depart from what Mr. Nc.
Kenna termed policy Of splendid iso-
lation." A conference of business and
financial leaders of Europe and the
United States was suggested as likely
to facilitate the accomplishment OF
this purpose.
The discussion of international debts
cannot be said to have had any con-
clusion. Rather, it was realized that
it could have no conclusion at this
time, that a cure-all plan was not tc
be had. It's Importance was that it
placed before the bankers from all over
the country facts and well-formulated
views on the debt situation and gave
them message TO take back to their
communities. The trend of the dis
cussion, admitting the possibility that
part cancellation of the debts might
prove desirable, and the general ac-
quiescence of the delegates in this
trend revealed remarkable progress in
the understanding of the problems and
the attention accorded them. A cor,
responding change in public sentiment
has probably not yet transpired, but
what have been until now stamped
purely as the views of the Wall Street
capitalists may now be received as the
views of the smalltown banker.
New-York tribune., 1922-10-08

Of the crowds at the sessions was
limited usually only by the capacity of
the auditorium.
A young woman student of Journal
ism was assigned to write feature
story about the bankers convention.
She visited the various exhibits and
strolled among the delegates on the
ballroom floor of the Hotel Commodore.
She saw two bankers in serious con-
versation. She walked up toward them
slowly, hoping to get an earful of
ideas about great financial projects
"What did he do it in?" the one
delegate asked the other. Eighty
one" replied the other.
New-York tribune., 1922-10-08
Nilrafes Incidental

A detailed description of the nitrate
plants already built is hardly worth
while, for the salient facts about them
are pretty we'll known. Ford has
agreed to use one or both Of them
for the manufacture of fertilizer
which would be sold at profit of 8
per cent. In case of war they would
be turned over to the government for
the manufacture OF nitrate. It is
probable that as factories they have
scarcely entered into his considerations
and il is certain that they are really
incidental to his main plans.
Nitrate plant No. 2, In which the
cyananid process was uged. has been
in successful operation, and the War
Department now has a reserve OF somc
1900 toms OF nitrate made there Plant
No, 2, in which the Haber or synthetic
process was employed, nsver was op-
Grated successfully. Mord processes to
New-York tribune., 1922-10-08

turn and all phases of its position and
OF the American attitude were dis
cussed with 1t.
The result Of these conferences was
that no way to payment was seen under
the then existing conditions and that
In the light of public opinion In this
country, no recession from insstence
'son full payment was possible. The
bankers become convinced, and the
commissions generally agreed with
them, that they could do nothing for
europe until Europe had further or
dered its own affairs.
The next major effort to work out
q a. solution was the undertaking Of Mr..
McHugh to obtain support for his pro
jected $1oO,000,00O foreign financing
corporation. This failed of accomp,
lshment because bankers could see
no way for employing such fund to
the advantage either of themselves or
of Europe. The time was not yet right
for the effort to be effective.
New-York tribune., 1922-10-08
Easily Accessible

Nor should it be assumed that Muscle
Shoals Is in a remote and inaccessible
district
The Tennessee River, open all the
year. affords water connections with
the Ohio and Mississippi rivers. 1t con-
meets with the Ohio at Paducah, KY,
and thence by the Ohio and Mississippi
with Memphis, Vicksburg, New Orleans
and the Gulf of Mexico, al the way
downstream. Caryoes can be sent up
stream on the Ohio. to. Evansville,
Louisville, Cincinnati and Pittsburgh,
or along the Mississippi to st. Louis
and further upstream Ford could
easily send barges up. the ONO TO
connect with his D., 7. /. r. K. lie
could also get a substantial freight dif-
ferential by floating his products to
the Mississippi and loading them on
the west bank.
Three railroads center at Sheffield
on the south bank of the river in the
heart Of the Muscle Shoals district.
They are the Southern, the Louisville
& Nashville and the Northern Alaba-
ma. The Illinois Central has an
nounced that it will enter the territory
when industrial developments warrant.
The people of Sheffield and Tus-
eu,nbia see visions of another Detroit.
The citizens of Florence, just across
the river, are not quite so enthusiastic
.--on the surface-but they are Just
as much interested. ;,
The country has been pretty we'll
informed about the Wilson dam, con-
troll Of which, after it is completed
by the government. is oae OF the
essential features of the Ford offer.
II is 4.3o0 feet long, its base is l6G
feet wide and its total height is l2o
feet When completed it will be the
largest single piece of monolithic con-
crete construction in the world. The
locks. which will be built for naviga-
tion purposes, will have lift OF 4S
feet.
When this dam is completed, without
any further power development such
as would be undertaken by Ford, it
could supply 100000 horsepower, ade-
ouate to operate the two gigantic nj
trate plants built by the government,
with enough left over to supply the
present needs Of all the territory with
in radius of 800 miles. 1t is esti-
m ated that this would release for other
uses about 6,5o0,0o0 tons of coal an
nually.
The steam power plant at Muscle
Shoals Produces nearly as much elec-
trcal o-e~gv a~ anv other steam nlant
ever built. 1t contains one steam
turoine unit with etecteical generators
which generates 10000 kilowatts or
$4,000 horsepower. 1t is the mate of
The turbine in the New York Central's 5
Grand Central power house There is
room in additipa for another turbine
IF half tLa
New-York tribune., 1922-10-08
Why They Came

The size of the attendance p,ves IN,
portance to the question: WHAT hro,a'i, a,h. :
SO many here? No other convention
OF the association had drawn more
than half the number.
one reason, the cogency of which
cannot be gainsaid, was the fact that
the convention was beinr held in New
ork. Almost every banker in Tho
country has some business. direct or
indirect, here; their wives came ajone
to shop and to enjoy themselves. The
pull TO the nations metropolis was
summed up by an old lady from the
miaole west, who declared that she
had not been to New York for thirty
Two years and had been preparing for
th1s trip ever since the association
accepted New York's invitation to
meet here
Ihe scheduled addresses and discus
SONS attracted many. The knowledge
enat such international leaders of
finance IS the Hon. Reginald McKenna
chairman of the London CITY and Mid.
land Bank, Ltd, and former Chancellor
OF the British Exchequer, and Thoma
w. Lamont, of J. p, Morgan & Co.,
were to present their views on repara-
tions and on the international debt
question exerted strong drawing power
SoPSSiai1y as ene reallzat1on that this
situation is responsible for tapering
export business, had begun to seep
through the financial and business
| channels of the country.
A large number of country bankers
and heads of Institutions serving com
| munities within the greater cities came
primarily because the question Of
branch banking was to be raised here
This was particularly effective in in
sreasing the representation from St.
Louis and the Chicago districts, where
the agitation on the subject has
reached the point of fever heat.
The attractions of the Great White
Way and the coincidence of the worlds
series with the convention brought
others to the meeting, but these we're
lesser. factors than the others men
toned. 1t may be remarked, however
| that one Southern banker wrote to the
institution serving him in this city
| requesting that it provide him with
seat for every game of the series
and several of the local banks bought
! tickets by the hundreds Also every
entertainment feature Of the program
met with a demand far in excess OF
| the committees ability To meet
New-York tribune., 1922-10-08
Will Rogers's Reaction

Bankers from all over the country
will probably ever be willing to rise
up tc make rebuttal to any who
charge that New York is without a
without spirit Of hospitality.
The commercial bankers of the coun-
try found genuine welcome in New
York. With the exception Of VIII
Rogers, every one was complimentary
Speaking at the smoker at the Hotel
Astor. Mr.. Rogers shot across these
observations:
4You (tha hankers) are as hns .
New-York tribune., 1922-10-08
Arouses Opposition

This year the extension of branch
banking, by whatever name, by national
banks has aroused the opposition of
the small country banker and the
banker serving restricted locality. The
national banks which have opened
branches contend that they are merely
carrying banking service to the people
as the state banks have done, but they
stood accused, as the convention
opened of striving to monopolize the
banking business Of the United States,
to "CanadianiZe" American banking,
and to DESTROY the independent banking
New-York tribune., 1922-10-08

New York bankers, when the cohveh-
|..n xas assigned to this city, deter
[,,nea to make it the largest and most
.eeessful ever held, and this purpose
f,sev admirably achieved. The attsn-
nance was the largest % record she
II Lgistrstion, .s which probably did not ac7
y anna for all, exceeding l1,ooo' and par
49, ..;oa :. tbs sessions as well as in
q ,c p@eaon a;rment provided by the pro-
q ram ran wen a1e"N
n n iu ~, y. - tk;s could, In degree. have
Ai tayesaen. especially in view of
sgssn 4 ss .,nsyrra arranged by the commit
~ X charge and of the fact that u
II.onysntion in New York would attract
ssry who would attend convention
&s.w6 ara alss, What could not have
sssan foretold, however, was that the
Nv York bankers, planning to take
.sch mart In the proceedings as was
i smmen surate with their obligations as
hests to the association, should be so
completely caught and swept along in
,bs deliberations and activities of the
convention.
Nav York bankers have during the
Ys Of the association registered only
lukewarm interest in it's affairs.
There have been some exceptions but
generally their attitude has been one
81 tolerance and neglectful of the op-
portunitiss Of making their leadership
sfectlve. Their excuse has been that
thew have been too busy, that their af-
fair. have been so complex and numer-
GUS as to allow little freedom for asso-
eistfnn work
New-York tribune., 1922-10-08
Change of Sentiment

Last week, as hosts to the associa-
lion, local bankers had to draw out of
their individual spheres of endeavor
and to turn their attention to group
effort as represented by that organiza-
ton. At the moment it appears that
the contacts established with the fnan-
ciers Of other cities, with country and
community bankers, have convinced
them that they can gain quite as much
through putting their shoulders behind
the association as the association can
gain from them.
President McAdams said that the
out-of- town members of the associa-
ton we're looking to New York for their
leadership. For a period of five days
the duration of the convention, New
York bankers accepted that leadership
and the impression obtains that they
will continue to exercise it.
There was another side to the con-
vention results which was given no
place on the program and which will
not appear in the official records. The
popular mind still looks with suspicion
on Wall Street, and to a degree this
pstludice has lived in the minds of
the country bankers. far from the ma
eVNe HloHe1at SdpICdi, do VI luS lay
men. The convention brought them tc
Wall Street, they had full opportunity
to observe the workings Of the finan.
cial district and to meet the men whe
direct these operations. Discussions al
.ae numerous informal conference
boards were of the frankest sort. New
FORK bankers not only opened theil
saildings to the visitors but theil
most closely guarded views.
The significance of the convention
then, was that it established a closer
spirit of community between the New
York and the visiting bankers which
nay have a farreaching influence no
snly upon the future of the associa
aon but upon the part which the as
ISOLATION Is to play in the affairs o,
the nation. The trend Of the times II
toward greater dependence of govern
msnt upon business counsel in the di
rection Of economic and financial poll
sies, and the potential accomplishments
of the association, in consideration o.
this fact. are limited only by the de
slopment Of this trend and by the
capacity Of the organ; cation for as
sumption Of leadership. The conjunc
tion Of New York and other Americar
bankers is quite vital to the upbuild
ing OF this cepacity
New-York tribune., 1922-10-08
Of Public Interest

Few banking conventions have re-
ceived more attention in the press. The
wide publicity was partly due to the
fact that the program included topios
of immense public interest as we'll as
more parochial banking subjects. AL
though the entertainment features Of
the program were popular, the dele
gates were in many cases in attendance
for more serious thiags, and the size
New-York tribune., 1922-10-08
The Conpention's Platform

The resolutions Of the convention,
which can be compared to q political
piatform In that they comprise the as
&anon's declarations on policy and,
y obtain unanimous support, are al
s,w more cfrcumspect than the views
advanced upon the floor, were as posi-
I'VE N their statements respecting ma
,lonai and international policies as
iae Inbred conservatism of the banker
hisht have led one to anticipate. It
s strictly on the cards that the as
sus'aton' for example. should deplore
me attacks on the Federal Reserve
Hssem, that it should favor a consti-
sa.loaal amendment permitting taxa
..a M oi FEDERAL. state, municipal and
4 aIei securities issued by politicai
a.lslohs' that it should warn gainst
a adoption of unsound credit aids
istmers to meet the present com
ias OF low prices, and that it should
.setsa laws placing the American
sMaant marine on an equality with
ss shipping In respect to legal
s@sstlons on operations.
ae expression of opinion on the
outstanding problems of the day
Msled by the chaotic international
zoe and by the recent coal and
~ strikes hardly passed beyond
a,eiy conventional. Recommends
9 otfictal representation on the
nsssss!on Commission and of the for
ss0s OF basis on which the
tes0 states might cooperate in IS
s,sI sSs she recuperation Of Europe was
sss.;s . repetition Of previous ex-
s.,s;s .ssns, The appeal to President
rag 20 use the power given him
hs tariff legislation to moderate
Is.sssuies Isseuies where they seemed likely
imsere with q reasonable influx
asIeaJ asIJ0s.s was, perhaps, a shade more
Tim more interesting. The reso-
d ,s.s 0n labor went no further than
II fsInise the distinction between
s:pl lssoom of man to Quit employ
alsioa as might desire and the com
salnss ~ g men to leave their Jobs
sssssss sIeir individual wishes and to
ss:bss .as necessity of deyising some
s,ss 2. settling disputes between
ssusu,s,ac labor without recourse to
New-York tribune., 1922-10-08
.'atlng the Way

ssadas.,,s y no reason to question the
rss. 80. ~ the main, OF the conven-
ssshIs soss,aaIsaendations, am but they ire
= lie a.y AZ. "a SO far as they may LEAD
7 81 so5r;s ;ssaoption of specific meas,,res
ssts Ne xas their intent. The assas;as
8 8 spssIfis ssyoapiy WISE in avoiding
e sess daiIiiss;;. aiiIsa; however, as it is alwavs
e es He,Itsd so crystallize sentiment
s sss and /, snan for general uroposi-
sssssattion : = = the function of an Or.
I'm ep!hios 3. this kind to create pub-
s,ss'ag amer than to legislats. In
9sss ss., eonviction thai railroad
s'' nave to BIS furthsr 81 ,a.a -.
New-York tribune., 1922-10-08
Will Build Ne,C Dams

There are many iegencs as to the
origin Of the term Muscle Shosls.n
The one most generally accepted In the
district goes back to Indian days. It
Is said that when the Redmen nsvisat-
ing their canoes came TO these rapids
in the Tennessee they found tina pass
ing Of the shoals so difficult they de-
veloped pfodigious amount of muscle
and hence the name, Muscle Shoals"
Ford is quoted as having declared
that If he gets Muscle Shoals 10 Will
give employment, directly and !ndi-
rectly. to 100000 men. 1t Is said
plants In Detroit already haze died
applications to be transferred to Shelf
field There is no doubt in the minds
Of those in that district that Ford's
prediction of niillion-man works will
be fulfilled within ten years If only II
is possible to get favorable action from.
Congress. But they feel that will be
only the beginning and they Will point
out that Ford contends ons man should
be employed for every horsepower
generated and that there are 100000
horsepower in the Shoals.
Figuring on the nan-pet~horsepower
basis, they assert that Ford will be
developing 100000 horsepower within
! uTe years after ne gets otas property
Whether or not this is true. founda-
tions now are being laid for gigantic
| hydrc-eiectric power house on tho
Sheffield side OF the Wilson dam. Plans
have been completed for an initial IN
stsllation of four turbines which will
generate $4,000 horsepower each. Ulti-
mateiy fourteen more of 36,a00- horse.
power each will be installed,
! Ford's development plans do not eR9
with completion of the Wilson dam srsa
utilization OF all the power II can gem
tcentlausd en- cage tsal
New-York tribune., 1922-10-08
Overseas Trade

Increased exports of wheat from the
Argentine and Canada this year to
Europe are responsible for the drop in
price at Chicago. If the Dardanelles is
kept open and Russia gets her wheat
through to Italy, France and other
countries. the outlook will be poor for
large exports here.
New-York tribune., 1922-10-08
What Is Ford's Ultimate Object 7
In Muscle Shoals Development? !?
Manufactures Plans to Bring Out New Type of Car Mado
Lighter by Use of Alloy Steels and Aluminium Found
I'm the District 1t Is Believed
BY James Dalton


majority of the purely industrial
reason From political Of view manfestng only
normal degree of As good
the Republican majority materially they are
ced that the will done with
Muscle Shoals and the
New-York tribune., 1922-10-08
Country Bankers Make Pilgrimage
10 Wall Street; Discuss World Issues
B. Convention Establishes Closer Spirit of Community
Between New York and Interior Financiers: n,erhnra
of Ideas Helps Clarity the Debt Problem
BY Richard F. GriFen

HEN events shall made the discussions and tbe
AM daton American Bankers convention
Friday interest merely record o
the country
g difficult period national and international problems the na
thu convention held New York oncevaby still exceed IN
and significance that Of meeting bankers 30 f
New-York tribune., 1922-10-08
Rich in Resources

Northern Alabama and Tennessee
are rich in undeveloped resources. The
100000 O-horsepower of hydro electric
energy which could be developed at
Muscle Shoals is only one of these re-
sources. 1t Is realized that while Ford
wants cheap power he wants other
things as we'll and that if he gets
Muscle Shoals he will build up great
industrial city, while at the same time
opening coal and iron mines and quar-
ries. He can find within few miles
of Muscle Shoals all the raw materials
he needs to build motor vehicles and
farm machinery.
Three offers have been made to the
government for Muscle Shoals. Ford's
is the only one which contemplates
utilization to the full of all the natural
resources of that region.
The other offers for the water-power
rights were made by the Alabama
Power Company and by Frederick E.
Engstrum, president of the Newport
Shipbulding Company. A fourth pro-
posal was that the government itself
develop the power through corpora
tion organized for that purpose.
In exchange for the water power
Ford agrees to use the nitrate plants
built by the government during the
war to produce annually 10000 tons
of fertilizer, which will be sold at a
profit of 8 per cent. He agrees to
turn the nitrate plants over to the gov
ernment in perfect operating condi-
tion in case of war. Ford does not
bind himself to sell surplus power. He
expects ultimately to use for himself
all that is available, but in the mean
time he would have gread deal Of
energy which he could sell. He would
not be under the control of the Ala.
bama Power Commission, however, and
this probably is the chief reason why
the Southern power interests are OBJ
jecting to acceptance of his offer. He
might be able to undersell them ia
| industrial consumers