The Washington herald., 1922-10-02
Members of Association
Will Urge Cooperation
With Europe
FOREIGN TURMOIL
AFFECTS AMERICA
Leaders Predict Active
Market at Present
Prices for 2 Years

NEW 0ORk, Oct. l.-Anerlcdh
bankers. meeting here tomorrow in
convention. see continued European
ehaes as the only cloud in otherwise
clearing Industrial skies.
While optimistic over the nations
business trend. interviews with
numbers of the 5000 financiers. rep
resenting the guardians Of over
twenty billions Of American money
on deposit In this country. revealed
deep concern at this nations aloof-
ness from Europe's woes.
Fer this reason the presence at
the convention of the Right Hon.
Reginald McKenna. OF London, for
mer comptroller Of the exchequer.
Is regarded as of iterest and i'm
pOrtancc. McKeuna. who arrived
On the Aquitania yesterday. is here
to address the convention and con-
fer with leading financiers on the
economic problems of Europe.
May Favor CO-Operntion.
Early arrivals at the convention
Indicated that the American Bank
ers' Association. which embraces a
membership of $4,000 Of the 10000
banking institutions in the nation,
may consider resolutions advocating
definite American cooperation with
European powers to effect economic
stability abroad.
THE European problem is Of such
magnitude" said J. A. House, of
cleveland. president of the trust
eompauy division Of the bankers
g cssaFIatiO that the United States
tan no longer withhold its influence
without suffering more by its eN-
rlusicn than by its participation.
II during the present crisis the
United states would take its posi-
.lsn definitely in support of the
things that the major Europea n
countries arc standing for, | be-
i'eve that act on our part would
hermit of an earlier continuation of
thase things in Europe that must be
made stable before We can with any
certainty predict our own business
future.
Rexret. Effect of Tariff.
". A. TrayIor. Chicago, chairman n
~ the economic policy commission
~ the bankers association, voiced
n similar view.
The cloud on the horizon is still
the foreign situation" Traylor said.
'It IL to be regretted that not
emily do we show no desire to aid
in the restoration Of Europe but by
means of such financial measures
rs the ney-McCumber tariff do
Hur utmost to prevent Europe from
working out its difficulties by its
Bwn Efforts
=. q. watts, st. Louis. former
president of the American Bankers
Association. declared the great dan
rsr to thi country's continued
march toward prosperity is that
i'r~a are disposed to overemphasize
our -sufficiency.
''WIth our increasing surplus OF
manufactured goods and capital"
watts said. "we can no longer hope
80 enjoy the full measure of pros
perity until the nations with whom
we trade have been restored to nor
nal Industrial political and social
ueRse."
Ranks Reopen I'm South.
BANKERS from North. East. South
and West Joined in optimistic com
rnent on the nations Industrial out
lock. Robert +. Maddox. president
First National Bank. Atlanta.
pointed To- the reOpening OF banks
closed in the South during the de-
u-,ssiOn rs one sign Of recovery in
that section.
The prevailing opinion of the
bankers was summed up by ]. a.
!rause. OF cleveland.
We have probably passed through
rur first fiat spot in business follow
Ing thu war; re said. and will eS-
ri at NJ h.
stantially present prices for possibly
two years"
The first general session OF the
convention will be Tuesday and the
final session Thursday