The New York herald., 1922-10-04
HERRICK ASSERTS us.
BANKERS CAN CURE
! ILLS OF THE WORLD
Ambassador Tells Delegates
at Convention Prosperity
Depends on Them.
ASKS UNSELFISH AID
Lamont, Butler and Other
Speakers Believe in
Europe's Comeback.
PRAYER OPENS SESSION
PRAYER OPENS SESSION
Legislation Is Demanded to
, Curb Activities of Building
and Loan Bodies.

That America should bear a hand
in r1e salvation and rehabilitation OF
Europe was the pith of the message
delivered to the convention Of the
Observation-Disclosures Association yester-
day by men distinguished in the
spheres of finance, education and state
craft.
1t was emphasized by Thomas w.
Lamont of the firm of j. z. Morgan
& Co. who received an ovation from
throng that filled all seating space
in the main ballroom of the Hotel
Commodore.
It was stressed in the opening adj
dress of Thomas B. McAdams of Rich
mond, Va, president of the associa-
ton. Both their addresses are reported
fully elsewhere in The NEW YORK
HERALD to-day.
And later in the day. when Mr.. Nc
Adams presented to the convention
Myron IT. Herrick, Ambassador to
France, who is on his way back to
Paris after a brief vacation. the Am
bassador, speaking extemporaneously
expressed his confidence that the prob
lens of European reconstruction soon
would be solved and that the solution
would be reached with the aid of the
bankers and business men or the
world, who will approach these ques-
tions with a clear head, unmindful of
mere political considerations. Ann
bassador Herrick said:
Carry nIcssage to F.ance.
"I return to my post carrying back
with me the feeling that these world
problems have reached the banker and
business man OF America. l am not a
pessimist. / believe that the problem of
which we speak will be solved within
the next year And it will be solved
by the level headed bankers and bus-
ness men coming together in consulta-
tion as in your bank board conferences.
Europe can't rebuild without Ameri-
can aid" the Ambassador declared. II
believe tnat America realizes this and
that the American people desire that re-
construction of the world be upon
sound basis Of financial and commercial
reorganization"
Mr.. Herrrck compared the world to-
day to a great express train, with
America as the motive power. ready to
carry the troubles of the world, but
with three or four bridges down just
ahead.
THE bridges must be rebuilt" he said,
"and it is up to America to do so. in
order that the express train may start
once more upon its way"
In closing Ambassador Herrick said
he believed there was in the convention
room the ability to solve the world prob
lens. The American bankers, he said,
had only to make a strong reorganiza-
ton plan to lift the world out of its
difficulty.
DIR. Butler Talks on Thrift.
DR.. Nicholas Murray Butler president
Of Columbia University, also added his
voice TO the chorus. He delivered In
the afternoon one of the principal
addresses before the Savings Bank Divi-
sion of the association on the theme,
Thrift and Thrlftlessness." Toward the
end of his talk DIR. Butler, who spoke
without notes. said
You cannot you dare not permit
present conditions in England. in
France, In Italy and in the United States
indefinitely to continue. 1t would be
sheer stupidity for us to do so, to say
nothing of the thriftlessness, the waste,
the extravaganza on a huge scale that
that would exhibit.
ut is necessary. and you sitting here
in this room to-day are in positions Of
strategic Importance to guide and in
fluence public opinion in these respects
IL is necessary to get that conception of
thrift and thriftessness which does not
confne 1t to monetary savings or to in
surance, but which will use those as
models or types for its application to the
large field OF ideas. OF political insttu-
tieps. OF social and of industrial en-
deaNor."
When the first general session Of the
convention was called TO order the at
tendance had reached total more than
5000 in excess of the previous high
water mark which was registered at the
Chicago gathering in 1909. Actual
registration of delegates and guests was
reported last night to have reached
10.600. Enthusiasm over New York
hospitality is at as high a flood tide as
is tho attendance.
Many Eager to Hear Lamont.
Much of the fiattering sizo of the
morning audience was attributed to the
general desire on the part of bankers
from every part Of the country to hear
Mr.. Lamont discuss national and inter-
national topics of the moment. His con-
ccded familiarity with the problems of
international finance rcparations and
the financial situation generally in
Europe. Mexico and the Far East had
whetted the appetites of the assembled
bankers.
The Right Rev. william r. Manning
bishop of New York. was presented to
open the session with the invocation.