The New York herald., 1922-10-02
Carelessness and Selfishness
Seen as Dangers i'll
Periods Ahead.
M'ADAMs CONSERVATIVE
Lessons of Depression Should
Be Needed in Forward
Swing, 1t Is Said.

the opinions or bankers dsSeHipliH5
here for the forty-eighth annual con-
vention of the American Bankers AS
sociation. Following are the state
ments of several bankers from various
Federal Reserve cities in widely sepa-
rated sections of the country:
J. A. House, president of the Guar
dian Savings and Trust Company, Cleve-
iand-I feel much assured as to the
prospects of business during the COM
ing wear with certain reservations.
Undou btedly there is further hqulda-
ton to take place, especially with
reference to labor costs and material
prices. | believe that the demand or
the country for the next year is such
that these adjustments will have to be
deferred. We have probably passed
through our first fat spot in business
following the war and will experience
an active market at substantially pres
ent price for possibly two years.
Fred H. Goff, president of the Cleve-
land Trust Company:
1t now seems probable that general
business will continue to improve for
number of months to come unless some
unforeseen contingency arises to pre-
vent. We are in period of low interest
rates. rising security markets, advancing
commodity prices and wage increase.
Such combinations of constructive influ-
ences characterize the recoveries OF ousi-
ness that follow such serious depressions
as that through which the country has
lust passed. They have never In the past
lasted very long. and 1t Is not to be ex-
pected that this recovery VIII continue
into the indefinite future. 1t has al
ready been actively under way for more
than a year. and it may be somewhat
confidently expected that it will continue
TO impart strength and activity to busi-
ness and industry for several months
more. It is a time Of opportunity and a
time for thrift.
Financial Position Sound.
Thomas b. McAdams, vice-president
Merchants National Bank. Richmond.
Va. and president of the American
Bankers Association:
America Is blessed with a bountiful har-
vest New wealth and an immense food
supply have been produced. Funda-
mentally we are in sound financial po-
sition and can look forward to increas-
ing prosperity in commerce and Indus
try. provided carelessness and selfish
ness are not allowed to undermine the
stability Of our citizenship.
Oliver j. Sands, president American
National Bank, Richmond, and chairman
special committee on taxation American
Bankers Association:
The improved demand for lumber and
our other products will bring much
needed relief to a section which has suf-
fercd keeuly from depression for the
last two years. Cotton mills are fairly
prosperous with the outlook good. There
is a general feeling of confidence and
we're it not for the heavy tax burdens
that destroy incentive this section could
look forward to much new development
n the immediate future.
NJ A. Taylor, president First Trust
and Savings Bank, Chicago. and chair
man Economic Policy Commission. Amer
lean Bankers Association:
The cloud on the horizon Is still the
foreign situation. There also time will
do much. but the process of GONZALES
cence could be much FASTENED IL our
people awoke to a realization of the need
cf assistance on our part to the coun-
tries weakened by the war.
Calls Outlook Good.
F. o. Watts. president First National
A,lr ND faf n
the American Bankers Association:
Fundamental business and banking
conditions In most respects afford a sub
stantial basis for believing that the
United States can look forward to a
period of good business. While nothing
approximating a boom Is promised, yet
the liquidation has proceeded so salts
factorily and the credit position of ouI
banks Is so strong that even the railway
and coal strikes. wasteful as they were
become a minor influence.
f. T. Swinney, president First Ma.
tional Bank, Kansas City, and formel
president American Bankers Associa
tion:
I'VE believe that much progress ha:
been made during the four years sine,
| the signing OF the armistice, and tina
we are much better off than a year o
two ago, but we do not lock for rea
prosperity In our district until our IA. m
ers are able to buy more of the thing
they need with the proceeds OF grali
and cattle produced or become accus
toned to getting along with less"
/ j. w. Hopes. vice-president Centra
| State Bank, Dallas:
/ THE business situation SO far as Mt
! taches to the trade territory OF Dallas 4
In our opinion very much improved
! The general feeling of better natur
l prevails; merchants are buying CAREFUL,
but In considerably increased amounts.
| Robert +. Maddox. President Atlant,
National Bank. Atlanta. and Forrne
President American Bankers Associa
tlon--Thc South Is rapidly recoverin,
/ from the recent depression. While tn,
| cotton crop is not much larger than las
year owing TO the low cost OF It's pro
| duction and the increase In price tn,
/ Souths paying and buying power hal
been much improved
| John @. Lonsdale, President Nationa
Bank OF Commerce, 81 Louis. and Presi
dent National Bank Division America.
Bankers Association---With agriculture
| output adding over $1,000. .000, 900 to the
purchasing power OF the country as com
pared with 1921 and with Industrial
| production gradually but surely on the
increase the country has only 20 re.
member and observe it's lessons of the
depression to continue In this forward
swing