The New York herald., 1922-10-05
ASSURED
TO SOUND BUSINESS
j. s. Alexander Tells Bankers
of Great Opportunity in
Worlds Affairs.
NARROWNESS OUTGROWN
Speaker Says U. s. Must Do Its
Share Toward Quieting
Other Nations.

The monetary situation has cleared,
velop can be financed properly, James
S. Alexander, president of the National
Bank of Commerce of New York, yester-
day told the American Bankers Associa-
ton. The speaker asserted that two
courses are open to the American busi-
ness man in seeking a return to pros
perity-modest profits at home or greater
gains through more ready appreciation
of this country's place in the world
economic situation.
"ln short, we have made much real
progress in recent months" he declared,
land in many ways we are in posi-
ton to handle a much larger volume OF
business To recognize that fundamen-
tai conditions are right for consider
able further recovery, and to say that
we are we'll on the way to something
approaching a normal volume of busi
ness is not quite the same as saying
that we are assured OF speedy return
to one of our prewar periods OF pros
peritS
gentlemen, the time has passed when
any one looking to the future of the
business of America can ignore the rest
of the world. For many years before
the war the whole trend of American
business had been away from the devel-
opment of a self-sufficient state. The
developments of the war and the
changed economic and financial status
of other great industrial and capitalistic
nations. have added tremendous impetus
to a movement that has extended our
lines of economic activity farther and
farther into other countries. To my
mind this movement has now been car
ried so far as to leave the Importance
of a worldwide economic policy no
longer a debatable question.
''As an outgrowth of the war we
have been lifted into a dominating po-
sition in the worlds capital relations.
This change, in itself. is bound to
bring a corresponding change in many
of the trade currents that follow capi-
tai movements.
I'm looking to basfc conditions that
affect the future of American business,
therefore, we are confronted with two
sets of facts On the one hand we find
an abundance of evidence that very
substantial Improvement over the worst
period of the depression has taken
place at home. In addition to this we
find to a somewhat less degree. but
still to degree that offers much basis
for couragement, readjustment in
commercial and financial conditions in
many other countries. On the other
hand, we find a condition of affairs in
certain European countries that pre-
sents definite obstacles to anything like
the full recovery of world trade. In
view of these two sets of conditions,
what may be said to be the outlook for
American business?
Il believe that there are open to
American business men two courses. BY
relying upon indications of Improvement
such as we already have had, by devel
oping confidence and faith in the future
and by bringing about certain additional
readjustments of somewhat difficult
but possible character. | believe that
we may, within ourselves and by the
help of what foreign trade must come
to us In any circumstances. advance
business development in this country
and attain a moderate prosperity.
"The second course. which ] believe
20 be open to American business, Is a
return to something approaching the old