The evening herald. (Klamath Falls, Or.) 1906-1942, 1922-10-06

.
business men In BcokIng u return Of
prosperity 10 tho United Bta'cs, ma
tionnl bank delegates 10 The forty.
olghh annual convention of the Amer.
} lean bankers association At the Hotel
, Commodore were told today by James
-. Alexander. president OF the Nation.
al Bank of Commerce. IN New York.
Relying on the substantial Inn
prOycmcnt which has taken place In
domestic finance aud industry. they
may cOufiu" their. outlook to their
, own country ana accept modest prof
10 within restricted market. play
Ing relatively smaller role than b..
fore ID" war. On The other hand. ~"
opportunity IN offered thom 10 take
fun advantage of smcrica'B now pre-
nmin"nc" In world finance aud pro.
duction. and attain old tim" hmrri.
ran progrcaB md prosperity.
III We ountout uurgcly,g with
modest recovery ho added. "wo
shall take u position which shall con.
atituto signal retreat from the Bpir-
u Of enterprise that haG animated
this country throughout hundred
years. and that has made OF America
a great progressive nation. We
Americans. up 10 tho last frw mOnth1
have never been satisfied with medic.
ere rotulll. We have been willing
to take great riBks; and. II necessary
to suffer great lnrioa; but We have
been determined TO enter upon great
undertakings aud to hope for great
accomplishment"
Alexander expressed his belief that
now. for the first time since the war.
there il substantial basis for con.
8ldorlug what viii bo the normal
trend Of business In the future. lie
| pointed out that the financial situa.
/ tlon has cleared ana there Is reason
70 believe that whatever sound bust.
| ness may develop In the future can be
properly financed; extreme price dis
/ locations have disappeared TO an I'm
/ portant extent, volume OF business
. has gradually Increased until at pre-.
/ sent II rs only 10 per cent below nor.
nal; with certain marked exceptions F..
the agricultural position has Improy.
! I'd over that Of year ago; the large ]
stocks of certain goods that recently !
caurcd Etagnation In tho markets I
have been largely disributod or con
sumcd; and the dlsproportionatc de. I
yrlopmont In the eountry's capital
cauipmcn, Is being steadily correct.
| ed.
In short. wo have made much /
real progress In recent months" he
declared. "and In many ways We are
In position 20 handle much larg.
or volume Of bualnoss. To recognize
that fundamental conditions are
right FOR considerable further re.
coyory. and 20 say that We are well
on The way TO something approaching
a normal volume of bugincsl IL not
quito the same "a saying that We
are assured 0f a speedy return To one
OF our prcwar periods ot prosperity.
II Is tAla second question. take II.
that ~ of most Interest 20 all OF US.
Gentlemen. the time has passed
whom amy one looking 10 the future
OF the business of America can ig-
more the rest OF the world. For
many years before the war the whole
trend Of American business had been
away from the Development OF self
sufficient state. The developments
or the war and the changed economic
and financial status OF other great
industrial and capImlistic 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
carried so far as 10 leave the Inn /
portanco Of the worldwide economic ,
policy no longer debatable question. q
30 "H 'A'bi'"AH Alt war W. 4
have been lifted into a dominating ,
position In the worlds capital reia- I
tlons. This change, in itself. is S
bound TO bring corresponding 4
change in many of the trade currents
that follow capital movements. The I
change has thrown upon us respon- =
'ibility that we cannot eyade wheth- q
pr We wish 10 or not, Moreover. nj n
change must powerfully react up,t,
,nr domestic business conditions and @
upon our important economic poll. n
lies. Wherever we turn In our exam y
nation of the elements that make a
or business stability or instability In
'ur own domestic affairs. whether It G
10 that OF the capital supply, the gold -
'r currency questions. the future OF
rice levels or the future of trade
at home or In other coun-