Evening journal., 1922-03-02

the salient features Of the conflict.
declaring that the credits advanced
TO its Allies by the United States
saved civilization from Teutonic
ecer, eve must not forget that the
Allies saved us" He contrasted the
losses in men by the Allies with the
money advanced by the United
United states. BY reason Of the fact
that the United States did not de-
mand any indemnity from Germany,
that nation. he declared, was in
many respects better OFF today than
the Allies themselves
Or. Hullihen pictured the bitter
ness that will grow out OF the ef-
forts by the United States to col
lect these debts. and questioned IL
the United States would not lose
more in trade by such collection than
by cancelling the debts. He express
cd the belief that the debts can
never be paid in accordance with the
recently passed refunding bill. al
lowing rs years for payment OF the
debts.
Nations, like men, continued Dr.
Huilihen. hesitate to suggest can
collation. OF the debts, but were still
hoping that the United States
would realize the gravity OF the
situation" He also cited the mites
OF exchange as enormously in
creasing the burden on Europe.
Europe can only pay in manu-
factured commodities. said DR.. Hull
linen, and without credits they are
handicapped seriously in manufac-
lures. Moreover. should Europe un-
dersell us. It would add to the in
dustrial depression in America.
The prosperity of a nation depends
more upon business activity than
upon the mere amount of wealth
held by IL. That we hold n bulk Of
the worlds gold is "a dangerous
menace" TO our prosperity, he con-
tinued. Great wealth is useless un-
less employed" he added The chief
reason today for our industrial de-
preston is our lack OF a healthy
foreign market, as I'VE produce
more than we can use ourselves"
Restoration OF a parity OF ex-
change is more important to the
prosperity OF the United States than
the holding OF enormous wealth.
Following Or. Hullihen's address.
State Banking Commissioner Medill
and NJ. r. Reeve. examiner of the
Federal Reserve Bank OF Philadel-
phia delivered addresses. largely OF
a technical nature.
At the luncheon this afternoon.
Otho Nowland. president OF the
Wilmington Clearing House. well
coined the members OF the associa-
ton. following which vote OF
thanks was given the Clearing House
Association.
Edwin Gibbs, trust officer OF the
Chemical National Bank, OF New
York, delivered an address on I'm
come Taxes" and Fred N. Shepherd,
executive officer OF the American
Bankers Association, spoke on ma
tional Finance"
The following banks were reprc-
sented: Wilmington Trust Delaware
Trust Security Trust, Artisans
Savings. Central National. Farmers.
Equitable Trust, Union. Morris Plan.
| Wilmington Savings Fund Society.
Peoples Trust, Delmar; Delaware
Trust, Milton; First National Bank
OF Delmar; Delaware Trust. I.au-
rel; Delaware Trust. Lewes; Mil
ford Trust. Milford; FELTON, National.
lFelton; Farmers Trust, Newark
Newark Trust and Safe Deposit
Newark; First National. Wyoming;
Farmers, Dover; First National
Dover; Peoples. Mlddletown: Della.
ware Trust. Middletown: National
Bank, Smyrna; Clayton Bank. Clay
ton; Baltimore Trust Co, Camden:
West Dover Hartley; Delaware
Trust. Seaford; Delaware Trust.
Frederica; New Castle Trust. New
Castle Sussex Trust. Lewes: Balti-
more Trust, Bridgevile: New Cas-
tie County Bank. Odessa; Delaware
Trust, Millsboro; First National,
Seaford; Delaware Trust, George
town; First National. Frankford:
Delmar Bank. Delmar; Greenwood
Trust, Greenwood; Delaware City
National. Delaware City: Fruit
Growers. Smyrna; Newport Ma
tional, Milford; Delaware Trust.
Dover; Peoples National, Laurel.