Show f OF US 1 11 I DEPEND UPON is EUA PE a. a I I tJ John hn M Moody ody Discusses Economic Eco Eco- i n mic Situ Situation f ti n at b W Banquet I J to 4 We tWe have met here hero tonight to weli welcome wel wel- i c come me and listen to an economist whose I oIlI Is followed from the Atlantic j t t it Pacific said J J. J A A. Hogle Hogie in Int in- in t ducin John Mood Moody of ot New York e c and writer at a dinner nt at Alta club last evening Yes and tOSS Og the Atlantic as well he added Wl W His lUs writings and teachings s appeal appeal- ta i the Ue banker bankel business man and in- in tor in a way approached by the 5 tings lUngs of oC no other man in America ito today ay I have been a student of Mr r Af ody for twelve years jear ears and have obed ob- ob ved ed his efforts always to safeguard p 9 Investor and we all know the high ice ace on which he has established his hise f e His influence for tor sound eco eco- no as well weli as for tor honesty effi- effi I f rr 1 I ncy and thrift in public as well as iti i ti p p. yi to e matters have gained for him I J t respect and l confidence enc of ot the tA A merican people I 9 sl saying ing that that- the United f to e i Is probably less wealthy than l f i was In 1919 and explaining the f Difference between Ima imaginary inary wealth I Apt Inflation and the real wealth pro pro- I W t d ced by industry and hard work worl t 4 Moody declared that the recovery 5 1 been largely confined to S' S r t al I se sections and that the country uld not be prosperous until the f mers as fundamental producers of of I 1 t e 8 country had likewise obtained Gt 1 1 economic favor EFFICIENT PERIOD SEEN TWO Tho coming period Moody predIct predicted pre predicted pre pre- dIct d will be of long duration r unforeseen circumstances It will be one of efficiency and production I ty tion n n will be bo the tool paramount paramount tool of S success cess C SS Jn ln his analysis of or European affairs I Mr Moody said in part The T average American does not noth stop stop to realize reaUze the profound changes h 5 the f e relationship of America to the theIa I I i world which have been brought t f n a out as a result of the World war I D store fore ore the war during the entire c dl tory of or the United States we were I K Aj debtor nation Our country had I be been n developed largely through the vestment of for foreign ign capital and all allS S L through the nineteenth century Amer- Amer I aCa had each year jear ear been paying it v t tribute to Europe in the form of or In Inte Interest In- In t te terest rest est dividends and profits on this foreign Inv Investment k f gip S S. S CREDITOR N. N NATION TION I 1 R But the war var brought about a change and today the c 1 IL d S States ates is is a creditor nation I Instead of our being in debt to toL L 1 f E Europe to the extent of or many many bil- bil l ions ns Europe is In debt to u us for x fabulous t b lous sums and each cich year the thelow f low ow of ot Income from Europe to to our our 1 s ores 63 Is Increasing to larger largel figures N 1 tt l' l I i Qt only is this fact represented by 4 f t i he allied governmental debts to the I f K ed Stat States s but also by the inI in- in jr erasing asing volume of private capital I Si J WhICh ich has for several years been I going foreign s 's securities c foreign business businE ss enterprises an and I y n-y foreign credits which are Jr in our out heavy export business |