New-York tribune., 1919-09-30
Wilson's
Aims Assailed
AS Socialistic
Ralph Ingalls, Attacks Fed
eral Farm Loan and
Housing Corporation Ac.
tivities Before Bankers

ST. LOUIS, Sept. 29.-Secretary Of
Labor. Wilson was classified with the
Socialists by Ralph Ingalls,, of New
YORK, IN an address before the con-
vention of the American Bankers As
sociation, which opened here to-day
with 1000 delegates present from all
sections of the country.
Speaking before the savings bank
section of the association, Mr.. Ingalls,
also denounced as socialistic the Mon
dell soldier land settlement bill, activi-
ties of the United States Housing Cor
poration, the Federal Farm Loan sys-
tenn and the United States Reclamation
Service.
"Foiled in their attempt to have the
government supply the one million
new buildings said to be needed each
year, Secretary of Labor Wilson and
other Socialists hope to effect the
same thing through the Federal build
ing loan bill recently introduced by
Representative John j. Nolan" de-
clared the speaker
Mr.. ingalls, asserted that if the Hous-
ing Corporation ceased activities when
the armistice was signed it's expendi-
lures would have been S2O,O0O,0OO
whereas by continuing it has spent the
entire S110,000,0 900 appropriated for it.
Instead of being rented to government
employees, the corporation is leasing
homes to anybody, Mr.. Ingalls, accused.
He declared the real object of the
Mondell bill was to enlarge the func-
tions Of the United States Reclamation
Service and extend its scope over the
entire country, "thus realizing one of
the most cherished ambitions of the
Socialists"
"The naturalization of the land, the
Socialists first aim, has made remark
able headway," he concluded
Raymond R. Frazier, of Seattle, as
serted that bankers and financiers can
speedily check the spread of radical
ism in the United States by making
loans to home builders
The home is the sevior of the ma
tion." Mr.. Frazier declared, land men
who own their homes do not think of
Bolshevism, I. W. W.-ism and kindred
diseases which are spreading over the
country Many more men would own
homes if their checkbooks permitted,
and it is up to American bankers to
make these advances.
Urges Settled Exchange
Robert F. Maddox. Of Atlanta, pres-
dent of the association. in brief talk
said that on the continuation of for
elgn exports rests the employment Of
labor, and that American indus tries,
having been stimulated by the war
should make every effort to build up
foreign trade.
The uncertainty of present rates of
exchange between the United States
and European countries constitutes
serious interference with trade rea-
tions, he pointed out.
Trade cannot be expected TO open
up" he emphasized, "as long as eX-
ports are restricted by failure of our
industries to make proper credit ar
rangements.
"lf Congress can agree on some suit
able basis Of credit extension the
United States will advance within the
next three years to pitch of prosper
ity of unprecedented proportions"
Preliminary Meetings Held
More than 1000 bankers from all
sections Of the country have been regis
tered tonight. To-day was taken up
principally with preliminary meetings.
The convention proper will open to-
morrow.
The report of the savings bankers
recommended amendments to state laws
so as to empower savings banks to
make long term loans on property, up
to 20 per cent of its value, and urged
savings banks to continue to encourage
agriculture production.
Other speakers warned against max
ing Investments for big returns, en-
phasizing that safety rather than in
terest was the cardinal principle gov
ernlng investments.