The Washington herald., 1920-10-18
More Than 1000 Money
Kings from ALI Over the
Country Expected to At
tend Sessions-Sections
Of New Constitution Dis
cussed at Conference.

About 1000 delegates from all
sections OF the United States had
arrived last night for the forty
sixth annual convention Of the
American Bankers Association
At a meeting last night heads Of
the five sections Of the orssnizs-
/ tion adopted a new constitution.
centering control Of the sections
The administrative committee and
/ the former presidents Of the or
ganization also attended the meet
I ing.
The draft Of the new constitution
was drawn by M A. Taylor, chair
man of the constitutional revision
committee and chairman of the
! committee on State legislation. He
/ is president Of the First Trust and
Savings Bank of Chicago.
The new constitution will go be-
Z fore the general sessions with but
few changes, TO be adopted by that
body.
/ The adoption last night. after a
fight OF several hours, means sub
I stantislly that the various branch
( es hereafter will not function in
I dependently Of the general body.
After two days OF ironing OUT
differences between the various sec
tiOns Of the association for pres
entatiOn to the general sessions Of
the convention, President Richard
/ :. Hawes and officials Of the bank
ers' organization declared last night
that all is in readiness for firing
the big guns" Of the convention,
which officially opens this morning.
Long lines Of prominent bankers
( from every section Of the country
filed past batteries OF registration
clerks in the various hotels all day
yesterday, and the total is now e1-
I pected TO pass the 1000 mark.
! The outstanding features Of yes
( terdays conferences were the dis
D cUssions on the question OF par
I clearance and the objection Of the
. trust company section to certain
: parts OF the new constitution.
/ The objections OF the trust COM
: pany men centered about the section
/ of the new constitution which makes
/ the FIVE sections OF the association
, divisions under the executive con-
troll OF an executive manager.
, to have brought the section into
line" were he'd behind closed doors
by the trust company section and
the administrative committee OF the
A b. A.
Inner Circle COnfers.
Another conference Of the inner
circle" Of the National State Bank
ers' Protective Association. Of which
Frank De Claybourne. Of the Whit
ney Central National Bank OF New
Orleans is president, was held at
/ the Cosmos Club last night in an
/ effort to get the question OF par
( clearance into shape for presents-
I tion to the convention.
Establishment Of a foreign trade
/ finance corporation, to be capital
ized at 100000. 600, for the promo
tion OF American trade interests to
all parts Of the world, is another
OF the big tasks to be met by the
convention
The author and principal advo-
cate of the plan is John McHUgh.
vice president Of the Mechanics and
Metals National Bank. OF New YORK.
The commerce and marine commit
tee. OF which he is chairman, will
meet today to perfect plans for the
corporation.
Adoption Is Expected.
The plan will be presented to the
convention by Fred / Kent, vice
president Of the Bankers Trust
Company Of New York. II is an
ticipated that il will be adopted
without serious opposition.
1t is planned TO have the cor
.poration fully capitalized and in
working order by January !. Stock
holding interests would be appor-
toned among member banks Of the
American Bankers Association.
In outlining the plan. McHugh
said, The key to financing AmerI-
cas- foreign trade is the practice OF
thrift A nation that does not save
wisely cannot hope TO maintain and
increase its financial prestige in the
world any more than an individual
who does not save and invest his
savings prudentIy can hope 10 stand
well financially among his fellows.
VIII Encourage Production.
The American Bankers AssociA-
tion has consistently stood for the
establishment OF a nation wide or
gsnization TO finance our foreign
trade with the object OF encouraE-
ing thrift and production at home.
Such an organization would have
ample resources, would be efficiently
officered and intelligently managed,
and have such = character and pUr-
pose as to enlist the cooperation
Of bankers. exporters, Importers,
manufacturers and producers gen
orally.
From an American production
estimated to have an annual value
Of $4,000. OOO. 900. IL would appear
reasonable that a small per cent
could be saved to become a poten-
tial investment in such an enter