The Washington times., 1920-10-21
ing Wall Street. Urge Reduction Taxes Big Business

study and the dis.emina tion OF infor-
nation for educational purposes
should be a major element In the ef-
fort of all service organizations con
lcerning such Sub)eets As are reason
ably related TO their bessie purposes,
DAY or -PUr-OvEA- GONE
The day OF the 'put-Ossr organ
ikStion IL gone. The way 10 open
for the true AmertcAn--that Amer
lean who individually and In assoeia-
tion puts country before personal
interests and desires above all things
a sound and enlightened government.
Those In authority and the public
want information. not direction.
Let II be understood by all COM
mercial and trade organizations that,
II project Is not for the good or
the public II Is not for the good OF
business. Action upon this basis viii
result in a growing co.'s
sciousness on the part OF the public
that. II q measure Is opposed to tho
business interest of the nation, IL
can scarcely be for the good OF the
public"
Drawing TO a close after one or
the most brilliant conventions In Its
history, American Bankers Associsy
tion today turned Its attention TO t9e
election OF officers and putting it's
affairs in shape for another year Of
hard work.
John S. Drum. president of the Aer-
camille Trust Company OF San Fran
cisco, was elected president by accla-
nation after his name had been pre-
sented by the nominating committee.
and Thomas s. McAdams was chosen
vice president. Both selections were
..A which
dered around the hooks and corners
OF the b. f. Keith auditorium. in
which ali the general sessions or the
convention have been held.
Committee reports interlaced with
two important addresses absorbed the
opening hours OF the session today
Joseph II. Defrees. president OF the
Chamber OF Commerce Of the United
state. speaking upon Service Organ
ixations' and Sol Wexel of J. s. Bache
& Co. of New York. addressing him
self to Enhancing and Underwriting
Big Business"
HUMORIsT ENTERTAINING.
One OF the interesting features OF
the program was a characteristic talk
by John Kendrick Bangs. the humor-
ist. upon "The Incorribisle Optimist,"
touching upon the trials and tribula-
tions OF the banker.
Appeal will be made to Congress to
iron out the differences over the par
clearance practices of the Federal Re-
serve Board that have arisen. When
the fight was carried to the floor OF
the convention today by the commit
tee OF five appointed to consider the
question. the country banks repre-
sentatives agreed that their side OF
the matter should be placed before
-.
the matter was held in obeyance.
Congressman McFadden. OF Penn
sylvania. made an elaborate defense
of his gold measure now pending In
the House. but there was no debate
upon the question.
The address OF President DeFrees.
of the United States Chamber OF
was mainly devoted to the
advantages of cooperation.
Frequently organizations have
common problems, or problems in
which each has greater or lesser
Interest" he stated. 1t was to meet
just such situations and provide for
a common voice that the American
Bankers Association and later the
Chamber Of Commerce of the United
States were formed. Cooperation be-
tween such national organizations to
the extent, and in the manner in
which it may be practicable il advis-
able. 1t may be that upon occasion
of high moment a pooling of interest
and action through a central or joint
committee would be desirable, but
ordinarily this is not so because 1t is
so frequently not practicable for the
several sections Of such joint commit
tee to have the authority to carry
with them the organization which
they respectively represent.
II want to cite a marked example
Of this which occurred in connection
with the hearings of the Committees
on Military Affairs Of the Senate and
House concerning the bill to legaliZe
certain classes of war contracts which
were held to be invalid on account
of informal and technically Insult
fcient method of execution.
$4,000. .O0O.OoO INVOLVED.
"You will remember that the face
of these contracts aggregated ap-
$4,000, 100000 and involved
nearly 1000 concerns all over the
country, many of which had their
entire working capital tied up and
at risk. There was an intense public
interest. and committees of various
organizations came to Washington to
appear at these hearings.
iHlrneOlately a1ter the nrst nearing
in December, 1918. all the organizs-
tions which had appeared held
joint mehing in which substantially
co-oper1 action before the Con-
gressio Committees was agreed
upon. Fe were several bills and
variou Foject. before the com
mittees was agreed upon. There
were several bills and various pro-
jects before the committees. intended
to remedy the situation.
'The resulting legislation which
was approved in the Spring of 1919
provided ample machinery, with
powers, to do Justice in all circum-
stances. | regard these hearings as
the most gratifying illustrations
have observed OF the usefulness of
the type or organization that / am
attempting to portray. I am In
formed that on June 80, OF this year,
or practically only IL months after
the passage OF the bill, 90 per cent
of these informal war contracts had
been settled or adjusted