Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1920-10-20
Approve $1OO, 600, 900 Cor
poratiOn to Promote
Foreign Business.
PEOPLE ACCUSEDOF
BOARDING MILLIONS
Banker Says Public is Sc, =
or Carrying Around ss,ooo,. : 100
Which Should be Used in Leqti-
mate Trade Channels - Speaker
Accuses Banks of Partial Blame
For Extravaganza.
By Associated Press.


washington. Oct. 2o.-Approval of
a proposal to organize a 500 900 600
corporation to finance the nations
foreign trade was given today by the
American Bankers Association. in
convention here.
President Hawes was autbor;,aa
can meeting of bankers and busi-
ness men to work out plans for the
formation of such corporation mn
der the provisions of the recently en-
acted Edge law, as proposed in the
report of the associations committee
on commerce and merchant marine
"hich was presented today.
People Hoarding Millions.
The people of the United States are
| carrying around in their pockets or
hiding at home $4,000. 100000 OF Am
erichn currency or nearly one-half
OF the total supply, SAID Fred w.
Ellsworth, vice president of the HI
bernia Bank and Trust Company of
| New Orleans, at the annual conye,f-
/ ton of the American Bankers Asso-
| citation today.
This means that for every family
IN the country there is an average of
jsloO, large proportion of which
should be in the banks, where 1t
could accomplish for the business
community infinitely more than it
can resting in dismantled sugar
bowls or In trousers pockets" Mr..
Ellsworth continued.
AS matter OF fact right now
/ 5000, 900. .006tas a basis for credit
would enable the banks to take care
/ OF a very large proportion of neces-
sary business which is suffering for
the lack Of adequate financing"
Bankers Partially to Blame.
! The responsibility of diverting this
vast volume of money into the pro
per channels of trade rests upon the
shoulders of the bankers of the coun-
try declared Mr.. Ellsworth. The Am
ler1can people, he said, sauandered
untold millions on unnecessary lux
uries, while hundreds of millions OF
| dollars were invested in gilt-edse,
iget-rich-quiclS securities that have no
security" There were countless ways
advertised for separating man from
his money, and most of this'was to
he commended; but it is just as logi-
cal to advertise in order to persuade
folks to save, Mr.. Ellsworth said
Bankers, he said, had undertaken
by collective and cooperative move
ments to show the people by adver-
tising how to do this saving and in
vesting.
| The savings bank section of X the
American Bankers Association is
working on a comprehensive plan for
advertising thrift as it never has
been advertised before, said Mr.. Els
worth, who asked for an adequate
appropriation for the public relations
committee of the association for in
telligent, continuous, educational
publicity
BoIshevism Retards Business.
Annihilation of bolshevism in every
country, the fixation of the German
| indemities to the allies, and the re-
construction Of devasted districts are
the great needs of the hour for the
complete restoration Of Europe, Fred
l.. Kent, vice president of the Bank
ers Trust Company, of New York,
declared today in an address before
the American Bankers Association.
Mr.. Kent was director of foreign ex-
change for the federal reserve board
during the war and has just returned
from Europe, where he assisted the
reparations commission as financial
adviser
with bolshevism destroyed" Mr.
Kent said, production will increase,
currency expansion will decrease
government budgets can be made to
balance, and ultimately taxation can
be reduced.
with the German indemnity fixed
that nation can get down to work
without fear that successful opera
ton may increase her liability, and
her burden will begin to grow less.
At the same time the payments that
she must make will serve to better
the conditions in the countries Of the
European allies.
| with the reconstruction Of the de-
wasted districts productive work can
| be given to many men who are at
present drawing funds from govern
ments for unnecessary purposes
| with these three problems solved
all the wars now going on in Europe
and the tremendous tax that is be-
ing put on the people for military
purposes would pass
| Characterizing bGlshevism as "the
underworld force Mr.. Kent said it's
! power was SO great that the people
could not relax their fight against it
! for one minute if they would not lie
| overwhelmed.