New-York tribune., 1920-10-19
Criticize i,I:i Attack
On N. Y. Banks
Interest Rates
Members of American Bank
ers Association Assert
Comptroller Villa III s
Did Not Tell Amount Lent
"Statement Exaggerated''
Cav There Has Been Less In
crease in Money Charges
Than Other Commodities
pron n. 7'rsouns's woshsnoto~ Bureou


WASHINGTON, Oct. 1s.-Bankers
wso Gathered in Washington to-day for
~. preliminary sessions of the Ameri-
-, Bankers Association convention
r,;md in criticizing the attack made
rnon the New York banks to-day by
1osn SHELTON Williams. Comptroller Of
the Currency
The visiting bankers declared the
statement of Mr. Williams, that large
sums had been lent at exorbitant rates
~ interest in New York, was greatly
exaggerated.
The first day Of the convention was
gven over almost entirely to execu-
tive meetings of the various commits
sions and committees in preparation
,or making reports on the floor OF the
convention.
The public relations committee last
night formulated report to be made
at the general session of the conven-
ton tomorrow morning. This report
urges the association to set up greater
machinery for the dissemination Of
banking information for the general
information Of the public. The view
was expressed that much of the criti-
cjsm of banking methods was due TO
ignorance.
Class Money as Commodity
The visiting bankers generally crti-
cized the attack made by Com mptroller
Williams the majority Of them point
ing out that Mr.. Williams did not tell
in his statement the amount Of money
lent BY the New York banks On call at
the high rate ct interest mentioned.
The various bankers estimated the
amount so lent al from TO per cent.
They are inclined to class money as
commodity, and said that there had
been less increase in the money rates
than in any other commodity. 1t was
also asserted that the greater amount
Of money was being lent at from 6 TO
~ per cent. while the prevailing low
rate. prior TO the increase in other
commodities. was from ) to s per cent.
The agricultural commission and
twenty-three Of the secretaries of the
state associations made q tour of the
Agricultural Department.. They visited
Inc bureaus Ol amman lNQuSlIN. N4arl
industry, markets and farm manage
ment Secre tarv Meredith made short
talk from TIE steps Of the department
auilding, IN which he said that no asso-
ciation was better equipped to assist in
the present agricultural situation than
the American Bankers Association.
Investigate Burglary Risk Boost
The insurance committee which met
to-day is preparing to 20 into the cause
tor the increased rates announced by
companies writing hold-up and burglary
insurance These companies announced
the increased rates several months ago.
snd the committee is asking them 10
now cause for this increase.
The annual dinner OF the American
Institute Of Bankers will be held to-
morrow night at the Willard Hotel.
Stewart D. Deckley. president of the
City National Bank Of Dallas, Tex. and
president Of the institute. announced
last night that its membership had
reached total Of $4,000 bank clerks
throughout the United States. At the
dinner the American Institute Of Bank
ers alumni viii be organized. Included
IN the alumni are many Of the most
prominent bankers in the country, who
made their start through this institute.
The economic policy commission an
nounced that the commission would re
port to the general convention Wednes-
day plan of procedure for arriving at
the necessary Federal tax revision.