The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-10-22
AMERICAN BANKERS
WILL MAKE REPLY
Statement BY Currency Comptroller
Ansers-Division OF Opinion

|
Ansers-Division OF Opinion
Washington, Oct. 1S.-Teehnical
questions Scheduled for. discussion
at the American Bankers associa-
ton convention here were displaced
lin interest among delegates today
| by the controversy centering around
charges of "unjustifiable interest
rates" made against New York
banks by John Shelton Williams,
comptroller Of the currency. &.
Officials of the asoication tried
! all day to avert the threatened
storm, but it was stated after the
days sessions of the various conven-
ton groups that there was a de-
mand by delegate for. a reply to
! Mr.. Williams assertions. The
charges made by the comptroller
will be considered by the committee
on resolutions and later will be
taken to the floor Of the convention
lit was said. = -. -. % - ~:
The public relations committee in
statement tonight said, 81;
."The general expression among
the visiting bankers was in criticism
tof the attack made, by the comp
troller of the currency; the majority
Of them pointing out that Mr.. WI,
IIliams did not give in his statement
the amount of money loaned by the
New York bankers on call at the
! high, rate of interest mentioned. The
various bankers 5 estimated the
amount so loaned at I. to 2 per cent.
/ III Inere..e Not Proportional u,
eThey are inclined to class money
, as a commodity and point out that
there has been less increase in the
money rates than. in any other COM ON
modify. tt also was stated that the
greater amount Of money is being
loaned at from s to z and z IL per
cent?, while the prevailing low rate
prior to the increase in other COM
modities was from to 8 per cent.
/. Supporters Of MT. Williams among
the bankers, however, said they ex-
E,pected to express themselves free
ly'' when the question reached the
convention floor, Rural bankers
were represented as feeling that
they had not had square deal" at
the hands Of some of the New York
4: banks serving them as correspond
Ients. ~ ~ ZIP: Y, !: TN !s9 ,.!G a1 4
| 3 Discussion Of the Williams
= charges except into the executive
meetings of the various group ses-
ssions, but mention of the attack was
met with announcement ! that the
subject was not OLE for any par3cu-
liar group to, deal with and that pre-
Sparations were being made to have
the association express its views for
mally. ~ L.E& 'zIN,
Z -. = Burglary Rates Up. <
The insurance committee decided
to investigate reasons for advanced
rates on burglary and holdup poll
cies. Companies writing such insur-
ance increased their rates several
months ago without giving reasons
I for the advance members Of the
committee stated. III. ..},.:,,.<
/ Much interest was manifested as
to recommendations to be made on
federal tax revision by the economic
policy commission. A plan OF proce-
dure was formulated by the COM
mission, Waldo Newcomer, Balh-
more, its chairman, announced, but
he gave no details. -. ;.
The commission is expected to
draw up recommendations also as to
transportation, farm credits, blue
! sky legislation and the financing Of
big business, -. !
Richard S. Hawes, president OF
the association, has written mem.
IL - ~ y ----.s - &