Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-10-07
McADAMS NOW HEADS
NATIONS EINANCIERe
Icontlnucd from First rag

~
CONTINUED from Frs, rageD
national banks We're assuming "octD-
pus' tactics We're Inaiic. ana spcal,.
"rs declared the extension OF nation
al banks branches would vino on,
the smaller states banks.
Oppose Postal hanks E:,t-nsinu
Another attack on extension oE ia.
government postal savings bank sys-
ten was launched today. y H.
.hdams. OF Youngstown. o. Z, former
association president. declared any
such extension would only !ucr,asc
government expenses without giving
the public anything OF value.
Tho tiionaI bank division udcutcd
resolution requesting Coupr.ss 10
amend the national bnnlt net p. "a,
TO permit national banks 70 op,rlt.
branches within TIE corporate Limits
in which the head Office OF the bank
Is located. and that This he limited 70
States in which state chartered
hanks ace permitted - operate,
branches
Urges Incrrn.cd Exports.
Domestic trade "a the United,
states Is largely dependent upon the
nations export business. even though
The volume Of manufactured goods
sent abroad may bn comparatively
small. T. O. watts president Of the
First National I:ank. Of ST. Louis. de-
cIarcd today in an address at tho
annual nesting of tho American
BAnk"rs' Association.
Mr.. Watts who was chairman of
me American financial delegation 10
The international Chamber Of Com
mere" meeting in London last June.
said that while accurate figures were
not available. various estimates
placed the volume OF foreign trade
at about 10 per cent OF America.
t"tai manufactured output. II would
D, IDLE. hc declared. TO suppose thar
~ rms market was shut or domestic
trade would continue at its present
volume.
Not only" he said. lis Il purticu-
Tar business which soils a MIR, NJ
II" produeis abroad dependent upon
TINS foreign trade for its prosp.ritv.
nut even other Industries arr, affected
pyHhe existence Of q foreign marker
ior It's products. Even ,houeb >yc oY.
ported no food products, IN. apri-
cultural Industry would be greatly
aHcctcd by the existence of n ,,,art-.,
abroad for manufactured products i'm
hS'inch az n foreign market for these
mahufacturcd goods means AN I'm.
creased demand for farm products az,
me part OF workers and thoe. on.
gagged in The manufacturlu. tusj-
ness"
wont" Welt "Frozcn Credits"
81. ne Ter "icu'cn bond sclcm. f.,
,'., irl'ri OF war-torn nations ana
"hnW creditor nations to extend ~
'"'i"i help. revive the nrodrc,i,
1 P"Wcr OF countries upset bv ma ,vo.
ana VIII restore normal Oversee, tr.d.
- S"" S'r ID. brUmmond Fraser. ,r
','''i"h' organizer OF the plan fo,
nc ie"snc OF nations. in an address
"'.!Ncr'd here today before the as
ne emphasized The following roipts
~ VIII rcawaitcn the dormant co.,
i'uchcc IN the ability of importers i'm
W"r-s'riGkcn countries to pay their
way.
Governments may keep expendi
t"rc" within their revenue
he'ehue-producing assets of Dor
lowing countries may be modified
''r the purchase of essential i'm
ports which in turn Will restore tho
huFins power OF those countries.
lending countries, of which the
United States is the most inpor
can't. may secure. with n collatcrnJ
BOND, safe outlet for exports.
Must Restore NnrmnI Con,lit;o,x
The scheme does not attcrnnt IN
stabilize exchanges. These were dis
located because war stocks were ro-
placed at excessive prices in certain
countries before the recovery of thni,
export trade. Conditions of trade I'm
these countries must be restored IN
normal. When they have been rc-
stored the exchanges viii take carn
OF themselves. he said.
sSir Drummond warned tho b,nl,or.
that restriction Of the credit Of
European countries means an jpcvi-
table shrinkage of exports from IN.
United States or other creditor m.
lions ana a continued stagnatio, u,
foreign trade.
"r Drummond suggested The for
I,a''on OF national export corpora-
lions in each Of the lcnling countries.
united states. England, France ana
itaiy, and others. backed by a pro
rata guarantee OF the governments.
banks ana other iinaneial institutions
ana said that such concerns, IL prop
eriy managed, should allow for nor
mai foreign trade In as simple and