Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-05-06
BANKERS WILL LAUNCH
WAR AGAINST BANDITS
Pinchurst Convention Acts to Put
Down Growing Crime
Wave.
APPROVE McEADDEN BILL
Measure Creates Post Of Under
Secretary of Treasury and Aboi-
iShcs Office of Currency Comp
trolIcr-For Credit Extension.
tBy Associated rress.l

PlNEHURST, y. c., May 5.-Re-
ports OF committees bearing on iinan-
cial problems in relation TO public
policy were read today at the meet
ing OF the executive council of the
American Bankers Association in
session here The influence of Euro
pean business and financial conditions
of the United States was discussed in
a report by John X. Mciiugh. of New
York. chairman OF the Commerce and
Marine Committee. and a warming
against NASTY measures OF leGisia-
ton designed 10 relieve the abnor-
trade and industry" was sounded in
u report OF the Economic policy com
mission. OF which Paul NJ. WarburS
is chairman.
The position taken by John S. Drum.
of san Francisco. president OF the
association, in an address. urging the
creation of Observation-Disclosures for eN-
tension Of credits 70 foreiSn buyers
was supported by Mr.. McfiuSh.
There is no constructive work al
this time more worthy OF the wholc,
business men OF this country. ne
said in his report, than tina; or pro-
viding adequate financial organiza :
tio,,. after eXtendinE iong-nm. iUa hs
would use the proceeds 10 pay ior
American products. OF which they
stand in great need.
Wage Crusade Against snndi ts.
y report OF the savings bank III
vision opposed dcvc~pmcnt OF gov
eminent organizations Ia the extent
inrs institutions. The council also
decided To make :, crusade against
bank robbers, because OF the crime
wave.
Approval OF the McFadden bill
creating a new position 10 be known
as the Under Secretary OF the 1tens-
urer and abolishing the office OF the
Comptroller of the Currency was EN- :
brared today In the report OF the
economic policy commission OF the
American Rnnkcrs' Association. of
which Paul NJ. WarhurG is chairman.
we telicvc," the report says that
Tho governor OF the Federal Reserve
Board should y" elected by the board
Instead of heing named with tho vice,
the governor. instead OF the Sccretar!
OF the Treasury. should be the pre-
setiin.; officer. The latter, hctnE rarr
II able TO attend the meetings, can
not he closely in touch with pending
business. ON account OF the imp"ra-
tive demands which the regular
duties Of the Secretary OF the Ircis-
ury make upon that official. we view
With favor the suggestion that the
position OF Under Secretary OF 'n'
Treasury, corresponding 10 'hc P3si
ton of under secretary In the he =,
nartmcnt OF state. tie created and
this official represent the treasury on
tho board
The report emphasizes the neccs,
s!tv for the strictest economy. in all
branches OF governmental aUairS.
I'VE urge" II continues. that the
estimates for the military ana naSai
establishments be carefully conSiu-
cred, with a view TO bringing about
"a reduction OF such OUTLAWS Wherever
Dracticahlc and we trust that INC
influence OF the United States VIII
be cxertcd toward promoting an ann
rahle ARRANGEMENT among all nations
for definitely limiting and reducing
this class OF expenditures in the iu-
turr"
excess profits is urged, while the
present levies upon transportation
Especially upon freight. were SAID 10
be harmful TO business. In its con
sidoration OF the problems confront
in,r the railroads of the country, the
re1or, ASSERTS il is idle to seek cure
in government ownership anu opera
ton .
.iraes. has not Yet had fair teS'
ana there Is good reason to believe
that IN normal times and. with som,
notifications. IL viii prove itself
clrahlr Of effectively meeting our
,,.tilrpvh problems.