Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-10-04
BANKERS open /
ANNUAL MEET 3
IN Los ANGELES
Optimism is Keynote Of the
Convention, According to
Financial Leaders. h
Call for Publication Of Bank.
Salaries by Comptroller,
is Discussed.

Los Angeles, Oct 4.-The disposal
of billions of dollars by some "a. 600
banks was cheerfully discussed here
today in the opening of the forty
seventh annual convention of the
American Bankers association
Things are looking better. the times
are not so badly out of joint as year
ago. Irresistible forces are working
in the overturning Of these billions ef
dollars toward more prosperous times
and the pessimist with theories Of de-
preston is out OF place, it was said
by leaders in the nations financial
world.
The program Of the formal open
Ing session today was featured bysa
forty-two thousand word report by
the president Of the association John
8. Drum of San Francisco.
President Drum crystalized it in
twenty-six Of the forty-two thousand
words:
There is nothing in either the do
meshc or the foreign situation to rise
to the pessinaistic conclusion that the
world Is riding straight to ruin" con-
tinuing, he said
Rational examination Of our con-
d1hon today must prove to the great
est doubter that our problems are but
the natural manifestations OF world
wide nlal-adjustment that great ma
tural forces are working to remedy"
Discuss Call.
Los Angeles. Oct. 4.-Thomas p.
Patton. general counsel for the Ameri-
can Bankers assocition. in reviewing
the work OF his department for the
past year. before the convention Of
that organization here today, after
discussing the subject of federal leg
islation, referred to the call for pub
hcation of bank salaries by former
Comptroller of the Currency John
Shelton Williams. VIE.
For the first time in the ffty-
eight years history of the national
banking system" he said. the comp
troller on F,eh-',rv "a, shortly before
his retirement from Office issued q. call
for reports for publication Of national
banks which included in the blank
form of statement for report . and
publication, items showing the aggre-
gate amount of salaries paid to on
GERS and employees. General objection
was Immediately voiced to the publi-
cation Of this information and Presi-
dent Mckee. of the national bank. di-
vision, officials protested to the
comptroller and also called upon gem
T6r1f SoGHse1 for anb pfnfon as to the
power ofSthe comptroller Of the cur
rency to force tho reporting banks to
publish this confld entail Information.
Opinion Given.
An opinion was. promptly rendered
in which the conclusion was reached
that a state ment. of salaries paid did
not come within she spirit or mea ming
OF the law. not being a statement OF
the bank resources or liabilities and
That the comptroller had exceeded his
aut thority in making The requirement
that the banks should publish this
confidential Information. This opinion
was given wide publicity and large
number Of national banks did not
publish the information. The matter
has not been pressed since by the
comptroller's Office
Among the subjects OF federal leg
isiation in which the general counsel
participated, the report said. were the
bill proposing a tax of one-fourth Of
one per cent on bank deposits. to be
charged by the bank to the depositor
The measure was opposed before the
Ways and Mean committee and was
subsequently tabled.
A measure provided for the estab-
lishment OF savings departments of
national banks and special investment
OF capital and assets. in plan to re-
lieve the housing shortage. 1t was
pointed out that "a simple amend
ment TO section "a of the federal re-
serve act. would enlarge the power Of
national banks to loan on real estate
The subject at present rests in the
files of the committees on thanking
and currency in both houses.