Imperial Valley press., 1921-10-04
C0NVEN T|ON
Of NATION S
BANKERS
OPENS
Men of Many Millions Gath
er in Los Angeles to Dis
cuss Economic Problems
Of Country.
(By Associated Press1

LOS ANGELEO, OcC. fl ne QlS-
posal of billions of dollars by some
$4,000 banks was cheerfully discussed
today in opening the 47th annual con
vention of the American Bankers as.
sociation.
Things look better than a year p
and pessimists with theories of de-
preston are out of place, say the
leaders.
John S. Drum of San Francisco, pres
ident of the association. in the opening
address said, "There is nothing in
either the domestic or foreign situa-
tion to give rise to thS pessimstic con-
cluson that the world is riding straight
to ruin"
LOS ANGELES, Oct. 4.-The bank
ing profession has come within the
last so years to feel the need for CO.
operation with business, declared j.
M. Elliott, Los Angeles banker, in an
address Of welcome today at the open
ing of the annual meeting Of the AM
erican Bankers association.
''It seems to me-" he said, "that the
outstanding development during that
period has been the growing recogni
ton of our unity of interest with men
in all walks of life; with all classes of
business, with all sections of the Coun-
try, and lastly with all parts of the
world. Their prosperity is our pros
perity. Their trials are our tials.
"While doubtless many bankers so
years ago knew that no great pros
perity could come to their institutions
unless the country also prospered,
there were some who felt that hard
times could be utilized by the banks
to exact excessive interest and other.
wise take advantage of the situation.
Under such narrow ciews of banking
ethics, is it a wonder that tn. public
was suspicious?
"But, of late years, the broader view
Of banking responsibility has perme t.
ed the whole fraternity and the bust
ness field and has also spread to
large portion of che public. This great
American Bankers association has
been of notable service along this line,
as we'll as in more technical fields. 1t
has made us feel more clearly the com
munity of interest and the necessity of
cooperation.
"Again the willingness of bankers
al lover the ctNntry, wherever they
are able, to join in the formation of
pools for tn assistance of some par
ticular industry is but an evidence of
the wider view of things that we-have
at the present time. We also fee! that
the man we must assist is the pro-
ducer, and l especially wish to bring
to your attention for study the coop
erative marketing associations which
have developed in this part Of the
countrX to greater extent than else
where
eve might claim that the realiza-
tion that we can only prosper as the
country prospers has broadened our
views and that while our opportuni
ties have increased, the responsible
ties, we realize have increased at a
greater rate land that not oaly for
our own country, but for the whole
world. Think that today, for all prac-
tical purposes, the world is smaller
than when Caesar set out to conquer
Gaul. Such is the inter-relation of the
different nations that we cannot, if we
would, avoid responsibility"
The injection of little humna SYM
pathy into the revenue act will do TO
harm, Henry M. Campbell, of Detroit,
chairman of the legislative committee
told the members today.
"Senti,1ental reasons alone aressuf-
ficient to justify fixing the value of
property at the time the gift is re-
ceived. The significance of the gift is
lost if it must be accepted subject to
the requirements that the donee must
ascertain the cost and in case oe sal,