Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-10-02
j. s. MUST HELP
EUROPE. IS VIEW
OF F|NANC|ERS
Independent Bankers Plan
Campaign Against Larger
National Banks Establish
ina Branch Houses.

New York, Oct. 1.-On the eve of
what promises to be the largest and
most irnportant-the 4sth annual
convention Oh 4de Amerfcan Sank-
ers' association. which opens to-
morrow, independent bankers rep
resenting all sections of the country
met in preliminary session today
and planned a campaign TO put the
gathering oss record against the
establishment Of branch banks by
the larger national banking houses.
Today's preliminary session as
sumed the proportion of a mass
meeting with bankers delegations
present from Chicago, Keokuk,
Iowa; Topeka, Kans.; Covington,
KY; Cleveland. Pittsburgh, st.
Louis, Los Angeles, Minneapolis,
Baltimore, Portland, Ore, and 9TH
er cities. Anti branch bank head
quarters has been established in the
Biltmore hotel by the Chicago and
Cook County Bankers association.
The bankers at today's meeting
decided to attempt to force through
the convention a resolution placing
the organization on record as
against the branch bank plan, by
which national banks in the larger
cities may maintain establishments
in other cities and towns. They also
will seek to have the body disap-
prove by resolution the alleged sup
port of this plan by D. r. Cris-
singer, comptroller of the treasury.
The branch bank plan, they con-
tend, threatens absorption, if not
destruction, of state and independ-
ent banks and trust companies IN
smaller communities, with the re-
suit that the metropolitan banks
will ultimately dominate the finan-
cial conditions in these territories
Stiff Fight Expected.
Bankers of larger cities, partlcu-
larly New. York, are expected TO
wage a stiff fight to prevent adop-
ton of the proposed resolution.
A poll of financiers gathering for
the convention indicates unanimous
satisfaction with the nations pro-
gram upward from the valley Oh
post war depression, and a pellei
that at least two years of good Dusk
ness lie ahead. The prosperous era,
however, has not reached the pro-
portions of a BOOM" it was the
conviction of the bankers, speaking
of conditions in federal reserve dls-
tricts of the east, south and MD
die west.
Almost without exception, they
expressed a belief that the United
States, for it's own welfare, must
concern itself more industrlousiy
with the rejuyenation of Europe.
1.-TWO outstanding problems per-
plex u.s." said Thomas B. McAdams,
of Richmond, Va, president OF the
National association. "They are tne
industrial controversy and unrest
at home and international financial
difficulties abroad. To these prob
lens we will address ourselves WIFE
unmistakable vigor."
Criticiscs Tariff Bill.
A regret that not only do we
show no desire to aid in the restora-
tion of Europe, but by means OIL
such financial measures as the
Fordney- -McCumber tariff, do our
utmost to prevent Europe from
working out it's own difficulties py
means Of its own efforts" was ex-
pressed by H. A. Taylor of Chicago
chairman of the associations eco
nornic policy commission.
He saw living prices dropping
back toward pre-war levels,
marked decline Of borrowing from
federal reserves by member banks.
good crops and satisfied farmers.
"The cloud on the horizon is still
the foreign situation" he contin-
ued. "The trouble does not lie IN
the fact that we cannot find con-
sumers for our surplus. but that
our customers are in such a finan'
cial condition that they cannot pay
a reasonable price for our products,
and the farmers are faced with the
dilemma of selling their surplus
either below cost or not disposing
Of 1t at ALL"