New-York tribune., 1922-10-02
granchBankingg
denounced as
Drag ON Trade
,.a.reudenfs i'm Mass Meet
;nr Direct Resolution
Pe Submitted to Convei-
ion Opposing Practice
1.issingef Is Criticized
e...ters Declare Effect of
system Will Be to Can
.a;ze'' Finances of U. S.

. :. .he big issues Of the conven-
- uas !, Tho American Bankers Associa-
y. /. ,he fight Of independent bankers
asa ~. ! she system of branch banks
ss cha. has been termed the benign
- ..;.sssa q Comptroller of tho Cur
. c-issinger toward branch ma
's''ss s.,ts and the extension Of the
branch bank system
'',. :, mass meeting yesterday after
!. she Hotel Astor resolution
-. ns framed for presentation to the con-
ssar denouncing branch banking,
~ national and state, as subversive
: ~ 4. hest interests of the American
s.,,l. and destructive of local initia-
~ s and Development. About three
s,nsred bankers were present and
sneeches we're made vigorously attack
ing the branch system
Tss gathering was presided over by
,.sac N. Powell, chairman of the Cook
connty Bankers Association, large
Allegation from that body being pres
.,4 Delegations also attended from
.ss Associated Banks Of Milwaukee, the
WISCONSIN Bankers Association and
q, Missouri Bankers Association.
nlssates from Connecticut, New
H,mpshire, New Jersey and Indiana
s5aressed the meeting.
Fight on Floor Expected
i, IL planned through the resolution
:. mt the convention on record as op-
ro,ed to branch banking in any form
and no effort Is made to disguise the
f,cs that hot fight is due on the
eonvention floor. A statement issued
ty Chairman Powell said:
aNany city bankers, especially Off
.srs Of the great banks in New York
CIV. oppose putting the convention on
,.tord with regard to branch banking.
Bu. the vast majority of out-of-town
bsrksrs In attendance feel strongly on.
tAk subject. The struggle came to a
had liss July, when the First National
Bank Of. st. Louis, with the tacit ap-
p,oval Of Comptroller Crissinger,
opened a branch bank and announced
It's intention to open others.
aThe anti-branch bankers believe
this to be an awful invasion by the
FEDERAL banks Of the territory Of the
state banks, which are expressly for
hidden in Missouri to establish
branches. Congress will be asked to
pass bill forbidding absolutely
establishment Of branch banks or
omees by national banks"
Andrew Frame, Of Waukesha, Wis,
pres!dent of the Waukesha National
bark and one Of the best known bank
srs In the United States, said:
\ am opposed to branch banking.
First Of ali, because 1t tends to Cana
dlsaiss the banking system of the
Uhtssd States. My contention is that
independence uplifts the nation. Mo-
.aapohes palsy human progress.
Canadian System Cited
sAny one familiar with the situation
IN Canada knows that Toronto and
Montreal dominate the prosperity Of
that country. Those two cities pros
per at the expense Of the remainder
because they monopolize Canadian
banking through branch banks. Can
sda outside the two cities have named
ness life Of United States territory,
sAers independent banking inspires
local initiative and development. Che
Montreal and Toronto banks are what
call cream skimmers. They get the
cream and leave the skim milk for the
rsst Of Canada. We want none of that
system in this country"
samuel B. Jeffries, president of the
Wy National Bank Of st. Louis; Jo-
ssepa McDermott, president of the Free
aold Trust Company of Freehold, N. j.;
MMedrall B. Wells, president Of the
nome Savings Bank of Milwaukee;
pusrs Pollock, secretary of the Asso-
Siated Banks of Milwaukee; Louis E.
Dehlendorf, Of the Cass Avenue Bank
OF 81. Louis, and Roy o. West, coun-
sel Tor the Cook County, H., Bankers
Assoclataon, also spoke in favor of the
resoiution to place the convention on
record against branch banks in any
audqiph 5. Hecht, president of the
sean Ssa,s ranha1ug rbanklng Division Of the Amer
opposition to resolution franad in
Terms ;sI likely to split the convention n,s N
ialo TWO jIrreconcilable factions Mr.
Sssti.d hssht declared liar himself against branch nc
SSgastas, Sy sbes but argued that any attempt
dictate the banking policies V,f'sta of states .o
y y. 70 whether or not they should 'ser. ner.
;,ssl,n ;hs.a,n tn their own borders, would defeat
tIrs.,;anny. % ny creating hostility in many
!, other Opponents of Branches
,,.;s.a asfS who declared themselves
sssa sssa as an invasion Of the rights .te"af of
ii Si1asuhltles and a practice detrimen.
+ r = national development, wera 'l A.
ss,.ss .ssemnaine, president of the United
.-.ss Bank, of Hartford, Conn: Ed