Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-10-04
BANkE Rs FAVOR
AME ERICA TAKING
ACTIVE PART IN
AFFAIRS ABROAD
|. Abandonment of the United
J States Policy of Isolation
= Is Suggested by ThoS,
w, Lamont, New York,
APPROVAL Is VOICED
BY $4,000 DELEGATES
Substitution Of a Plan Which
Might Even Involve Par
ttaI Cancellation of War
Debts, Suggested,

New York, Oct 3.--An over
whelming sentiment favorin g
Americas abandonment of her
policy which might even involve
partial cancellation of the allied
war debts, today swept through
the convention of the American
Bankers association. The subject
was broached by Thomas w. La
mont. associate of J. p. Morgan,
whfse plea in behalf of American
.uh elfishness" turned the conVen-
tion Into an uproar as the l0,O0O
delegates representing $4,000 banks
In the United States, voiced their
approval.
The movement gained moment
iim when Mr.. Lamont's plea was
echoed by Thomas b. McAdams,
president of the Bankers National
organization, Myron T. Herrick,
United States ambassador to
France and other nationally known
figures.
Changed Attitude.
Financial leaders who asserted
that until recently justification of
the debt cancellation had brought
only protests from small ana large
bankers throughout the country,
expressed great surprise at the
changed attitude evidenced today.
A year ago, they pointed out, n
proposal similar to that cautiously
advanced by Mr.. Lamont, was en-
phatically turned down by the as
sociation.
Formal action on the question
OF European debts to this country
or the formation OF definite pro-
gram of new loans and trade con-
tracts is not expected of this con-
vention, however. Leaders declare
they are satisfied with the evidence
that bankers of the country are
amenable to Americas more active
participation in foreign financial
stabilization and will depend upon
the early development OF public
yopinion which will justify the adj
ministration in making overtures
to the foreign nations concerning
the possibility of basis fer read
justed settlement.
The subject will be resumed to"
morrow when Right honorable
Reginald McKenna of England will
address the bankers on 'repara-
tions and international debts"
Branch Banks.
Having defined its attitude on
foreign affairs, the convention to-
night prepared to tackle an issue,
which, according to leaders prom
ises to dominate remaining ses-
sions. This Is the question os
"branch banks" forcibly brought
into the convention by bodies of
independents representing four
mid-western state bankers organl-
zations, who have brought to
head their opposition to the further
increase of such institutions on the
ground that they tend to centralize
capital and economic power.
Andrew J. Frame, of Waukesha,
Wis. appears in the convention as
the champion of the anti-branck
bank element.
The importance OF the issue to-
day caused President McAdams to
upset the schedule Of the conven-
tion so that a resolution adopted
by the anti branch men may be put
TO a vote tomorrow. The resolution
IOllOWB.
w Resolved, that the American
Bankers association views with
alarm the establishment of branch
banking in the United States and
the attempt to permit and legalize
branch banking; that we hereby
express our disapproval of and op-
position to the branch banking in
any form in our nation.
Resolved, that we regard branch
banking or the establishment of
additional offices by banks as det-
rimcntal to the best interests of the
people OF the United States. Branch
banking is contrary to public policy
and violates the basic principle of
our government, as it concentrates
the credits of the nation and the
power of money into the hands of
n few"