The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-28
BANKERS
AT AUGUSTA, GA,
IN SPRING MEET
Investigations Not To
Hurt Business, Says
i 4 ssOciatiOn Head

AUG TIA, Ca. April 27.-Business
reaction o the Washington investiga-
tiops, Il sy of income tax revision and
politicfl eonditions in general were dis
cusset In ly by members of the Ameri-
cen Baui RS association, who began
gstherin: here today for the annual
spring meeting Of the executive coutcil
ef The Jas, citation, which opens tomor-
row. I'll Dawes plan, the federal rec
serve baiIS rediscount rate, future of
money totrs and government actions to
relieve thu agricultural situation also
were tapi touched on by the visiting
bankers .r.s
Walter ". Head of Omaha, Neb.,
president OF the association, said:
The ius estigations at Washington
have no material effect ON business con-
9islcns thrcl4 ghout the country. Honest
business honorable business men,
and this l. ludes the great majority.
have nothing to fear from such investi-
cations.
81 Tax Revision Urged
THE delaysin the revision of taxes
particularly the income and excise taxes
necessarily hampers business. initia-
tive. Taxes are a part of the expense of
brsilless no business can proceed I'M
less it knc definitely what its expenses
are Una present conditions business
fneg are { 'ced to carry on for several
months itlout knowledge of the amount
pf taxes which they must pay. This
Is not conducive to aggressive leader
ship Whici the present situation re-
qiires.
The nrst practical aid the govern
nent ean give tosagriculture is to expand
the foreign market for surplus agricul
tural products and to assist the farm
erS in trar sferring their activity from
the production of unstable commodities
TO the production If commodities for
which there is a sufficient demand to
insure fir profit. The foreign mar
Ret for agricultural products will be
extended TO a material degree by the
settlement Of European political and eco
neInie difficulties. We are raising too
much wheat and we must transfer our
effort TO other farm products. The gov
eminent SHOULD assist in this necessary
transition insofar as assistance can be
granted uipln a sound economic basis.
THE government should not, and can not
successfully engage in efforts to fix
I4Fiees or 0 herwise provide an artificial
stimulus " itch will not bear the test of
sound eco mic. policy.
~ do t'1 b<4ieve that the federal re-
serve reU cunt rate should be lowered
at this time or in the immediate future.
1t i not likely that the present low
rates will continue for long period and
the federal reserve rate should not fluc-
tuate to extremes"
Wells Holds Opposite View
Oscar Wells Of Birmingham, Ala,
second vice president Of the association,
sail:
There is but little question that the
markets for securities as well as for
commodities are being affected by the
Investigations and exposures at Wash
ington. Business men. however, are be-
coming accustomed to analyzing such
disturbances and do not believe in the
pregent situation business is being vitality
or substantially .hindered."
r., r.. Preston of Chattanooga. Tenn,
president of the national bank division,
said:
1.-THE investigations and exposures at
Washington have been hurtfu1 to bust
ness. The public will not be satisfied
until the guilty parties are punished, as
it feels outraged over the whole matter.
1t also feels that Congress has almost
completely broken down, that instead of
being dignified Legislative body. it has
degenerated into country grand jury"