Douglas daily dispatch., 1927-10-26
FAITH IN LIFE.
IS KEYNOTE IN
BANKERSA ASSN
Convention Told C0untry's
Need Is Tolerance of
Others Views.
FOREIGN LOANS
Every Banker Interested
In Outside Credits, Tray
lOr Asserts.

HOUSTON, Texas, Oct. 25 .P-A'
national need for a general revival
OF tolerance-"a belief in something
beyond ourselves and faith in the
destiny of life"-was sounded by
President Melvin A. Traylor, of Chi
cago, at the general convention of
the American bankers here today
He cited Americas position to be-
come the custodians of the worlds
credit supply; referred to foreign in
vestments as becoming a concern OF
every man, banker and investor, and
expressed no alarm over taxation.
His advice as to what the country
most needed, Individually and as q
people, then was described as "a
fresh baptism of faith-t tolerance of
the views and acts of others"
With tolerance and faith, he said.
"it will not matter what our lives
are, for we can live them finely"
The presidents annual address was
the principal subject before the bank
ers single session today. Group meet
ings, in conjunction with the con-
vention, heard views on state income
taxation, clearing house examinations,
the bank bandit problem and other
questions of concern to the banking
fraternity.
Discussing Americas twelve billion
dollar private capital investment in
foreign countries, President Traylor
told his audience of more than 5000
bankers, many bankers dismissed the
Wall streets problem.
"Let me remind you, however" he
said, "that it is daily brought to the
doorstep of every banker and every
investor in the country, through the
domestic sale of these securities to
your depositors who are paying for
them with deposits from your bank.
Whether you will or not, you are
becoming interested in every venture,
of whatever character and wherever
in the world located, the securities
of which are finding Judgement in
your community and with your
people"
John r. Downing, of Louisville, KY,
addressing the clearing house section
of the bankers association, asserted
payroll bandits in the first six months
of this year got more than $2,000,O0O
in loot and killed more than a score
of messengers.
Consequently, he said, it has been
found that banks favor substitution
of checks for cash in paying wage
earners.
SIT means more work for the bank"
he said. "but dinniniSheS the hazard
of life and money"
Mr.. Downing advocated extension
of the system of clearing house eX-
aminations now in operation in 33
cities, to include counties, because it
had demonstrated it's efficiency.
Supervision that prevents bank
failures, he declared, sis definitely
more valuable to stockholders, de-
positors and the general public than
any political scheme of so-called state
guarantee of liquidation after failure.
The one is preventive in its nature,
the other merely post mortem pro-
cess which may reveal what the bank
died of but will not restore it to
life.''
Speaking before the national bank
division meeting, Thornton Cook, OF
Kansas City, chairman of the COM
mittee on state taxation, advocated
state income taxation "as the ideal
way out of conflict between state
and federal laws" on bank taxes.
More states ought, he thought, "to
welcome this just plan OF banks
taxation, and so avoid the litigation
that banks in SO many states will
otherwise be compelled to undertake
to overcome the injustice of unequal
assessments under the general prop
erty tax"
MAI ONE -ROCENJRJ JOOM STCN