Evening star., 1934-10-26

BY universal consent, the bankers
convention wound up as a peace con-
ference, with the olive branch as its
hallmark and cooperation as its key
note The Nations money magnates
unmistakably left Washington more
contented and hopeful than when they
came. President Roosevelt by no
means gave them every assurance
least in categorical form-that the
fraternity craved, but his upholding
of the profit system, his pledge OF
earliest possible curtailment of COM
petitive Government credit agencies
and the affirmation of unceasing ad-
ministration interest in international
stabilization created a favorable i'm
preston. With the atmosphere thus
cleared, there is every prospect that
from now on antagonism between the
Government and banking will be
conspicuously diminished. Only time
and the progress of recovery will show
to what extent the banks will heed Mr.
Roosevelt's primary plea to them to
renew their confidence in the people, II
/. e., to lend more freely. Generally
all authorities are convinced that the
signals are set for a degree of team
work that has not hitherto existed. A
balanced Federal budget, as an anti
dote against imitation, is what the
bankers now most eagerly desire.
y + + 4
Dramatic in the extreme were the
| unannounced remarks of Jackson E
Reynolds, president of the First Ma
| tional Bank of New York City, imme-
diately preceding President Roosevelt's
address. The brief, straightforward
statement of the Wall Street flnan-
cier, who looks like Mussolini, indi-
Gated plainly that the bankers had
patched up peace with F. d. r. behind
the scenes, and paved the way for the
Government-banking alliance for bust
ness recovery, which the President
| proceeded to propose. Although 1t was
Mr.. Reynolds maiden public address
despite long and active professional
life, his little speech will rank in
recovery history as an episode of the
| first magnitude. Like a good many
men who have achieved eminence In
New York finance, Mr.. Reynolds came
| out of the West. He Is a native OF
Illinois, was in college at Stanford
with Herbert Hoover and afterward
| taught law there. Later he was a
member of Columbia University's Law
faculty. Mr.. Reynolds enjoys high
| reputation in Europe as chairman OF
the committee which organized the
Bank for International Settlements
under the Young plan.
&x*
Dixie retains the presidency of the
American Bankers Association, with
the election of Rudolf s. Hecht of New
Orleans to succeed Francis M. Law oi
Houston. The fact that Mr.. Hechi
halls from Huey Longs kingdom die
not deter the Nations bankers from
bestowing their blue ribbon honor upor
him. They also voted to hold thei-
| 1895 convention in the Louisiana
| metropolis. The new A. B. A. CHIEF
ranks as a man with conspicuously
high regard for the ethical aspects oi
the banking profession. He is pro-
| digious worker and, because of his Eu-
ropean banking training, is one Of the
country's outstanding authorities or
international finance, especially in the
intricate realm of foreign exchange.
| 4
Adverse straw votes and administra-
ton lukewarmness toward his cause tc
the contrary notwithstanding, Wash.
ington hears that Upton Sinclair re-
mains serenely confident of victory or
November 6. The very newest thing
under the California sun is that If h
Is elected Governor his supporters say
he will have an undeniable mandate
for the Democratic vice presidentia
nomination In 1895. Washington opin'
] ions differ WIDELY as to lust what WoulC