The midland journal. (Rising Sun, Md.) 1885-1947, 1934-11-02
News Review of Current
Events the World Over
Bankers and President Roosevelt Move Toward Accord
War Clouds Still Hover Over Balkans;
Legion for Bonus Cash Payment.
By EDWARD w. PICKARD
@ by Western Newspaper Union.

EOUR thousand or so tinanciers gath
cred in Washington for the annual
convention of the American Bankers
association, and it became apparent at
once that they were far from unani-
nous In their opinions concerning the
economic policies of the New Deal.
Francis Marion Law of Houston, Texas,
retiring president of the association,
gave out an interview in which he said
he believed that economic recovery
had arrived at a point where bankers
of the United States could honestly
advise business men to go into debt
again in order to put idle bank re-
serves to work. Further, he stated
that bankers feel that the securities of
the United States government are the
best investment ION the face of the
earth" and that there need be NO con-
Germ over the condition of government
credit.
What made this expression especial
ly noteworthy was the fact that only
recently the federal advisory council,
composed of leading bankers, issued
warning that government credit was
being menaced by the unbalanced con-
dition of the federal budget and the
unstabilized dollar.
Then appeared before the bankers IN
Constitution hall President Roosevelt
himself and made an appeal FOR 'an
alliance of all forces intent upon the
business Of recovery" He called on
the banks to lend more money TO
finance the New Deal program.
Government should assert its lead
ership in encouraging not only conf
dence of the people in banks but the
confidence of the banks in the people"
he said.
"In March, 1888, l asked the people
of this country to renew their conn
dence in banks. They took me at my
word. Tonight l ask the bankers OF
this country to renew their confidence
in the people of this country. l think
you will take me at my word"
He said that the administration
stood squarely back of continuance OF
the profit system and that emergency
activities would be curtailed as fast as
private business could pick up the load
It was noted that the President made
no promise to balance the budget or to
stabilize the currency; also that he did
not comment on the proposal to create
a central bank. His talk was heartily
applauded, but many Of his hearers
were far from satisfied.
Before Mr.. Roosevelt spoke. the
bankers were addressed by Jackson
Reynolds, president of the First Ma
tional bank of New York and stanch
sound money advocate. He appealed
for cooperation with the President
highly praising his efforts at rehabili-
tation and saying:
IF the government and the banks
continue in the role of antagonists 1T
will invoke the gravest consequences
to our country, perhaps even the de-
struction of many institutions and
principles we have long held dear.
"The poor, whom we have always
with us, will not be much worse off
The rich will survive in comfort at
least, as they always have, but the
great stratum of our people between
these two groups will be irretrievably
ruined.
IF, on the other hand, we abandon
our antagonism for friendly. under
standing, sympathetic cooperation, l
believe we can make great contribu-
ton toward the perpetuation of our
cherished institutions, the encourage
ment of our fellow citizens, and the
gradual and sound rebuilding of the
shattered economic and financial struc
ture of our country"
Further overtures to the bankers
were made by Jesse Fl. Jones, chair
man of the Reconstruction Finance cor
poration, and ]. f. 7. O'Connor, comp
troller of the currency. Both of them
gave assurance that the economic con-
dition of the country is sound, and Mr..
Jones urged the bankers to expand
their loans to business.
To all this the bankers responded
by unanimously adopting resolutions
promising to cooperate with the gov
eminent but demanding a balanced
budget.
Rudolf S. Hecht of New Orleans was
elected president Of the association to
succeed Mr. Law.
VXIAR clouds over central Europe
wv are not dissipated by the partial
solution of the plot that resulted in
the assassination of King Alexander of
ssssssaagg2ssySsasg&S@gH Jugoslavia. 1t is es-
s tablished that the MUIR
der was the work of
the Croatian group of
& terrorists called the
GUS ac h a, and the
head of the gang. DIR.
Anton Pavelic, has
been arrested, togeth-
er with his assistant,
Eugene Kvaternik.
The three companions