Evening star., 1935-11-15
OPPOSES
BANK IN POLITICS
Election of Anti-NeW Deal
Official Without ImpIi-
cation, He Says.
Nv the Associated Press.

NEW ORLEANS. November Is
Robert v. Fleming of Washington. new
president of the American Bankers
Association, said today the election Of
an "anti-New Deal' official by the
11nanciers had no political implica-
tions.
He made his statement after ad-
journment of the annual convention,
at which Orval w. Adams of Salt Lake
City, a vigorous opponent Of the
Roosevelt administrators banking
policy, was chosen second vice presi-
dent.
THE American Bankers Association
has never been a political organi-
zation and I will do all within my
power to prevent it from being such"
Fleming said.
He pledged the support of the bank
ers to any sound proposal looking to
recovery.
Money Worth Hire.
In answer to President Roosevelts
recent suggestion that bankers lower
their interest rates under 6 per cent,
he said:
IT don't know of any commercial
borrower who is worthy of the credit
he asks that is not getting all of the
money he wants at less than per
cent.
In some sections, particularly in
the rural areas, mortgaged money is
renting for more than that. but as
Calvin Coolidge once remarked,
Money must be worth its hire"
Representative bankers from impor-
tant agricultural areas yesterday
praised the New Deal' farm program.
While some Roosevelt ideas were Sc.
verely criticized here during the con-
Vention the agricultural adjustment
act was hailed as the savior" of the
country by bankers from the wheat,
cotton, corn, tobacco and hog areas.
Held Share-Wealth Method.
w. D. Ferguson. president of the
Thomas County National Bank of
Colby. Kans., where 1000 wheat farm
ers received $860,000 in wheat allot-
ment checks this year, said:
THE A. A. A. has kept us going
allotment checks have furnished us
with necessary living expenses. While
might criticize the way the A. A. A.
has been administered in our area,
the idea is fine and some such scheme
must be made permanent. In addi-
tion to this think it is fine way of
attaining this redistribution of wealth
we have been hearing so much about"
A. D. Simpson, president of the Ma
tional Bank of Commerce of Houston,
Tex. was enthusiastic about the pres
ent cotton control program.
Grant McPherrin. president of the
Central National Bank & Trust Co.
of Des Moines, Iowa, in the heart of
the corn belt, said:
Il think the agricultural adjust
ment act is the most constructive
feature of the New Deal. The
farmers in Iowa have always been
fairly prosperous, comparatively speak
ing. but the A. A. A. has helped them
materially"
Tobacco Control Effective.
The A. A. A. control program as
1t affects tobacco farmers "is a very
constructive measure" according to
Millard F. Jones. vice president of the
Planters National Bank e. Trust Co.
of Rocky Mount, N. c.
The association called for a halt
In Governments commercial and
banking enterprises after an admin
istration official told the members
Federal activities have turned the
tide of depression and offer the best
hope for the future.
Replying to criticism of the New
Deal by previous speakers, Mariner
S. Eccles, chairman of the Board of
Governors Of the Federal Reserve Sys-
tenn, defended Government interven-
tion in business, saying:
Contrast the dismal picture of
1882 with conditions now.
National income, which fell from
more than 80 to less than 40 bill
lions, rose to nearly 50 billions for
1884. Although figures are not yet
available for the current year, it is
probable that on the basis of present
business activity the national income
will be close to so billions-or about
half Vay hack to 1929 levels"