Show ADAMS CHEERED S BY G G. G 0 O O. O P P. P GAINS GAINSAid Aid to Prosperity Seen in n Vote Verdict HOUSTON Texas Nov 14 A Orval Adams of Salt Lake City president of the American Bankers' Bankers association which formally opens its its' annual convention here hero tomorrow tomorrow tomor row today said that Republican gains in the November 8 election would prove an aid to recovery The results of the election he said showed checks and balances are on the way back and personal government is on the way out Less competition between government and business will be another result of the election said Mr Adams who is vice president and manager of the Utah State National bank He was emphatic in his censure of those phases of government competition which have resulted in reduced interest rates These rates Adams said are abnormally low and out of line of reason and are I the result of a mismanaged money system Thrifty Are Victims By intruding into business and floating an enormous amount of its own bonds the government has managed money rates to an abnormally abnormally abnormally ab ab- ab- ab normally low level he asserted The victims in the last analysis are the saving depositors and the holders of life insurance Continued on en Page Two Column Five ADAMS CHEERED BY G O G. G 0 O O. O P P. P GAINS Continued from Page pase One who are after all aU the forgotten people The penalty imposed upon those hose people 1 Js Is an invisible Income tax ax which I think penalizes them to the extent of from to o annually By Invisible income tax the A. A B. B A A. chief said he meant the re reduction reduction reduction re- re of the rate of interest paid on savings deposits deposit He said banks I formerly paid 3 per cent interest I and now most of them are paying 1 and 2 per cent as a result of government mismanagement Adams was reluctant to venture a suggestion as to how interest rates might now be raised Deplores Int Interest rest Drop It is a difficult adjustment to tomake tomake tomake make he said but I think the law aw of supply and demand and the increase of credit probably will force orce It to come to pass pass The Utah banker acknowledged a trend toward longer term bank loans to business and nd said he favors them if it they are sound adding Such loans should be made only after careful credit investigation Bankers with most of their money subject to payment on demand must be careful about launching into this longer term loan program William A A. Irwin assistant educational educational educational edu edu- director of the American Institute of Banking pot the new deal with the assertion It II Itis Itis is time for the the- bankers from Main street to Wall street to work together together together to to- gether for a return of economic sanity Picturing the world economically in a turmoil he said Under the influence of the new economic philosophy we have achieved for nearly all countries including our own the worst financial financial financial finan finan- cial mess in history with the threat of inflation bankruptcy or repudiation repudiation repudiation staring us in the face All nations he said must pay or repudiate their debts In the one case he said i it it will mean crushing taxation anc and probably also a crushing capital capita levy in the other it will mean suffering for everybody the poor included But the advocates of the new economies go gaily on their way |