Salt Lake Tribune | 1913-10-07 | Page 2 | Country Bankers Oppose Glass Bill

COUNTRY BANKERS OPPOSE GLASS BILL BOSTON, Mass.. Oct. 6. Opposition to certain features of the Glass bill, which provides for a reform In the national currency cur-rency and banking system, was voiced at a special conference today of over 700 1 country bankers attending the thirty-ninth thirty-ninth annual convention of the American Ameri-can Bankors association. That a. new banking system was needed was admitted 1 and the administration was commended for trying to pass one. In resolutions adopted almost unanimously, unani-mously, these bankers, who claim to represent rep-resent about 75 per cent of ail the banks In the United States, declared that unless un-less the Glass bill, or federal reserve act. Is amended along lines proposed by them today, "very few country banks, either state or national, can afford to become members of the now federal system " This means, the declarations assert, "that the great mnjorlty of country national na-tional banks must surrender their charters char-ters or retire from business." By country banks, It was explained In the call for the conference, was meant banks operating under either state or national charters whose capital is not less than $25,000 nor more than 5250,-000. 5250,-000. ' The resolutions were offered by George W. Rogers of Little Rock. Ark., and were adopted as a substitute for those presented by Thomas E. McRne of Pres-cott, Pres-cott, Cal., calling for an Indorsement of the fundamental principles of the cur-7 roncy bill. Tho resolutions object, among j other things, to the "segregation of savings sav-ings deposits, the setting aside of separate capital, and the creation of two banks under the same management and under one roof." The exchange and savings sections of the bill, the resolutions add, would mako most of the country banks show net operating op-erating losses.