OCR Text |
Show CHANGE TO LAY FOUNDATIONS OF A GREATFUTURE Frank H. Vanderlip of National Na-tional City Bank of New-York New-York Addresses Association Asso-ciation of Bankers. SHOULD SAFEGUARD OUR PROSPERITY Country Bankers Against Collection and Clearance of Checks Without Charge. KANSAS CITY, Mo., Sept.-28. Congressional Con-gressional investigation' of the livestock industry, including production, marketing, market-ing, slaughter and distribution and sale of all cattle, was asked here today in a resolution presented, to the American Amer-ican Bankers' association. Action on the resolution, presented by George E. Webb of San Angelo, Tex., was deferred until tomorrow. ' "We face tbe alarming fact that for twenty years the production of cattle has not kept pace with the increase of population, but has decreased in number," num-ber," tt reads. "With thousands of acres of virgin land being brought annually an-nually under the play, we have reduced our annual average production per acre to about 50 per cent, producing today less than half the average per acre of European farms. This, while yet our nation ia in'its infancy.". Despite the present prosperity, characterized char-acterized as- the greatest the country has ever known, bankers are making lees profits than at any time within tlw last twenty years. Statements to that effect were' made to the convention conven-tion by Joseph Chapman of Minneapolis. Minimum rates of interest ,are being paid, Mr. "Chapman declared, although the bankers, themselves are being charged the maximum for the money being loaned. A service charge on small depositors', accounts was among the things recommended by him to increase the profit account. Mr. Chapman also recommended consolidation of the office of comptroller of tho currency and the federal reserve board. 1 "The reserve act has demonstrated that it is workable," he said. "It will make money cheap and plentiful." Vanderlip's Address. "If ever a people should pause; if ever they should look abroad and profit by the experience of others, should comprehend their national dangers, dan-gers, in the light of the terrible realities reali-ties that ire being enacted before their eyes in other nations, it is now, and we are that people." In those words Frank A. Vanderlip of New York warned his hearers they should not take too easily the present great wealth of this country that "seems dangerously likely to submerge us in our own prosperity." Rather, he said, with an opportunity such as no country ever had to lay the sure foundations foun-dations of a great future, "we must not be so intent upon dividing the pro-coeds pro-coeds of present prosperity that we fail to safeguard its permanence.". Mr. Vanderlip, after speaking of the war's cost in Europe and outlining the financial status of this country, declared: de-clared: "In a word, I .believe the greatest need of tho day and a need so fundamental funda-mental as to make other mattera inconsequential in-consequential in comparison is the need of universal military, industrial and economic preparedness." He asked for training in military, service for all men, greater savings by all classes and greater efficiency in industrial in-dustrial pursuits. "I once thought yon could count universal uni-versal military service ns an economic waste, ' ' he said. ' ' I feel confident, in the light of events of the last two years, that it is not only a military necessity of superlative importance, but that our national life would draw a unity which could be obtained in no other way." Hampered by Politics. Mr. Vanderlip scarcely touched upon the banking business, "except to say that he believed the federal reserve act ' ' embodies some sound fundamental principles, the free working of which, however, has been entangled and hampered ham-pered in its inception by political considerations con-siderations and administrative attitude. atti-tude. ' ' The fight of the countrv bankers against the collection and clearance of checks without charge, recently promulgated promul-gated by the federal reserve system, was aided by adoption of a resolution asking ask-ing amendment of the reserve act bo as to permit small banks to charge on their clearances. The discontinuance of the use of (Continued on Page Two.) FRANK A. VANDERLIP, ; president of the National City bank of New York, who is in favor of universal military mili-tary service. 'J V i ! f - ,C,? 6 ! "I - J I h- A ' -w- CE TO MAKE OUR PROSPERITY SECURE (Continued from Page Ona.) gold as currency, except as reserves on which federal reserve notes might be issued, was advocated by "W. P. G. Harding, governor oi' the reserve system, sys-tem, who made a short address. He urged cautious banking methods ' ' to avoid inflation of the currency and credit." The nominating committee, which met late today, will recommend the election as new officers tomorrow, according ac-cording to an announcement of P. "W. Goebel of Kansas City, Kan., present vice president, and C. A. Hinsch of Cincinnati ns vice president. Goebel was unopposed as the successor success-or of President J. K. Lynch of San Francisco. A formal reception for the visitors was held at Convention hall tonight. |