Salt Lake Telegram | 1933-09-06 | Page 13 | Texas Banker Elected Head of Association

TEXAS BANKER ELECTED HEAD OF ASSOCIATION TION Convention Expresses Opposition Opposition tion to U. U S S. S.- Guaranty I Act b by Resolution Dr my United Press CHICAGO Sept 6 Francis 6 M. M Law president of the First National Bank of Houston Texas was elected president of oC the American Bankers' Bankers association at the annual convention today Rud Rudolf If S. S He Hecht ht of New Orleans was was was' chosen first vice president and Robert V. V Fleming of or Washington D. D C. C was named second vice ice d dent L CHIC CHICAGO GO Sept 6 G GP P The A The Amer Arner- ican Bankers' Bankers association expressed Its opposition to the federal guaranty of bank deposits today in a resolution tion asking the national administration tion to create a n commission to draft new banking legislation immediately Under the act of 1933 the government govern govern- ment has undertaken to enforce Insurance hi In of deposits of 2500 or less after January 1 I 1934 1034 The resolution sponsored by the national banking division of the association asso asso- elation and adopted by the full convention convention con con- pointed out that there still sUB remained time for a commission to study the entire American banking system and prepare legislation tosu the guaranty act before it becomes effective We recommend it rind read to Uto the national administration at Washington Washing Washing- ton that It seek means for postponing the initiation of deposit insurance which under provisions of the banking bank ing act of 1933 would be in operation ri riat at the beginning of 1934 1931 By WILLI WILLIAM F. F SULLIVAN United Press Staff Correspondent CHICAGO Sept 6 Warning 6 that thai unless the assessment liability limit Is placed in the guaranty deposits clause of the ne new ne banking act mem memo ber banks leave the federal may reserve re serve system was sounded today by George V. V McLaughlin to the b bank bankers bankers ers of America McLaughlin president of the Ne New York State Bankers' Bankers association assailed assailed as sailed the Glass act as unsound unsound un sound and unfair to larger banks in addressing the convention of the American Bankers' Bankers a association As soon as the public realizes he said that the Glass act does docs not mean that the government guarantees bank deposits but merely that the banks insure each other its value as a builder o of confidence will be seriously impaired if not destro destroyed de de- de- de d. d He referred to the banking act as asa asa asa a curious mixture of good and evil