Show BANKERS EA A word document tile the senate subcommittee sub- sub 1 committee ommittee on banking submits its fourth report report re re- re- re port ort on investigations of banks and stock markets markets mar mar- revealing machinations and artifices which mildly put explain why thousands of depositors arc are on relief rolls rolIs and go to show v that not all savers who hid their frugal earnings earnings earnings earn earn- ings in mattresses and socks were crackpots or or nitwits It should be noted lest new fears be needlessly stirred by the report that such machinations and artifices scarcely could be under repeated c changed banking laws now in effect The report had particular reference to Detroit Detroit Detroit De De- troit and an Cleveland banks In rather ponderous ponder ponder- ous verbiage it said The dominant personalities ties of the company and the Union Trust company in Cleveland did not regard themselves as as public depositories depo depo- tories burdened with fiduciary duty of safeguarding safeguarding safeguarding safe safe- guarding the depositors' depositors funds but rather deemed themselves private bankers dispensing funds of their institutions to themselves and other othir powerful interests whose favor they sought to incur cur to finance speculative and doubtful ventures In f fewer words the report might have said these bankers vere were a bunch of crooks Control of the funds of depositors by a group of twelve men in the Detroit Bankers Bankers' Bankers Bankers' Bank Bank- ers ers' company who had an aD investment of only 1200 was told in the report I lOne One of these twelve trustees with a investment in t the e institution when asked for His opinion of the thesdom wisdom and efficacy of this setup testified that in retrospect he haP hal not satisfied himself him him- self elf as to the wisdom of the fhe plan This is also a nice way of putting ILIf it IL If any legislation nev new deal old deal or square deal has robbed banking of liberty to the extent that it c cannot nn t t. t repeat such criminal criminal criminal crimi crimi- nal management and if it has taken away from it lt this sort of prof who will ivill say Bay it has outraged justice 7 Surely none of the depositors caught in this trap h will This is the kind of banking the American Bankers' Bankers association and decent bankers the country over have been bec f fighting in the thc interest inter inter- est st t of preserving the soundness of the thc nations nation's financial institutions indispensable to the conduct conduct con con- duct of business When government and ethical ethi I cal tal banking join ia in the common purpose of oft t thoroughgoing ing housecleaning leaning c con confidence o n f i ide d e n nee c e shaken with go good d reason returns Swelling deposits deposits deposits de de- de- de posits rep reported ed in iii all al sections of the United States reflect this wholesome e reaction |