Show Bennett Quits as Candidate For Bank tion Office Leaving Field Open for Adams y Orval W. W Adams Adam Action Follows Fight on Administration Policies NEW zE ORLEANS Nov NoT 13 UP UP- UP E. E G. G Bennett of Ogden Utah committee nominee for second vice Ice president ot of the American Bankers Bankers' association withdrew late lato toda today while hile a secret ballot was Mas in process and left the office to his opponent al Or W. W Adams of Salt Lake Cit City Adams' Adams name had been blen placed in nomination in a hot fight from the floor of tho the annual convention convention conven conven- tion here NEW V ORLEANS Nov 13 UP UP- UP Dissension over new deal economics plunged the American Bankers' Bankers association association as as- sedation convention into bitter strife today Election of a vice president who automatically will become president in 1937 forced the bankers to a vote for or against policies of President Roose Roose- I velt veil I Candidates of rival groups were E. E G. G Bennett of Ogden and Orval OrvaI I W. W v. v Adams of Salt Lake City executive executive executive tive vice president of the Utah State National bank vho who suggested to the bankers bankers' annu annual l convention Monday they boycott government bonds to halt wasteful spending First Since 1912 1913 The contest first on the convention convention convention conven conven- tion floor since 1912 precipitated such a row in the nominating committee committee com corn it seemed for a while the committee would nominate no one Eastern bankers Int Introduced Frank F. F Brooks president of the First National bank of Pittsburgh as a compromise candidate He won no nomore nomore nomore more than tentative backing and his friends said ho he would not be nom nomi nominated norn- norn today on the floor The committee nominated Bennett Bennett Bennett Ben Ben- nett by a vote one-vote majority after hours of debate Adams' Adams supporters voted in the committee for tor Brooks preferring to keep their powder for forthe forthe forthe the explosion expected in the full fun convention today Adams will be nominated independently I Outstanding Exponent I Charles F. F Zimmerman president of the First National bank of Huntington Huntington Huntington Hunt- Hunt ington Pa Pan announced Adams would be supported as the outstanding outstanding out out- standing exponent of members who favor recognition of ot states' states rights and arid preservation of our dual bankIng banking banking bank bank- ing system without impairment and Continued on Page Palte Two Column Four I Li L i I w w E. E E.G. G. G Bennett BANKERS SPLIT I ON NEW DEAL Continued from Page One its Independence from federal government gov gov- eminent control Some of Adams' Adams friends charged that support for Bennett was traceable traceable traceable trace trace- able to the fact that 19 of 49 members members mem mem- bers of the nominating committee came from institutions which have sold preferred stock or notes to the Reconstruction Finance corporation I A constructive picture of present- present day banking was laid before the convention today by J. J F. F T. T OConnor O'Connor OCon nor comptroller of the currency who said that ills which beset the business in ye years rs gone gone by should never occur again OConnor O'Connor said intelligent leadership leadership leadership leader leader- ship is needed in the banking world to prevent recurrence of conditions which brought about the closing of banks with in deposits during the past 12 years Many of tho the failures were due to poor management and bad Investments Invest invest- ments but in addition this nation has s been OConnor O'Connor declared A mad scramble to es establish es- es a bank opposite every gasoline gasoline gaso gaso- line station across this continent is not a situation which can be contemplated con con- with any degree of sat sat- on To remedy the situation congress gave the Federal Deposit Insurance corporation power to refuse to Insure in insure insure In- In sure a state bank until certain conditions condItions conditions con con- were met and particularly until a necessity for tor the state bank was shown he said OConnor O'Connor was followed on the speakers' speakers platform by an ardent critic of new deal policies Lewis H. H Brown president of the Johns- Johns corporation New York who scored government lending agencies and predicted strangulation tion of private business unless rampant ramI ram rain I pant spending I is stopped |