Show I I BANKERS PROPOSE DEFLATION PROGRAM M PINEHURST N N. C C. April 30 The The executive council of the American Bankers Bankers Bankers' Bankers Bankers' Bank Bank- ers ers ers' association toda today appointed a special special special cial committee to confer with the federal federal federal fed fed- eral reserve board on orderly methods of ot bringing about a deflation of credits The opinion of ot the council as expressed in a resolution was that the only means meals of diminishing the tremendous demands on the ban banks Its for credit was a avell well vell conI considered considered con con- Eldered rationing of ot credit progressively applied from the federal reserve banks through the financial and commercial structure of or the nation The resolution said credit for essentials essentials essentials essen essen- must not be be unduly restricted but that banks should not advance funds for speculative purposes The council approved an amendment to the income tax law exempting interest inter inter- interest Inter Inter-I est on bank deposits of ot nonresident aliens The object of ot the amendment is to encourage foreign trade I |