Show P oFt fIT TAX I REPEAL PAl J S. S Bankers Urge Modification Modification Modification tion of Surtax Rates as Brake on Production Production Production tion of United States I T V 7 7 I ASHINGTON Oct 22 I 2 22 Imme- Imme WT A diate repeal of dt the excess I W YV profits tax and revision o of surtax rates were demanded in a resolution adopted at the closing sessions of the American Bankers' Bankers association association as as- as- as convention today Discussion by the association of criticisms criticisms crit crit- leveled recently at c certain NewYork New NewYork York banks by Comptroller r of ot Currency Curren Curren- cy Williams culminated today in the I I Adoption of a report of t the associations association's associations association's associations association's i tion's c committee condemning dangerous danger ous attacks by unnamed individuals on on the he credit structure i t of the country coun coun- try j. j 1 I Presentation tion of f report brou brought broughton I on heal Several SeVer l members members mem mern- bers maintained ed that the convent on itself was not inter interested sted in In ri t the controversy con con- which ha has grown out of 01 f Comptroller Williams' Williams charge that certain certain tam tain bankers had received inordinate rates of ot interest on call loans The resolutions committee report expressed complete approval of the federal reserve system condemned an any effort to use se the government funds or forces to arbitrarily hold up or to t I force down prices or otherwise to in interfere interfere interfere in- in with normal economic influences influences j recommended the elimination of the excess tax as I ble and of oC the surplus tax because it acts as a brake on production and pledged the efforts of the members toward the opening of foreign markets through extension of ot long term credits or other means The report condemned speculative hoarding in agriculture or other Industries In Industries Industries In- In renewed the recommendation I for a national budget system and exI expressed expressed ex ex- ex- ex pressed the associations association's complete dis- dis I val of ot nationalization of or industry indus try particularly as as contemplated by bythe bythe bythe the Plumb plan The association through adoption of resolutions went on record as opposing opposing further participation of the government government government govern govern- ment in iti business enterprises and arid referred re referred re- re to to the alleged extravagant losses resulting from government operation of railroads While favoring Immigration a an as I means of preventing labor shortage and enabling the development of re reI resources resources re- re sources the report as adopted recommended caution in the I admittance of ot aliens in order that the country's welfare welfare- a e and its ideals might be safeguarded t A year the program for con construction construction truc- truc tion of national highways was was was' indorsed in in hi- hi The report in conclusion expressed ex expressed ex- ex x- x pressed the opinion that the the United States faced an era of ot world leadership leadership leader leader- ship and prosperity which could only be lost by Internal strife or failure of ot national leadership Without referring to the charges of ot Comptroller Williams directly the re report report report re- re port of the r resolutions committee said In this hour when the element of ot confidence nce is so vital in stabilizing and sustaining business conditions we d de deplore utterances which without warrant warrant warrant war war- rant of ot fact challenge the Integrity or ot 1 Am Americas America's ricas b bankers as a whole and call I into question their motives and practices practices practices tices in the conduct of their bu business iness Criticism based on harmful generalizing general general- i izing is m most st unjust and misleading I The inevitable effect of such broad and unfounded unfound d statements is to create false inferences and in extreme in instances instances instances in- in stances to breed violence or of actions ns and dangerous disturbances in ih the public ml mind rid S I If It such misleading influences should be or personal profit or gratification I cation they cannot be too severely de denounced denounced do- do as outrages against the public public pub pub- lic lie interest The delicacy of ot the toe credit structure of the country cannot safely stand such sueh violent handling Immediately upon motion of Francis FrancisA A. A Sisson chairman of ot the committee for adoption of the report D D. I. I F. F Guinan of ot Mc McMahon Cit City Pa was recognized and proceeded to defend Mr Williams ms describing him as the most faithful and efficient comptroller of the currency currency currency cur cur- rency who has been in office since the organization of or government This de declaration declaration de- de was greeted with hisses from I de-I several sections of ot the convention hall ball J J. J S L. L Kehoe of Marysville K Ky replying re replying reto re- re plying to Mr Guinan GuInn d declared th the convention con con- would not afford to have such charges cast Into the face of f us all alland alland alland and not state its views in answer thereto Mr Kehoe asserted that if Ie an any changes were to be made in the S Continued on page 10 f II PROFIT I TAX c Continued from page 1 lets make those stronger which J refer to Williams I The convention adopted a resolution i providing for an investigation by a committee of seven seen of the promotion i and sale of qu questionable securities The 1 I committee was instructed If necessary i to make appropriate recommendations i i to congress for legislation which would effectually end the distribution of I worthless stocks and bonds I Prediction that the United States would be confronted with disturbed financial financial conditions unless the present schedules of taxation were speedily rei revised revised re- re i was made before the convention 1 i by Sol of J. J s. s Bache Co I New Rork fork bankers after the presentation presenta- presenta i tion of the economic policy committees committee's 1 report I j The country banker was lauded by i j George Woodruff president of the First National bank of Joliet as one able to talk on any subject at any time time from from army worms to tractors I an and from Mary Pickford to do Babe I t Ruth and as one who ho In addition to toi i j i being the the commercial leader of his community must still find time to act as godfather r for the tho babies and I pallbearer for or those who have drawn their last checks |