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Show I BANKER DEFENDS I ILL STREET III I TALK OH FINANCE Machinery of Financial District Necessary for Industry, He Declares MORE AID FOR FARMS DECLARED ESSENTIAL Slate of Officers for Associa tion Presented by Mommat-gCj Mommat-gCj ing Committee HH WASll IN .T N. Oct 21. The nom- inatlng committee of the American Bunkers' association planned to mal -If: report today to lh convention. Jr would approve the action of the com-i mtttee by acclamation. The following nominations were made by the eommittcc For president; Johns EL Drum, president ol the Mercantile "Mum' VI ITU dent. Thomas B. M Adam Vice presl- dent of the Merchants' National MnK, Kichmond. Va.. second vies president. John A. Puelicher. lee resident or, the Marshal and lisle hank. Mlhvau- , kee. Hanker? can and should aid farm-era farm-era by assisting in tin e:,-.abii hm nt of cooperative wan housing and selling organization. Chairman Joseph Hlrsch of the agricultural commission of the American Bankers" association declared declar-ed today In presenting the commission's commis-sion's report. TIME N) WAKEN "Many of us have been fearful of entering the field of marketing because be-cause In doing this we have been afraid wc would come in conflict with j i our own customers, the middle men Who arc buying the farmers" product.'" the report said. "But it is high time i lor the bankers of the country to realise that a more economical method of distributing our food products Is J V -w. absolutely essential to the success of American agriculture: thai unless farmers can prvduc- .ind sell their crops with some reasonable assurance o a fair profit then will be an In-creasing In-creasing tide of men drafting from the fating to the cities. I VCOURAGE OOPJER VI l I3S " Wo believe in cooperation for ourselves. our-selves. The federal reserve system IslJ a cooperative enterprise, in like man-" ner cooperation among farmers In ap- ' portioning what the produce to meet Jj the demands of the country is econ-omicaiiy econ-omicaiiy sound. The farmer need I your help in this work, because you can supply him with that essential J which he chiefly lacks a knowledge j of business organization and business v method. The report suggested that state con-. ferehCes of banks and farmers bo held, to enlist cooperation in agricultural 1 development Besides urging revision Of tax laws. 1 restoration of Liberty bond prices 1 more nearly to their par Value and de- : velopment of an "Intelligent and competent'' com-petent'' consular service in foreign countries to aid American exporter. 1 1 Sol Wearier, of J. s Bache and com- 1 p. my. New York, told the bankers to- I day th public must be enlightened on the value of u money center such I as Wall street. I I I STREET DEFENDED Mr. Wexh-r declared that without i ho complicated and efficient rrfachln-ji r of "Wall street," tor the dlsxribu tion f securities and the maintenance Of ready markets, oar railroads would I have a difficult time financing their ' equipment purchase, our copper and silver mines would not hi- developed so rapidly, our motor companies would be many years behind in their perfection perfec-tion of the a ulomoMle and in putting production on a quantity basis."- i "The machinery of Wall street has made it possible f"r everyone from the f financial magnate to the humblest bricklayer to participate in the earn- trigs and equities of our large enter- ' prises." t WASHINGTON. Oct. 21 John S.I Drum, president of the Mercantile 1 Trust company, San Francisco. was I sleeted president of the American Bankers' association today for a term 1 of ons year. He was chosen without 1 'opposition, following the custom of the ( association to promote the first vleej i i - Idant to be the organization's f hief ' executive. 1 Final aetlot) by the association on,1 the controversy over charges for col-' lection of checks was deferred again F ' t today and an expected bitter flight 1 iVolded. The question of par clear-I . ance wus referred back to the special committee which has had it under ! consideration for more than a year. The state banks section adopted res- ' olutlons yesterday attacking the fed- j eral reserve board for enforcing the , handling of checks without charge fork collection and opponents and propo- t nents of the reserve board par clear- L ance plan were prepared to fight when j, the report of the special committee was made. , The committee report advised the I country bankers, most of whom op-I pose the par clearance plan, to 'appeal to congress for legislative changes in tho reserve act. "y Adoption of the report was declared Id mean thaht the state bankers who', 3 opp... i j-,.. p:ir clearance will hae to . , carry tho burden of the fight alone. , on |