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Show CONDITION OF EUROPE TOPIC OF GATHERING Eugene Meyer Says Long Time Agricultural Credit Is Necessary. BANKERS CHEERFUL Move un co uuro instaonsn ment of Branches by Big Fellows. NEW YORK Oct 2 As the hundreds hun-dreds of bankers assembled here today to-day for the first session of the convention conven-tion of the American Bankers' association, asso-ciation, there was unanimity in the expression ex-pression of bankers from all parts of the country, that two v ears of good business lie ahead. At t: o same time, the bankers bciiovc tnat conditions lu 'Lurope vitally affect Industrial conai-tions conai-tions in tho United Status, and indications indica-tions point to the convention's ac voting vot-ing considerable tune to the situation. Lltil.M; .MhVili hi'L-KS The general policy of the nation idiould look not only toward further development of tho federal reserve in, but also tho welding Into a loser and more harmonious unit " the different elements of Its banking structure. ESugene Meyer, Jr., manug-ing manug-ing director ot tne war finance eorpor-atlon eorpor-atlon declared In an address bore to- day before the state bank division of I the American Bankers' association. I Expressing the opinion that the fact !lhat two-thirds ol the country's banks, representing 30 per cent of its total banking r BOUrces, were outside of the federal reserve system was "undoubted "undoubt-ed lj responsible, in part at least, tor some ot our recent difficulties," Mr. Meyer said. "Wo have reached a time ! where We must decide whether we shall continue thi mord or loss hazardoua ij. velopnient ot our banking machinery machin-ery or whether our action shall pro-. pro-. . .J along lines bahed upon a compre-Jo compre-Jo nsn o view ot the needa of the country." coun-try." MAY WEAKEN' BOTH The fact, that stato banking laws frequently permit practices in which the national banks cannot legally en-gage, en-gage, Mr. Meyer taid, has created a condition of competition between the jtwo systems, which may lead to a gradual weakening of both. DlSCUS- Isiug m this connection, the agitation t" pi i -out branch bunking by national bank as it now permitted state banks ,without restriction in some of the I ututes. V . K IC I Ir lit A L FINANCING Mr. Meyer bald this practice "may 'be good if carried on in a limited way and bad if permitted on an extensive scale." but whatever the opinion may be, h" said, tin question should be d ld d on its merits and not as pro-ducl pro-ducl ol competition between the two , systems." Agricultural financing. Mr. Meyer declared, "must be based. firt of all, ! upon the fundamental facts of American Amer-ican agriculture, and second, upon the existing economic and financial structure struc-ture Of the country" longer term fi-fanclng fi-fanclng to meet tho need of more gradual marketing of agriculture pro-dui pro-dui ta has been shown to be an absolute abso-lute necessity," he Bald. The bankers ftt Sunday's meeting, decided to attempt to fOrCC through the convention a resolution placing the ' organization on record ttS against tho brunch bank plan. n whicn national banks In the larger cities may maintain main-tain establishments in uth-r cities and i towns. They also will seek to have the bod disapprove by resolution the al-i, al-i, god support or this plan by D. R. Crisslnger, comptroller of tho treasury'. The branch Lank plan, tiiey contend, threatens absorption, if not destruction destruc-tion ot stati and independent banks and trust companies in smaller communities, com-munities, with the result that the met-ropollan met-ropollan banks will ultimately doml-n.-it. itie financial conditions in these .territories. Bankers of the larger cities, particularly partic-ularly New York, are expected to wage a stiff tight to pr.-. at the adoption of I the proposed resolution. PROSPEROUS, NOT BOOMING A poll of financiers gathering for the convention indicates unanimous satisfaction with the nation's prog-Upward prog-Upward from tho valley of postwar post-war depression, and a belief that nt least two years of good business lie ahead. The prosperous era. however. ..ol reai bed the proportions of a , "boom " It wan the conviction of tho icrs, speaking of conditions In fed- (Continued on Pace Two I1 BANKERS SEE ! TWO GOOD YEARS Men Who Handle Money Hopeful of Future Prosperity. (Continued from Page One.) ral reservo districts of t ho east south ti and middle-west. Almost without exception, they repressed re-pressed a heller that the- I'nlted States l for Its ov.u welfare., must concern Itself It-self more Industriously with th r Inntlon of Euror" ' Two outstanding problems pcrplox us." said Thomas B. Mr Adams, of Richmond, Va , president of the Nn-I Nn-I tion.il association. 'They aro the Industrial controversy controver-sy and unrest at homo, and International Interna-tional financial difficulties abroad To these problems wo will address our-I our-I -selves with unmistakable vigor " TARIFF ATTACKED A regret "that not only do we show I no desire to aid In the restoration of Europe, but by means of such financial finan-cial measures at the Fordney-McCum-I ber t riff, do our utmost to prevent Europe from working out Its own difficulties dif-ficulties by mean of Its own efforts." J was expressed by H . Taylor. t Chicago, Chi-cago, chairman of the association's economic policy commission. J He paw llvlnj? r,rtr dropping bac1' toward prewar levels, a market decline de-cline of borrowing from federal re-ervos re-ervos by member banks, pood crops and satisfied farmers. DIIdBHMA FOR FARMERS "The cloud on the horizon Is still the foreign situation," h- continued "The. trouble does not lie In the fact A that we ennnot find consumers for ur surplus, but that our customers re In such ft financial condition that hev cannot pay a reasonable price for Jiir products, and the farmer's are fnc-, B d with the dilemma of soiling their surplus either hi low cost or not disposing: dis-posing: of It nt all. Speaking for the middle Mississippi "Valley territory, K F s'v.lnin v. of Kansas city. Mo , a fornv r president of the association, said. "Much progress hns been made dur- ' !Ing the four years since the armistice ! "We are much tter off than a year or two ago, hut we do not look for real prosperity in this dlstrl I i nl ir farmers aro nble to buy more of the things they need with the proceeds of grain and cattle produced, or b accustomed to getting .ilong with l M |