YOL. XXIII. NO. 20
AI'RIL 28, 1920
PRICE 10 CENTS
BANKERS' CONVENTION
OPENED HONDAY
fee. -S A " a.
The Last Week of the Pinehurst
season finds the Executive Committee of
the American Bankers' Association hold
ing its annual Spring convention at the
Carolina Hotel. There are now more
than three hundred bankers convened in
Pinehurst from every state in the Union;
. their present meeting combines business
;and recreation the mornings are given
over to committee meetings and the af
ternoon to golf, racing, riding, shooting,
' etc. The weather so far has tended to
enforce the strictly business end of the
program. Council sessions and head
quarters are in charge of General Secre
tary Guy E. Bowerman, of New York,
and detailed arrangements are in the
hands of Mr. Fitzwilson, assistant secre
tary, also of New York.
Among many committee meetings held
on Monday and Tuesday the sessions of
the Committee on Federal Legislation,
the Committee on Commerce and Marine,
and the Agricultural Committee aroused
the livliest interest. Mr. Lowrie, who is
economist for the .American Mining
Congress, appeared before the Federal
Legislation Committee in behalf of fed
eral legislation known as the McFadden
Bill. In his plea for this bill, which
proposes to tax gold used in the gold
smith's trade, Mr. Lowrie pointed out
that the tax will not only stimulate gold
production but will also, as a result,
remedy the existing depletion of the
J be taken not to excite unrest among the who are elected be bound by no pledge
ffold reserve
e . , ,. . . . i people. The present inflation of monies or promise to any class or kind of citi-
At the meeting of the Agricultural 1 .. 1 1 J .
. m , , and prices should be gradually reduced zens, and that honest, clear-headed, m
Committee Dr. H. C. Taylor, who as . , & , , , ... , , , ' , . . ' , ' ...
,.,, , , ' and a more normal standard established telligent men should represent the citi
chief of the Department of Farm Man- . 6 1 .
A . n roliAvfi flip afrmnpH promts cit our zpns as a wnn p. in an iinmasprl. fair and
.agement of the U. S. Department of
Agriculture represented Mr. E. T. Mere
dith, Secretary of Agriculture, urged the
committee to continue its work in be
half of rural education and the estab
lishment of a larger number of farm
owners to take the place of farm-
tenants.
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ki Hint.
Mrs. De Forest Candee and Miss Phyllis Walsh,
tenders in the April Tennis Tournament.
Both were prominent con-
banks. just manner.
"Certain classes of our people are de- "We should further demand that our
man ding that prior to their election, country be put on a business basis that
candidates shall pledge themselves to unnecessary employees be discharged
support preferential legislation in be- that wild extravagancies cease, that the
half of their particular interest. An ag- budget system be inaugurated, that
gressive minority frequently accomplish taxes be adjusted based on sound eco-
, , results out of all proportion to its num- nomy, and that the expense of the gov
In his address to the members of the v n.-,miA v. JLi.
. , uers, aiiu iuc present la yKvuuaiiy n iiuiu eiiiiiiciiu uc ttumnuoicicu uj cuincuv
Wednesday, Mr uia t
Mr. John McIIugh, vice-president of
"As bankers and citizens we shrink the Mechanics and Metals Bank of New
Pi.iyv Vvk irl no r-f rirantir an fori nor ha "VnrV P!ltv SllVtlltfp(l rn TllParlav QQ
were cioseiy louowea auu uu utical arena but we should demand Chairman of the Commerce and Marine
his address were his hearers more atten- r ntativeg of the le Commlttee, a report on foreign trade
tive than when he said, among other
things: M"MM7!TTr"TTTM"TrTTTT!rrTT!!TTTTr,M.
"We are confronted with many diffi- rpHE pINEHURST uutlook is published weekly from November to May by The
ult problems, such as the somewhat Qutlook Publishing Co., Pinehurst, N. C.
Executive Committee on
It. S. .Hawes, of
of the Association, confirmed his repu
tation as a rmblic soeaker. His remarks
. . whAn thp npnnlp as n. whnlp shnuld
St. Louis, . President r
bci l Liiemseivco.
chaotic condition in our industrial world,
cost of living and prices out of propor
tion to income, credits inflated, labor
dissatisfied, and our foreign trade de
r.rpflsinor. Careful, iudicious and calm
judgement must be exercised by the to the contrary.
bankers of this country, but care must Entered as second-class matter at the post office at PiDbt, N. C.
HERBERT W. SUGDFN
Editor
Subscription Price, $2.00. Ten cents a copy.
Subscriptions will be continued on expiration unless tue editor receives notice
financing in which he said the committee
is very confidently of the opinion that a
nationwide organization to finance our
foreign trade "can bo readily brought
into existence by the uniform effort of
the bankers, exporters, manufacturers
and others of the country who appear to
us to await only leadership."
The report, which was concurred in
. by the Committee related especially to
the replies received from bankers in
practically every state in the union to
whom there had been sent by the Com
mittee a tentative plan, formulated by
Mr. McIIugh, as Chairman of the Com
merce and Marine Committee, for the
possible formation of a corporation un
der the Edge Act by the co-operation on
a nation-wide -basis of the bankers, ex
porters, manufacturers and others thru
the medium of a committee made up by
selection from the committees represent
ing their respective organizations.
Regarding this plan, Mr. McHugh
said in the report:
"We fully realize the consequences
that would come of bringing such a cor
poration into existence and have it fail
to function satisfactorily. Every pos
sible contingency should be thought out
and anticipated. The hope of those
(i. e., the European peoples) looking to
us for aid should not be encouraged if
they arc to bo doomed to disappoint
ment. Full co-operation on the part of
all who should be interested would, we
believe, insure its success."
Mr. McIIugh stated in the report
that he wished "to lay particular em
phasis on the fact that neither the Chair
man of the Committee, nor any member
thereof, has any intention to undertake
on his own or the Committee's initiative
to organize a corporation to finance our
foreign trade, for the reason that we be
lieve it is not within the province or
proper scope of the Committee to do
so."
The report continued:
"We believe that the bankers of the
country with the co-operation of others,
if that co-operation can be had, and, if
not, without it, have a wonderful oppor
tunity not alone to contribute to the
financing of our foreign trade, but
through the educational means which
would necessarily be employed, to pro
mote production and economy which
would have untold beneficial influence
upon the social and moral as well as the
material future condition of the people
of this country. In those vital matters
the continuous and effectively directed
co-operation of sections 6f the Accocia
tion should prove most helpful.
"The plan which was sent out by the
Committee was accompanied by a letter
(Continued on Page Ten)