At Houston

Convention. At Houston, Tex., several thousand bankers met last week for the annual convention of the American Bankers' Association. Representing 67% of all U. S. banks, they control $43,397,552,540 in banking assets.*

Row. U. S. Senator Thaddeus H. Caraway of Arkansas charged the Association with responsibility for defeat of the McNary-Haugen farm relief bill. The bankers denied it and refused Senator Caraway permission to further address the convention.

"Sore." Senator Caraway, balked by program committee, issued statements charging that "the farmers feel that the banking and industrial interests have prejudiced the leaders of the country, even the President of the United States against any relief for farmers." Peppery, he stormed and fretted; quit shortly, "sore" (said one Southern delegate) "as a hound dog with a briar in his toe."

"Overbanked." A bank president from Sugar City, Idaho (Guy Emerson Bowerman), coined the word "overbanked" to characterize the condition of the country from that financial aspect. Urged he: "Fewer, stronger and more profitable banks." He favored consolidations and a country-wide system of chain banks as branches linked to giant parent institutions.

Fees. John S. Love, Superintendent of Banks for Mississippi, deplored the rising cost of banking. Said he: "Banks must educate depositors to maintain larger balances or else they must charge for inadequate accounts."

Favor. "Let the Federal Reserve System alone" was a caution wholeheartedly endorsed. Said Melvin Alvah Traylor, retiring president of the Association: "Nothing could be more unfortunate than that there should be further legislative action with respect to our banking system." In the absence of U. S. Senator Carter Glass of Virginia, kept at home through illness in his family, discussion on foreign loans was dropped.

Election. Thomas Ross Preston, Tennessee banker, ex-bank-runner, president of the Hamilton National Bank, Chattanooga, was elected president of the Association. Philadelphia was chosen for the 1928 convention.

*Total banking wealth of the U. S. as announced by Comptroller of the Currency Joseph Wallace Mclntosh for the nation's 28,146 reporting banks was on June 30, 1926 (last report) $64,893,362,000.