A. B. A.

Coming in a presidential year, the 15th annual Convention of the American Bankers' Association (in Chicago) directed its most earnest attention to politics and to economic problems which have been involved in politics. Its keynotes were an out-and-out defense of the existing capitalistic system and a counterattack on its political foes all along the line. Both addresses and resolutions thus included an unusually wide range of topics: demagogs were attacked, the railroads defended; both the direct primary and the Child Labor Law were condemned; public ownership was assailed; a plea for foreign investments was made; the farmer was told to avoid Government paternalism and to organize cooperative marketing systems; the Federal Reserve Bank was praised; uneconomic taxation was scored; belief was expressed that some reduction of wages must occur; everyone was urged to vote; and to the U. S. Supreme Court was pledged the Association's support.

These items having been satisfactorily disposed of, William E. Knox, President of the Bowery Savings Bank, Manhattan, was elected President of the A. B. A.

Two internal measures were discussed--branch banking and a closer organization of the present separate divisions of the A. B. A. The Convention was generally favorable to the McFadden Anti-Branch Bank Bill, due for enactment the next session of Congress.