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Security Trust Company, Rochester.
National Bank of Marion, Marion.
Rochester Trust Company, Rochester.
and Cashier, First National Bank of Painted Post,
tional Bank & Trust Company of Walton, Walton. Member at Large-Burr P. Cleveland, President, First Na
tional Bank of Cortland, Cortland.
as in Report
ley National Bank of Oneida, Hamilton.
dent, First Trust and Deposit Company, Syracuse. Member at Large-A. B. Merrill, President, First Trust and
Deposit Company, Syracuse.
tional Bank of Troy, Troy.
Officer, Glens Falls National Bank and Trust Company,
Member at Large—Hollis E. Harrington, Vice President,
State Bank of Albany, Albany.
Chairman-M. A. Merrihew, Assistant Vice President, The
First National Bank of Poughkeepsie, Poughkeepsie.
The Franklin National Bank, Franklin Square.
National Bank of Cedarhurst, Cedarhurst.
ville Centre Trust Company, Rockville Centre.
pany, New York City.
Midland Trust Company of New York, New York City. Member at Large-William F. Doyle, Vice President, Irv.
ing Trust Company, New York City. Ex-Officio Member-Albert L. Muench, Executive Vice
Counsel—Leo P. Dorsey.
AMERICAN BANKERS ASSOCIATION
At the time this testimony was being prepared, to my
knowledge, the American Bankers Association had not requested
an opportunity to express its views on the Curtis Bill (H.R. 8737)
Quite frankly, the American Bankers Association has been
a source of disappointment to commercial banks throughout the
United States for some time.
I should like to quote from a letter which I recently sent
to all commercial banks in the United States:
"I am all for the ABA as a dynamic organ-
But the American Bankers Association carries water on
both shoulders and attempts to be all things to all people. It
strives to maintain a course of North, South, East and West
all at one time. It would be both loud and soft, deep and shallow,
gests that commercial banks, instead of advocating a decrease
in the tax-free reserves of mutual savings banks and savings
and loan associations, seek a comparable tax-free reserve for
While uniformity is a desirable thing with respect to bad
debt reserves, the question is a separate one from basic tax
ABA'S LEADERSHIP DEFAULT
As stated earlier, the New York State Bankers Associa
tion's report covering "Analysis of Problem" begins by stating,
“The problem is countrywide and not peculiar to New York State."
With this basic conclusion in mind and fully conscious of
the lack of initiative on the part of the American Bankers Asso
ciation, I polled the commercial banks of the United States
all 13,407 of them
on the question, “Do you favor the
American Bankers Association taking aggressive action to tax
the mutual savings banks and savings and loan associations the
same as stockholder-owned banks ? "
In fact I polled the banks twice. Once to see how they felt
about mutual savings banks as members of the American Bankers
Association and a second time because the American Bankers
Association tried to ignore the first poll. It was in the second
poll that the question on aggressive tax action was included.
COMMERCIAL BANKS OF AMERICA SPEAK
Before reporting the results of this poll, I would like to
express to the Committee the sentiments of commercial banks
throughout the United States with respect to the Curtis Bill (H.R. 8737).
According to separate remarks expressed time and time
again by banks participating in the poll, the nation's commer
cial banks are all for enactment of the Curtis Bill (H.R. 8737)
which would provide substantial equalization of taxes. RESULTS OF POLL
To return to the question asked in the poll, "Do you favor
the American Bankers Association taking aggressive action to
tax the mutual savings banks and savings and loan associations
These results represent the views of 25 per cent of the