Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1894-10-18

BALTIMORE, Md, OCt. W. ne SUIn
annual session of the American Bankers
Association was called to order in Ford's
Grand Opera House at 1890 o'clock this
morning by President M. M. White of
Cincinnati. Mayor Latrobe delivered an
address of welcome and President White
responded.
INFLUENCE OF NEWSPAPERS.
Colonel Myron T. Herrick, president
of q Cleveland, o., savings bank which
has longer line of deposits than any
other in this country, addressed his fell
low bankers on "rhe Newspaper Press
and Its Influence on Finance in 1888"
In speaking of the newspaper press
generally, it is not my purpose TO in
clude within the pale of respectable
journalism the sheet designated as the
''reptile newspapers" which is miracle
of calumnious inanity and depravity, eX-
listing upon blackmail levied upon ner-
vous people, nurtured by vapors arising
from the pestilential swamp in its edi-
tors disordered brain; nor do l refer to
the "kept newspaper" which is used
for illegltimate purposes by powerful
people.
Last year, when finance was the topic
of the hour, the National Congress was
convened in extra session to discuss
it, and financial ruin ran rampant. An
indescribable terror, with invisible
power, seemed to seize upon the masses,
spreading like an epidemic, transform
ing the minds of men, who appeared to
surrender to the mad portentious in
fluence of the hour, and allow them
selves to be swayed by it to such de-
gree that for some days universal tinan-
cial destruction seemed imminent. AT
this juncture, the sober second thought
came to the people. Many leading
journalists apprehended the peril of the
situation, and with true, patriotic
spirit came to the rescue. Others con-
tinued TO add fuel to the contlagration.
Some issued extras and hung out bulle-
tins, and with great headlines an
nounced the failures of the most insig-
nificant concerns in the most remote
parts of the world. Such headlines
| had the same effect upon an alarmed
and apprehensive public that a cry of
| fire has upon an overweight audience
in crowded theatre.
SENSATIONAL FINANCIAL NEWS.
| 1t is difficult to overestimate the ruin
Gus effects of infammatory reports of
| bank failures and the severe structure
upon the methods pursued by bankers,
| published from day to day, in the crisis
of 1893. Sensational financial news, in
too many cases colored to suit the most
frenzied fancy, appeared with each
issue of the newspaper.
To what did all this tend? Inevita-
bly, to great public loss, distress and ruin
and had not the mad career been checked
universal bankruptcy must have fol-
lowed. We all know and appreciate
the influence of the newspapers that
realize the peril of the situation when
yet not too late, and so periodically
stepped into the breach to stay the popu'
lar clamor and turn the tide.
If, during period of financial stress
the newspapers publish exaggerated
and alarming reports concerning the
bankers, they unsettle every firm doing
business with these banks, and strike Q
blow directly at the internal crganiza-
ton of all commerce and industry.
GREAT PUBLIC INSTITUTION.
The newspaper press of America i!
the one great public institution which
belongs to the people, and yet is the ex
elusive property of individuals. Ii is
next to our free comnon schools, the
noblest, the most powerful of all insti
tutions that have grown out of the fret
play of intelligence, granted by appeal
ing not to the prejudices, but to thai
better nature which predominates il
almost all human beings; and where i
acknowledges to the public response
bility for justice, honesty, truthfulnes
and good faith, it takes on divine at
tributes and becomes the first of all il
the liberal professions, for it then voice
the people, and when it voices tina
then truthfully say that it expresses tn
voice and will of God?
MIR. coMEGYs' SUBJECT.
SHOW banker should treat his deale
and the public; what manner of ma
should banker be 7" was the subjec
assigned to Mr.. B. B. Comegys, pres
dent of the Philadelphia National Ban
of Philadelphia. He made a long argu
, meDt which, he said, the younger par
of the audience should profit by. q
! bank is created and sustained" MI
Comegys added, mot merely for the sol
purpose of making money and payin
large dividends to the owners of ii
shares, any more than it is not the chic
end of the individual man to max
money and become rich. 1t is eminentl
proper that merchant, manufacturer
mechanic, railroad manager or farme
should conduct his business on hig
principles; dealing justly with his com
petitors; taking no unfair advantage o
! the ignorance of others; requiring faith
full service and giving just remuneri
ton, and it is the office OF II well
managed bank so to administer il
affairs with reference TO the well-bein
OF others that it shall always be read
to aid, within proper limits, legitimai
enterprises for the public good; nc
oyer-working or under-paying il
employees, nor retaining in its employ
ment persons of unworthy characte
but holding up a model bank in all il
features. The community has right
claim this of all its citizens, and it ha
], an equal right TO claim it of all bank
and other financial institutions, for a
the money in the country, except wht
is in the Treasury of the United Staff
or in the pockets of the people, is in I'll
custody of banks, trust companies {
bankers, by whatever name they may
called, and it is of the utmost impor
ance that the business of such institl
lions should be conducted by men {
high personal character"
AT the conclusion of his address NJ
Comegys was roundly applauded. -.
vote of thanks was rendered him and
motion carried to have the adore
printed in pamphlet form and sent
bank presidents throughout the countr
3. OTHER PAPERS.
Herman JUST, president of the Fir