The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-06-15

! Mr.. Ainey, president or the Allen
town Second National bank, moved
that the old board of officers be re
elected. The motion was unanimously
endorsed as follows: Theodore Strong
Pittston, president; George Shannon,
first vice president; Dr. Joseph Thomas,
second vice president; Frank M. Horn,
Catasauquc, recording secretary; c. D.
Moser, Reading. treasurer; executive
committee, William H. Aiuey and Rob-
eTt e. Wright, Allentown; james NJ.
Jacobs, Pennsourg; John W. Gwyner,
Easton; James A. Linen, Scranton; P.
NJ. Carhart. Wilkes Barre.
REvIvING STATE BANKS OPPOSED.
William Hsckett, president Of the
Easton National bank of Easton, dis.
cussed state baaks and an improved
national banking system compared.
He gave an interesting description Of
the operations Of the state bank! and
the innumerable couveniencss and pos
itive losses to which they subjected
the public. He contrOsted this state
OF things with the solidity Of the ma
tional banks and said: I'VE may
well look with dread upon the efforts
now being made to destroy the nation
al banking system and to deprive the
country OF the absolute safety and ss-
cnTity afforded by its circulation. >
Mr. Hackett said:
We need q currency elastic in character,
and which will expand and contract as the
necessities OF the country may demand,
and these banks are well adapted for this
purpose, as they would naturally expand
or contract their circulation, as the de-
mands OF thci: clientage may require
That this is true Is borne out by the fact
Tint from March to October, 1893, the cir
cIlatiou increased thirty.thras millions,
ard, If more profit could have been shown,
the increase would have been much larger
Banks do not issue circulation unless at o
profit and we would affirm that the qucs-
,lOu Of sufficient circulating medium
would be settled for good by the enact
mant OF legislation which would furnish
tGe banks with circulation to the par OF
bonds deposited as security, said bonds to
run thirty years and to bear interest at
the rate of 2 per cent.
The applause accorded Mr.. Hackett
when he had finished. testified to the
importance and merit attached to his
address
William II. Ainey, president of the
Second National bank of Allentown,
read paper Can Our National Bank
System B, Perpotuatod?' It was
thoughtful treatise of tho subject and
we regret that lack Of space forbids
printing it.
MR. PECK S HUMOROUS REMARKS
Mr.. w. II. Peck. cashier ef the
Third National bank, this city, spoke
felicitously on tho subject OF Banking
Ploasantries." H. said in part:
When asked to address you today, the
first thought was--what particular part
Of banking shall talk about. Shall i be
as to tho desirabiiity Of uniform prac-
tice among banks in the same city in re-
gard TO oyerdrafts, those bugbears to US
UliF Or Of uniformity in rules for inter-
est deposits? Or the adv.sab!ity Of
changing the rates OF Interest PAID? Or
shall it be views as to the value Of COM
mygeiGl paper compared with bonds as
quick assGts2 BU5 my later thought has
been, that rs each of the Scranton bank.
ers mas his own pet theories on these sub
jects, better not ruthlessly disturb the
l,sncc that at the present time so beauti-
:G.ly prevails among us. And 20 my mind
ms tarned to the odd things that have oc-
Cured IN this business OF banking, Loan
ing money is serious business. Getting it
back Is often still more serious. But il we
recognize them as they occur, we will find
in our own experience, and in the expert
enCc Of Others, that this seriousness is oc-
cGsionally relieved by humorous features.
.s..ia F.I .F 1Nnt, 10, 4 IL.
west that on reading the papers be became
alarmed at the lhauy failures reported,
and so concluded not to loan any more
money, and to call in what he had ont,
not seeming to realize that such q course
would only make the hard timeo worse
Acting on this plan, it was not long be-
fore his depostors were expressing pity
that he was so hard up, and sOmo said that
II he was in that shape they wanted their
money, and soon ne found that a. mat
ter Of eit-presoryation he better stop that
policy. In the happy time coming it is to
he hoped that bankers. borrowers and de.
positors viii lean that their interest.
are mutual, and when Il bank aud its GUS
toners learn that, the well-managel bank
will have nothing to fear from the un.
eaainess Of panicky times, and then 1t will
never be necessary for any one to do as q
Western banker did, who last summer
found his cash was all paid out, and that
be had no quick assets, although bis loans
were on good notes. and SO he had to put
up the shutters, and he tackled up this
notice:
"rhls bank owes the public $37, 900.
The public owes this bank 3j7, 900.
When the public pays this bank will pay.
The bank is not busted. 1t Is the public
that is busted"
the ligater vein of Mr.. Peck'S re-
marks we're most happily received in
the midst Of the weighty proceedings
BANK EXAMINERS DUTIES.
G.. II. Dengler, of Pottsvilla, national
bank examiner Of eastern Ponnsylya-
MIA, discussed THE Examiners Rsla-
tons TO National Banks" Among
other things he said tine bank examiu-
er's duties are far from being perfume
tory. Ha advocated the imperative
rule of placing employees under bond.
Such protection is furnished by com.
psny'5 for L small percentage wAicl
banking institutions can well affJrl -
pay. Checks should be cancelled
ddllf. hhAJ CAoCS VI tuiDeLLltIlCl NJ
are psrpetrated by re'entry OF check
in tho daily cash book, thu day following
the original entry, but without being
posted on the ledger Cancellation will
prevent it,
Directors and presidents should sac
to it that cashiers are not allowed to
inVst the funds of the bank, as ia often
done for personal account. They should
also see to it that the cashisr do's not
invest on bis personal account in fluc-
tuating and speculative properties,
such as land companies. 1t 10 promo.
tive OF too extensive operations and
conss quent temptation.
Mr.. Fondersmith, Lancas ter; Mr.
Malzbersar, Reading, and Mr.. Hell
frich, Ashley, mad bsen appointed at
the Philadelphia meeting to report at
yesterdays meeting on the half holi-
day in its relation to the time for pro-
testing paper. Mr.. Fondersmith stated
that no report had bee1 prepared. but