The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1901-10-17
Bankers Discuss Business Affairs
in Milwaukee.
THE RESOLUTIONS ADOPTED
Speech Of Charles Francis Lewis on RslatiOu
Of Trust Companies to Foreign Bust.
ness conditions-A. B. Stick,
Hey'S Address,

MILWAUKEE, Oct l6.--At the
American Bankers Association today
bankers from the various sections Of
the country reported in speeches the
general condition Of business.
The statement showed business in a
thoroughly satisfactory condition.
Resolutions were adopted asking con-
gress to repeal the war revenue &C,
relating to stamps, etc; legislation tor
punishment Of anarchists; return "
drafts, checks. etc, where stamps have
been redeemed indemniNins senjers
of unsigned certificates which may be
stolen and endorsed the Mckinley
Memorial Association.
MR.. PHILLIPS ADDRESS.
Mr. Charles Francis Phillips. presi-
dent of the Corporation Trust Company.
Of Delaware. OF New York City. dwclt
upon The Business Foreign Countries
Analogous TO That Of Tus; Companies
in the United States" He said that,
strictly speaking. there are no ;Uls;
companies in Europe or the Orient and
none In the Latin-American countries,
barring one erected upon q purely
American foundation and one or two in
a nascent state The IDEAS said he,
underlying corporate iuiici1ryship,
are the product Of our special develop
ment." Concerning trusteeshiq. Mr.,
Phillips said that In Europe the indi-
vidual trustee Is in such esteem as 20
make the Success OF corporate trustee
ship On a very large scale. a; leas, for
the immediate present, extremely
doubtful
As to the provisions for care of !org
time deposits both the English and con-
tinental banks furnish America With
preceden;s eminently worthy Of respect
full study.
The speaker briefly described the
mortgage banks Of Germany AMI Aus
tria ani some other European coun-
tries, created to aid agriculture. but
limited in respect 10 their dues as fiu-
eiaries and enlarged for the role as
signed in France and 10 some extent
IN other countries, TO boards Of trade,
chambers OF commerce, etc. in matters
relating to bankruptcy and receiver
ships.
REGULATION OF CREDIT.
As to regulation Of credit. Mr.. Phil
lips declared that the United States
had proved ITSELF to b. in respect 10 the
common financial needs o, all who must
work for a living, with either heads or
hands. the least democratic II The great
civilized powers. As he result u
more democratic policy than ours the
corporations in France most anala-
gous 10 our trust companies have cb-
tainad proportion so large as 70 make
even tha most prosperous of our trust
companies and OF our banks as well,
seem very small indeed.
ADDRESS OF Mr.. sTICKNET.
A. 3. suckney, president of the chi
cego & Grea. Western Railway Com
pany spoke on The Medium u Ex-
change and he Banking Function
He SAID in part:
The medium Of excnlng= IS an es-
sent.al part Of commerce as distn-
gulshed from barter. The necessity Of
a medium Of exchange grows out II
the fact. which cannot be too often re-
peated because 50 often overlooked,
that the ultimate purpose VI all com
merce is. to use the unique and rather
. satisfactory expression Of the present
secretary Of the treasury-'to exchange
for things. When things are X
chang.d for money this process IS only
half done. Whatever commodity is
willingly accepted to represent things
during the process Of suspended eI-
change g a medium Of excnange'
The usual statement that money was
the medium Of exchange was, con-
tsndei. but a small fraction Of The
fact. He maintained that the medium
Of exchange is credit. Legitimate
credits for the use as a medium ot *
change are produced by buying for the
purpose Of consumption. Such credits
expand as production and commerce
expand AMI contract as production and
commerce contract.
FUNCTIONS OF BANKS.
The speaker then discussed the bank
ing function Of which he said here
were many misconceptions growing out
of the morning which, in banking par
lance. is given to the words deposit"
end borrow" When the public is
told that the bank deposits have in