Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-11-12
R|DGELY ON FINANCE
Able Address of the Controller
Of the Currency.
POINTS OUT DANGERS
MUST CURTAIL OPERATIONS OR
INCREASE FACILITIES.
Declares in Favor of Branch Banking,
but Believes It Impracticable to
Make Change.

The nominating committee of the Ma
tional Bankers Association, at New Or
leans, late yesterday fixed upon the fol-
lowing officers: President, Caldwell Har-
dy of Norfolk. Va; first vice president, F.
S. Bigelow of Milwaukee. Members of the
executive council named by the state asso-
Citations: c. L. Farrell, assistant cashier
of the Capital National Bank of Indian
apolfs; A. H. Virgins, vice president Of the
Park National Bank of New York; A. A.
Crane, cashier of the National Bank of
Commerce Of Minneapolis; Luther Drake,
cashier Merchants National Bank Of
Omaha; A. V. Lane. cashier National Ex-
change Bank Of Dallas. Members of ex-
ecutive council at large: James T. Hay
den, president Whitney National Bank,
New Orleans: John Shelton Williams, presi-
dent Richmond Trust Company, Richmond,
Va; Arthur Reynolds, president Des
Moines National Bank. Des Moines. Iowa;
David Sloan, Homecoming, Md; William r.
Fenton, vice president National Bank of
the Republic, Chicago.
Trust and Savings Bank Sections.
John E. Borne, president Of the Colonial
Trust Company of New York, was elected
chairman and Breckenridge Jones, first vice
president of the Mississippi Valley Trust
Company of ST. Louis. vice chairman. The
following new members Of the executive
committee were named: H. J. Wells of
Providence. R. l.: Albert ]. Enright of st.
Joseph. Mo-; S. F. HaZart of Cleveland,
Ohio. and John Shelton Williams of Rich
mond Va.
The savings bank section was organized
with the following officers: Chairman, My
ron r. Herrick of Cleveland, Ohio; vice
chairman. James MacMahon Of New York,
and secretary, William Hanhart of New
York. Members of executive council: One
A G. Tuttlp of Connecticut w.
Laycock of Pennsylvania and E. j. Parker
Of Illinois; two years, G. Ad. Blaffer of
New Orleans, Lynn H Dinkins of Gretna,
La, and w. S. Payne of New York; three
years. H. c. Shaffer of Pennsylvania, c.
M. Preston of Tennessee and George B.
Lattimer of New York.
A feature of the afternoons session of
the association was an address by Con-
troller of the Currency w. B. Ridgely. He
said
Controllers Ridgely's Address.
THE general business in the United
States and more particularly the financial
and banking operations are in such a con-
dition today that there Is danger from an
excess of business and lack Of machinery
and facilities for conducting it. 1t is be-
coming more and more apparent that there
must be some curtailment Of operations or
increase in facilities either by the addition
Of new means more efficient use Of the
old ones If we would avoid serious trouble,
If not disaster.
For several years there has been a
steady and enormous increase in the vol
ume of all kinds of business, which has nec-
esarly produced a very large expansion.
The clearing house transa actions have in
creased from fifty-four billion dollars IN
1897 to one hundred and fourteen billions
in 1901, an increase of sixty billions. That
is, they have more than doubled in amount.
1.-The percentage Of legal reserve to de-
posts in the reserve cities required to hold
70 per cent has fallen from LOS per cent
in 1896 to 24.21 per cent in 1902. and at the
last call for report Of condition not one OF
the central reserve cities and only seven
out Of the thirty reserve cities held the
full legal reserve. The legal reserve held
by the banks required to hold Is per cent
has fallen from 2265 per cent In 1896 to
1891 per cent September Is, 1902.
Due to Increased Business.
"These changes are due to the greater