Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-11-11
BANKERS IN SESSION.
National Association Con-
venes in New Orleans.
PRESIDENT HERRICK
DELIVERS HIS ANNUAL ADDRESS
BEFORE MEMBERS.
Controller Ridgely and Other Well
Known Financiers to Participate
in Deliberations.
PRESIDENT HERRIGK

NEW ORLEANS, November 1.-THE
American Bankers Association began its
annual meeting in Tulane Hall here at ~
am. today. The delegates were slow in
assembling and roll call was dispensed
with.
There was prayer by Rev. DR.. Beverley
Warner and then addresses Of welcome by
Acting Mayor William Mahle, City Attor-
ney Samuel L. Gilmore, on behalf of the
city; Prof. w. c. Stubbs, on behalf of Gov
ernor Heard, and r. M. Walmsley Of the
Clearing House Association, on behalf OF
the local bankers
President Herrick replied to the well
comes and delivered his annual address.
Address Of President Herrick.
American democracy in its imperial
progress has found its power and sure sup
port in the confidence and good will Of a
mighty nation, emphasized in its bankers" +"
Mr.. Herrick said:
I'm an era Of trusts (usipg the word in
its popular sense) and great combinations
aiming at the restriction If not the entire
removal of competition, a movement reach
ing far and wide in trade and productive
industry, the banks have gone on in the old
way, every one for itself, welded to the
idea of individuality and independence as a
cherished tradition.
1.-THE banks of the United States stand be-
fore their country and the world examples
of solidfty, conservatism and straightfor-
wardness. In it's very nature banking is
the opposite Of the business of any trust ;
of the type which constitutes a political
storm center.
Gain Favor by Contrast.
THE more the tendency toward combina-
ton and the restraint of competition affects
nd ip6, ha he ha II
will inevitably gain favor by contrast. The
greater the force of the trust movement in
the direction of over-cap capitalization, the
reader the country will be to look upon
banks and bankers as champions of inde-
pendence In business and as safeguards OF
conservatism.
THE imperative need now, as in the past,
is that every part of the circulating me-
dunn of the American republic shall not
only be as good as gold. under all stress
of business weather, but shall have the
reputation merited by its character. A
dollar doubted is a dollar half destroyed
The folly injustice of the great sus-
picion makes small difference in the hour
of danger
"Flexibiity in the body Of currency Is
very important, but it should never be for
gotten the vital point is that nothing used
as money shall be dstrusted. 1t is not
what the logic of financiers proves, but
what the man in the street feels which
makes the difference between safety and
peril for banks, in the frenzy of panic or
the lean years of industrial and commercial
/ depression"
Mr. Herrick closed by saying that he was
not prepared to believe that the country is
ready to accept bank-made scheme of leg
islation
However" he said, at is more willing
| now than ever before to give the banks
| hot f,tll oh IN "a %
| ment, in tardy recognition of the fact that
| they are now as they were in Jackson s
| day, really the simple embodiment Of and
| receptacles of, the active Industrial power
| of the people, and as such, entitled to an
| equitable participation in all the abounding
| glories of this great republic