The Washington times., 1903-09-26
Addresses to Convention on
Steamer Norfolk.
Mr.. RlDGELY'S VIEWS GIVEN
Presentation Of Financial Conditions OF
the Day-Treasurer Roberts Says
Gold is Foundation of Strength.

The novel steamboat convention of
the District and Maryland Bankers As
sociation was ended this morning with
the arrival here of the river liner Nor
folk after a two days trip down the
Potomac, while the delegates were in
session. The steamer was made fast
to the dock shortly before o'clock. and
the prominent party of passengers at
once departed for their respective des-
tinations. The Maryland delegation
boarded a train for Baltimore
The trip was enjoyed thoroughly. and
the visiting fnanciers were unanimous
in congratulating the local association
on the arrangements. Every comfort
was provided for the delegates. and the
Journey proved OF great interest.
Finance. and nothing but finance. has
been so thoroughly discussed that the
delegates last night slept in the Cyclone
cellars" suggested by Secretary Shaw
as safeguard against money stringency.
and today woke with finance under their
pillows. They have dined on finance.
and stumbled over 1t in every nook and
corner. In fact. the vessel was top
heavy under the pressure OF so much
finance on board.
With Secretary Shaw's significant adj
dress still fresh In their minds, the
delegates, last night, on the homeward
trip. listened 10 interesting speeches by
Comptroller of Currency Ridgely, and
Treasurer Roberts. The addresses
dealt. respectively. with the conditions
OF the banks and a discussion of over
speculation. and the nations strength
on account OF its enormous gold hold
ings.
Closing Joint Session.
The closing Joint session was held In
the cabin OF the boat. The two pregi
dents Of the association, A. H. Haines.
of Rising Sun. Md, and Charles j. Bell.
OF Washington, presided. Bank presi-
dents and bankers representing the
financial interests Of their two terri
tories, were present.
Financial conditions of the present day
was the subject touched upon by Mr..
Ridgely in opening MS address. The mild
scare that now holds the financial world
In its grasp he attributed to over-spec-
ulation, but supplemented this with the
question, What banker can cast the
first stone?" Speculation. especially in
Improbable enterprises, has been too
heavy, and some dishonest, was the as
sertion OF the Comptroller. 2
Little, IL any. OF the present troubles.
he maintained, can be laid at the door
OF the Government or are due to the need
OF an improved currency system The
country is passing through a period of
extravaganza. A large percentage of
the loaning power has gone into unpro-
ductive interest.
wall Street is blamed by the West
for current conditions" said Mr. Ridge
ly, but there is no foundation for this.
One part of the country is bound to suf-
II the other does. All are affected
similarly, and no more blame attaches
to Wall Street than any other Sart of
the United States"
Reserves held by banks have been de-
creasing steadily since 1897, Mr.. Ridge
~ said, but from the statements receiv-
ed by the Comptroller on the last call
he believes an increase will be shown
this year. Bank reserves seven wears
ago averaged 30 per cent and a fraction
and they were cnt down every year until
1902. when % per cent and a fraction
was received. -
For you more than anyone it is to
decide whether or not we shall have a
collapse in the tide of prosperity" he
said- The duty Of the banks is to stand
by the eountry's interests, for banks
can exercise great powers to prevent the
loss Of confidence"