The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-14
BANKERS GATHER In FORCE.
TRUST 20. AND SAVINGS BANK
SECTIONS IN SESSION.
Plan TO Limit the Use OF the word Trust"
In Corporate Government
savings Banks Opposed as Pater-
naistic Plea for Advertising,

the country swarmed through the Wal.
dorf Astoria corridors yesterday and still
more of them will he there TODAY. Two
annual meetings one of the savings
Tanks and the other of the trust companies
section - were in progress from 10 O'Clock
In Il q morning until late i'll the afternoon
The real event. the thirtietl annual con-
vention " the American Bankers Asso-
citation. does lac. bogin until 10 o'clock this
morning when it will be called to order by
President F. G. Bigelow, president of the
First National Bank of Milwaukee. 1t will
be held in the Waldorf-Astoria state ball
room, where the trust companies section
had their meeting yesterday. The savings
bank men occupied the large parlor at the
other end of the corridor.
1t Is expected that there will be over
1000 bankers present in the three days
to-day, Thursday and Friday-that the
convention will be in session. Besides set
formal gatherings great number of private
dinners will be given. or all the thirty
conventions the association has held this
Is only the second that has been held in this
city, and the New York bankers have made
up their minds to leave nothing undone to
promote the enjoyment Of their fellow
aborers in the banking vineyard.
Last evening the local committee on ar
rangements gave dinner to the executive
committee of the association in the Waldorf
Astoria at which about seventy persons sat
down. This evening there is to be a formal
reception at the Waldorf, when the women
friends and relatives OF the bankers will be
present.
The last of the festivities is to be an ex-
cursion to West Point on Saturday next.
The National Bank OF North America Of
this city is the host on this occasion, and
all the other bankers and their wives and
daughters are the guests. A steamer viii
leave at $50 Saturday morning and will
reach West Point in time to see the cadets
at dress parade.
The largest Of the two sessions held yes
terday was that of the trust companies SEQ
ton. Neither the chairman nor the vice.
chairman Of this section was present The
chairman Mr.. Breckenridge Jones, first vice
president Of the Mississippi, Valley Trust
the recent death of his wife, and the CON
vention, by rising vote, passed a resolu-
ton Of sympathy for him. The vice presi-
dent, Mr. A. E. Potter, president of the
American Trust and Savings Bank Of Chi
cago, was also detained at home, and Clark
States Mortgage and Trust Company of
New York was unanimously chosen as the
presiding officer and later on in the session
was unanimously chosen chairman OF the
section for the ensuing term.
The formal address of welcome on the
part Of the New York trust company
bankers was delivered by George w
Young, president OF the United States
Mortgage and Trust Company of this city.
Speaking Of trust companies as peecu,,
liarly American institutions. organize
to meet the demands of existing business
conditions, and OF their wonderful growth,
Mr.. Young cited the fact that whereas
twenty years ago there were less than 100
trust companies In the entire United States
there are now more than 600, with re source
In New York State alone the trust com
panies have deposits aggregating nearly
81 600 900 600. Speaking OF the relations OF
banks and trust companies and saying
that the competition between the two was
between men in the same
business, working for the same end and using
the capital OF the same employer, Mr.. Young
continued
The national and state banks are we'll or
lions OF trust COMPANIES are completed
and s The es SM yor Of TEs
pa oi nne o NsN honor fnlv
appreciate and OF which am Justly proud
is now well under way. The perfection Of
various States is the best preventive II
any differences between the banks and trust
companies that may affect the interests and
come of such organizations will be coopera-
tion between them and the adoption of gen
the framing OF which both institutions will
have voice. Strong trust company asso-
oIss.a IN of WorRns
the he past, and viii be Of material assistance
The chairman. Mr.. Williams. presented
the report Of the executive committee, and
both in that report and in the address on
" Conservatism, delivered by F. II.
trust Of FHs aS ana
a good deal of stress was laid upon the
fact that many concerns are using
the title Trust Company" while doing a
line Of business that does not entitle them
head the report read BY Mr.. Williams,
among other things, said:
The uncertain business, done by many
using the word trust in their
business, and the frequent failure
vi these companies. tends 10 reflect dscredit
trust company business. It has seemed wise
10 your executive committee TO recommend
he appointment of standing COMMITTEES
tive law. whose duty ii shall be 10 endeavor
TO secure the enactment OF laws in the sew
eral States prohibiting the use OF the word
trust" in corporate title of any corporation
not a moneyed corporation and chartered
to do trust company business.
Mr. Fries, in discussing this same subject,
expressed himself as follows:
The growth of the trust company business
Ia slow and sometimes very discouraging.
and there comes to not "A few the necessity
for some means OF support. This fact. and
the temptations to obtain profits. cause the
to take IN whatever presents
the surest and quickest returns consistent
with the charter. 1t may be. and il most
frequently is. banking in its various forms.
again the buying and selling Of real estate.
motion of some enterprise. and thus the trust
becoms in reality n bank OF dis
count. real estate company. brokers' Of
fee or something else. The name OF the
and the chartered privileges in
some cases indicate that the company was
designated for other lines of business and
should never have been named trust com
pany at all
1t is not necessary to argue TO this body
be and that il will sooner or later not only
bring confusion but may bring discredit
upon the name OF trust company and the bust
ness IL represents.
William Barrett Ridgely, Comptroller of
the Currency, who came in in the course Of
the session, was called upon to speak, and
he, too. devoted some time to the discus
sion OF this particular topic. He said that
in his opinion this country had gone too far
in permitting concerns having purely trust
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