The Providence news. (Providence [R.I.]) 1891-1906, 1904-04-21
BANK
CLERKS
Dine.

wellington last night Ledsers had been
locked up, visions OF trial balances and
long rows OF figures sank into oblivion
and every one OF tho 42s persons there
came with the Intention OF having a good
time and weil-they got e.
The reception, IN the room Just sdjoln-
ing the banquet hall began at 6 o'clock
and continued for an hour during which
time they exchanged conversational
checks. told what should be done and
how. IL was indeed a representative gath
ering OF banking men together with Gov
eruor Garvin, Lieutenant Governor Utter
and many prominent business and profess
sional men of the community there as
guests
Promptly AT : o'clock a bugle call was
heard I'm the distance and although this
sound a. a general thing orders the move
ment OF soldiers the banqueters last night
scanned 10 understand II for they moved
quickly 10 the dining hall.
They seated themselves at the large
number OF small tables and soon were In
the midst OF most delightful dinner
from the oyster cocktails To the cigars.
During the following hour all thought OF
that fine old bankers anthem, When,
You Amt Got No Money. You Needn't
Come Around" was forgotten and every
linston orchestra led by Bowen r.
Church helped materially in this and his
several solos were heartily applsuded.
President Herbert j. Wells made a most
excellent toastmsster and in starting the
'talkin' bee" made some very appropriate
remarks, which were heartily applauded.
Lieut.. Gov. Utter gave q number OF hu-
morouA stories and said that there were
TWO things he had noticed about credit.
nrst, that IL was a great killer OF time,
ana second, that IL wore out folks more
fapidly than anything else
There is'something about the business
or banking" he continued, that calls In
me bright men. the men OF more than
average ability. / hope every young man
IN the financial Institutions intends 20
win success. There are certain things es-
sentlal TO success. one Is preparation.
IT Is good thing II Il Is SO used that
II gives tho ability to do more than some-
one s'se can 90, After preparation there
must be development You must develop
yourselves physically. The key OF success
is not a night key"
President kendrick Of the common
council followed and in his remarks said
mat the city OF Providence looked 20 the
oahk men for direction in its financial af-
iairs ana mentioned number OF bankers
mttee
Yhe principal address OF the evening
vas ny William 4 Prendergas vice presi-
dent and general manager OF the Inter.
national Mercantile agency OF New York.
who spoke upon Credit and Credits" He
said in part:
"A distinguishing feature OF nearly all
the exhaustive treaties on credit is the
assertion OF their authors that writer's
on this engrossing subject have failed
TO fully comprehend the true theory OF
credit and, therefore, have failed TO pre-
sent an entirely accurate or definite ex-
position for the study and guidance of
The student
The theory OF credit has absorbed the
research and thought OF the greatest
doctors OF law, from the earliest hours
ot Roman learning and culture, and re-
ceived its most emphatic Endorsement and
acceptation as A weli-dcveloped branch
OF The science of economies from the
legislation of Justinian
Many enormously suppose that credit
is mere commercial makeshift, designed
and brought into play because OF the fact
that the worlds supply OF money has
never been adequate for the complete
discharge OF the mercantile cbliga tions
I'M that commodity. but Demosthenes, one
OF the greatest thinkers OF his time. de-
clarcd. there being two kinds OF wealth
money and credit, and the greater is
credit
AIcolt II tOe determining factOr IN the
tranSa ctiou between tho merchant and
the debtor. for the debtor has credit
conferred upon him, and the creditor I'm
his turn, holds a credit or debt, which he
has perfect right 10 dispose of for hts
own uses and in many cases does dispose
OF FOR The purposes Of his business. realiz-
iuG upon Il tho necessary means with
which 10 prosecute that business.
Banks are the custodians and dis
Ia a. Lar
est and universal sense. Their ability 10
exercise this credit is ont . mere per-
sousL selfish possession, but CONNER
cial trust. The business of the nation
cannot b. accomplished without the dis
pensaton Of this credit
I'VE Will now pass 60 = consideration
of the means and methods ot acquiring
proper information in reference 20 ap-
plcauts for credit and particularly as 20
their honesty. capacity, stability and
capital. These four qualities have heer
dcuominated the dynamic OF credit. sud !
quote them for that reason.
The credit man owes II 10 himself
mud the party seeking the credit TO secure
al the Information possible-not 20 be
satisfied with a scrap from here and
there, hut 10 tap every spring from
whence ne has reason 20 believe there
may flow such details, data or (; cts as
will he Of assistance and use in deciding
as 10 the merits or dement's ot the ae-
count before him.
An important fountain of infc-ma ton
IS the commercial agency. The great In
sttutions that constitute the bulk OF this
service have become, we might say. In
dispensable elements IN the work ot de-
termining the question OF the extension
of credit" "
Rev Edward r. Sandersou OF the Cen
trail Congregational church followed Mr.
Prcndorgast and made an interesting talk
during which he spoke ~ the relations be-
tween the church and the business COM
munity.
n. q. Alden Blumer ~ Butler hospital
the last speaker, made brief address
of witty nature, I'm which he told a
number OF amusing anecdotes.
The social committee, which had charge
Of last evenings successful affair. con.
sisted of George a Freeman. chairman
B B. Manchester II. Edward Thurston
clinton Y. stevens. John It. Mauran. Eu-
gene A TinRley and Joseph l.. Guild
spRINoTImE IN WASHINGTON.