New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-09-15
BANKERS IN CONVENTION.
FIDELITY PLIN KILLED.
James ShIIman and MGyor Make
!Spceches Of Welcome.


posed amendment 10 establish American bankers
guarantee fund for the bonding Of bank employees
At;er fully hours debate this same VeXed
question which a9stated the convention in 1909 the
amendment was defeated Considerable feeling was
displayed by various speakers Controller Ridge
lows name being drasged into the discussion. inc
dAtIte witnessed by some Of the most in1u-
entail bankers in the country, including James
stili,ra. LYMAN A. Gage Joseph {. Hendrix and
Alvah Trowbridge OF ew-York: George +. ORD,
- Chicago; F. i. sw.nney. Of Kansas City. Mo;
George II. Russell. Of Detroit. and Colonel J. ID.
Powers president OF the United States Trust Com
Ianv or Louisville
The debate reached climax when Colonel towers.
81 the close of a speech. defending the executive
councils action. said bluntly: IF you start this
grange store, you will break up the grange Go
on: start this variety show of yours I'll buy
ticket. but one employee of mine shall ever be
bonded in your company.
FEATURES OF THE CONVENTION.
Features of the convention were Mr.. Stlman's
plea for cooperation IN the field of finance Pres
dent +. c. Bigelow's trenChant Endorsement OF the
gold standard the general suggestions contributed
TO the solution Of the currency problem and the
adoption of a resolution indorsng Senator Lodges
bill for the betterment OF the consular service.
Mayor Mcclellan welcomed the bankers on behalf
OF the city. Bishop Potter unable 20 be pres
ent. prayer being offered by Archdeacon Nelson.
The convention called to order at 10 a m
Fl the state ballroom OF the Waldorf-Astoria. Mr.
Stillman, president of the New-York Clearing
House. addressed the association behalf Of the
bankers Of greater New-York. and In view of the
fact that his bank is the largest in The country
and has intimate relations with the powers of Wall
Street. he was listened to with close attention
JAMES STLLMAN's ADDRESS.
Mr.. StfIlu1an said in part:
The deeper significance of this great national
cooperation which is being nurtured- Almost be-
yond calculation are the economic results areauy
attainsd IN The FIELDS OF industry ana 2ranspol
Petuon. In the management OF the country's
Been made in rece8t year sneh progre in tSs
direeon OF true co-9Reration has resulted in vast
would have resulted from the discovery of
mines. the making productive OF desert fields. or
fSere s Saf vet s fHs d Of % t
value OF cooperation I believe there is no more
When we come fully TO appreciate the great
eesT ft value Of C F when NE see more
petition and understand that such waste means as
estrous fire or blight Of crops. We SHAH have
brought into The business of banking something Of
day Development Of industrial affairs.
SPEECH OF PRESIDENT BIGELOw.
Perhaps TIE most interesting portion Of President
Bigelow's address referred the currency situa-
ton. II was followed closely by the delegates
Indirectly he paid high tribute McKinley's and
Roosevelts financial administrations. Mr.. Bgelow
said in part:
I believe all able and thoughtful men of to-day.
ali public discussions and ali considerable public
Judgment our present standard. the standard of
be settled. and settled for good. is fortunate
@ Us Of 6e eo Rs sen a a en SaT
heen firmly Upheld in this attitude by the strength
and integrity OF the government.
viii rot throw the words asset OF currency"
untrue to my own conviction if 7 did not saw
believed in credit currency under sharp compu-
sorry redemption, with the same reserve in coin as
against deposits though I think many barriers Of
fore we can have it. A Bond secured currency
never did. and it never can, respond the de-
msnd Of trade
The work Of the association reviewed by
Colonel James R. Branch, secretary Of the
citation Colonel Branch said that in the past year
the associations detective agents captured in DIFF
ference sections Of the country. seventy-Ave pro-
1sssonal bank criminals. and convicted ffty-four
This does not include sixteen indeterminate
Fidelity Committee made a saving in the cost of
g6dT 6Sneg to members Of consderabiy over
sank Clerks were Established during the year by
the committee on education.
THE MAYORS SPEECH.
Mayor Mcclellan said in the course of his ad-
dress:
political capital has caused Congress no matter
defer he Reconsideration Of an an aGequa a9 Currency
possible Of souo as the rd Of of dmS sph nS or
me s9qsFing OF the circle You have It in your
that the question of the currency is in no sense
public opinion that Congress regardless of section
de1afe to 81 e p 5ae vii enact eiHTIrency lay
will not be In the interests OF anV coTnJni,nft1 on
epe OF men, but in the best interests of the whole
The committee Of currency legislation reported
that its work has been limited getting a general
idea TO the disposition at Washington in regard
TO any bill that would have the support of the
banking interests of the country 1t was found
according TO the report. that feeling in Wash
ington. displayed by practically every one con-
cerned, was that the question would receive much
greater attention at the hands Of legislators IL
concrete bill designed TO aid the commercial in
terests Of the country presented by the proper
committee representing the organization.
FIDELITY INSURANCE SCHEME
Mr. Ridgsy. the Controller of the Currency whose
name had been drawn into the Guaranty Fund con-
troversy in connection with letter he had written
made statement that the purpose of that letter
was not TO favor side OF the question, was
written solely to get the national banks the
United States 20 unite a form Of bond that
would insure them protection. He disavowed favor
ing any side
The point made by most OF the speakers was
that the trustees be appointed for an In
definite period and that the scheme organization
was wholly unbusinesslike and entaied great risk 4
Those in favor Of the proposition bewafed thu ex
cessive charges Of the bonding and fidelity com
panies- Friends q both sides tried TO move the
convention by whirl OF oTatory and an avalanche
During the discussion delegate from Baltimore
Mno REPRESENTED a bond company made statement
companies Of The United States we're a he o Gi
astrous and that the directly due 10 the
Interruption and rapid of questions fhe deIe
gate continued and showed how dangerous II would
business Iatimatons that there was sornetbinSS
i-fir@ the curtain. yelled threats Of peculiar ex-
I.ept9fes or money and that certain delegates 4
EFanf@d 10 p>Tpetuate Themselves on the fdelty
con .'tee were made freely. ~
&c question = adopting tho I
,i-'tttlIioTl was lost by rising vote. two