New-York tribune., 1904-09-14
BANKERS HERE II FORCE
READY FOR CONTENTION.
Trust Compony and Sa5ings BG''hs
Sections Meet.

ns-ies conducting iadiscrln.na:e "departmcrt
stores cf Gn2ncr,'' :nciGdirC 4 direct insurance
i-ancr. .Sa= rounded hy F. L. Fries, president
os TIE Wacl OWE Loan and Trust Company,
W...s;on-;;s,enl. X. 9, 4; an address or Con
seTva:tsr-' before the eighth annual meeting OF
7ie trdst companv sectioE of the American
Banker Association st the Waldof-Astoria
yesterday TIE Ineetirg called 20 order by
I.ecA!nr.d@e Jones. rad IN" largest attendance
:. ne history % rnis saction. Before the saw
ing uen.. cection wills :. Paine eX-SUperin-
ten,.en. o. Banks Of Eew- York State. read
paper vigorously opposing Ina establishment OF
postal savings banks, The two meetings herald
thr oye.irg az ;he thirtieth annual convention of
the association s. the Wa!6orf-Astoria to-day
"!e colrA,Ii.on Gul :ast for three da"s
George w Young president Of the Trust Com
psnies Association of New-York. who made the
address or ws:come the trust company sec
tion ,:eaied that there was any real antagonism
between these companies and the banks. He
declared, however. that the perfection Of the
organisation of the trust companies was the
best preventative Of any differences 1hat might
arise.
AL Gay long, by liver. road and rail. the dele
gates TO the convention poured into the city.
By midnight between four and five thousand
bankers had arrived. and il is expected that the
convention Will show more fnancers than have
assembled together IN this country any single
occason heretofore The delegates represent
every bank and financial institution Of any
prominence IN the United States. and the con-
vention will consider many important banking
and nduciary problems. Temporary headquar-
tiers have been established AT the Waldorf. One
OF the first delegates TO register was United
States Senator William A Clark of Montana.
WELCOME TO DELEGATES.
In making his address OF welcoms, Mr.. Young
said in part:
There should be 10 opposition nor aught but
friendly rivalry between the two classes OF hnen,
are parallel. and on lines which cross ore an
two ard any assertion to tae contrary is ilI-tound
ed. and win, feel sure. disappear as time demcn- @
complimentary.
WARNING TO TRUST COMPANIES.
= Mr. Fries. in his address before the trust COM
pany section. said in part:
The growth OF the trust company business is
slow and sometimes very discouraeing. and there
OF support. This fact. ard the temptations TO oh
whatever presents the surest an6 quickest returns
consistent with the charter II is no. necessary to
argue to this BODY that this CONDITION OF affairs
e not as il should be and that it Wi: % sooner & or
credit upon the name OF the trust company and
The business IS represents
not perfectly Tght for any one to engage in
te-prse that have been in different ways combined
with those OF the trust company nor that many of
ed hy The trust company in the capacity Of agent.
bu: do desire 10 cleay present the anomalous @
when other institutions are assuming 10 DO its
tsrprses are b9ng conGucted under the trust com
pany 1ame ead mis- ~ such an eEte1t ths[ t IL ha 81
finance
Colonel Fries trenched on the insurance bust
ness which some trust companies 1abble in.
This business being "a risk. he said II was in
compatible with the !dea OF a business that
should be free from all risk" That institution
IS safest" he said. that buys only investment
recurit.es and only buys investment securities
when ii needs them
Following the address OF Colonel Fries, an
address was also made by Jordan J. Rollins, of
Rollins & Rollins attorneys. OF this city.
TIE Protection Of Trust Companies. Acting
Transfer Agents and Registers" In statement
Edward T. PeIne. general manager of the Audit
Company OF New-York. referred 20 the gen
eral condition Of trust companies in the United
States TO cash reserves"
SAVINGS BANKS SECTION MEETS.
A C. Tuttle. treasurer of the Naugatuck sav-
ings Bank Naugatuck Conn. called the saw
:ngs banks section TO order, and made the open
ing address. raging IN part:
Governrnert savings banks are hardly more than
dream, though unpleasant ore. II seems. i'm
. bill into Congress Authorizing them. Aside from
ne .seI ;se; such a 5:Il you'd Je9Dardlze one o;
ana most sLlutsry feeling ayerse the govern
rent engaging in any business enterprise.
superintendent Paine characterizea the pro-
pogal 70 establish postal savings banks
''pateFTlalsn. pure and simple After replying
tc those VINO contend that the postoffices Of the
country Illustrations Of successful govern
inert control, and declaring that there
parallel between English and American savings
bank conditions, he continued:
= strong objection TO the establishment Of pos
tal savings banks Is that ii invades the banking
peoas 70 care fdr their own We Iced not more rrt
bat paternais:n. Adopting this principle as
familiar with banking 90 conduct banking bust
psas % s eS5 9i e2s 10 REoPSg I i ssfegtFds @ H.
20 governments of Europe for eXomplars.
The American peor;s arc not vet forced 70 confess
their tab!it" TO manage their financial enterprises
rosentatives 70 impose upon the country a eories
OF poetal EagnEs banks iof the alleged better pub
reflection upon tneir integrity, would bs confss-
GIN O. ;heir Orn inability.
Other addresses we're made by p Leroy Har-
wood. 1-essu-er of tne Mariners Savings Bank
New-Loadon. Conn. on Publicity for Savings;
Thomas 2. Pstca Editor of The Banking Law
Journal" Nev-Tork. Law Of Trust Accounts
p. Il EeEter. Savings Banks for Texas; John
worthington, OF the Chicago Savings Bank
Chicago. Real Estate Loans and Appraisals.'
and !. A Lunsstroth. Of San F.sncisco on
THE caEd Ledger in Savings Banks" Fol
lowing there addresses. and discussions over
the topics under consideration nominations for
new officers we're made ana the candidates
elected 'for tbs coming year
THE CONVERSION TO-DAY.
The general ,on.cntion wni La called 10 order
to-day ~ F. g. 3SeIow. president Of the First
[atioral Bank e.. Milwaukee, Vie I,r.ro- ,,.;,i