New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-18
MORTON FOR PUBLICITY
SCHTFF ON DIRECTORS.
Then 4re Too TrustfuI, Banker
Tells Accountants.

Il
The annual dinner of the American Associatlon
of Public Accountants was held last night III the
Hotel Aston Men celebrated in finance and business
were present. including President Paul Morton u
the EQUITABLE Life Assurance Society; JACOB H.
Schiff. Controller E. NJ Grout John r. Van
Wormer and Eugene A. Philbin. Covers were lald
for two hundred. President Franklin Allen sat De-
tween Mr.. Morton and Mr. Schiff.
Speaking briefly before introducing the speakers
President Allen said that the dinner celebrated the
elimination Of what perhaps the most I'M
portant movement ever begun in the interest OF
public accountancy in this Countrywide fusion OF
the several States societies constituting the Fedora
ton Of Societies of Public Accountants with the
American Association of Public Accountants.
Letters of regret read from eX-Presdent
Grover Cleveland Isaac n. Selisman and others
Mr. Cleveland wrote that previous engagements
alone prevented his acceptance Of the invitation
MY experience he wrote, and observation have
led me TO look upon such an organization this
extremely useful not only to the business sec
ton of people. but also to all those who are
interested in having the accounts of large enter"
prises receive such and attention as guarantee
the safety of Investments and it seems to me that
the greater the growth of this comparatively new
organization the better 1t will be for all our people
Mr.. Seigman said:
In spite of many of the unfortunate revelations
in the management Of the leading life insurance
companies (much which has been scandalous and
much of it unfair criticism by the puolcl, main
tain that the efectual standards of our hnancers,
bankers and merchants are as class, an hlgh ana
S dPt ir9 CO Countries What is now required to main
tain and strengthen our financial and copInerclA
try with an opportunity of entering on a business
study thoroughly the science Of commerce and &C
counting and 10 profit by such study
Mr. schiR spoke, II part. as follows;
With notable exceptions directors OF great cor
poratons have been thoughtess and too trqs sE
and. in the face of recent deVelopInents me leSso
need be learned acceptance Of corporate direc
torship brings definite duties ana 10 49,
least Of moral character Wch need De aCLlG t
looked after courageously discharged II IS Just
sion might with much advantage be called more
The present situation with the lasting and whole
boWeve nuc6 that must be discouragng to men
Of seifrespect The very men. directors of great
insurance companies. who in face OF peculiar
deavor direct have come in for particular crit,
cism, not only for not discovering shortcomings OF
executive officers but alike for the legitimate con-
duct Of their affairs.
Mr. Schiff said that the conditions which now are
claiming the attention of Investigators and the
public were largely due to the fact that unpre-
cedented Developments and success of corporate
interests, in instances, led executive officers
to forget that corporation cannot be administered
like private concern. and that executive officers
owe accountability to those from whom they de-
rive their powers.
Paul Morton was greeted with enthusiasm when
he rose 10 speak. In part he said:
Theodore Roosevelt stands foremost among all
the men OF the g1EtR as SAFE n his HANDS He
will never insult foreign power, and they know
He stands for nothing that is false, and for
everything that is true. He does, am sure. most
p @0feSSr of PUBIC accountants si
believe am voicing Presidents RooSeveits sen.
would insist that every great corporation of this
lie and independent auditors, so that investors
might be protected directors informed, employees
Iieve that the evils from not having publicity
greater than those from publicity ! believe more
corporations by wild and reckless competition by
parties who started into business for the purpose
Of selling out to them because Of profits that they
thought were much larger than they really were.
eXceeds any cost that publicity Would bring about
Publicity is sure to and is sure 10 stay in this
country, and time is near at hand when doctored
bookkeeping will be treated in the same way that
| know of no man who has done more to bring
about keeuer realizing sense OF dangers that have
stitutions and our Repubiican form Of go3eTnment
than Theodore Roosevelt. and as an American
citizen glory in the country and l glory in our
President.
Controller Grout responded to the toast 1.-The City
Of New-York.'' After paying tribute to public
accountants. and saying that they were the most
faithful men in his department. he said:
7 undertake TO say that Network is the best
governed city in the United States to-day. under
take to say going back in my experience OF fifteen
City Of New-York, however badly governed, was
worse governed than many of our great business
corporations have been governed.
At meeting held in the Hotel Aston in the after
noon the following officers were elected:
President John R. Loomis Of New-York: score
tary a. Lowe Dickinson; treasurer, Guy II Ken
Gers az he aracT7tiy 'o Mii 55t Win me ON
Elijah ". Sells. of New York: Harvey s Chase, Of
sylyania and Franklin Allen. Of Rev York
Ex-District Attorney Eugene A. Philbin made a
DOMINION Association of cRaTeTPed fSaen OF he