Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-10

see ms to me, our right to have you. Be-
cause the capital is here, and because here
at the capital is, and must always remain
the inspiration, direction and control of our
great national system of finance Washing
ton should, in my opinion, be the perma-
nent place for the annual meetings of the
American Bankers Association; but how
ever this may be, the fact that you are with
us for this ninth annual meeting of the
trust section is source of exceeding pleas
ure and qualification. not only to those of
us who are connected with local financial
institutions. but to all of our people in
whose name it Is my privilege to bid you
welcome.
May detain you long enough eo express
the hope that among the useful subjects to
be considered by our trust company section
the question of protective laws and meas
ures may receive positive and particular
consideration; and by protective laws and
measures l mean those that are at once
protective to the companies and to their
clients and deposttors.
Marvellous Growth.
''The growth and successful development
Of trust companies in this country is al
most marvellous. In a compare lively few
years they have intrenched themselves
firmly in the confidence of the public and
it's favor. They have rapidly broadened the
scope of their operations, each year enter
ing upon new fields of enterprise and en-
deavor, and adding new departments for
the simpler and safer administration of the
affairs of men,
With this rapid growth and development
in number, in scope, in favor in influence
and in wealth has come a corresponding
Increase In responsibilities, in temptations
ana In dangers, which are so unfortunl tely
emphasized in recent disclosures of corrupt
and corrupting practices. connected with
some corporate institutions and their man.
agement
Notwithstanding the rapid advancement
In heretofore untried fields of corporate
development-the ease with which charters
may in some localities be obtajned-tba
small capital required-and the sometimes
absence OF protective provisions-the rec
ord OF trust companies for stability con-
servatism and integrity in mana cement is
good and clean, and their immunity from
disaster and scandal is rightfulIy a mat
ter for pride and congratulation But gen
tlemen, we must not rest content with that
record-exceiient though 1t be-our increas-
ing success and development creates new
conditions,s which bring with them new
dangers, and these require better meth.
DDS, stronger safeguards and stricter scru-
tiny and care.
Let US then by raising our standards
safeguarding our investments, favortng
charter requirements and restrictions (ner
haps along the lines of the provisions of the
national banking act) endeavor earnestly
70 make II impossible for disaster. born Of
carelessness. fraud or corruption. to over
take trust companies.
had intended calling attention to some
OF the provisions of the trust comnanv act
under which the corporations of the Dis
trict OF Columbia operate, which seem to us
of peculiar force and value, but l have al.
ready, l fear, trespassed too long ,,non
your time and patience and will leave Tho
Iurtner discussion of the important subjects
to be considered by our section to nv more
experienced associates
Again, gentlemen. bid you welcome to
our beautiful city of Washington-our cIty.
Wnich is your city. for none of YOU shall
be as strangers within our gates.
President Potter's Response.
In reply to Mr.. stellwagens address of
welcome President Potter said that it is a
special pleasure for the bankers to assem-
BILE In this city, the capital OF the nation.
For many years the American Bankers
Association has held its conventions In one
Of the great industrial cities of the coun-
try, said President Potter. where COM
n1ercial strife, enterprise and business ac-
tivity have been the predominating infiu-
ences and spirit OF the locality And while
appreciating the place which Washington
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