Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-06-28
GUEST OF STATE.
Continued from Page One.)

by the accomplished gentleman now at
its head and his distinguished predeces-
sors. We appreciate your presence here.
and in behalf of the business interests
Of the State, and for all our citizens.
| extend to you a most cordial Welcomr
and express the hope that your DELHI
-rations and conclusions may be salts
factory to yourselves and helpful 10
your cause"
A welcome to the city was then cX-
tended by Mayor James p. Baxter.
Commissioner George F. Kendall of
Hartford. Ct, assumed the chair ana
made hi annual address as president.
After stating the purposes of the asso-
citation, which he said, was especially
10 secure proper considerations oil
questions. regarding the supervision OF
hanks and trust companies. Mr.. Ken
dali urged his hearers 10 use their cf-
forts to place America at the head Of
financial enterprises in state as we'll as
in national Institutions.
He said that many states have no
supervision. and it is necessary to
bring forcibly to their attention the
necessity Of such laws, and OF making
them uniform as far as conditions will
allow.
How to enact laws that will oncom-
pass all the varied interests and work
tremendously and justly is one of the
great questions which the organiza-
ton should take in hand and discuss
and see if concentrated effort cannot
he brought about that shall rebound to
the great benefit of the banking inter-
ests of the country.
MIR. Kendall spoke at length on the
reserve fund question and quoted
from the Connecticut law which re-
uuires that state banks and trust
companies shall at all times maintain
| a reserve of 10 per cent. of its agSre-
gate deposits and gives the bank COM
missioners authority to apply Tor re-
| ccivcr to wind up the affairs OF the in
stitution, If it does not within 30 days
make good the reserve fund IN case
il fails below the limit.
In many cases, he said, schools, post
offices and various private companies
| like department stores are offering TO
receive deposits, and the people, some
| Of them. will nibble at the bait until
they are caught, no security existing,
ONLY the reputation of the parties in
tcrested. Mr.. Kendall commended the
efforts Of the New York Saving Banks
Association In it's endeavor to estab-
lish a single standard of requirement
for all securities eligible as saving
bank investments. Such an object pro-
vides as far as possible for the abso-
lutte safety of deposits and at the same
time does away with the highly obJec-
tionable special legislation, in the in
etrcst of certain securities.
In closing Mr.. Kendall said:
"Alonc these varied lines we should
concentrate our efforts and labor While
our organization is in it's youth, ana
full of vigor, the revise and improve
the old laws, and see that Such ne"
ones are enacted as shall make the as
ISOLATION power for good in the land.
An address on the topic Loan and
Building Associations: some OF Their
Difficulties" was delivered by Edward
c. Reynolds Of Portland.
A business meeting of members was
held. this afternoon, at which Commits
sioner NJ. c. Bergh of Madison, Wis.
reported as secretary and treasurer
and committees were appointed.
An interesting address was giving
by Commits sioner Walter F.. Lock OF
BOSTON. chairman of the Massachu-
sets board of savings banks on bank
ing matters. A general discussion fol-
lowed of questions of interest.
After a trolley ride about the city, the
members and guests dined together
and passed the evening in social dis
course. Attorney General William a.
King Of Hartford, CT, who was expect
ed to deliver an address, this evening,
was detained in Connecticut. Seven
teen Of the 40 members of the assoc
citation are present.