Omaha daily bee., 1906-10-17
AMERICAN BANKERS MEET
Trust Company Section Considers Means Of
Safeguarding Municipal seouritist
CALL ASKS FOR EMERGENCY CURRENCY
Currency Reform Conference sug-
Eests that Special Committee BE
Appointed 90 Draft q
Bill,

ST. LOUIS. Oct. 16.-Meetings Of two sec
tions--trust companies and savings banks
inauguratcd the thirty-second annual con
vention Of the American Bankers associa-
tion here today. and tomorrow will witness
the opening session of the association
proper at the Olympic theater
An important feature of the day was the
Interstate currency reform conference, at
tended by representatives from every state
bankers association. at which resolutions
were adopted looking toward the enact
meut by congress OF laws providing for
more elastic currency.
Meetings were also held by the Banking
Publicity association and the committee on
clearing houses, the latter appointed by
the bankers association.
The DAYS program closed with a banquet
At the st. Louis club tonight. following a
meeting of the executive council Of the
association
Trust section Called 10 Order.
Tho principal meeting OF today was the
eleventh annual assembly of the trust COM
pany section. which was called to order by
Mr.. Clark Williams vice president of the
Columbia Trust company of New York.
and president of the section. Rev. William
J. Mckittrick delivered the invocation. fol-
lowed by the address Of welcome made by
Mr.. Festus j. Wade. president of the Mer-
camille Trust company Of ST.. Louis
President Clark Williams replied TO the
address Of welcome and delivered his an
nual address
The annual report of the secretary. Mr..
James r.. Branch, New York. showed a
credit balance for the fiscal year ending
September l. 1906 OF S59s.66 The net cost
Of the trust company section of the asso-
citation for the year was $l,1S4.S0. During
the year 63S members had paid their dues,
but owing to the Withdrawals and hquida-
tions thirty-three were dropped from MEM
bership leaving COS One hundred and
thirteen trust companies were added to the
rolls since September l. 1906, enlarging the
present membership to rs, the largest in
the history OF the section.
Snfegun riding City Bonds.
The annual report OF the executive COM
mittee was delivered by Chairman Philip
S. Babcock, vice president of the Colonial
Trust company of New York. One of the
important matters considered by the ex-
ecutivc committee was the necessity of
devlslng some plan for safeguarding the
issues of municipal securities. A commit
tee OF three was appointed to act jointly
in conjunction with the executive commit
tee In bringing about some feasible and
proper plan for safegua riding the issuance
Of municipal securities, and Mr.. Babcock
stated the metbod devised viii be reported
during the delibera tion~, of the convention.
The report of the committee on better pro-
lection of municipal securities was de-
livered by Chairman II. p. Mcintosh. pres
ident OF the Guardian Savings and Trust
company. Cleveland, o.
Hon. Pierre Jay, bank commissioner for
the state OF Missouri. was then introduced
and delivered an address.
Comptroller RidgIey Talks.
The convention was then addressed briefly
by Hon. William Barrett Ridgely. comp
troiler OF currency. He said, in part:
There should be the closest bond of SYM
pathy, even II there is friendly rivalry
between the national bank system, state
banks and trust companies There is
place for each kind of bank and each has
quantity OF banking business done as it
is the quality done. Whatever success the
trust companies OF the United States have
achieved has not been especially because
they were ably managed as because they
were honestly managed; and they have
made a remarkable record.
Breckenridge Jones. president of the
Mississippi Valley Trust company, ST. Lolis
vino inaugurated the trust company sec
ton of the association, was introduced and
spoke briefly.
Emergency Currency Wanted.
The following resolution, introduced by
Festns j. Wade of st. Louis, first vice presi-
dent of the section, was adopted:
Resolved. That should a commission or
committee be appointed by the American
Bankers association 10 formulate n plan
to be recommended to congress for the pur-
pose OF creating a or credit or % embeHTsenGy ibH1 s
vention that such a commission or COM
mittee, IL appointed, should have as some
trust company officials to represent the i'm
portance of the trust companies as financial
institutions.
The convention then listened to the roll
call OF vice presidents of the section being
devoted to five-minute talks by bank
oficials from all over the country. giving
brief accounts OF trust company conditions
in different states.
The session concluded with a general
discussion of business methods bank eX-
aminations. safeguards against irregula-i-
ties and kindred topics.
Election of Omcers.
At the afternoon session Of the trust COM
pany section the following officers were
elected:
/ President, Festus ]. Wade. president Mer-
camille Trust company Of ST. Louis; first
vice president, Philip S. Babcock, vice pres
ident Colonial Trust company OF New York,
and state vice presidents, one from each
state represented in the section. Executive
committee: Ralph W. Cutler. Hartford
Conn: Benjamin F. Cohen. Portland, Ore !;
O. c. Fuller, Milwaukee. Wis; s. W. Ray
burn, Little Rock, Ark; j. IL. Holiday,
indianapolis. Ind.
The section convention then adjourned.
Tonight banquet was rendered the gem
eral officers, executive council and execu-
tive committees OF the trust company and
savings bank section at the st. Louis club
Meeting of savings section.
The savings bank section meeting. held
in Schuyler Memorial hall, was presided
over by President Edward E. Dun OF Pitts
burg. In his annual address he advocated
the expenditure of a large sum to prosecute
bank officials who rob depositors OF their
savings.
Chairman Lucius Teter OF the executive
, committee in his report stated that the
savings bank section represents about
=, Co. 10000 OF the resources Of the Ameri-
can Bankers association and has a mem
bership Of 1,63s. The section was organized
IA 1895 with former Governor Myron I.
Herrck OF Ohio as chairman.
The report of Secretary Hanhart showed
a gain OF s05 members during the last year
and loss OF seventeen members by with
drawal.
Currency Reform Conference