The Delta independent., 1907-12-06
BUSINESS MEN HOLD
SOCIAL SESSION
Delta House Banquet Followed By
Election of Officers. Addresses
On Financial Question.

Association held its regular monthly
meeting at the Odd Fellows Hall Mon
day evening. proceeded by a banquet
at the Delta House. There was large
attendance at the dinner, more than 80
taking seats around the banquet board.
Landlord Shaver was unable to accom-
odate the entire company at one sit
before all had been fed.
After supper the company repaired
TO the Odd Fellows Hall where the
business and social session was held.
On account of the out of town speak
ers practically no other business was
transacted aside from election of Of
ficers for the ensuing year, who are as
follows: T. X. Seaton, president; j.
E. Hillman, vice-presidcnt; E. E.
Watts, treasurer; F. G. Myers. ]. ].
Travis, A. b. Wire, and George w.
Bruce, directors. Selection of secre-
tary was deferred until another time.
Two prominent gentlemen from out
of town were present 10 address the
meeting, Mr.. Gordon Jones of Denver
and Mr.. j D. Lazear, national bank
examiner. Mr.. Lazear followed Mr..
Jones and made most excellent ad-
dress. He has been a bank examiner
many years and impressed his hearers
as man of thorough financial knowl-
edge. His talk was not lengthy but to
the point.
Mr.. Jones' subject was Cause and
Effect of the Present Money Strin-
gency" and in opening reviewed the
causes as brought out by the various
critics, some claiming the President,
some the Legislatures, some the Judici-
airy, some Wall street speculation. The
speaker did not attempt TO justify any
of these causes but attempted to show
that they were all in a measure re-
sponsible; that the distrust awakened
in the minds of the people was intensi-
fed by the bursting of the Heinze-
Morse copper speculation bubble in
New York, and said that it was no
wonder that way down in the heart of
confiding public, confidence in men
-NC" oA n bHC
banking business began to wane and
with the waning of confidence the in
nocent as well as the guilty suffered.
He then touched upon the business of
banking stating that there were two
classes of bankers, the banker who is
engaged in the business as legitimate
business, who loans not to himself or
his enterprises, but to his patrons,
loaning only for the legitimate conduct
of business and capitaiizing no mans
business; AM the banker whose prime
object is TO get control of other peo-
pies money for speculative purposes
or to further his own promotions.
Speaking of the action of the New
York banks in refusing currency ship
ments after heavy local withdrawal,
he said that such action forced the
banks in every other reserve city to do
the same thing and to serve notice on
their correspondents to do the same
thing. This action caused temporary
ripple of anxiety in the minds of timid
depositors, hut when it became gener-
ally known that every bank was pro-
tecting its own cash reserve and took
the stand simply that it might be in
position to best serve the community
and save local business from demorali-
zation that the thoughtful and intelli-
gent banking public began to applaud
the action of the banks, realizing that
such action prevented the closing of
any good bank with consequent disaster
to the community.
Let me go on record right here,
gentlemen" he said. there is not a
bank in Denver, nor do believe there
is bank in the State of Colorado, that
is not today holding its full quota of
actual cash. l know of certainty
your own banks here have considerable
more than required and l would say
more than they should have in their
own vaults. Had New York City taken
the same stand at the beginning of
their troubles. that she forced the rest
of the country to finally take, the rest
of the country would never have known
of Money Stringency." want to
emphasize that the suspension or par
tial suspension of currency payments
is no indication of the lack of solvency
of any bank. The condition of its in
vestments, its loans. bonds and securi-
ties determines that. The suspension
of payments of currency to the
''hoarder" is a protection to the bust.
ness community. The general banking
public should look we'll to the character
of the men. officers and directors, be-
hind bank and after satisfying them