The Washington herald., 1907-09-25
FINDS GOOD TRUSTS
Charles Emory Smith Tells
Bankers of Them.
BIG CONVENTION AT SEASIDE
\ merican Bankers Association Be-
gins It's Thirty-third Annual Meet
crS and Their Families There for
ScssiOns-In5creStiug Addresses.

Atlantic City, Sept. 24-The feature
of the three section meetings OF the
tairty-third annual convention of the
American Bankers Association, held
here this morning, was the address de-
livered by Charles Emory Smith. of
Philadelphia
Standing before several hundred bank
ers of the trust company section. the
former Cabinet officer spoke his mind
plainly 20 these representatives Of capi-
tai on the trust question denounced I'M
fair combinations, and made a plea for
equal rights for all under the law.
The bankers sat attentive under his
denunciauon Of public Nbuses and what
was virtually a defence of Roosevelrs
administration for its fearless handling
Of railroad and corporation questions.
He said. in part:
There are men who criticise the sani-
tatioa OF our business life. II is true
surgery may be carried TOO far, but rem
edies We're needed. II they weaken the
patient. consider what his condition
might have been if the remedy had not
been applied.
Let me tell those who think there
have been too severe applications. there
might have been popular explosion.
carrying with it al the potency Of tho
lowest orders of society, if a halt had
not been called upon what was going on.
'The President Of the United States
had the courage. when ne saw the wrong.
20 put ou the brakes. and he rendered
great service to capital and corporations
themselves.
Combination No Menace.
Combination in business is itself no
terror. but let it give us a square deal
1t is perfectly fair and reasonable that
great railroads should be subject 20 re-
straiut Tie evil * monopoly. The OBJ
ject of reform is not 70 destroy what is
good. but TO suppress monopolistic
schemes that suppress competition and
Cypress the people.
There IS difference between preda-
tory and protective wealth The question
is. how is wealth acquired and used
The country is tired Of flaring million
aires. who amass wealth Oh paper values
and flauut their tawdry display OF bad
taste and worse morals.
I'VE have "a right TO demand equal
chances and fair play for all; We cannot
equalize individual capacity. but We can
rights. privileges, and opportunities under
the law
Four thousand bank officers from all
over the country, with their families. are
here To attend the annual convention Of
the American Bankers Association The
bankers are distributed az all the hotels,
and besides the regular programme OF
convention business an elaborate series
Of entertainments has been provided for
them.
Convention Begins To-day.
The convention Of the association proper
does not start until 10 O'Clock tomorrow
morning. when It viii be called to order
ut the Marlborough BIenEeim Hotel Boy
the president Of the. association. c. :.
+ Whitson. vice president OF the National
/ City Bank Of New York Many impor-
tant reports and addresses Of great fnan-
cial interest VIII be read on the first day
and on the two following days. The CON
ventlon will end on Friday with the an
nual election and the installation Of the
new president and other officers.
II was reported at the meeting Of the
trust company section that the member
ship was now Sc. as against us a year
ago-the largest membership in the his
/ tory OF the section. The combined re-
sources Of the members aggregate $3.50.
/ 0o0.o50 The early session was addressed
/ by Uzal II McCarter, president Of the
/ Fidelity Trust Company of Newark. y
J Festus J. Wade. president Of the
Mercantile Trust Company Of St Louis
replied TO his words of welcome as presi-
dent of the trust company section John
/ T. Woodruff. president Of the Springfield
/ Trust Company Of Springfield. No, spoke
on The Utility Of the Country TrUs,
/ Company
Have Lively Discussions.
/ Some lively discussions occurred be
/ tween members Of the section on the fol
/ lowing topics that were introduced: New
/ Methods in Advertising and Their Re,
/ suits" Charges OF Companies for Bust
/ ness Of a Trust Character" Manage
ment of Real Estate by Trust Companies
| In a Fiduciary Capacity" and The Pro
/ priety of Separa ting Trust Business from
/ Various Financing and Promoting Under
! takings'