New-York tribune., 1907-09-25
TO IMPROVE BANKING.
SAYINGS SECTION MEETS.
Papers Read Urging Reforms
Insurance Feature Condemned.
lRr r-.egrarh 70 The Trihnne. ]

until to-rnorrow morning. but in effect the opening
was to-day. when the trust company ana s'''l"S9
hank vectons of the association hello theif di'''
meetings The registration of delegates Is 'p"ut
fifteen hundred. record breaking TOTAL "N'
hirbv satisfactory wnen il IS considered tilat me
convention is held in the extreme East instead al
{n a CITY centrally situated The s'tten"ance from
The West and South. indeed. * larger than had
been looked for. although it would be hard To de-
fe-rrine whether the reputation of Atlantic City
as 4 place Of manifold attractions interest IN
she currency question. which is she most important
subject before the convention. has had the more
influence in bringing here 50 many Delegates from
fer distant states.
New Workers arriving here this evening report
exceedingly hot weather in their city but here
there has been to-day breeze from the ocean. and
tonight the wind Is brisk 10 make strong
on the boardwalk rather unpopular. The visiting
bankers throng the parlor and the corridors of the
great hotel which is the convention headquarters.
getting acquainted renewing their acquaintance
of former years
The meetings of both she trust company and say
+nss bank sections rather long. both being AT
around 10 O'Clock. ard continuing with. OF course.
an inter1nisson for luncheon until O'Clock Bo'h
meetings we'll attended feStus J WADE
president Of the Mercantile Trust Company. Of 81
Louis presided at the conference of the trust
company section, OF which he has been president
the year. He responded to The address OF wei
come. which delivered by Uzal H McCarter.
president of the Fidelity Trust Company, Of
Newark
Mr. SMITH On TRUSTS
After reports had been received from various
committees Charles Emory Smith 81 Philadelphia
delivered an address which some of his hearers de-
clared 70 the Of this convention he
discussed the distinction in meaning OF the word
trust as applied trust companies and the same
word used in connection with commercial COM
hinations saying. in part: {
faith il is defined reliance the yeracity.
soSd princpie OF anotheT when distinguished
American proclaimed the truth that public offce
Is a public trust he meant that pubic once
ought not be private snap. but a trusteeslllp
Ierng il solely for public interests. The trust
coPeny in like involves ~ trFf qS5 and 10Fe b
trusted, and il Is rightly named. ,,s
-rgsts are not trusts at all They are nasquerad-
ing under false name instead oI +i;1 pe-5'E s15
they are the grouping or nassing Of kindred IN
are good trusts and bad trusts: combinations that
are honestly and wisely managed. and conplna-
94E Io4,5F 5Rad doad aT m Tor unfair than to include ali
in one sweeping ana lndsednaIe m con ebact Of
corporate abuses and trust usurpatons and hnan,
ana col!iefoIAt e -i ss % a1oi1f;on and rival
evils sPT lneng rom m sIi' am il5ere ~ % ;.
grown up ana spread over great business opera
lions. They involve the organization OF gigantic
combinations the excessive capitalization Of con-
solidated interests. the seizure and misapproFria-
1ion of public franchises the misuse of transport
ton facilities in rebates and discriminating rates
and powers TO Individual enrichment and aggran-
Men there are who 2rftcise movements for the
sanitation Of business life They recoil from
the purein and are tirnorous at the application of
disinfectanrs II Is that the surgery may be
carried too far II IS true that The remedies should
II responsibility. But let suggest TO those who
are shocked AZ the efforts TO cure undoubted
wrongs. and who fear that the remedial measures
may weaken the patient. that if the disease had
danger Of a far greater convusion of the system
81
To sound warning and put the brakes.
nc people but 20 capital and to the corporations
themselves
INSIST OK 4 SQUARE DEAL
cqmbinaton IN and Of itself has terrors, But
give a suIsre deal -rIe 71,{l % 1 arriaT % me ~ tI,a
producer Of great pubic necessities are rightly
Glation justly and honestly enforced with the
moral sentiment and energy behind them. viii Sc
cure equal protection TO ali without hardship to
tive wealth,-tle wealth that preys like cor
sf h9Tanf OF Jhe ,it@is of the people and the wealth
builds up industry. The country is tired Of the
Inultl-nlilonaires who swell their nl-gotten for
power TO palm on paper values for solid worth
who Haunt their ostentatioUs wealth in tawdry
display or in worse morals, But It ought have
only appreciation for the thousands Of rich men.
T1ch in purpose as well AS in purse, who honoraby
employ their wealth in a manner which hurts
The captains Of Industry, the chieftains of rail-
roads and the masters of markets placed in
positions where they exercise a potential. almost
a controlling. influence for the veal woe the
land They can appease public feeling or they
excite IL They can make content OF they can
make discomfort. They can establish and preserve
The agitation and magnify the menaces which dis
tufb confidence and produce disquet. It is for
them to administer their great trusts in obedience
10 law in the spirit OF justice in what in the long
run is equally for the interest of their stockholders
mutual respect. good understanding and generai
business tranquility and assurance
Mr.. Smith closed with commendation Of
the banks and trust companies Of the country
Following Mr. Smith John T Woodruff presi-
dent of the Springfield Trust Company Springfield.
Mass. spoke the Utility OF the Country Trust
Company and papers were then read, as follows:
New Methods of Advertising and Their Results.
Benjamin / Cohen. Portland. Ore; Frederick Phil
lips. New York City, and T. D. Fisher, Brooklyn:
Charges OF Companies Business a Trust
Nature" George 5. Pendleton. Newbern. y c. AMI
p A Scott Clevelsld: Management Of Real
Estate by Trust Companies a Financial Capac-
ity.'7 Henry @ Breuge and Charles X Searg.
Philade lphia: The Propriety OF Separating Trust
Business from Various Financing and Promoting
Undertakings" 4. E Adams, Youngstown. Ohio,
and Roland /. Taylor. Philadelphia.
Then came the report OF The nominating com
Tnittee and election officers. which resulted
ir tie choice OF Philip s. ia abcock. New York
n1ce-presdent OF the Trust Company of America.
as president of the section. and 4. A. Jackson Of
Philadelphia as first vice-presiden;. The chair
unanship the executive committee. from which
Mr.. jackson has been promoted. viii be filed to-
morrow Members of the executive committee in
the class Of $50 elected as follows: Uzal H.
Mccarter Newark y. J.; Hamilton A S Post.
Baltimore: Arthur Adams. Boston; l.. l. Gillespie.
New York City. and II. 4. Lloyd Philadelphia
G. Byron l-atiner. OF New York, presided over
tire meeting Of the savings bank section. Of which
lie Was president. The address of welcome
delivered by Judge Adrian Lyon. president OF the
Perth Amboy Savings Institution. This was fol-