The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1908-08-12
BANKERS Will
NOT ORGANIZE
Pittsburg Banking Houses Not
Favorably Impressed With
New Law

11ttSDuTS, aug. lZ.-P1CtSburg bank
Ing interests are going slow in the
matter of organizing a national cur
rency association. A committee was
appointed by the Clearing House as
sociation to take up the matter and It
has been busy studying the various
problems involved. The members find
themselves confronted with many
difficulties which may deter Pitts
burg national banks from forming an
association. There Is q disposition
to await further action by congress
before such step is taken in the
belief that vital points in the law
authorizing these associations should
be amended.
President Robert Wardrop Of the
peoples National bank, a member
OF the committee, who consulted with
bankers In New York and elsewhere
on the matter, said yesterday there
vas no need for haste. In fact, he
doubted II there was any real need
FOR such an organization at this
time, as there is no prospect of an
other Gurrency shortage this year, and
as the law was intended to provide
against such an emergency the matter
could well rest. However, II neces-
sary the association could be formed
as a matter of precaution.
Vital Objections to Plan.
The objections of bankers generally
to such an association are the lack Of
two provisions, the withdrawal of any
bank from the association after hav-
ing once Joined and after 1t had dis
charged all its obligations, and the
lack OF equity in voting power in the
association. For instance, bank
member of the association with cap
ttal surplus of $10,000,000 would have
no more voice in the association than
small bank with $25,000 capital. An
effort Is being made to have the
treasury department 80 interpret the
law as to do away with these objec-
tions. If the government is unable
to secure a view of the act that will
remedy these evils without authority
OF congress the national monetary
commission appointed by the last con-
gress will meet this month at Mar
ragansett, r. l.. and the changes pro-
posed Will be presented to it with
view OF having the commission re-
commend amendments to the law at
the coming session of congress. A
number Of other changes than those
mentioned are expected to be rec
commended to make the law more sat-
isfactory.
Prefers Merchants Committees.
But President Wardrop took
somewhat interesting position in re-
gard to the situation as a whole when
he declared, with some emphasis,
that he regarded the action Of the
Merchants association of New York
IN calling for convention of mer-
chants and business men to take up
this monetary matter as the most
hopeful sign for Improvement of
permanent character. He said that
he did not think that bankers as a
class should be left with this prob
lem to solve. It Is not matter of
the same interest to them as it is to
the business man and merchant.
The proposition to call this none
tary congress Of merchants through
out the country meets with the hearty
approval OF Mr.. Wardrop and he said
the Ptttsburg chamber of commerce
had Joined the movement. He favor
ed Chicago as the meeting point be-
cause OF It's central location and was
sure such a meeting would result in
tremendous good and would 20. far
toward ultimate permanent reform In
the currency matter. In Pittsburg
the formation of an association under
these conditions does not seem to be
desired. II the law was made salts
factory 1t would undoubtedly be done.
May Organize Anyway.
Mr.. Wardrop did not regard 1t as
impossible that an association will be
formed in Pittsburg this fall. It may
be formed and then left in that state,
but inactive. pending a change in the
law. He did not believe harm could
be done by such move, and possibly
as precautionary measure or for
sentimental reasons Sood might come
Of It, but II the conditions Of business
continue to move as they have and
apparently will this fall, tho matter
could easily be left open pending
more satisfactory legislation.
y J., i g. = .f.. s