New-York tribune., 1909-07-17


good many magazines were finding il profit
able to print articles catering to antagonism 10
Wall Street and it was not to be denied that
such antagonism existed. due among other
things to the fact that some big men had gone
wrong and 10 the great amount of speculation
most Of which resulted in losses. on the part OF
the inexperienced He did not assert that Wall
Street was perfect. or would be for some time to
come. The trouble might be described in two
words, TOO much"
The resources and production Of the country
were enormous, and the attitude Of its people
was expressed in the desire TO put up the biggest
office building and in corner Of it the biggest
tower. With such people and such situation
something was bound happen. The history
of Wall Street was a succession Of bull markets
and panics which might be called the lights and
shadows of Wall Street.
Then Mr. Kingsley. who until recently was
member of d stock Exchange firm, gave some
interesting "reminiscences Of his personal expert
ences IN the six pancs of the last twenty-six
years and outlined the normal course of recov-
cry from panic conditions
He did not believe that margin trading or a
system was open to condemnation, the objection
20 it and the danger lying in the common tendency
to buy too much on margin. a 10 per cent
margin the speaker regarded a foolish rlsk'
while 20 per cent was fair and p per cent con
servative
He criticised severely a class of advertise
nents which caused heavy loss, and his declara-
ton that those appearing in a certain Sunday
paper named by him should be stopped was
vigorously applauded Turning from these sub
jects the shadows of Wall Street, Mr. kingsley
! touched upon some of the lights, giving various
amusing experiences with customers of his
house In closing he made appeal for the
practice Of moderation
POSITION ON TARIFF.
The business session to-day was opened with
prayer by the Rev. Daniel H. Martin, of Glens
Falls. The attendance was again large, for the
interest in the contest for the presidency caused
many TO he present whom the ateness Of the
hour at which the dinner Of last night ended
might otherwise have kept many away.
One Of the important resolutions adopted at
this session was one relating TO the proposed
corporation tax. which recited the passage by
the United States Senate of an amendment to
the tariff bill providing for q . per cent tax
on the net incomes Of all corporations. joint
stock companies or associations, and said that
none Of the reasons urged for the passage of
the bill the amendment applied TO inCor-
porated banking institutions. state or national,
as they We're row all inspected by the state or
national government a certain number of times
yearly and their reports. made under oath. pub
liShed in the newspapers.
It was therefore resolved to ask Senators and
Representatives TO secure an amendment ex-
emrting such incorporated banking institutions,
state national, from the operation Of the pro-
posed tax. A copy of the resolution will be
sent % President Taft
Nr Warren then introduced resolution
noting the retirement Of z. O. Eldredge from
the office of secretary. in which he had served
the association long. faithfully and we'll, and ex-
pressing to him the high appreciation Of the
association. This motion was adopted amid ap-
p1ause. which also greeted a motion made by
Edmund d Fisher and adopted that an appro-
pirate testimonial should he presented to MI
Eldredge following the precedent of presenting
a gavel to the outgoing president
The nominations for representatives in the
American Bankers Association printed in The
Tribune to-day. reported to the convention
and John Flynn. Of Troy. and Charles Hoskins. Of
Auburn. were elected delegates TO the national
convention in September. The convention ad-
1ourned sine die this afternoon
Clark Williams Superintendent of Banks had
been expected to arrive at Saratoga last night in
time 10 make one Of the late speeches at the
annual dinner He got in this morning having
! reached Albany in the middle of the night after
a through journey in about record time from
Newfoundland. where he had been salmon fish
ing for days enough to make him look as to hue
Of hands and neck and face like Conev Island
( 1ffesaver.
That the convention has a large preponderanc nee
/ Of serious minded delegates is evidenced by the
fact that few Of his hearers this morning ap-
peared to seize the double significance of his re-
| mark in apoogizing them for his inability to
| be present at the dinner that one Of the causes
/ operating 10 delay him the condition Of the
! Newfoundland Banks"
Hiram r. Smith chairman Of the committee
/ Of arrangements. offered year ago to present
! handsome American flag to the association at
this years convention. and IT was draped this
morning behind the presidents chair The first
! business Of the day was the passage Of reso-
+ luton thanking Mr.. Smith for the gift.
At 4 little before this afternoon. Just in
! time 70 escape 4 heavy thunder shower the dele
gates and their friends started a special train
! for Lake George. for steamboat trip around the
! lake. Fireworks and an illumination in Con
( gress Park on their return, completed the ample
programme Of their entertainment
The games participated in by the members of
! the association and their wives resulted as fol-
/ lows.
/ Golf-First " NJ Kingsley. Of New York.
second. T. r Morris. of New York
. Tennis-First. II. r. Fonda. of New York:
/ second. J. W, Beard, of New York
Clock GOlf-First. Mrs G. Y. Harris of GIoy-
ersville, second, Miss Elizabeth Adams and Miss
Flynn tied.
! FIND BANK CLERKS BODY.