The Newark star and Newark advertiser. [volume] (Newark, N.J.) 1909-1909, 1909-04-24
NEWARK MAN IS
HONOREO At MEET
Of STATE BANKERS
David H. Merrett Is Elected a
Member of the Executive
Committee.
PRESIDENT SEES HOPE
In TAFT ADMINISTRATION
General Heppenheimer Sees a
Return of Normal Con-
ditions in Jersey.
Especial to the Evening Star. !

anu country were again enjoying q Hle
of prosperity. Last year, he said, they
We're suffering from the aftermath of
a panic and reign of the big stick, but
now that the country was being ad
ministered by a sane and conservative
man the outlook was unusually bright
for a prosperous time.
The following officers were elected for
the ensuing year: President. E. l..
Howe, vice president of the Princeton
Bank; vice-president, Adrian Lyon,
president of the Amboy Savings Insti-
tuition; treasurer, Alexander C. Wood,
president of the Camden Safe Deposit
and Trust Company: secretary. WILL
lam j.. Fields, secretary and treasurer
of the Commercial Trust Company of
New Jersey. Executive committee,
David H. Merritt, president of the
Newark Banking Company; c. II. X.
Halsey, president of the Union County
Trust Company; William Borden, vice
president and treasurer of the Paterson
Safe Deposit and Trust Company.
Bank officials from all parts of the
terday.
Newarkers Present.
Several members of Newark bank
ing concerns attended. among them
John W. Lushear, of the North
Ward Bank; former United States
Senator James Smith, jr., of the Federal
Trust Company; Uzal McCarter, of The
Fidelity Trust Company, and Elmer s..
Carr, of the City Trust Company.
Today's session was taken up with
the presentation of reports of commit
tees and the election of ulcers.
Governor Fort was to have been
that pressing business would keep him
away. Vivian M. Lewis the newly
appointed Commissioner of Banking
and Insurance. MAS present, as was
David Baird, president of the First
National Bank of Camden, and former
Governor Edward c. Stokes. president
of the Mechanics National, of Trenton.
Judge A.. B. Endieott. president of the
Union National Bank, of this city, made
the opening address. which was re-
sponded to by General William c. Hep
.penheimer, president of the association,
The Principal Address.
.uau 81 -, Cha.,an
conant Of Naw yorb on tho naoae-
sitv FOR rayistrat;on of e-narcial naner
He said In part:
"Whot nLe nara nro.ent wbo
when he bnvs a niece ~ comynerci.i
paper would not like to know how much
additional paper the maker Of 1t has
afioat? The experience of he very re-
cent mast In connection with some
great houses s,lnnosed to he unassail-
able in their ~solvenev and integrity in.
Dictated that some si1ch safeguard Is re-
outred to prevent the abuse of Ameri-
can banking facilities.
MANY of our existing means of ascer-
tanning credits are more or less expert
guess work. Reports are obtained
from commercial agencies and other
sources showing the general reputation
and of borrowers. but they
rarely show the whole of the balance
sheet Of the borrower or even enough
of it to disclose to a certainty the ex-
tent Of his financial commitments.
Hanks and Io,n
ON, nronasi,ton g. ia. oa -.
49, ~ ~ -, pa
,ao,. .La, .,.iat. lo.ot ..a1. -,
h,rriu - aaaa -,
s - - se p"pe, sna
-. 50 po rs
- ~ naaassor' TUG
" 80 esis.eneu
n N"o,i.'
tograph ian be furnished at an in.
stant's notice to any bank to which
such a house makes application for a
loan or to which its commercial paper
comes for purchase or discount. The
information given. however, need give
only the borrowers side. 1t need not
name the banks at which he has other
loans, but only the amount and the
maturities of such loans.
THE work imposed upon banks in
furnishing the required information to
the central bureau would not be ex-
cessive. 1t would only be necessary TO
forward a sheet each day of the loans
and purchases Of paper. 1t would NOT
be necessary to include in such. a list
stock exchange loans or other loans
fully protected by the deposit OF Sc
curities. On receipt of these sheets
each day this information would be
distributed to the cards giving the