Los Angeles herald., 1910-10-07
CLEARING HOUSE
BANKERS CONVENE
Treasurer of u. S. Discusses Re-
Iations of FinancierS
with Government
PRESIDENT WEXLER REPORTS
Uniform Numbering and Lettering
System Urged-NeW Meth
ods Are Considered
PRESIDENT WEXLER REPORTS

The clearing house section, the most
important and influential section OF
the American Bankers assoclatlon'
held its annual meeting yesterday IN
Temple auditorium, many important
questions being discussed and some
resolutions adopted which undoubted-
lv will be far-reaching in their results
Discussion centered about the adVlsa-
billy of having one clearing house sys-
tenn for the nation, instead OF three,
as M nresent. n uniform number and
lettering system, and clearing mousse
examiners.
THE savings bank section of the as
sociation also met yesterday in the
same building, and its dellberatlons
proved of interest and profit TO those
connected with that orahch ol
banking. ...,
Although the clearing house section
has been in existence only a few years,
it has rapidly moved to the IronC
among the different branches of the
inanciers organization, and Is now
recognized as the most Important VI
all. probably because the work IL uoes
affects all sides and angles of banking
instead Of only particular branches, as
10 the case with other sections. Ihe
first meeting of the organization
which later developed into the clearing
house section of the A. B. A. was neiu
in Cleveland in 1899, and was largeiy
attended nv bankers from all parts
of the country. In fact, so success1ul
% and beneficial was this first meetlng
that those originating 1t urged its con-
tinuance from year to year, program am
which was carried out until u lew
years ago, when the bankers associa- s,.-
ton admitted it to the organization
as a section.
MoDERNIZES METHODS
From the first the clearing mouse
GREAT
on banking in the United states, ana
hos brought about the abolition OF
MANY old-fashioned and cumbersome
methods of transacting business IN
Producing in their place more moderh
and less confusing methods IN coileo-
tion and exchange transactions. "A
Yesterday. a few minutes after 10
o'clock. President Sol Wexler calico
the section to order and introduced
the Rev. e. stanton Hodgin, pastor VI
the First Unitarian church, VINO Rro-
nounced an invocation. Following inns
Secretary Fred e. Farnswortn ned ca1ied
the roll a proceeding which shoWeu
n majority of the members OF the sec
lion present. ]. M. Elliott, president
of the First National bank or Los Al an
peles. welcomed the members OF the
section. to Los Angeles in the name
of the Los Angeles Clearing House as
citation and affiliated banks.
Mr. Elliott stated at the outset tnat
he would not make a long speech, as
the bankers had been given a chahce
10 see and made to feel how tnoroush,
ly welcome they were IN the Ansei
city, and that a repetltlon py III, MN
would be superfiuous. He paid tflp-
,,te TO the value of the clearing mouse
to any city and spoke for its continued
George M. Reynolds of Chicago,
president of the Continental and com
mercial National bank, responded lot
tba delegates Mr. Reynolds compll-
,non+ed the local financiers on the re-
ception given the visiting bankers and
their entertainment here, stating that
n was almost too good, as none or the
visitors wanted to stop enjoying them-
selves long enough to attend 10 pusl-
ness.
ANNUAL ADDRESS MADE
The annual address of President
Wexler followed. Mr.. Wexler spoke on
clearing houses and the reforms neeoeo
to make them of more service
hanks. He also touched on the aoVls-
ability of having one clearing house
system in vogue throughout the coun-
trv instead of three, as at present. anu
OF the necessity of a uniform way OF
numbering and lettering and OF nav
ing clearing house examiners SeV-
eral of his suggestions were later
recommended to the general conven-
tion by the members of the section
THE annual report of the executive
committee, presented by George Guck-
enberger, chairman of that commlttee,
was next in order. 1t was short ana
simply presented a statement OF @ Ine
T1ttee has been bending its energies
during the past year.
Foliowing this report, Secretary
Erarnsworth read his report. Embodied
in his report was strong advocacy Oh
clearing house examiners being ap-
pointed. Mr.. Farnswortn polnteo oul Jul
the many advantages to be gained py
such a. procedure, among others pelnS
fine uplifting to a higher plane in the
banking world of the clearing houses
He also stated that the business or the
section had become so heavy during
the past year that either another man
not employed in any other capacity
NV the bankers association or an as
eistant secretary would have to be ap-
pointed, as he could not longer handle
the great mass of business alone.
TREASURER TALKS
Lee McClung,. treasurer of the United
States, followed with a short address
on the relations of the treasury depart
ment to the bankers of the country.
He was scheduled to address the sec
tion on the proposed reduction In the
size OF paper IuoHeyb DuI ldlSi WoS 70
ouested to make the other matter the
subject of his address, as 1t was
thought it would prove of more value
to the section.
A discussion, led by ]. B. Forgan Of
the First National bank of Chicago
finished up the business of the morn
ing session. This discussion Of "Clear-
ing house examination by clearing
house examiners" proved to be one of
the most interesting features of the
days program, and Mr.. Forgan was
thanked by officers and members of the
section for the manner in which he
handled the subject.
At Q o'clock the section members re-
assembled, Stoddard Jess, vice presi-
dent of the First National bank Of Los
Angeles, being the first to address the
reopened meeting. Mr.. Jess spoke of
the advantages of the consolidation of
fine offices of paying and receiving tel
lers. He explained the advantages of
tl~s system, which has been in vogue
ei the bark he represents for five
yeara. and the manner in which any