Bluefield evening leader. [volume] (Bluefield, W. Va.) 1906-1911, 1910-10-04
BANKERS MEET
IN Los ANGELES
ThirtySixth Annual Conven
tion Promises to be
Most Interesting His
tory of Organization

Los Angeles. Cal, Oct. 4-with II
nanciers from every state OF the unior
present, the thirty.sixth annual con
vention OF the American Banker:
Association was called to order thi.
morning by President Lewis II. pier
son. Addresses OF welcome were de
livered by Gov. Gillette on behalf OF
the state; Mayor Alexander. far the
city. and President Holiday of the
Los Angeles Clearing House Associa
ton, Then followed the annual ad.
dress of the president and the presen.
tation of the reports of officers and
committees. A reception and ball will
be given this evening I'm Shrine Audi
torium.
Sessions will be held tomorrow by
the trust company section and the or.
ganization of secretaries, with excur-
sions to Catalina Island and Pasadena
as entertainment features. The say.
ings banks and clearing house section
VIII meet Thursday. with n banuuet
In the evening. Friday will be devot.
ed to announcements. reports, action
on amendments to the constitution.
invitations for next convention, ad.
dresses and the installation OF officers.
Among the speakers on the final day
VIII be DIR. BENJAMIN Ide Wheeler.
president OF the University OF Califor-
MIA, on The Banker as a Public Ser.
want"
AS usual at the sessions OF the Am.
erican Bankers Association. there will
be an exhaustive discussion of the
nations financial system. The central
bank OF Issue project will be discussed
pro and con. The postal savings bank
Is now live Issue. and several experts
VIII express opinions as to the prob.
able erect or the new law creating
such institutions. II has been repeat.
edly urged that the postal banks will
have no bad effect on existing institu.
tions, but many savings bank officials
view the future with great deal of
misgiving. In the south especially
the bankers fear the possible effects
Of the new law.
IL has been stated that more than
@"o'ooO'oOO has been stolen from banks
In the past five years by officials and
employees, and the convention will
attempt to provide additional safe.
guards against such losses. Banks I'm
New York. Louisville, Pittsburg Den
yer and other cities have recently
suffered losses OF more than a million
collars each. II Is intimated that the
number OF Inside" bank thefts in
this country every year runs up into
thousands. Usually only tho larger
embezZlements become public, bank
ers In many cases preferring to pock
ct small losses rather than court pub.
licity. II Will probably be urged that
this course Is unwise I'm the long run
and bankers will be urged TO prose.
cute to the fullest extent every theft
OF this character. as a warning 10 9th.
er officials and employees.
Detectives who make n business of
investigating banking Irregularities
declare that stock market and other
speculation is nearly always the.causc
or the downfall Of bank officials. In
the great cities the stock exchanges
hoid out lure OF easy money" which
the cashier or clerk is unable TO resist
while i'm the south and southwest tbo
bucket shops claim many victim
Bank officials and employees should be
watched closely, say the detectives
and indulgence In the gambling fever
should be sufficient cause for dlspen.
sing with their services.
Many bankers candidIy admit that
small salaries to officials entrusted
with large sums are the cause OF many
thefts The history Of recent emboz.
elements shows that in many cases.
men having great responsibilities and
required to keep up appearances TO
uphold the dignity OF the institution
with which they are connected, have
received salaries so piufuHy small
as 20 excite ridicule. n the result were
not so tragic.
The american Bankers Association
was organized thirty-fge ycars ago. I'm
New York city. with charter member
ship Of seventeen The membership
is now about 1900, representing Off.
cials OF all the more important bank.
ing institutions and trust companies
in tho coupfry