The Cairo bulletin., 1910-10-06
BANKERS HOLD
BUSY MEETINGS
CONCLUDED from First Page

peri0dical audlts, however, that must
be considered; the relations between
the depositors and any financial in
stitutlon are of the shictest con-
fidepce. Being bankers. you and
know that there are people who do
not wish their nearest kin to have
even an inkling that they possess
bank accounts. Now, all the auditing
companies or expert accountants who
are making the periodical examina-
tons of course maintain that they
work in confidence. and have no rea.
son TO doubt their statement Never
theless, they do-provided they con.
duct their work thoroughly and
searchingly-have the opportunity OF
learning the names of depositors in
the bank and of all financial transac,
lions passing through it, Now this is
an ethical violation Of the confidential
relations between the bank and its
depositors, If not legal one, OF
course, in order that the work may
be of the very best, it is necessary
to choose man whose integrity is
above suspicion as auditor, and | am
free to say ii is not always possible
to find man with the proper quail
fications. He must not only be an
expert accountant and familiar with
Jail classes and descriptions of finan
|cial transactions, man who Is abb
so'utely above the domination of any
influence whether exerted by an off.
cial of the bank or some outside
agent, but he must be dplomatist
|of the finest water in order that he
may carry out his duties and when
there is possibility for an economy
|being detected, having that economy
put into operation without arousing
the enmity, or even ill-will, of any of
the Officials or employees"
Executive Committees Report.
The soundness and strength OF the
banks ana trust companies in the ex-
istlng state Of depressed security
market was the theme OF the report
Of the executive committee of the
trust company section today by Law
| renee l.. Gillespie, vice-president OF
the Equitable Trust Company, of New
York, and secretary of the committee.
Mr.. Gillespie said:
I'VE have during the past six
months experienced a new kind of
lranic which did not assume the gray
ty of a depression. 1t was a panic
spread over a considerable period
and came to us in hesitating way,
| really consisting in a depreciation OF
Ivalues more than in any actual APP
parent curtailment of trade and ere.
dit
In these financial difficulties we
are glad to note that the trust CON-
panies of the United States have in
no way been involved Win their
strength and prudence demonstrated
lby TIER history, and with judgment
| derived from experience and self-re-
lance it is a matter of congratula-
t on that they have approached closer
to the banks OF the country in a spiris
of f.ienlly business intercourse and
with a realization that most of their
interests are shared in common. Ne
cannot conceive OF any catastrophe to
the banking interests of the country
| Va ha hur e,,t
| companies, and vice versa. Their
| successes and misfortunes would be
inextricably woven together. In this
spirit OF comradeship the banks are
observed to be meeting them more
land more. THIS has been shown in
receit years very clearly in the meet
ngs Of this association when bankers
| and trust company officers serve to-.
gether on important committees, with
the common object before them of
establishing and extending a sound
| and conservative banking policy
throughout the Tn ted States.
AT present there does not seem to
be any cause for apprehension that
the banking situation Is In danger Of
being undermined. The deposits in
banks and trust companies in New
| York are at unprecedented figures
and the required reserves of the
banks are further fortified by the
| cash reserves OF the trust companies
| not required to be held when the
| panic of 1907 was upon us. Hot
winds have been blown but our farm
ers and statisticians promise us
abundant crops. Furthermore. the
people of the whole country have
learned the value Of prudence and
reasonable economy. No one has
| been able to escape the educational
| features Of our recent financial ex-
periences, and we are all anxious TO
work on a more healthy and sound
| basis than during the mad rush OF
| four or five years ago
"ln our political life there is still
need for prompt ngs 10 caution and
reflection. Acts by individuals In
great public office with widespread
Influence and authority may be far.
| reaching in their effect, and when
suddenly exerted have a tendency
not merely to effect the objects in
tended but also to create feeling OF
uncertainty and fear for the future