Perth Amboy evening news., 1911-06-28
TALK
ABOUT MONEY
Group No. | of State Asso-
citation at Banquet.

This city was well represented at
a banquet of the bankers of Middle
sex county at Hotel Bristol in AS
bury Park, last night. Harry Con-
ard. cashier of the First National
Bank of this city, and president of
Group l, which is comprised of Mid
dlesex county bankers, the first to
organize in a. group, presided and
acted as POSTMASTER. There were
ten others from this city present, in
Guiding Judge Adrian Lyon, former
state president, who was one of the
speakers. H. II. Pond, president of
the New Jersey Bankers AssOcia-
ton, one of the principal speakers,
somewhat startled his auditors by
coming out unQualihedly for the
granting of interest on deposits in
national banks.
This is Mr.. Ponds first public ut
~terance since his election to the
presidency. He declared that if In
terest were allowed it would bring
out the boarded savings of the peO-
pie, permit banks to carry more COM
mercial paper and thereby make for
the expansion of the national credit.
Asbury's Mayor Speaks.
-IdSOl l. IIdLh ApplCbg, VI no
bury Park, welcomed the bankers.
He sat at the speakers table with
POSTMASTER Harry Conard, who re-
sponded to the mayors speech of
welcome. Mayor Appleby said that
this was the fourth bankers banquet
he had attended since October, two
being in the west and one at Manhat-
tan Beach, at which President Taft
spoke. The mayor spoke chiefly
about the qualifications of the direc-
tors OF a bank, stating that the peo-
pie first want the confidence in She
board Of directors. THE board of
directors" said he, should be con-
tent with a reasoHable return on an
investment. The sole idea OF becom-
ing financially powerful should be
discouraged"
President Pond Speaks.
The second speaker introduced
was II. H. Pond, secretary and treas
urer of the Plainfeld Savings and
Trust Company and president of the
New Jersey Bankers Association.
He said in part: THE trust compa-
MES are the outgrowth of our COM
mercial and financial expansion. With
the demand of trade and the in
crease of business and competition
has come the necessity for paying
interests on deposits. Our country
is now passing through a period of
wonderful industrial and banking
expansion. Our banks and trust
companies are as essential to the
business of the country as the works
are to the watch. I am a firm be-
lever in the paying of interests on
deposits. A depositor is entitled to
it in proportion to the expense Of
carrying his account. I do not be-
lieve that the banks should bind
themselves for the purpose of seeing
how little interest they can pay
their depositors but rather that they
may carry out the objects of your
group by increasing their facilities,
curtailing their expense by improv-
ing their methods, and eliminating
their losses through better credit ia
c%ilities.
We should increase the efficiency
and frequency of the examinations If
our banks and II reserve of public
confidence will be proportionately
increased. Let your depositors know
that every possible safeguard is be-
ing used for their benefit and /
think they will be willing to allow
their money to remain with you at a
reasonable rate of interest.
Following Mr.. Pond, the toastmas-
ter introduced Former Judge Adrian
Lyon, president Gf the Perth Amboy
Savings Institution. He said: The
bankers represent the conservative
element IN q community"
Judge Lyon spoke of the commits
sion form of government especially
the referendum and the recall, and
while he did not commit himself, he
minated that it was for the bankers
to see that these new ideas were not
carried to extremes.
Local Mel Present.
Present from this city we're:
Harry Conard, C. D. S~nedecker,
George ]. Haney, C. C. Baldwin, Sid
ney Riddlestorffer, Frederick l..
Brown, John H. Gregory, Edwin G..
Fraser, Carrot Brodhead, Adrian
Lyon, Thomas ]. Dover. They made
the trip in two touring automobiles.
Others from South River we're:
John Lee, Jr., and John Lee, second,
Joseph Allgard, Harry Warner. Those
from New Brunswick were. John
D. Carpenter, NJ. H. Florence and
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