The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1911-11-21
BANKERS MEET
IN THE SOUTH
American Bankers Association is
Now in Session In New Or
leans With F. o. Watts
Presiding
WALL STREET BUGABoo
Paul Wahrlng Says Wall Street 10 q
Ruler on kes Of Dynamite.
Liable to Ex-
pIodo.

NEW ORLEANS, La, Nov. 21.-F.
O. Watts, of Nashville, Tenn, presi.
dent Of the American Bankers Asso-
citation urged upon the bankers con-
vention here today the necessity of
keeping banking and currency reform
legislation out of politics
If the bankers and business men,"
he said, who must be the leaders in
the reform movement, succeed In
keeping the stionsnon-partisan, and
In convincing the public beyond a
reasonable doubt of the integrity OF
the control, then its enactment into
law Will be an easy accomplishment"
To keep the control of the National
Reserve Association out OF specula-
tive Wall Street, and out of the hands
Of politicians, said Mr.. Watts. were
two most important considerations in
the drafting of banking reform legislat
tion.
Mr.. Watts said he wasn't scared by
the Wall Street bugaboo. He said:
| Undoubtedly those interests which
according to passing speech and hur-
ried' composition are designated as
Wall Street favor of the National Re-
serve Association or any plan of mon.
etary reform making for stability and
prosperity and renewing the best
/ bankers of New York from the great
strain of crop movements, trade ex.
pansion and panics. Passing the rela-
lively small number OF stock gambler $
around New York's Stock Exehaago
1 we find there banks, business houses.
Industrial and railway corporations
vitally interested in every section of
the country and who have learned
what one aptly expressed during the
year in saying that his institution and
allied interests makes dollars out of
the general prosperity of the country
4 where they could make only pennies
out of special privilege.
"Those interests would subscribe to
that truth expounded at our Denver
/ one of the great political parties,
, when he said 1T is the part, even Of
t selfish calculation to know that no in
r terest can hurt the country as a whole
i and serve itself. The real Wall Street
!. prefers prosperity to special privilege
4 and knows that they serve themselves
l. most when building up the CONNER
e cial, manufacturing agricultural
e transportation and banking interests
e of the whole country.
D. Even limiting the prompting force
II to selfish interest there should be ne
d divergence of effort in this country or
J. any business, and certainly none OF
: the question of banking power ant
credit. SO common has become th,
o assumption by those persons mos
it heard by the public that Wall Stree
y is inimical to every other spot In th
II country, and SO far have such theorie
y found judgment that an unfortunate
prejudice exists that can only be re
e moved through greater concern b.
II New York's busy men--such concer
It as will cause them to remedy an
it wrongs that exist and then to have /
the future greater respect for the in
IS portance of holding a democratic a
titude towards the things otuside c
their immediate surroundings
Wall Street is a ruler on keg c
dynamite" said Paul Wahburg, tn
New York banker, member of one {
the great international financial firm
today in pleading for banking r.
SC form and panic insurance.
Mr.. Wahrburg said that the gref
weakness of American banking q
compared with European banking, la
in the dangerously large use of Stoc
as Exchange collateral as the basis IL
If bank loans instead Of the use. as
~ Europe, Of commercial paper arisir
tt' out OF the normal day-to-day NOV
ly ment of goods from producers to co
d sumers
ch