The sun. [volume] (New York [N.Y.]) 1833-1916, 1911-06-14
PENNSYLVANIA BANKERS MEET
PRESIDENT Law PRAISES THE
ALDRICH MONEY PLAN.
says n EnibOdies the First Practical.
scientific and Comprehensive Scheme
Ever Proposed In America Feels
40 Alarm Over the Postal Banks.

scientific and Comprehensive scheme
Ever Proposed In America Feels
40 Alarm Over the Postal Banks.
PHILADELPHIA. June l3.-The bankers
ana trust company men from the cities
ard towns of Pennsylvania are in Phila-
delphia to-day having convention
There was a session this morning and
there will be another tomorrow. but in the
meanwhile the bankers are having q good
time.
The men who are here compose the
Pennsylvania Bankers Association and
this is their seventeenth convention
Tn to now they have met at Bedford
Springs SO that the city bankers could
get some ont Of doors along with the
interchange Of banking gossip, but the
country bankers revolted this year and
insis; ed ihat they have a chance to see
Philadelphia in June.
They are seeing H. This morning IL
rained ard notices were posted in the
convention room AT the Bellevue ST rat
ford saying that there was no telling
whether the baseball game down on the
conventions programme for this after
noon would he played or not. Later, how
ever, It cleared up and Secretary ID. =.
kloss of Tyrone announced that the dele
gates would surely have n chance 20 sec
that ball game. III" ram" was played
and the Athletics beat Chicago. which
pleased the Penn>ylNauiana. but more
rain spoiled their pleasure at the finish.
\ thunders' oim not So vicious as the one
that broke over Philadelphia last night,
h,i' hard enough set in IN time to wreck
the bankers straw hats.
1hi, morning ~ IN. first session of the
convention William A. Law. viCe-presi-
dent Of the Firs' National Bank of Phila-
Il. lpha and president of the Pennsyl-
vania Bankers Association, told the dele
gates that the Aldrch monetary reform
scheme "embodes III" first practical,
scientific and comprehensive plan for
Il banking system ever proposed IN this
country" Mr., Law said that II involved
greater issues than any other matter
upon which Americans al present have 10
decide
Mayor Rcyburn was to have preceded
Mr.. Law. but he reached tho Bellevue
Stratford late. and hi, welcome to the
delegates had to come out Of the orde,
set down on the programme. The rea
welcome came from Francis u Reeves
one of the leading bankers Of Philad"lphit
and president Of the Clearing House
/ Association.
! Mr.. Reeves said that he would mo-
undertake to lecture the bankers on wha
they knew already or try TO anticipat,
what others were likely To say. Bur h'
wanted to welcome IN. visitors. tellinI
| them that bankers are second To non'
among useful men and that Pennsvlvani;
bankers stand near the top of the bank
ing profession.
Il believe that ". bankers are all pro
Cres-i,.- along our par'icular line o
7 business" he said "th:.' IA to say. We ar,
anxious to be righ' and To do right. e
give every man his due. - square deal Z,
he weakest a. well ~ to he strongest
MIR Law who spoke after sir. Reeves
said that his job as president OF III. Penn
syly aniG Bankers Association made /
necessary hat he review som" OF IN. cnc
event, III the years tinanciN record
He gave the trust company r"ti u WORD
however before he begHn his comment ar v
saving that Philadelphia trust conpGn.
faoe :. peculiar situation. Here thcr,
ere lreE, eSt.tes accumulated through
grnerG'ions. and m2lv Of them are I'D
uiri~fcred by trust companies, Mr. Law
said that Philadclphia great fortunes 6r'
! not won and lost III TWO generations. a.
~ h. case in some cities, bVt ar" con
served from generation TO tercrHIo ION
| | hir r.marN brought smiles from tn
Plt'SburSrrS.
Mr. Law. speaking of the election.
last fail. SAID that tn" board, had been
pretty well cleaned on and tn At new
.igur-s had appeared. lie sad tha
some ot these were radicals ana ''ii thsl'
radcaIl>m approtlinat'd socialism
P.nuSvlVania's chl.t concern was over
tdrin revision. because the Stat" : popu
la,ion IS alrnos, wholly engaged witt
manufactures. their TRANSPORTATION oi
IN. supply og fuel for their furnaces.
speaking of the newly instituted posta
savings banks and of the large increase
III their number prorhesled 10y Mr. Hitch
COCK Mr.. Law said that ne didn't TANK
Pennsylvania bankers would be much
affected ON. way or thn othcr.
Here" n" sad where tn" affairs of
savings banks have been mos, carefully
directed and scrupu lousy guGrued ana
are controlled hy State regulations and tn.
supervision of well organized state bank
ing departments, ami whore many ma
,lonal banks conduct equally well man
ncc' s.triiy n" llitlc bl"lness for posta
sEvir3> banns However IN those parts
of ulIr country wher" banking facilities
are inadoGuai", ~ IN the remote com
ulun.ii,s al our far Western States. or
where savings banks and savings depart
mcn;s are not progressively, scientifically
and conserVatiVely managed or where
the people through ignorance or foreign
birth are not IN harmony with our theory
of government or familiar with our insti-
tuiioiis, postal savings banks Will prove
useful and will result in considerable
hrirIness If this system vii! aid the
,ulu'iuu If the problem of absorbing our
C",'"ru'ucut bonds we shall he coinpen-
,, u,u atnply for its lack of general value "
Mr Law approved reciprocity with
Crrada lie added. however, that this
Ike all movements for tariff legislat ion,
induces uncertainty and affects com
nierrc adversely.
This last objection was applicable 10
the standard oil and Tobacco decisions
also though he regarded the present
situation as somewhat less Uncertain than
before tha opinions OF the supreme Court
were made public
They mad" history on the exchange
markets, SAID MIR Law, and are sur
posed TO have relieved a prolonged cas-.
Of nerves IN some ot the more active
speculative centres from which other