The Bridgeport evening farmer., 1911-11-21
Bankers Endorse A.driCh'S Planned
 Currency System
President Watts, of the Ameri- can Banking Association, Urged the Guardians of $14,- O00,OO0,000, in Annual Con vention, Today, to Adopt the Report For a Central Reserve Money Power
Especial from United Press.)

NopCCldI lTOIu Onileu ET0SS.J New Orleans, Nov. 2l.-The guard ians of fourteen billion good Ameri- can dollars met at the Athenaeum here, today. the occasion being the 37th annual convention of the Amer ican Bankers Association.
 The feature of the early session was the flat endorsement, by Presi- dent F. O. Watts. of Former Senator Nelson w. Aldrich's widely discuss ed plan for central reserve associa- ton. Watts urged the convention to | council, which had previously en- dorsed the Aldrich pan with the words that it would correct all the principal defects of our present bank ing and currency system
 Practically every speaker who fol- lowed Watts endorsed the Aldrich idea as modified by the currency com mission and this seemed to reflect the general sentiment of the bankers.
 Sharply at 10 o'clock, the conven- tion, brilliant assemblage of finan- cial captains, representing 12,275 banking institutions, was called to order.
 Most Rev. James H. Blenk, Arch bishop of New Orleans. pronounced invocation.
 Mayor Martin jBehrmann and R. M. Walmsley. president of the local clearing house, welcomed the dele gates, Myron T. Herrick, of Cleve- land, responding.
 In the annua; address of the presi-. dent. Watts urged the bankers of the country to arouse public interest in monetary reform. He said:
 "If the bankers and businessmen, who must be the leaders in the move ment, succeed in keeping the ques- ton non-partlsan, and in convincing the public beyond a reasonable doubt of the integrity of the control. then it's enactment into law will be an easy accomplishme ent."
 Watts repudiated the argument of the opponents of the Aldrfch plan that it meant the passing of the con troi of the finances of the country 1n bankers. He said that, under the re- vised scheme, no individual would be permitted to hold shares ins the re- serve association but only banking corporations. He also said that, out Of the 3s elective directors, not more committee should reside in one dis trict. The speaker freely admitted that it is practically certain That the real management and control will finally rest, either by direct accord or acQuieScence of the directors, in the executive committed
 The report of the general secre- tary, Fred E.. Farnsworth, was re- ceived with close attention by the bankers. It indicated that the mem bership of the organization is now composed of 12,275 banks with capi- tai, surplus and deposits aggregating more than $14,000, 0,000,000. The re- port stated that the currency commis sion of the association had held fre- quent meetings with the national ;c-;~ 1.,r, |, of the association was ready to prosecute vigorous campaign when the proposed currency measure shall be framed as a bill in Congress-"
 Stress was laid upon the work done by the clearing house section, which developed the numerical transit sys- tenn and is now experimenting with a system of clearing house checking through the appointment of clearing house examiners in some of the larg- CT cities.
 Farnsworth said that interest in the work of the association is greater than ever before as a result of the extensive mi sionary work" done to create more extensive safeguards and economy in the handling of the coun- try's banking business. The report of the treasurer, Arthur Reynolds of DeS Moines, indicates that this work has cost nearly S200,000 within the last year.
 The reported losses by banks throughout the country by burglary during the past two years was $1.- 924.229.O2, according to the report of the standing protective committee. The total number of banks robbed by burglars was 1,529. The banner states for bank robberies are Illinois and Oklahoma. The Bankers As sociaticn now has a rogue's gallery. containing 1882 pictures of men and wom en robbers.
 Thomas B. Patton, general counsel, urged the necessity of uniform legis- latfon in regard to the collection of commercial paper which he declared was the most important question after the currency problem He as- serted that judicial decisions upon nearly all phases of bank collections are in hopeless conflict.