New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-01
defend CLEARING HOUSE
Bankers Pass Resolutions Pro-
testing Against Grady Bill.
NAME COMMITTEE TO ACT
Authorized to Make Such Repre-.
sensations to Legislature as
May Seem Advisable.

Officers OF state banks and trust com
panies having Clearing House nembersaip
held largely attended meeting yesterday
ar the Offices n the Guaranty Trust Conn
pany 10 consider Senator Gradv's bin. rove
pending az Albany. which " enacted .nto
law woul1 oblige those institutions 20 with
draw from TIE Clearing House Association.
Charles r. Sabin. yice-president Of tts
Guaranty Trust Company. acted a. chair
man % the meeting. and Samuel Con-
over. precedent o. the Fidelity Trust COM
pany, was secretary. After = fuii diac1s-
sion resolutions were unanimously adopted
protesting against the proposed legislation
and naming Treodcrr r Miller. president
Of the Brooklyn Trust COMPANY: W v.
Frew, president Of the Corn Exchange
Bank and J 2. Cleveland. secretary ~
the Titlo Guarantee and Trust Company. az
n committee 70 present tho protest 20 ssna-
tor Crazy. 70 the chairman Of the Senate
Committee on Banks. and 90 such other
members ~ the Legislature a. might seem
advisable.
The chairman % the meeting. Mr.. sabi7.
was authorized 70 direct a letter On the
subject 70 Senator Grady and the chairman
IT the Senate Committee on Banks and m.
committee was authorized % make such
further representati tons 70 Senator GRADY
and the COMMITTEES on Banks IN their
judgment NAV seem advisable for the pur
pose Of making clear The emphatic an
earnest protest expressed ar this meeting
against such proposed legislation.
In the preamble 10 the resolutions IL was
a. he - ~
House Association were sound and reason
able. and that none had been adopted Eek
crpt for the exclusive purpose ~ securing
safety 70 depositors. conservative benkinG.
and - supplement the efforts ot the Con
troller Of the Currency and the State Bank
inS Department that tie affairs ~ banking
institutions Re conducted 70 the end thnt
all depositors and others dealing with suci
institutions shall be protected"
4 further declaration was thar th- bill
under review would. n IL became = lsH.
discourage and destroy the earnes, EFFORTS
Of conservative bankers in this CITY nors
effectively 70 produce safe and conservative
tive banking conditions IN the city az NeW
York and the country at large, and large
" 20 remedy the evils which hsvA m m.
past resulted IN bank failures and couse
queut loss and ruin 70 many people, and
that only through co-opers lions by the na-
tional banking and state banking institu-
tiors ~ the city Of Nav York. in the su-
pervision Of banking conditions and The
maintenance Of proper reserves, can these
conditions be most effectively improved.
William Frederick Doll. who said that -
was the president Of the American None
tarv Association OF No. 800 Fifth avenue.
made an effort 70 address the meeting. He
said no was heartily I'm favor Of the Grsdy
measure, ss IT, was in the interest of DO
posters lie was not allowed 70 7t'end th"
meeting.
After being ushered from the meeting
room by Mr. Ssbin. Dir. Doll spent much
time I'm the corridor of the Guars 1tv ard
Trust Company arguing in favor Of tns
Grady measure Ledvard Cogswell. pres
dent of the New York state National Bank.
OF Albany. and formerly president ~ tho
New York Bankers Association was I'M
the corridor waiting for Nv. Ssbin. NJ
Doll finally got into an argument with NJ
COgswau and offered 70 wager SO that Mr
Cogsweu didn't really know money whsn
he saw a. Mr.. Cogswell did NOT take tho
bet seriously