The Detroit times., 1911-06-14
BROKERS WILL BE EXCLUDED
FROM BANKERS ASSN
acea,laaed from rase oneI

first vice-president, b. F. Davis. Lans-
ing: second vice-president George z.
Lawson. OF the Peoples State bank. OF
Detroit: treasurer, Benjamin Dansard'
Monroe. Hal II. Smith was reelected
attorney for the association. and Mrs.
II. NJ. Brown was reelected secretary.
The following were chosen members
OF the executive council: j. r. Wylie,
Grand Rapids: s. s. Robie. Saginaw;
Paul j. Ullbrich, Mt. Clemens; Fred
II. Orcutt. Alpena: N. S. Potter, Jack
son: Henry Knowlton, Cadillac; w. II.
Aitken. Croswell, and c. f. Waldo.
Pontiac. A. ID. Bennett. OF Port Huron
was elected vice-president OF the Am
erican Bankers association for Mich
igan.
After a few remarks by c. j. Mum
roe. the incoming president, the ses-
sion adjourned. The business meet
ings OF the convention were concluded
with this session. but there still re-
mains q great deal on the entertain
ment program. Automobiles will take
the visitors to the principal manufac-
afternoon, and at 4:30 the guests VIII
be entertained at tea at the Country
club by Mr. and Mrs Emory w. Clark.
Wednesday evening the grand ball
will be held In the Hotel Pontchar-
train. and Thursday at y. m. the
party will leave on the Western States
for Buffalo and Niagara Falls. The
morning will be spent visiting the local
banks. The party will return from
Buffalo. Saturday noon.
Addressing the Michigan Bankers
association at their annual banquet
In the Hotel Pontchartrain. Tuesday
evening, Robert W. Bonynge. OF Den
yer. member OF the National None
tary commission, gave the most lucid
and comprehensive exposition OF the
Aldrich plan for central reserve as
ISOLATION that has been heard in De
troit.
There were more than three hund
red bankers OF Michigan In the ban
quet room, and every one was anxious
TO hear more OF tho proposed cur
rency plan. Mr.. Bonynge said in
part:
There appears to be general
agreement regarding the main defects
of our present system. Three stand
out prominently-first, the failure to
provide for the concentration OF our
banking reserves; second. the abb
sence OF any legal method by which
the banks OF the country can CO.
operate for the stability OF the gener-
al credit; and. third, the inelasticity
OF our bond-secured bank-note cur
rency."
The speaker went on to show how
the plan OF central reserve associa-
ton would remedy these defects.
"The organization Of the central
reserve association would prevent
panics," said Mr.. Bonynge. The ex-
perience of the world shows that they
are preventable. II would enable all
the banks OF the county TO stand to-
gether to weather financial storm"
George M. Reynolds, president or
the Continental and Commercial Ma
tional bank, of Chicago, followed Mr..
Bonynge, and talked on the Aldrich
measure from the standpoint OF a
practical banker.
Get II into your heads" said Mr..
Reynolds, that 81 per cent Of the
business OF the country Is done on
credit. What this country needs Is
more credit and not more currency,
and the central reserve association
Is designed TO supply this need OF our
ever-increasing business. This Is not
a bankers measure. IL Is a measure
for the benefit of all the people, and
we need the support OF the people to
carry II through congress when 1t is
presented"
John w. Anderson took the minds
Of the bankers from the serious dis
cussion, by a witty talk on things in
general. DR.. z. II. Pence, who was
on the program for toast, asked TO
be excused from speaking owing to
the lateness Of the hour.
Emory w. Clark, president OF the
association, acted as toastmaster for
the occasion. The invocation was
pronounced by the Rev. Johu Nc
Carroll.
While the banquet was being CIV
en-. the ladies of the party were en-
tertained in the Temple tGeater.
They returned to the banquet hall
for the closing toast.
The opening session OF the conven-
tion, Tuesday afternoon, was taken
up with the reports OF the various
officers. President Clark, speaking Of
the prosperity of Michigan and De-
troit in particular. brought out the
fact that the automobile industry
which, In the minds of many east
ern bankers, overshadows all other
Detroit industries, employs only
IL s1-2 per cent Of the capital used
In industry In Detroit.
mo state In the union can show
a more substantial business growth