The Washington times., 1912-03-31
IN LOCAL FINANCIAL CIRCLES
By I. A. FLEMING.

Confidence is the rock on which man
should build the road to be followed to
success.
Confidence Is the rock on which fraud
usually splits, for the reason that
fraud on the face Of 1t has not the face
to go with confidence forward to sue
cess.
Confidence bridges streams, molds
armies into shape, and wins battles,
where cowardice yields in disgraceful
manner.
Cowardice passes the door of oppor-
tunity hesitating to knock lest defeat
may be his portion.
Confidence thumps boldly on the outer
doors and demands the keys to success
and has them handed him on silver
platter.
(ionfdence impresses his faith on the
people and his assertions are received
without question.
advanced convincing proposition un-
less he himself Is Nmbued with the
spirit of confidence therein.
The athlete going into contest sans
confidence IL q whipped man before the
call OF time.
l. Confidence with patient endeavor was
and is the ohiefest asset of Edison.
Marconi used 1t. Field planted n trans
mastered the air with 1t; Napoleon
crossed the Alps, himself a bundle of
confidence, as when he dispersed the
sections.
Knowledge, skill. confidence are the
assets of the surgeon, but without con-
fidence the unity is broken and disaster
follows.
Confidence sometimes bumps its, head
against a stone wall, but In time the
Confidence Is an essential in the bank
ing business, but the bank official must
also be on guard against the c)nhdence
game.
No better evidence OF confidence in
a buying way has been given Washing
| OF the Washington Railway and Elec-
| trio crowd. They seem to know 1t is
going higher.
| What are the actual powers Of a
! clearing house association other than
| in performing its functions in clearing
| the daily business of its members?
Within the last year or two clearing
house associations in various cities
have assumed new functions, guarding
| the solvency of their members and or
others using them as means to an END;
| ceasing TO exist simply as clearing
agents.
The Mellon. Farmers Deposit, and
! Lincoln National banks of Pittsburgh,
have decided to test the vital powers
| OF clearing house associations in the
| highest courts. i neV nave DlOuSnl ouit
against the Pittsburgh Clearing House
Association, charging that its legal au-
thority is exceeded, in the attempt to
enforce certain rules. The Sherman
; law has been invoked.
This is the ruling that the plaintiffs
! object to:
I'm computing interest on balances or
banks, bankers and trust companies
and other banking institutions, time de-
ductons shall be made on such local
items are not applicable for the day S
| clesrings and on all items while in
transit"
A schedule was attached of deduc-
tions and penalties were fixed for Vio-
! Iation 1t was expected that as soon
as Pittsburgh adopted this ruling, Gin
| cinnati, Columbus, Cleveland, and In
dianapols would follow, and this caused
] the objectors to cite a violation Of the
| Sherman law.
In commenting on this matter the
| trust companies say:
, eit examinations is supposed to be one
| OF the chief motives of this opposition.
THE unprejudiced banker doubtless
| regards such Capitalization of authori-
! ty in clearing houses as a most whole
| some and commendable force in bank
ing today.
thrust companies are equally concern
! ed because of their admission to direct
! membership in many of the associa-
| tions. Serious questions arise as TO
whether this powerful leverage by
! clearing house associations will in
! riably be exercised with equal JUS
| tice to all But the fact remains that
up to this time such functions have not