The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1912-09-11
AGAINST FORCING BANKER TO
DISCLOSE coNFIDENCEs WITH
CUSTOMERS.
OUR CREDIT BUSINESS
President George Reynolds OF Big
Chicago Bank Declares That Nine
ty-Five Per Cent Of Our Business
is on Credit.

Detroit, Sept. 11.-Speaking to the
subject, The Money Trust Inquiry
George NJ. Reynolds, president OF
the Continental and Commercial Iank
of Chicago, today declared, II
banker can be forced to disclose
confidential relationship between his
bank and its customer, it would re-
quire but short step further to
capitalize for the qualification OF
prejudice the condolences between an
attorney and his client, as well as
the secrets of the confessional
Mr.. Reynolds spoke before the
Trust company section Of the Ameri-
can Bankers association at it's an
nual convention and disavowed any
antagonsm to the congressional in
vestigation by the house committee.
believing as do said the speak
er, that open-minded, honest agita-
ton of any question in which the
public is interest, prompted by
laudable purpose and kept free
from anmus and prejudice, will tend
to secure a proper solution OF that
question, desire to& disaVew anv
antagonism for or opposition to the
impending Investigation of the social
ed money trust" by the house
banking and currency committee;
on the contrary, I shall be glad to
do what can to cooperate with
the members of that committee so
long as their activities are exerted
along the lines of an honest endeav-
or calculated to promote better
methods and higher ideals IN bus
mess"
Banking conditions were discuss
ed by the speaker, who said in part
The fact that 80 per cent of the
business of this country is done upon
credit. and that the use of actual
money in transactions has been re-
duced to the minimum, makes 1t
very easy for people who do not
properly discriminate between credit
and money itself to become confus-
ed in the application of the terms.
and especially is this likely to be
the case with those who have given
so little study to the subject that
they look upon a bank as being an
institution dealing in money, where
as, in reality, bank deals in credit
and the money it carries in it's vaults
is only an incident to its business,
being caied only in an amout suf-
ficiet under the law OF averages
to make it possible for the bank to
pay its obligations upon demand un-
der normal conditions.
This confusing of credit with
money, as it is related to business,
has caused much misapprehension
on this subject, and resulted In more
or less honest criticism by those who
do not realize that the money pow
err as it is usually applied relates
to the power or control of the Gre
dit which may be extended against
either money or other tangible liquid
assets easily or quickly convertible
into money; and in view of the tenn
per of the people toward large ag-
gregations of capital, it is not sur
prising that there has also arisen
much confusion and misconception
through the use of the words money
bower and money trust"
In conclusion, Mr.. Reynolds said:
Il do not believe the bankers of
the country will enter the slightest
objection to the making of COM
prehensive investigation of the banks
by those charged by the house with
that responsibility, so long as such
investigation does not require them
to disclose to the public the conf
Dental relations existing between
themselves and their customers, the
divulgence of which might greatly