The daily banner. (Cambridge, Md.) 1897-2008, 1913-10-10
BANKERS HONOR
PENNSYLvANIANS
william A. Law Elected Vice
President Of Association
HILL SCORES CURRENCY
Thinks Democratic Bill Is Too Social
istic and Passage May Result In :
Panic.

Boston, Oct. 10. = One of the most
signal honors ever paid to Philadel
phia financial institutions was con-
ferred by the American Bankers as
sociatisn here when assembled in a
convention representing every city in
the United States, William A. Law,
first vice president of the First Ma
tional bank, of Philadelphia, was elect
ed first vice president of the organiza
ton.
Arthur Reynolds, president of the
Des Moines National bank, Iowa, was
promoted from vice president to pres
ident of the body. Both elections were
unanimous.
The election by the Pennsylvania
Bankers association of B. M. Marlin,
treasurer of the Union Banking and
Trust company, of Dubois, as the Key.
stone State representative in the ex-
ecutive council, and of Charles H.
Dickerman, president of the First Ma.
tional bank, of Milton, vice presi-
dent for Pennsylvania, were approved.
The committee of country bankers
completed arrangements to appear be-
fore the senate committe on Monday.
Pennsylvania is represented by David
Barry, of Johnstown.
Objections of the bankers of the
country to the proposed Owens-Glass
currency bill were emphasized by
James ]. Hill, head of the Great North.
ern and Northern Pacific Railroad com.
panies The subject of Mr.. Hills paper
had more to do with agriculture than
finance, but he quickly launched into
a dozen of the proposed monetary
changes and his criticism of the bill
was forceful and emphatic. It was re
ceived with prolonged applause.
Mr.. Hill criticised the present bill
as being 'stoo socialistic to suit the
temper OF the American people," Re
marks of similar nature were made
in several of the impromptu addresses
Mr.. Hills statement showed that such
a view of the measure is not confined
solely to bankers.
The address of Mr. Hill showed that
the business men of the country arr
awakening to the full meaning Of the
bill as now drafted and protests b,
business mems associations and trade
bodies may be expected to follow thu
| action of the American Bankers as
ISOLATION, which placed itself on rec
ord as being opposed to the presen
bill.
Mr.. Hill also drew attention to thu
! fact that national banks cannot bt
forced into the proposed reserve sys
tenn and that remedy lay in surren
dering their national charters and OPP
Grating under state laws.
''It is clear that the advantage o.
the title national is about balanced
by the restrictions that accompany ii,
said Mr.. Hill. Tighten those limita
items, Increase those burdens and
there Is greet danger that many ol
even most Of the national bankc would
feel 1T due to their stockholders and
depositors to refuse to enter the new
association. surrender their charters
instead and operate under state laws.
III this should happen because con
| ditions are made too onerous for &C
| ceptance, not only must plan basef
upon the assumption Of their cooper
alton fall to the ground but such {
situation would scarcely fail to bring
| with it distrust, disturbance and more
than probability Of q monetary crisii
and great business depression"
+ < \ I sf