Arizona republican., 1913-11-01
Arizona Bankers Associa- tion Hear Many Speeches on Impending Legislation, All of Which Are Opti- mistic of Outcome
SESSIONS IN
 MASONIC TEMPLE
Organization in Splendid Condition-Prosperity is General Throughout the State-Albert Steinfeldt Elected President


 Get behind the owen Glass cur rency measure and assist in making it flawless," is the spirit that per meated the sessions of the Arizona Bankers convention which were held in the Masonic lodge room in this city yesterday The bill may have
 it's objections" said one speaker, but maybe these can be remedied. and the result will be the best currency mea- sure that has yet been passed by the national congress-
 We look forward with hope to final draft of the bill that will en- able us to do more for our communi- !; ties in the future than we have in the past" spoke another
 Tt is q move in the right direc- tion," said still another. while later speaker said, We ought not to op- pose the bill in toto, but stand back of it. and obtain if possible a remOV- al of the objections that exist in it. Such sentiments as these were echoed by more than q hundred of the chief financiers of Arizona Cali foTnia and Texas, who were gathered ip the tenth annual convention of the association. The business of the day was attended to with ease and dis patch. which left time for many short speeches, both during the morn i ing and evening. Mayor C~Gisty vel comed the visiting bankers, following the invocation by Dean Scarlett, and Tt. N. Fredericks q former president 1 of the association, responded in be i half of the visitors. Of course, the mayor said Phoenix was glad to have i the bankers here, in fact Phoenix is . 4iGl1a wis itOrs. and there is scarcely anyone who can say that better than Mayor | Christy Of course President F'reder- icks was glad to be in Phoenix, for l MT. Fredericks comes from Prescott and Prescottians are always more | than glad to share the hospitality of | Phoenix.
 1 President Gang read his annual ad- dress from manuscript It was greet ed with applause and applause fol | lowed it's delivery. Then came the reports showing the flourishing con
 dition the association is in and the
 growth that has been made during 1 the year.
 l J. B. McCarger, cashier of the | Crocker National bank of san Fran cisco was introduced and delivered i an interesting address on The DeV- eIopment of the Bank Organization in which he drew some interesting 1 comparisons between the bank of today and that of years ago. The | bankers are no longer froWning for midable fellows, but are smiling con l fident and encourag ging men of busi- ness who meet their customers with smile; the whole atmosphere of the 1 banks of today has been changed for the better. Then came the morning
 recess to allow the standing commit i tees an opportunity to prepare their l reports.
 The Afternoon Session While the committees still worked
 on their reports, President Gang | called upon some prominent visiting members for expressions of opinion upon the impending currency legisla ] ton. J M. Elliott, president of the l First National Bank of Los Angeles,
 led off with a speech that was brim- ful of interest and which was well received He said that the politicians
 af the country ought to learn that | bankers are men that do not like i tight markets. neither do they glory in panics. It is a mistake that bank CTS are not in sympathy with the people. In referring directly to the bill he said that the most pleasing element in the situation is that the senate committee is willing to listen and that the biH at present does not
 very closely resemble the first draft This is an encouraging sign. as
 from out of the situation may come
 the best bill yet. He was opposed to the ten per cent deposit in the re- gionaI banks, but thought that it
 could be entered gradually upon the
 part of the banks of the various sec
 tiOns of the country, so that what
 ever stringency it might cause by
 reason of that provision of the law,
 would be largely obviated.
 ! Vice President Lowry, of the Amer
 ican National Bank of San Francis
 co. said the bill had many features
 that are excellent especially that
 provision that provides for market
 ing and rediscounting paper; a more
 flexible currency based upon gold and
 commercial paper; the opportunity
 that it will give for the use of /gov-
 ernment funds. His chief objection is the compulsory feature of the bill.
 which he believes to be based upon the wrong principles.
 The resolutions committee reported then in memory of the late F. B.
 Continued on Page Eighty