The Washington times., 1913-01-26
BANKERS GUESTSOF
BROKERS At DINNER
IN SHOREHAM HOTEL
Senator 7. E. Burton Urges Re-
form Of Currency to Provide
Greater Elasticity.

Bulls and bears, member of the
| Washington Stock Exchange, anI lambs
prominent Washington bakers ad
statesmen. their guests. sat down to-
gether last night to one of the notable
dinners of the year. the annual dinner
or the exchage. held at the Shoreham
Hotei. Guests outnumbered hosts more
tnan two to one. Under the direction OF
!. Thisman Hendrick. whom Presiden,
Benjamin Woodruff introduced as toast.
master. continuous stream of Ievity
was Kept up from caviar to coffee.
r, 9loWing the dinner Senator Theodore
=. burton of Ohio made the only serious
taik OF the evening. introduced as one
OF the most eminent advocates Of care
IuIly considered legislation, and an au.
ipnorIty monetary measures. Senator
conr' "r.on' IN thirteen miutes. sketched the
course or hanctal legislation from the
foundation Of the leading Countries of
europe with their financial systems an,i
isio down principles to be followed in
tne coming revision of the money avs.
ena em OF the United States, making a
speech which bankers and brokers' to-
cay declare was one of the atiest on ~.
day. Az many
Advocates Elasticity.
Greater elasticity Of currency is one of
.ne chief reforms to be sought. sa;d the
senator. who likened the problem Of
expansion and contraction OF the cur
rency as need occasions to the problem
OF the street railway men who must
handie great crowds of passenger. ~
rush hours and few in hour. Of Ii.tJa
.... u.anlc. The sympathy Of the speakers
seo empont with the street railway man
nren;ats problem was apparently ap-
PIecIateo, especially by Clarence .
hlng, president Of the Wasbinxton
railway and Electric Company. one OF
tne guests Of the evening.
Inere must be wider market for
the lending of money in times Of sur-
Plus. the Ohio Senator declared. He
also pointed out the need for foreign
branches of American banks economic
ally TO handle the growing. foreign trade
OF the United States. He showed how
ISSUANCE OF money by the Government
hseir should be avoided, and pointed
TO the experience Of the leading nations
OF europe In proof OF his contention.
Urges Limitation.
Senator Burton advocated the limita-
tioh of issuance of money to one insti-
tution or a small number of them.
pointing to the successful experience of
the banks of France and. the Bank Of
England. While the speaker Thought
that a central bank was not desirable In
this country. a central association
should be established.
The speaker said that the outlook for
good financial legislation is not en-
couragfns. for, he said. there Is no
class OF legislation which Is so asso-
ciated with selfish interest as that for
monetary reform. He urged those pres
"a
ana assist in bringing about sound fln-
ancial reform legislation.
Henry Franc. jr.. and Roe FuIker-
son followed the Senator and turned
the tide of seriousness back to fun
George II. O'Connor and Matt Horne led
s tne singing OF songs specially prepared
Tor the occasion by Henry L. West. All
OF the members Of the exchange were
wit.
John Poole, president of the Federal
National Bank. was unable to be pres
ent and answer the question referred to
Street?" 'e
Programs Elaborate.
The program and menu was an elabo-
rate affair. illustrated with cartoons de-
signed by Pop Fleming and executed
by Bergman. One of these depicted
Eldrdge f. Jordan looking into a room
where John Poole was proudly showing
his new plaything. the Federal Bank, |
to President Woodruff. and Jordan re-
''Wait TIL that bank grows.
I'll get it,
Handsome silver souvenirs. each en-
graved with the initials Of the guest, |
were given to all present The ar
for the dinner were made
by a committee consisting of BENJAMIN |
Woodruff, president; w. B. Hibbs. w.
a. Mearns, Allan z. Walker, A. G.. |
Plant and ]. T. Hendrick