The Washington herald., 1913-09-11
BANKERS Will
Be AGGRESSIVE
They viii Not Use Gloves in
Handling Currency Bill
At Convention.
VIEWS OF MANY LEADERS
Union Pacific Leads the New York
Stock List to Higher
Levels.
VIEWS OF MANY LEADERS
By ]. A. FLEMING.


than ever the big stick dared to be, has
been drawn from its temporary resting
place in behalf OF an early enactment OF
the currency measure
And the chances seem to be that the
House will quickly fall in line. The SEN
ate will be less pliable. but whether or
not IL will be put over on the people re
mains for time TO tell.
In the meantime the American Bankers
Association will meet in annual session
and it may be assumed that the mixture
Of oil. conservatism and moderate crit-
cism of the Chicago convention will be
cOrked up tightly at Boston, october
TO 10. and that the vials OF scorn and
wrath will be turned loose.
Perhaps il will be but aftermath
after all, for the ferule has brass edge
and may force the whole matter through
by October 10, although the chances are
entirely against any such speed, the more
50 as there must be considerable time
given to disagreeing or agreeing with the
report of the House and Senate con-
ferees. The general opinion in financial
circles is that the two houses Will quickly
agree on the tariff amendments, the
House doing the yielding. in order TO
facilitate action on the currency measure
The bankers Convention.
In letters received by Boston bankers
Who are to entertain the convention Of
tins 8SSurlatlOn OF li,NFI DanhS. inc lOl-
loving statements are typical:
NJ. l. Knox. comptroller Of the Bowery
savings Bank. New York: Especially at
his time. when the bankers Of tine Coun-
~ have been subjected 10 so much crit
rism, it is desirable that they appear m
orc at their annual convention, and
'rmDnstrate by their attitGde toward
1rrenCy legislation that they have no ak
grind. that il would be an impossible
,,v to pass a currency bill that would
hC :Unl for the bankers and bad for the
agricultural. commercial. and industrial
Interests of the country. Bankers. mer-
chants farmers. all prosper together. or
al fail together. \ great and repre-
sentative gathering st the Boston con-
NCHtiom may help to impress these plain
truths on the people. and. through them.
nu the representatives OF the people in
.' ircrtSS''
Arthur REYNOLDS. acting president of
the American Bankers Association and
president Des Moines National Bank:
Tho pending currency legislation is Of
the most vital interest TO every banker |
aud business man in the country, and IS
not only the most far-rsaching in its cf- |
feCt iron business. but Is ais" one Of the !
most serious problems ever taken up by /
IEc association or by congress for con- !
siIe:atiou. 4 fun attendance at the |
I:ygtum meeting will best promote the |
business md uGukiug interests Of the !
country. At no time has the necessity |
for dis'r.= =iUu and cooperation been so !
imperative .s now.
IIcphurn'~ Views.
4 2 Hepburn Of New York. chairman I
Of the currency commission OF the Amer /
lean Pankers' Association: Il should !
think that IN p.ndlng currency measure. |
with its compulsory provision requiring /
all national banks to join the Federal re-
serve banks. therein provided for, within
Gle year after the passage Of the act. or |
else go into liquidation is sufficient mo
tive to induce all banks 10 be Represented
at the coming bankers convention. and |
represented by their best meE in order
HAT the terms OF the pending measure or
law. il il shall have eventuated into law |
by that time. may be thoroughly dis
cussed and fully understood and wise
and conservative action result there
from
L. +. Swinney. president First National
Bank. Kansas City. Mo: We have
question before the country which the
Lankers should discuss freely and with
out reserve. They are vitality interested
in the proposed currency bill and should
meet and make an intelligent study OF
tho proposition and an unbiased report.
Joseph Chapman. vice president North
western National Bank, Minneapolis
The most important financial legislation
m 80 Years is being discussed in Congress,
and its effect upon the business interests
Of tho country and the bankers may b.
monumental The bankers should get to-
Getncr and try to formulate some senti-
Urut that will be hclpru, in getting the
land Of legislation that the country
Iccd3-"
California in Orpn~itinn.
James n Lynch vice resident Fi~st
National Bank Of San Francisco: ''Th"
!.Inkcrs Of the country should voice their
rlisappTUval Of the Objectionable features
"f the Federal Reserve Act which in
dude administrative control. note ciTcu-
latiuu. reserves. excessive capitalization, |
and the rumpulsion on National banks to
contribute capital 10 the enterprise with
uut adequate return"
7. ]. Davis. vice president First Ma
toual Bank. Ciurmnati: Through the
activities OF the American Bankers Asso-
cation interest has been stimulated in
all the various phases of banking and.
foremost Of all. in the effort to rearrange
the banking system Of the country so as
TO provide an elastic medium for moving
Of the crops and for mobilization Of re-
serves.
After many Years of earnest petition
directed toward Congress. for the enact
mcnt of q Federal law. a bill has finally
been introduced. to which the american
Bankers Association Through its Cur
rency Commission) is giving its earnest
attention, and suggesting such changes
as it is believed will be broadly helpful
to the operation and workings OF the bill
il enacted into a law.
Nationwide interest is now mani
tested by bankers, and the belief that the
Boston meeting will furnish opportunity
for exchange OF views and enlightenment
generally on the subject WILL l think.
stimulate many bankers to go there for
that purpose"
May Indicate Economy.
Net earnings of Gillette Safety Razor
Company for eight months ending
August 81 were s77s.72S. compared with
s64o,SiS for same period last year. In
crease was s154.S44. or as per cent.
Directors declared the regular quart
"rly dividend Of 3-4 per cent on pre-
ferTed and Ia per cent on common
stock payable October Is to stockhoId-
ers Of record September 30.
Company has also purchased and re-
tired from earnings 500 goo preferred
stock.
Local Securities.