The Birmingham age-herald., 1914-06-05

A. val derlip. intimated in a recent ad- dress that his institution has been badly misjuoged by some portion of the Amer
 can public. A suspicion has prevailed that some members of the present admin istretion at Washington have not looked witi entire favor upon this institution, having, in fact publicly criticized some of it's methods
 In midwinter an erroneous impression was widespread that this institution would surrender it's national charter and take out d stutc charter, possibly merging with one of the large state institutions. The report was without the slightest founda- tion. and at the time it was made the in stitution was preparing for speedy read justnent to the new national bank or gan,za ton.
 It was the first of the banks of New York, with single exception, to make application fer membership in the new national banking system, and it has been the impression in banking circles that in due time the institution will establish branches in Lon6on and possibly in Paris for the parpose of facilitating American business.
 Mir. Cardin's Statement MT. Gardins statement o<the delegates ] at Washington was made without any res ervation He alluded to. the great ad- vantages to American business life from the point of view of facilities for credit,
 which the new banking system would of- l fer He probably had partly in mind that department of American finance of i
 exchange. How great master MT. Gar din is of this department was Illustrated
 on the first day of the panic of 1907, when 1 he bought discounted some Sl0000,0 900
 of foreign exchange-mostly cotton bills l thereby relieving the anxiety of cotton
 merchants. These bills were used as the
 basis for the instant securing of the like amount of gold in the London market, with instructions that the gold be im- mediately shipped to the United States. l MT. Gardin is one of those who have re- 1 joiced over the spirit of cooperation i which has been displayed by the national bankers of the United States who have substantially without exception become members of the new organization. A week l or 10 days after the national bank of which MT. Gardfn is vice president made | dppHtdliOH IuT IHenDeTSnp Tn the new organization, the announcement was
 made that out of the. 75oo national banks
 of the United States hot more than 20 had made it known that they did not desire
 to become members A little later it was | learned that even these 20 banks should ] be included in the membership list since ] by misunderstanding of the statement
 made by the federal organization com
 mittee they had employed the wrong
 method of notifying the authorities at 1 Washington of their purpose. In other words, they sent the wrong blanks. This
 mistake was early rectified, so that at last | it was possible to announce that practi- cally every national bank in the Unitde States had made it known that 1t de-
 sired to become member of the new or 1 ganization.
 An Extraordinary Success l So far the national banks are con
 cerned, this practical unaninity of ac-
 tion is regarded both here and in Wash ington an extraordinary achievement. In | it's way it matches, or offsets, another extraordinary and unexpected feature of 1 the roposition-namely, the substantial refusal of nearly all of the state char tered banks of the United States to be- | come members of the new organization. l However, the belief is strong that many | of the state banks will find it to their ad- vantage hereafter. and possibly within
 few months after tho organization has been effected and the new system is under way to apply for membership.
 What Is Vital to Success
 | MT. Gardin is one of those who believe that the government itself cannot by it's lrew national banking system Success
 q