Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-10-23
BANKERS MEET
AND REFLECT
THEIR OFFICERS
David n. Merritt Again Chosen
as Head of Essex County
Organization.

Organization.
After the officers OF the Essex
County Bankers Association had
| been reelected at the annual banquet
and meeting of the organization in
the Down Town Club last night the
much discussed question of branch
banking was again brought UP. In
connection Herewith Uzal II. Nc
Carter, president of the Fidelity Trust
Company announced that, in view of
the reported opposition of the banks
of the State to branch banking. he
and the company of which he is the
head felt that they we're released from
any promises that he has made with
regard to the matter.
Refers to Early Promises.
Whatever pledges or promises I
may have made" said Mr.. McCarter,
"at our meeting last June, and in let
tiers which l sent to the presidents
of all the banking institutions of the
State. were made on behalf OF and for
the Fidelity Trust Company. They
were frankly and voluntarily made
They were made with the idea of
setting at rest any doubt that there
might be among bankers. or in the
public mind. as to the position of the
Fidelity in SO far as branch banking
might be concerned. This organiZa-
ton went on record as being in favor
of the plan which we submitted and
Endorsed a bill which we had had pre-
pared for introduction at the next
session of the Legislature. 1t now
appears, however that despite the
action of this organization and in the
face of the pledges that / gave the
banks of the State are either indit-
ferent on this question of branch
banking or, as a majority opposed to
it under any conditions. In view or
their attitude | think that | and the
company OF which I have the honor
to be president, are absolved from
any promises that | made when this
subject first came before this organ
ization, AS | see it the action of the
banks of the State, as revealed by
their votes on the questions submit
ted by the special committee of the
New Jersey Bankers Association.
wipes the slate clean. It puts us all
in a position where we can properly
start from the point where we were
when the question was first brought
up. In other words, vel speak of
the Fidelity Trust Company-and
you, as. an organization, and the
State association are all free lances
TO act as we tnlnk DeSt
Reviewed Years Happenings.
After announcing the illness of
Rufus Eisler. jr., treasurer of the
Ironbound Trust Company and Sec
rotary of the association President |
Merritt announced that Spencer c. |
Marsh, of the North Ward National |
Bank. would act as secretary. The
president went on to review financial |
and banking happenings since the
last meeting of the association. |
Speaking of "the recent disturbance
occasioned by the European war;"
Mr.. Merritt said the banks of New
ark had preserved the even tenor of
their way and that in Essex County
the bankers had never for minute
lost their nerve.
AS for the branch banking agita-
ton, Mr.. Merritt, speaking as chair
man Of the special committee of the
State Bankers Association, said that
q marked Indifference to the ques-
ton had been shown by the banks
of the State with regard to the
matter. He then called for the re-
port of the secretary and that of the
executive committee. The latter re-
ported that at present forty-nine
banking institutions in Essex
County are members of the associa-
ton. Only four institutions of this
kind in the county are not members
of the county organization. The
treasurer's report Showed balance
of $43S15.
Reporting for the nominating COM
mittee, Senator Bachelor, president |
Of the Ironbound Trust Company /
said that while the unanimous judg- /
ment of his associates and himself
was to name the present officers.
H. e,nsI 81 ts, he falx
to mean that there was any pur-
pose to perpetuate in Office any set of |
officers, and upon motion of Mr.. Nc
Carter the secretary cast the ballot |
for the election of the officers named |
by the committee.
The officers reelected are as fol- |
lows: President, David II. Merritt, |
president of the National Newark |
Banking Company; Weep president, |
John D. Everitt, Thomas w. Steph- |
ems; treasurer, Frederick T. Shoyer; |
Marsh, Charles II. Clark, John T. |
Bowen, Clarence G. Appleton.
1t was explained by Mr.. Merritt |
that it was expected to have as a |
speaker Congressman Edward W. |
Townsend, but that the latter found |
at the last moment that he could not |
be present. He had, accordingly, |
sent a telegram which Mr.. Merritt |
read. The message was as follows: |
Chairman Bankers Association,
Down Town Club. Newark, N j.
Deeply regret legislative situation
here prevents my leaving today. Yes
terday my vote helped to defeat bill
designed to initiate currency bill is
sue of quarter billion unsecured Fed
eral notes. Today my vote helped to
pass war tax bill designed to relieve
secretary of possible necessity of
withdrawing hundred million of gov
ernnrent funds from banks which i'm
pose hardship on business requiring
bank credits. Expected this would
conclude business in Congress. but
another unexpected attempt to pass
imitation legislation makes necessary
presence of all sound members. I
am missing a pleasant evening with
you, but my job is here.
sc. w. TOWNSEND"
AS the speaker of the evening the
president introduced Charles e. Meek,
president of the National Credit Mems
Association and former Weep president
of the Fourth National Bank of New
York. Mr., Meek delivered an inter-
esting but more or less technical adj
dress on the subject of credit. In an
informal manner Charles II. Clark,
of the People Bank, of Orange. and
| Samuel c. Wheeler, of the Montclair
| Trust Company, told of clearing house
methods that are now in vogue in
| their respective territories
!