The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-10-14
RECEIVE REPORTS AND HEAR IN
TEREsTING ADDRESSES AT
SEVERAL MEETINGS.
URGES STATE BANKS
SECRETARY WILLIS, OF FEDERAL
RESERVE BOARD, SAYS THEY
SHOULD COME IN-CLEAR-
ING HOUSE FUNCTIONS.

varied banking problems ana the eiec-
ton of officers featured the meetings
of the different sections of the Amer
lean Bankers association yesterday.
The day was given over to these
meetings. with little attention to
amusements and entertainments. with
the exception OF the governors ball
last night. No business sessions OF any
kind were scheduled for last night.
though there were several informal
conferences. There were five sections
trust companies. savings banks.
clearing house and State secretaries.
All Of them held two sessions, morning
and afternoon. except the State secre-
taries' section. which completed its
work during the morning.
Election of Ohicers.
Oficers were elected as follows:
Trust Company Section.
President, Ralph w. Cutler, Hart
ford. Conn.
Vice President, John II. Mason.
Philadelphia
Secretary, Philip s. Babcock. New
York.
Chairman executive committee, Uzal
Fl. McCarter. Newark, n. j.
Savings Bank Section.
President, w r. Knox. New York.
Vice President, n. +. Hawley, Min
neapolis.
Secretary. f. G. Mcwilliams New
! York.
Executive committee, George E.
Edwards New York: j, r. Newell,
Chicago; w. r. Meakle. Paterson,
y. j. James Dinkins. New Orleans.
Clearing House Section.
President. A. o. Wilson. st. Louis
Vice President, J. D. Ayres. Pitts
burg.
Secretary, c. Howard Wolfe, New
YORK ~.
! Executive committee. ]. H. Fulton,
New Orleans; G. G. Hutchesin, Kansas
! City. j. d. Ayres, Pittsburg.
( state Secretaries Section.
! President, w w. Bowman, Topeka.
Kansas.
! First vice President, Haynes Nc
Fadden, Atlanta.
second Vice President, George D..
/ Bartlett. Milwaukee.
Secretary-Treasurer, George ii.
Richards, Minneapolis
state Banks Position.
/ The part OF State banks in the new
reserve system was the subject of dis
I cussion at the morning session of the
! Joint meeting. the chief address being
/ delivered by Prof. II. Parker Willis,
secretary of the federal reserve
board. Mr.. Willis urged the state
banks TO enter the system. Almost
any institution can come into the sys-
tenn. said Mr., Willis. by complying
with the provisions applicable to 1t,
Mr.. Willis pointed out, however, that
no State Institution ought to think
Of entering the federal reserve sys-
tenn unless its business is OF as dis
tnctly commercial type.
Uniformity of management. sim
plicity in domestic exchange. ability 10
bring aid to those institutions or sec
tons where aid is needed and to AZ
ford opportunities for fluid and legii-
mate investments to those parts or
the country which have superahund-
ant funds concludes the speaker,
will be promoted by the extension
Of the membership of the federal re-
serve system"
Clearing House Functions.
The exercise of clearing house func-
tons by the federal reserve banks
and The clearing of exchange items
between the reserve banks themselves
was discussed in the clearing house
section The section has had q COM
mittee which has been giving consid.
Grafton and study to this subject for
some months and has had meetings
with the federal reserve board. O..
H. Wolfe, secretary of the section
and q member of the committee, read
from the tentative rules and regula-
tons of the federal reserve board.
the plan which Is under consideration
to effect the clearing Of items among
the twelve reserve banks.
The plan favored is that the clear
ing should be done by the Federal Re-
serve Board in Washington and tina,
each reserve bank should carry there
an amount of gold sufficient to cover
any probable balances against II.
Fl. Parker Willis. secretary OF he
Federal Reserve Board, spoke on the
subject without pretending to voice
the sentiments Of the reserve board
members, Prof. Willis said 1t was a
subject to which they had given and
were giving much attention without
having reached any conclusion.
All Banks In System.
So far as exercising any general
clearing house functions are con-
cerned, the sentiment seemed to be
unanimous that, although authorized
In the law, 1t could not be undertaken
until all the banks. both state and
national. had come into the system.
: When this will eventuate Is decidedly
, uncertain. but it will probably be
some years, the bankers think.
The meeting OF the State secretaries
assumed the character OF an informal
T conference for the practical discus.
, sion of subjects relating to State panH
associations.
: At o'clock the conference nd
e journed for luncheon served at the
: hotel.