The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-10-14
STATE BANKS
MAY ENTER
WILL CONFER WITH FED.
ERk.L RESERVE
BOARD
OFFICERS ELECTED
Trust Companies, Savings Banks
and Clearing Houses Have
Representation.

| Rtchmond, Va, Oct. 13.-Sayings
banks and trust companies represent
ed in the American Bankers Associa.
ton specifically outlined their atti.
tude toward their entry into the na.
| tions new currency system today
when they recommended that the gen
eral convention appoint committee
to confer with the Federal Reserve
Board over. changes in the law that
would make membership more attract
i've. Several speakers at the Joint
meeting of the two sections urged that
state banks be permitted to enter the
new system and continue their bust
| ness along the lines 1t now Is conduct
ed. Others contend that regulations
OF the reserve board should permit ex-
aminations by officials OF regional
banks who understood local condi-
tions. 1t also was asserted that unless
there were changes in the law State
banks entering the system might face
conflict between State and federal
examiners.
The appointment OF a committee to
confer with the Federal Reserve Board
was proposed by Sol Wexler, of New
Orleans. Immediately It was adopted
by the joint meeting and tonight the
savings banks section committee was
named for submission to the general
convention. which will decide on
Thursday whether 1t will approve the
plan.
Several of the speakers who con-
tended that changes In the law would
be necessary agreed. however, that
their participation would he desirable
to bring about unified CURRENCY sys-
tenn.
The trust company section which
approved the Wexler plan In the joint
session referred 1t to the executive
committee to name q sub.commission
which, II was said, would act in coon
GRAFTON with any committee the gener-
al convention might name or take IN
the proposed changes independently.
Members OF the savings bank section
10 be recommended for appointment
on the committee are, w. e. nox. of
New York, new president of the sec
ton; r. c. Stevens, South Bend, and B.
+. Saul, of Washington.
Bankers of several cities sent let
ters to the meeting of the two sections
outlining their attitude toward the
new. system.
The associations sections practical
ly completed their work tonight for
the beginning of The general conyen-
tion tomorrow. In the clearing house
section exercise of the clearing func-
tion by reserve banks and the clearing
or exchange items among those insti-
tutions was discussed. Secretary
Wolfe. of the section, read from ten
tative rules OF the reserve board the
plan under consideration to effect the
clearing items among the regional
banks. That proposes that the clear
Ing be done in Washington by the
board and that each reserve bank car
ry there gold 10 cover balances. An
other plan suggested was that one of
the hanEs-Cha!!ccaaSso 5r ST. Louis-do
the clearing. No conclusion had been
reached by the board, 1t was said.
Ofhcers elected by the various Gee
tions were:
Trust company-Ralph w. Cutler,
Conn.,, president; John H.
Philadelphia. vice president.
. Savings banks-W. E. Knox. New
York. president; N. F. Hawiey, Minne-
ePolfs, wee president.
Gle2Fing hOuse-A. Orviile Wilson,
st. Louis. president; j. d. Ayers, Pittr
5urgh. vice president
State SecretaTies-W. w. Bowman,
Topeka, president, Haynes McFadden,
Atlanta. first vice president; George
D. Bartvell, Milwaukee, second vice |
George Fl. Richards, Mime.
apolfs, secretary-treasurer. g