The Hood River glacier. (Hood River, Or.) 1889-1933, 1914-11-26
LOCAL BANKERS
HOSTS SATURDAY
LUNCHEON GIVEN FOR VISITORS
Group One Of State Bankers Association
Held Session at ROoms Of Com
mercial Club

Group No. of the State Bankers
Association, composed of Columbia,
Clatsop, Clackamas, TillamoOk, Yam.
hill, Washington, Multnomah and Hood
River counties, held a successful con-
yention here Saturday. The group con-
ventlons are held semi-annually. A
number of the delegates from the eoun-
ties in the northwestern part of the
state arrived Saturday on the Pendle-
ton express of the 0.-W. X. q N. Co.,
while others came up on the noon train.
The early morning arrivals were i'm
mediately taken on tour of inspection
of local apple industry plants. The
visitors who came OH the noon train
visited these pltnts in the late after
noon, just before returning TO Portland
on the 0.-W. R. & N. train No. IL.
The visiting bankers were entertained
at luncheon at the Commercial club.
A long table was laid in the mems
reading reading room and the ladies'
rest room. Greens and chrysanthe-
NUNS formed handsome decorations.
The luncheon was made entertaining by
songs from Otto T. Wedemeyer and j. |
A. Epping, while Arthur Clarke and |
Clarence +. Gilbert produced laughter |
with their Dutch stunts.
Toasts were responded to by Mayor |
Reed, Lydell Baker, of Portland, and |
N. j. Sinnott, of The Dalles, repre-
sentative in congress from the second |
Oregon Dist. Leslie Butler was chair
man of the local committee in charge |
of the convention. Paul S. Dick, of the |
United States National bank of Port
land, is secretary of Group No. !. The
sessions were presided over by w. S.
Wharton, of Newberg.
The two chief addresses of the con-
vention were delivered by State Bank
Superintendent Sargent, who talked on
| legislation pertaining to state banks
now pending, and Ii. W. Hawkins, of
the Portland Savings 4 Trust Co., who
read paper on the federal reserve act.
A great part of the discussions of
the bankers was taken up with the re.
dlscounting of commercial paper. Ii
was the opinion of most of the country
bankers that their institutions would
not benefit from the act by rediscount-
ing, since their paper was not in a
form to be so handled. AS was stated |
by the bankers, hereafter ii will be
necessary to collect interest on notes
at the time of making. The custom in
the Pacific coast states, especially in
the small towns, has been to collect in
terest only at maturity of notes.
The bankers and local citizens pres
ent at the luncheon were: j.
w. M. Ross, OF st. Helens w. 0. /;
Galloway, Banks. Leroy u. Walker,
Candy; N. j. Sinnott, The Dalles; W.
S. Wharton, Newberg; A. G. Shute and
G. Jack, Jr., Hillssoro; l.. Nj. Meeker,
Candy; G. r. Higgins, Astoria; j. N.
Edefsen, st. Johns; LydeIl Baker, II.
W. Hawkins, E. S. Sammons, j. L.
Stephenson, Geo. W. Bates, N. u. Car |.
penter, w. II. Beard, Wilfrid Jones,
W. M. Cook, Paul S. Dick, 2. S. Hunt !.
ington, F. S. Stanley, State Bank Su-
perintendent Sargent and c. b. SEWAGE,
Of Portland; Raymond P. Caufield, Or.
egon City; and Q: I. Wedemeyer. }.
A. Epping, A. ID. Moe, X. b. Bennett. =
A. P. Reed. Leslie Butler, Truman
Butler, S. A. Mitchell, E. G. Smith,
W. B. Young, G. h. Vaughan. V. G.
Brock, A. J. Derby, M. M. Hill, and
Geo. X. Wilbur, Hood River.
The visitors thanked the Hood River !
bankers and citizens for the hospitality ,
shown them. Leslie Butler and E. q.
Blanchar both made short talks telling !
Of local conditions and expressing their
pleasure at having the privilege of en-
tertaining the visiting men. Mr.. But |.
Ter urged that the semi-annual c0nven- !,
ton of next May be held in Hood
River, that the local people might be
able to show the beauties of the valley !,
at that season.
Touching OH the federal reserve act, :,
which has just gone into effect, the
paper of Mr.. Hawkins is particularly
interesting at the present time. Ex-
tracts from the paper are given below
The law is indeed milestone in the !,
financial legislation of the country. and :
promises to be a monument to Presi- .
dent Wilson and his advisers and while :
parts of the law can be justly criticised !.
from economic or practical business !.
standpoints, | do not wish 60 be accused !
of casting political aspersions upon its
sponsors because | might happen, say
as a Prohibtonist, to differ from them
in politics. :
To fully appreciate and understand !,
the law, and all its possibilities and all =
its consequences, a thoroughly critical :.
analysis of it must be made. However !;
interesting that is, am permitted time :,
only to discuss two or three features of
it. First, shall recall to your mind
criticism passed upon the bill before !,
its passage, that as in contradistinction !.
to the control of the banking system of !.
the country by a cOterie of influential !
financers, there might also be possible =
control of the system by a coterie of J
politicians, and this through the extra :
ordinary powers and privileges granted :.
to the secretary of the treasury by the |.
law.
| thoroughly believe that it is advisa- =
BILE and necessary to provide single, !.
strong, responsible governing authority |.
for the management of so great and SO J.
important an institution as the bank .
ing system of the country, but also J
believe that the over-weaning solicita.
tion of a political administration in
shaping and controlling, politically, .
that institution for all times might !
better have been restrained and the ad- /. /.
ministration of the system placed in :
commission or board of directors ..
moved only by economic or expedient :
financial motive untainted by political ,
influence, and reponsible only to con- ,
gress or to judiciary.
4 The whole plan of the law believe l.
to be admirable; for its constructors
appear to have considered adequately
the fundamentals of financial legisla-
tion; but as to many of the minor pro-
visions of the law, it could have been
improved and made finished piece of
work, had the advice of bankers been
sought and the technical side of the
subject been given greater considera-
tion.
Alongside the assembling of the re.
serves of the national banks, the redis-
count function of the federal reserve