The Birmingham age-herald., 1914-02-20
TILTON SPEAKS TO
: LOCAL bANKERSAT
ANNUAL BANQUET
Says He Does Not Believe
Either Birmingham or
Atlanta Will Get a
Reserve Bank

Il do not believe that either Brming-
ham or Atlanta will secure one of the
regional banks provided for under the
new currency measure" declared Mae
Lane Triton of Pell City. last night
before the members of the Birmingham
chapter of the American Institute of
Banking at the annual banquet of the
chapter at the German cafe of the Em=
pire hotel There are hundreds of cities
seeking these banks and in the south
each state seems to want bank with
in its own borders and all seem to OBJ
ject TO going with another state. The
federal reserve board has, for this rea-
son. most embarrassing decision TO
make. and | believe the chances of both
Birmingham and Atlanta are fine-not to
get the bank"
Mr.. Tilton was the speaker of the
evening and was introduced by Ier-
win H. Sterne, who acted as POSTMASTER
The banquet was the second annual one
of the Birmingham chapter and covers
We're laid for more than 100 members
and their friends. Capt. Jack II. Gram
ford of Jasper and A. Leo Obcrdorfer
were the other two principal speakers.
Others speaking were l.. c. Collins, W.
ID. Robertson, Frank Stevens, Hudson
Barker, Al. CARRIER and j. Leland Cross.
The speaker paid tributes to Secre-
tary of the Treasury McAdoo. Secretary
of Agriculture Houston and to John
SHELTON Williams. comptroller of the
treasury, and to w. p. q. Harding.
Coming to his subiect-regonal banks
and the currency law-Mr. Tilton said in
part: The national bank act WAS forced
down the throats Of the majority of the
people so years ago and this is just what
President Wilson did when he passed
the currency bill and what he has been
doing since his Inauguration ON March
4. That he was right In passing the
measures of the party is generally ad-
mitted now. Even those who made the
most desperate assault on the currency
bill before its enactment into law now
admit that it is 10 per cent good. There
are two things 1t Is going to do that
alone would justify its passage: 1t will
relieve bankers of the dread of tight
money at harvest time and it will re-
lieve business men of the dread of finan-
cial panics for all time
'"The purpose and object of the fed
eral reserve commission cannot be ques-
toned. 1t became readily apparent In
Atlanta that politics would play abso-
lutely no part in the matter of select
ing the banks. Mr.. McAdoo and his col
leagues asked questions of every dele
CATION tnat came before them in an at
tempt to get all the available informa-
ton as to the establishment of the banks.
II believe a branch bank in Brming-
ham would be of infinitely more ad-
vantage than a central bank. ~ cen
trail bank is established it will give about
one citizen in Alabama a chance to serve
= nd ,,f 1ipeptnrg tha AtlarS he
ing taken from the cities making up the
branch banks On the other hand, If
Birmingham gets branch bank 1t Will
lie manned by Alabama people, who VIII
know how best to meet conditions local.
ly and in the event they get in tight
will be able to call upon the central bank
for aid.
THE federal reserve board cannot es-
tablish the three banks in the south
without doing violence to the wishes Oh
the people here. Everyone wants the
bank located in their particular state
and do not want to go with any other
states, in the event 1t is not located
in their desired city. The board Is IN
a most embarrassing position because
of this and ] do not believe either At
lanta or Birmingham will secure bank
because of 1t.
Mr.. Tilton was followed by A. Leo
Oberdorfer. Mr.. Crawford having peen
the first speaker Mr.. Oberdorier ue-
lvered what was regarded as~one OF
the finest extemporaneous addresses
that has been heard in this city for
sometime He stressed the Importance
of building a reputation and said that
a character must at all times be be-
hind 1t in order for 1t to have a stam-
ina He pointed out that the bank as
an institution was such because or the
confidence It instiled into the breasts
of It's customers. He received an oVa-
ton when he had done.
Several other speakers addressed the
body and received much applause. Frank
stevens, an ex-president of the Birming-
ham chapter. stressed the Importance OF
attending the study classes of the IN
stitute and exhorted his hearers to fol-
low the directions OF Mr.. Oberdorfer
closely In the study of banking prin-
ciples and banking law.
The banquet was largely attended and
there was spirit of good fellowship
over all that showed the spirit that
moves the employees of the banks OF
birmingham and causes the people OF
Birmingham to trust the banking insti-