New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-25

d
chants and which are approved by
many bankers. The elimination from
our money market OF the single-name
note may not be necessary or de
sirable, but, on the other hand, IT is
undoubtedly desirable that the paper
in which our banks invest should more
largely represent the purchase and
sale Of commodities, and not perma-
nent capital.
"The inducement to the making OF
double paper, representing, IN
fact, commercial transactions, viii lie
i'm preferential rate rather than in a
regulation. Gradual changes in trade
ethods will aid in bringing TINS
about The best guide to a safe course
will be experience
Stronghold for Business.
Henry r. Towne preceded Mr.. Strong
and emphasized the -partisanshlT
of the Federal Board and the necessity
for cooperation between banking anC
business. lie said:
II presume some of you know that
my qualification rs a director of the
Federal Reserve Bank was the fact
that know nothing about banking.
belong TO the celebrated Glass b,
which stands in some minds for the
word business the business directors;
also il stands for beginner and | an
! beginning to learn little bit about
the rudiments of the science Of bank
ing. But we business men have pro
found interest in what this movement
stands for. Banking and business arc
partners, whether they wish 1t or not
All of us older men can remember
many of the crises through which the
country has passed. Now. what were
they due to- In large part to the lack
of coordination of our financial sys-
TEN. to the fact that each bank stood
bv itself. without adequate means OF
co-operation and aid from one 10 the
other. II the new federal bank act
stands for anything it stands first, IN
nv opinion, for the coordination OF
our banking system and the cooper
alton of our banks"
Mr.. Towne asserted that the end OF
depression in business because of po-
litical reasons or the European wal
was at hand, and that business pros
perity was on the way, If not already
here. He pointed out that Congress
had been criticised because II saw 1T
10 create federal system instead Of a
centralized system, but said 1t was
best to try out the present system
first. and IL its lessons should show
clearly that a more centralized system
was better, then it could be easily OBJ
tanned.
Mr.. jay in his speech pointed out
that the country had been living in q
period Of cooperation since the Euro
mean war broke out such as was never
known before. He pointed TO the help
ing hand extended TO the South IN its
cotton crisis as an example OF what
could and will be accomplished 10 help
those in need Of financial support III
times of stress.
Mr.. jay took up an academic discus
sion of the feature of the reserve act
relating to the way in which the new
Federal Reserve notes are issued, and
what relation, if any, they bear to re-
discounts
Irving T. Bush, president of the
Bush Terminal Company, gave the fol-
lowing practical and clear description
of the character and uses of the Fed
eral Reserve banks:
"The Federal Reserve banks are
merely banks for banks" he said,
directed in the interest of public vel
fare bv the Federal Reserve Board in
Washington. II is system created to
make the banks more useful to Dusl-
ness men.
"Sone were afraid that under normal
conditions the first result might be a
little imitation. 1t is this imitation
which is going to save the day now IN
this crisis.
1--WE were not in the throes Of a
sneculative BOOM We we're pretty well
Inundated. The cereal crops OF the
world we're small, and ours were large
and unsold, available for market at war
prices. "
rride in its labors for seven years IN
the interests of banking and currency
reform. II welcomes the opening or
the great institution which VIII De
directed by our distinguished guests
The Merchants Association is enter
ing upon a campaign for business pros
nerity only equalled by its long and
effective work in that direction in the
mast II has five different bureaus, IN
dustrial and foreign trade, traihc, con-
vention. publicity and statistical bu-
reau. and twenty-siX active committees
of merchants and business men VINO
reallv give their time TO the STUDY OF
business questions affecting New YORK
which are submitted to them
Among those present, other than the
guests OF the members council, were:
Eugene NJ Travis state Controller elect: Dud'
-, FieiJ Malone Collector Of the Port Jacob n
Se,tr lanes Sneyer Henry gcWs tlarles Eli9
Warren. president Lincoln National Bah1, ram
n Bafheu ce-president New lork lelepnoh'
COMPANY. $ YouBS " W'e w RfT1asn' Of Cauld
well Wingate Company Thomas Nllli@ni, IL ~,
Williams a Sons. Arthur william 81 we ~ ~
III a. Wbtie q 20. T. VI Werner president In
dencndent Salt Company: l.. II. Werner president
Central Union Gas Comiahy, "I iiatsse,r1 ysn SIN
deran OF Van Sinderan. Guthrie bahss heh'
g Turner. president Turner confirmation tompsny
Csivin Tomkns former Dock Commis slQner Ben
ta.'n "a Til president Phoenix SIX Mauufsctur
H.. Connsny. / Inui, Schaefef. treasurer W. X
Gpsce a 60; Clinton L. Rosser' vice presden
bI T9sIy poiau q, Ussden. stone 60 Charles A
e.rte,t Incident Mutual Bank. Franklin kening
[ - ''iierf Foundation Company ogden VI
. MA George Haven Putnam. or q. J.. futaam
7 So|s William L Dcmsrest. president leaD itus
C0ninany: y A. De Lima. president Batteg faii
National Bank OTIS ~ Gum ra1,.py lincoln Com
xeU Of william Iseliu Co. Ihomas Coehi AZ
rresident Liberty National Ba.h, Lf"S T. 'taIh &c
resident American Exchange Na,ioisl banh' - ~
TSbcrey incident Pacific Bank. william u. Childs
I ,,,.ideut American Coal Products company; hei,l
A Cesar % ". A; Cassi 90 i.laH I Io,ir,
b'o" ;;,gsnnaTy Andrew Post. president Post q
MccorI Company. {. Is. Shef1sh pieeiu,L !. y"
e. h sheridan Company. and James Seem~ii' o.
Sa,, 'SScbrsrzenbAch Of schwazenbach. Ube
/ . 20 Fd,gin : Schench president CitiIens Zen
81 National Bank. John " Ma. or John NJ =
VA ,d"inb : Ochs waldo II. Marshall. pres
ANT American Locomotive COMPANY Jonn hughee
United staies s'sel SorPofA'o pa Nef,s Nstlos.