The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-07-01
BANKERS CLOSE Meeting,
G. j. SHANNON. JR., OF CAMDEN
Is NEW PRESIDENT.
Carter Glass, Virginia Congressman
Tells OF Federal Reserve Banking
Law. Other Addresses Delivered.

Cieti Ic,toil, JUN" Lo.-Ine new led
eral reserve banking law, a concise
explanation Of its purpose and how
it will help business and benefit the
individual business man, was the
theme Of a remarkably clear and in
teresting address by Congressman
Glass Of Virginia this morning at the
second days meeting of the South
Carolina Bankers association. Mr..
Glass is an ardent supporter of the
new banking and currency law, and is
an authority on all the details of this
complex proposition. He introduced
the new bank bill and was instru-
mental in securing it's passage by con-
gress.
Mr.. GLASS; in his address today, dis
played a profound knowledge of the
workings of financial institutions and
their needs. One particular benefit to
be derived, it is believed, will be the
equitable distribution Of money over
the country.
II the new law goes into effect in a
few weeks as planned, some proclaim
it will mean drastic reversal Of re-
form, in connection with the handling
from the government standpoint of
the banking and currency interests
of tho United States. One Of the prin-
cipal objects sought to be obtained,
under the new law, was the clipping
of the wings Of Wall street. Had this
been accomplished, the belief was cx-
pressed that the smaller banks in
New York district would have been
frozen out as far as representation on
the dictatorship of the reserve insti-
tuition was concerned, but the prompt
steps taken by the organization COM
mittee in guaranteeing the secrecy of
ballots for directors put a stop to the
movement to bull the selection Of di-
rcctors.
Mr. Glass was accorded the deepest
attention by his hearers and was en-
Enthusiastically applauded All avail
able seats in the convention hall were
filled and many stood in the aisles
The crowd remained through the
other addresses of the morning, G. ch
speaker receiving a warm recel tior
Judge c. A. Woods Of the court OF
appeals, Richmond, Va, was the sec.
Ond speaker OF tho morning. He con.
fined his remarks consistently to the
subject to which he was assigned, that
Of Money and the Community" His
address made a deep impression upor
his hearers.
r. G. Rhett, the third and last
speaker Of todays session, spoke or
the new banking and currency system
as regards it's practical operation and
probable effects.
The session this afternoon con.
cludes the annual meeting as far as
the business of the association is con.
cerned and adjournment will be or
dered at that time, though q banquet
tonight actually closeu the festivi-
ties of the week. The banquet was
rendered the visiting bankers and ac-
cOmpanying lady friends by the local
bankers and arrangements were made
for an elaborate feast
The following officers were unani-
mously elected: President, C. j. Shan
non, Jr., Camden; vice president, j.
w. Simpson, Spartanburg; secretary
and treasurer, Lee G.. Holleman, An
dersOn; attorney, B. Hart Moss, Or
Iangeburg. Executive council from
the congressional district, First w.
King Mcdowell, Charleston; Second,
w. r. Prothro, Williston; Third, W..
T. Bailey, Greenwood; Fourth, +. c..
Rogers, Spartanburg; Fifth, j. p.
Stevens. Kershaw; Sixth, H. w. Fra
zer. Georgetown; Seventh, r. F.
Bryant, Orangeburg.