El Paso herald. (El Paso, Tex.) 1901-1931, 1917-05-16
BANKERS CD To
REVIEW At FORT
Spend Morning of Second
Day Watching Troops;
Hold No Session.

Most Of wednesday, the second day
of the Texas Bankers association
convention. was given over TO enter
tainment of the delegates. A brief
business session was held at The
Texas Grand theater this afternoon,
beginning at o'clock. at which an
interesting talk on The Economic
Advantages of Trade and Bank Ac-
ceptances' was made by John Clau-
sen, vice president of the Crocker Ma
tional bank Of san Francisco Gen
eral discussion Of various banking
activities and the affairs OF the asso-
citation followed
Wednesday morning at 9 o'clock
most of the delegates, accompanied
by their families. went to Fort Bliss
10 witness the artillery drill arranged
for them by Gen George Bell, jr- Lo-
cal banks were closed until noon SO
employees and officials could attend
the maneuvers- A majority of the
bankers were taken to the scene Of
the maneuvers in army motor trucks,
on which benches were place -Four
types Of guns were shown in action
and the visitors were deeply inter
ested in the drills
Because ofthe death Tuesday of
Lieut.. NJ Nee. Eberts, who was killed
when his airplane fell near Columbus,
y. NJ, as he was en- route to e. PasO.
have been staged for the visitors did
not take place.
Women Postpone Session
The inability of Mrs. Percy Y. Pen
nybacker, former president of the
Texas Fedora tion of Women's clubs,
TO come to FL Paso to make a speech
at the convention Of the Texas WOm-
ems Bankers association, caused the
Wednesday afternoon business ses-
sion of that organization TO be post
poned- The musical features that
were 10 have been staged at the bust
ness session were held at the lunch
con given the visiting women at noon
in the Del Norte ball room.
The afternoon session of the bank
ers was opened by an invocation by
Right Rev Anthony J. Schiller. bishop
OF the FL Paso diocese. Mr.. Clausen's
speech followed.
Federal Reserve Act.
'-F1e federal reserve act, which became
operative by the opening on November 16.
1914, Of the federal reserve banks. IS
essentially intended TO bring into exist
snce a commercial banking system that
viii assist in more advantageously financ-
ing our internal and external trade ana
every indication points towards its be-
coming a powerful force behind the bust
ness machinery OF our country" said Mr..
ClsusOn-
States that will meet the growing demand
for commercial expansion is but a matter
Of national enterprise and largely rests
with its people in their campaign Of edu-
cation TO conform with new conditions and
adequately cope with and keep within
legitimate bounds the activities Of trade
Self Liquidation System.
TO business men and bankers II IS
fact generally acknowledged that one
II our most urgent needs is a self Hqui-
dating system Of trade operations. facilt-
lated by means Of a properly recorded and
readily negotiable credit instrument The
day OF barter is long past; no longer IS il
= question OF trading commodity for com
modify or so buying in a reasonable open
competitive market the products Of in
dustry-
1T is the lack OF credit facilities. more
than anything else that hampers bust
ness. and the difficulties in my mind with
merchants do not to such a large extent
exist for an increase of capital TO en-
large their output. but rather as a result
OF their not being afforded the advan-
taEes accruing from a modern system OF
financing their sales, and Il Is in this
direction mainly that the new federal re-
serve act viii prove Of immeasura bic value