The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1920-09-11
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cation and James H. Thomas, OF
The National Bank OF Fairmont,
was the selection for secretary
treasurer. Committees were aP-
pointed as follows:
Executive committee = ]. Ray
Smoot, Joe L. Keener and o. J.
Nominating committee NJ. "A.
Fletcher, o. j. Fleming, Earl Dixon.
Resolutions commlttee-J. Ray
Smoot, Guy Williams, p. H. Pitzer.
Auditing committee-James h.
Thomas, W. D. Nutter, L. d. linn.
Hon. NJ. NJ. Nicely presided as
POSTMASTER at the dinner served
at the Country club at $3.50 o'clock
and in his usual entertaining man
ers OF the evening.
While the dinner was being
served Lamar Satterfield, William
Engle and John ROCK led the bank
ers in West Virginia" which was
followed by singing OF other popu-
lar airs including: MANDY, Swa-
nee" Miami Shore" That Naugh'
" Waltz" and others.
The MeSsrs. A. +. d. Beatty anu
Vernon e. Boggs, OF Pittsburgh,
made quite hit in their extern
pOraueous rendition OF Carolina
Sunshine" while ChuTR:S y. Evans,
another popular tiSt*1arEI:sr. Us
played ability US L MUSICIAN ds Wei
as q financial expert Ill the singing
OF Garry Me Back 10 Old Fu.
ginia,' at the request OF a rev OF
mis- visiting trienus.
Other musical treats we're iuE.
nished by quartet composed OF
l.. II. Randall, John Rock, William
Engle anu Lamar Satterfleld, which
showed the singing PtttsbGrGhers
that they we're not alone in their
musical superiority. Though the
popular song, To-day Is Monday
was not Included on the program,
it was rendered III pleasing fashion
by the Messrs. harry Hartley,
Harry Engle, William Engle, Hugh
Smith, l.. II. Randall and Jonh
Rock. Miss nellie Dougan presld-
ed at the piano.
NJ. NJ. Prentis. president OF the
Baltimore branch OF the Federal
Reserve Bank OF Richmond, was
among the distinguished visitors
present and was the first speaker
on the program. His address was
one OF the best that local abnkers
have ever heard, dealing with Cur
rent Banking Problems and at its
completion Mr.. Prentis was accord
ed a rising vote OF thanks.
In the course OF his remarks he
emphasized that the Federal Re.
serve system is great govern.
mental system to function Tor the
people and not alone for the bank
ers." He stated emphatically that
the Federal Reserve system is not
changed by politics and stated that
there would be no change affect.
ing the fundamentals OF the re-
serve system regardless of who Is
elected in November" and that dur.
ing his experience with the reserve
system he has not seen the slight
est evidence OF politics either In
the boards or banks"
He made a plea for constructive
rather than destructive criticism
and progressive leaders," who
were real students Of political
economy"
production must increase before
credit conditions will materially
change" said Mr. Prentls, and
what we now need is curtailment
OF inessential production and pro-
motion OF essential production"
I'VE criticise others for spend
ing butare we doing our part In
saving" added Mr.. Prentts, who
then went further to outline the
evils OF unnecessary extention OF
credit
Federal Reserve System and its re-
lation and services TO member
banks and its purpose to protect
the final banking resources OF the
country"
Following Mr.. Prentis' address
Lamar Satterfield sang There IS
No Death" and this was followed
by another interesting us well as
instructive address by DR.. EnoCn
Howard Nickers, OF West Virginia
University.
DR.. Vickers took as his subject
Trade Acceptance" and explained
1t as method of liquidating COM
mercial transactions" citing certain
concrete examples. He spoke OF
the difference in the terms trade
acceptance and bank acceptance"
and touched upon the tendency TO
shorten terms of credit" DR.. Wick
ers was also highly applauded and
was voted standing vote oil
thanks for his excellent address.
Oscar G. Wilt, Of ClarksbuTg, II.
w. Bell, Of Pittsburgh, and Charles
Robinson of this city, responded to
REQUESTS by Toastmaster Nicely for
short talks. In q final address Mr..
Nelly warned the bankers present
against the support at the poles in
November of those who had ten.
denotes toward the Plumb Plan"
and mentioned candidates who had
recently been defeated in certain
parts of the country because OF
their stand for the Cummins-
EsChe railroad bill, condition
which he believed demanded seri.
GUS consideration. He emphasized
that he was not making a political
speech for he regretted to see tho
defeat OF men of his opposing party
who were leaders in the Cummins-
Esche movement, and was plead
ing for the sound thinking voters
to put a stop to the development
of the so.called PLUM Plan" which
meant ultimately a "bolshevistiC
and socIalistiC form of govern.
ment."
A business session was held at
8 o'clock yesterday afternoon at
which Invocation was made by DR..
H, G, Stoetzer followed by an al.
dress OF welcome by Smith Hood
and n response by r. 2. Talbot, OF
Philippi.
NJ. l.. Brown led in the discus.
sion of encouragement Of Thrift"
and the subject OF Legislation In.
creasing Legal Rate of Interest"
Relief From