Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-21
ASSOCIATION OF BANKERS
OUTGROWTH OF 1873 PANIC
Seventeen Pioneers Called
First Convention at Sara
toga Springs, N. Y.
Cashiers Sought Unity to
Avoid Recurrence of FL
ndnciaI Disasters.

If the seventeen men, pioneers and or
! ganizers OF. the first convention of bank
| ers held at Saratoga Springs. N: Y. July
! 20, 1875, could look down on the sea
| of faces that greets every speaker at
| the sessions being held in Washington
today they would doubtless feel that
their efforts had not been in vain.
The story of the formation Of the
American Bankers Association is an
interesting one and dates back to 1873,
as there must necessarily be some refer
ence to the money panic which swept
the country that year.
The 1873 panic was subject matter
for much correspondence and officials
and employees of the banks of the coun-
try made use of it for general informa-
ton. Bankers became friends before
they knew it. and these ties formed in
the hour Of adversely grew stronger.
When the panic had waned many
employees in banks vowed never to be
caught in such a trap again.
Bank Cashiers Assemble.
So. on May "a, 1875. seventeen bank
cashiers of the country assembled at
Barnum's Hotel, in New York city. and
there put their heads and hearts to-
gether to bring into union of business
interest and hearty affection the bankers
OF the country.
On that day two sessions were held
Amos P Palmer of Albany presided.
and John D. Scully of Pittsburgh was
secretary. A program was arranged,
committees were appointed ana can
prepared for the first real national
convention of bankers ever held IN the
world"
1t was voted to hold the first conven-
ton at Saratoga Springs.
One of the most indefatigable work.
ers in the movement was James 1.
Howenstein of Washington. D. c., then
cashier of the Valley National Bank
of st. Louis. Mo-. members OF whose
family still live in this city.
Names of Founders.
The other sixteen cashiers and
founders of the American Bankers
Association were men who afterward
left names in the banking world long
to be remembered. These names in
cluded George F. Baker. First Ma
tional Bank, New York city; Arthur
W. Sherman. Dry Goods Bank. New
York city: Edward Skillen. Central
National Bank. New York city; Ed
ward H. Perkins. jr.. Importers and
city; George w. Perkins, Hanover Ma
tional Bank. New York city; John NJ.
Crane, National Shoe and Leather
Bank. New York city; John S. Har-
burger, Manhattan Company Bank.
New York city; Charles E. Upton. City
Bank, Rochester. y. Y; John S. Leake,
First National Bank. Saratoga Springs,
n. Y; Amos P. Palmer, Albany Ma
tional Bank, Albany, n. Y; Royal B.
Conant, Eliot National Bank. Boston.
Mass; Morton McMichael. jr.. First
National Bank, Philadelphia, Pa; John
D. Scully, First National Bank, Pitts
burgh. Pa; Joshua w. Lockwood. Ma
tional Bank Of Virginia, Richmond, Va:
Logan c. Murray, Kentucky National
Bank. Louisville, KY. and Charles c.
Cadman, Merchants and Manufactur-
ers' Bank, Detroit, Mich. go
In addition to the seventeen who took
part in the first meeting in New York,
there are others whose endeavors helped
to bring about one of the best organized
and most powerful organizations in the
United States today. The association will
cashier Exchange Bank Of st. Louis.
Mo-. an untiring worker i'll the cause,
and subsequently chairman of the COM
mittee on organization in the conven-
ton: Josiah D. Hayes, vice president
Merchants and Manufacturers Bank,
Detroit. Mich: Frank w. Tracy. CASH
Ter First National Bank. Springfield.
ILL.,; Henry W. Yates. assistant cashier
First National Bank. Omaha, -Neb.:
Thoam R. Roach, cashier State National
Bank, New Orleans, La; Jackson L.
Leonard of Adams & Leonard, Dallas,
Tex; Edwin A. Burbank. cashier North
National Bank, Boston, Mass; John ].
Commonwealth. Boston. Mass; Philip
N. Lilienthal, manager Anglo Califor-
MAN Bank. Limited. San Francisco
Calf: Jacob D. Versilye, president Mer-
chants National Bank. New York city;
William II. HOLSTER. cashier Kountze