New-York tribune., 1921-06-25
Crissinger Favors
international Bank
To Stabilize World
Comptroller's Plan Is Heard
by ". X. State Bankers
i'm Convention; Jacob N.
Herzog Elected President
Special pispa.ch 70 The Tribnns

ATLANTIC CITY, June "a. Grea
ton OF an international bank, founded
generally on the principles of the Fed
eral Reserve system, was suggested to-
day by the Comptroller Of Currency
d. r. Crissinger, as solution for the
chaos in international exchange to the
delegates attending the convention Of
the New York State Bankers Assacia-
ton in the Ambassador Hotel here.
The speaker was careful to say that he
assumed responsibility personally for
what he suggested.
He admitted that there was opposi-
ton to such plan among many bank
ers, but he was convinced that the de-
parture of entering into cooperative
international banking by the United
States would help in the present dan
gerous situation.
Mr. Crissinger's address was heard
attentively and favorably received.
"Our country is receiving gold in
such quantities as to threaten US with
gold imitation while there is no salts
factory compensating payments of our
products to countries which are send
ing us the gold" said the Comptroller.
Numerous proposals for developing
the exchange bank into world reach
ing international system have been
made. Some European authorities have
taken our own Federal Reserve system
as possible model. They would af-
filiate institutions in the various coun-
tries corresponding to cur Federal Re-
serve regional banks and through such
chain they believe it possible to es-
tabIish a currency for international
transactions, while leaving each coun-
try free to control it's domestic opera
tions in it's domestic currency. / do
not think it necessary to have the
direct backing or participation of gov
ernments. / think it might be brought
about through cooperation of bankers,
probably more quickly"
John j. Pulleyn, president Of the I'M
migrant Industrial Savings Bank, dis
cussed the present railroad situation
and declared that economy of opera
ClOH was ar aDSOlULe necessity.
owe are convinced that any further
immediate reduction in the wages of
labor is out of the question" he said.
Freight rates cannot be materially
reduced for some time. Hence, the
association of owners of railroad Sc
curities believes that through the in
stitution Of farreaching economics in
operation q satisfactory adjustment
of rates and fares could be brought
about"
Frank L. Hilton, vice-president of
the Bank of Manhattan Company of
New York, discussed the details of
banking routine. william Giblin,
president of the Mercantile Safe De-
the Importance of more careful man
agement of safe deposit departments.
Edwin Gibbs, trust officer of the Chem
ical National Bank, spoke of the rapid
growth of the trust departments.
Jacob NJ Herzog, vice-president of
the National Commercial Bank and
Trust Company of Albany, was elected
president of the association Other
officers chosen were: Howard Bissell,
Peoples Bank, Buffalo, vice president;
A. A. G. Ludors, Coal and Iron National
Bank, New York City, treasurer; E. j.
Gallien, 1913 Broadway New York, sec
retary.
At the banquet the guest of honor
was DR.. Sac Ke Alfred SEE, Chinese
Minister to the United States. Other
speakers included Representative A. B.
HoughtoD, of New York, and Harry
Collins Spillman. of New York City.
s. G. H, Turner was +oost,nostar