The New York herald., 1922-10-03

ditions in the United States are enc
country continues, her civilization is'
closely interrelated with that Of other
peoples, and that, therefore, every
effort should be made in fastening
the speedy recovery Of Europe.
Concern springing from self inter-
est, as we'll as from a wish to help
humanity, declared Mr.. McHugh,
might even extend to the canceling
of part of the debt to this country
due from the Allies.
Cites Growth of Clearing Houses.
Both these addresses were delivered
before the clearing house section of
the convention. which held the stage
in the main ballroom throughout the
morning. This meeting was called to
order by John r. Washburn, presi-
dent OF the section, who Is vice-presi-
dent of the Commercial Bank Of Chi
cago. The Rev. David j. Burrell, pas
tor of the Marble Collegiate Church,
pronounced the invocation.
In his opening address Mr.. Wash
burn emphasized the advantages of
the clearing house system. During
the year, he said, 1t has been put
into effect by additional cities. MAX
ing total of thirty-one since Octo-
Der 1, 1921. Though the system was
adopted in this city sixty-nine years
ago, he said, the creation of the clear
ing house section of the association
dated from 1906. The section, he re-
ported, had been instrumental in in
creasing the number of clearing house
associations from 274 to 80.
Many Activities within n Year.
Francis Coates, Jr., chairman of the
executive committee of the section,
reviewed the more important activities
of the last year. These included an
arrangement with all clearing houses
to give total clearings to newspapers;
plans to print district numbers on all
checks for the convenience of the
Federal Reserve Bank; extension of
county unit clearing houses; ccopera-
tion In the adoption of standard sizes
OF checks and drafts. and plan for
the adoption of n uniform method of
calculating interest on deposits.
Following the report of Donald A.
Mullen. the secretary, Mr.. McHugh
and Mr.. Loree delivered their ad-
dresses. The clearing house section
unanimously elected these officers for
the ensuing year:
President, Joseph Ringold. Denver;
president. Francis Coates. Jr.,
Cleveland; members of the executive
committee, terms expiring in 1925.
John Downing, Louisville. and o.
Howard Wolfe. Philadelphia: member
of executive committee. term expiring
In 1923. r. L. MacGregor. Minneapolis.
Gov Nathan l.. Miller has expressed
regret at being unable to attend the
convention, his message saying:
"It was indeed with great regret I
was obliged to decline the invitation
to be present at the meetings OF the
American Bankers Association in New
York the first week in October. How
ever, I wish to take this opportunity
of welcoming all the delegates TO this
convention In New York and assure
them of my best wishes for a most
successful meeting"
Governors II many States have sent
greetings to the convention. In prac-
tically all the messages the State Ex-
ecutives make known their faith In
the ability of the American Bankers
Association to solve the financial prob
lens of the nation.
Hosts of stock Exchange.
Delegates and guests were enter
tanned at noon at a buffet luncheon
by the president OF the New York
Stock Exchange, Seymour l.. Crom-
well, and the governing committee
II was served In the rooms OF the
Exchange Luncheon Club. in the new
extension to tho Exchange at IL Wall
street. The club occupies the entire
seventh floor of the new building. The
hospitality extended TO visiting dele
gates and friends was In the nature
OF O house warming. and the club
apartments were thronged. All the
guests were treated to an inside view
OF the new building. which now Is
nearing completion. The visitors gall
lery, which has been closed during the
building operations. was opened for
their benefit
The state bank division of the as
sociation met in the main ballroom I'm
the afternoon. calling together an
other large assemblage of bankers
from every part of the country. The
State bankers I'm this session drew
more tensely the lines for the prospec-
tive struggle between the advocates