THE CHICAGO HAJ'fK.E'R
Founded in 1898
Volume xxvii	CHICAGO, JULY 17, 1909	Number 3
Tefft and Watts at the Saratoga Convention
had been an awakening and that through individual concern and the associated work of the state and national organizations that the existing prejudice would wane until it would no longer be worthy of remark.
The speaker then went into the relations of the banker to other bankers—going into the workings of the local organization, the clearing house, the state organization and the American Bankers Association. Especial stress was laid on the growth and work of the latter, and prophecies were made as to the future usefulness of that body to the business and to the whole country.
During the course of the address Mr. Watts took occasion to express opposition to the schemes known as “Deposits Guarantee” and “Postal Savings Bank,” but he as firmly advocated the “Central Bank,” saying: “I was reluctant to come unreservedly to the theory of a great central bank, but the arguments presented grew funnel-like and there is hardly any escape from the truth of that theory. Opposition in the past has often indicated a selfish fear among the bankers of the result of the operation of the law of the survival of the fittest. The bank officers are in number quite insignificant compared with the great army of debtors. The bank owner has less than one-third the investment as compared with the users of his credits, and any system that promises to make uniform and regular credits should be adopted. Instead of hindering, bankers should urge such a system. Bank officers are usually selected because they possess those qualities that form the standard in a community. Their capacity for business is usually beyond the average and their time and energy if used in other lines would probably bring greater financial reward. Have we then anything to fear from a system going even farther than any yet suggested of a Central Bank and branch banking? The fittest will survive; be in greater demand and be fully rewarded, while those of us not demanded under the changed conditions will easily find our way, by virtue of our training and comparative capacity into other fields of production where we are needed and where the returns are likely to be in full measure to our capacity.”
V
Homestead Savings Bank
Berkeley, Cal.—The Homestead Savings Bank elected the following officers and directors: Geo. Leonard, president; Henry W. Taylor, and J. W. Richards, vice-presidents; Frederick H. Clark, secretary and cashier. Directors: Geo. Leonard, Henry W. Taylor, Frederick H. Clark, John M. Foy, Edward P. Niehaus, Jas. M. Koford, Walter P. Woolsey, J. W. Richards, and Wm. H. Waste.
V
Trust Company Locates
Decatur, Ind.—The new Citizens Trust Company of this city has obtained quarters after a long search for a business room. The location is on the principal business street and directly opposite the courthouse. The new company expects to begin business about September 1st.
V»
A building will be erected by the Tanners’ National Bank of Catskill, N. Y.
The Empire State bankers, ¿lad they admitted the trust companies, are reachin¿ out after the savings banks and deposit companies — New York hopes in numbers to reach the first rank with Missouri, Illinois and Iowa
business in this country,” and to an address of George M. Reynolds, president of the American Bankers Association, in which he said, “We are told that the prejudice existing in this country against bankers is such that any bill seeming to be purely a bankers’ bill would be defeated.”
e. s. TEFFT
President New York Bankers Association
Such accusations from such authorities should cause every thoughtful banker and every bankers association to set about to find both the cause and a remedy. Mr. Wilson advanced the opinion that this was a result of inadequate facilities furnished—especially in not placing banks within easy reach of every community. Mr. Watts did not agree that such was the cause, giving as a reason that the prejudice was found in practically every community, and often in its severest form where many banks existed. It was rather attributed to the fact that until recent years the banker had not shown much concern on the point, and had done practically nothing to bring about an understanding association with the people. Until the organization and growth of the bankers’ organizations nothing had been done to combat natural antagonisms and create favorable sentiment—in fact the bankers had not impressed even a small part of the people with the fact as expressed by Mr. Wilson, “that no interest can hurt the country as a whole and serve itself.” Mr. Watts said the bankers had probably been too much occupied in their own affairs to give thought to this subject as well as other subjects of general interest which did not actually threaten the institutions under their control. He expressed the belief that there
Saratoga Springs, N. Y., July 16.—The hastily arranged change of base from Lake George to this beautiful city, necessitated by the hotel fire, interfered in no noticeable way with the attendance or the enthusiasm of the New York bankers. Secretary E. O. Eldredge had a fine program of crisp, short addresses, and all speakers were rigidly held to “time,” a point too often overlooked. Promptly after the opening ceremonies, President E. S. Tefft delivered a model reviewing oration. He said :
It gives me the greatest pleasure personally, as well as president, to welcome the members of this association to our sixteenth annual convention.
Since our last convention we have passed through another presidential election with a result that is highly satisfactory to us in the election as president of William Howard Taft, a man whom we are pleased to honor highly, and I believe that we can now pursue the even tenor of our ways in tranquillity and safety, especially as I feel that among the mercantile, manufacturing, and business interests generally, as well as banking, there prevails a spirit of conservatism.
Our prospects for an abundant crop are excellent, which also help to make the outlook for return of prosperity exceedingly bright. Although the return may seem slow, it will be the more permanent.
By enactment of new and wise laws, greater protection has been thrown around our financial institutions. While in some instances they may seem harsh and arbitrary, we must not lose sight of the general good that has been accomplished.
At our last annual convention we admitted to membership in our association the trust companies, and I am pleased to announce that forty-two already have joined, and that the coming year will without doubt show a still larger increase.
As requested, I appointed a committee to act upon the admission of savings banks and safe deposit companies, whose report you will hear later on.
In state legislation matters nothing of great importance pertaining to banks has come up this last year.
From the reports which you will receive from your secretary and treasurer you will see that our association is in a healthy growing condition, and I feel that by the combined efforts of all, we can ultimately reach a very much larger membership which, of course, means enlarged finances.
I desire at this time to thank the members of the various committees and each member of the council of administration for their cordial and active co-operation during the past year.
Another crisp, entertaining speaker was F. O. Watts, chairman of the executive council of the American Bankers Association. The subject of Mr. Watt’s address was “Our Relations.” His treatment was, first, the relations of the banker to society; second, his relation to other bankers; and third, the relation and the duty of the individual to the various organizations of !)ankers.
Especial attention was called by the speaker to an address by Woodrow Wilson before the bankers convention last October, in which it was stated that “the bank is the most jealously regarded and the least liked instrument of