Reception And Banquet

November 16, 1907

Summary

John Mitchell is honored at a banquet because of his “recent attendance of the American Bankers’ Association.”

Transcription

Reception And Banquet
A reception and banquet was tendered Hon. John Mitchell, Jr., President of the Mechanics’ Savings Bank by the Board of Directors and the stockholders in honor of his recent attendance of the sessions of the American Bankers’ Association at Atlantic City, New Jersey, September 24th, 25th, 26th, 27th, 1907, and to hear a report from its deliberations.
The Reception Begins.
The entertainment commenced at 9 P.M. The parlors brilliancy lighted and the concert hall spacious for the purpose, occupied by the expectant guests, presented a cheerful appearance. Director W. F. Graham D. D. in his most entertaining manner presided as Master of Ceremonies. On his right sat Vice President H. F. Jonathan and on his left Rev. H. Powell, D. D. Cut flowers graced the table in front.
Prayer was offered by Rev. Dr. Powell and the musical part of the programme was handled by Director John T. Taylor. Cashier and Director Thomas H. Wyatt made timely remarks and introduced in a most entertaining manner the speaker of the evening.
The President Speaks.
President Mitchell as he arose to peak was given the Chautauqua salute and the waving white handkerchiefs made an animated scene. He read his report, explaining in detail the many financial terms used, and the questions now agitating the moneyed men of the country.
Interesting Figures.
He stated that there were 847 Savings Banks and 377 trust companies, national banks and state banks, which have savings departments members of the Savings Bank Section. The membership of the Association proper is 9,251 and the aggregate capital surplus and deposits of these members amount to ($12,818,134,304). He said that the income of the Association from annual dues alone was ($155,391.11).
The Banking Systems.
He explained the adult system of bank examinations, the joint account question, the meaning of money stringency and what causes it, the asset currency proposition, which had been endorsed by the Currency Commision of the American Bankers’ Association and the method by which national bank currency is issued. He gave illustrations of all of this and invited any stockholder to ask questions for further enlightenment.
Gov. Swanson’s Blunder.
He told of Gov. Claude A. Swanson’s address, of his bringing into the Association the race question, which had not been discussed since the memorable session in New York. He commented on the fact that no speaker from the North, East, South or West had seen fit to follow Gov. Swanson’s lead but that after the adjournment groups of bankers had gathered to discuss the mistake made by the Governor of Virginia. The universal feeling was that a mistake had been made. The Chief Executive had spoken too long a time and he should have left the Negro out of it.
More Money Than Ever.
Mr. Mitchell discussed the remarkable progress of the Mechanics; Savings Bank and declared that the institution now had more cash money on hand than at any previous time in its history. He spoke an hour and at the conclusion of his remarks a rising vote of thanks was tendered him. The march to the dining hall was begun where Messrs. Joshua Banks and Sons had laid covers for one hundred. A feature of the occasion was the handsome folders with which each guest was presented. It was handsomely embossed in gold and served the purpose as a souvenir.
About this article

Location on Page

Upper Left Quadrant

Contributed By

Benton Camper

Files

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Citation

“Reception And Banquet,” Black Virginia: The Richmond Planet, 1894-1909, accessed October 16, 2018, http://blackvirginia.richmond.edu/items/show/894.