do practically a banking business. They do it under circumstances which are not quite fair to banks in general. If the trust companies want to come in, as they should come in, some kind of reserve applying to them, or some examination, will have to be provided.

As I say, all these things will have to be discussed. The banks will want to be heard and the trust companies will want to be heard.

One word in closing, and that is in reply to Mr. ACKER. I don't think that it is right that Mr. ACKER should say that we have considered this subject just for two hours, and are asked to come to some conclusion. We have considered it for five years.

Before the crisis of 1907 came some of us had begun to investigate the matter. Mr. ASPEGREN has given you a description of how they worked. I never met anybody who was a member of the Produce Exchange, so far as I remember, and in fact did not know any of them personally until we met about a fortnight ago. Independently of that organization, we in the Merchants' Association worked all last winter, not only by day but by night, and I might say that when we began they stood where Mr. ACKER stands to-day, and it required hard work and patient investigation before we reached the conclusions that we did reach. If we get to-day from the North and the West and the South independent conclusions, from all these parties who have not been sitting quiet all this time, but have been studying the question—if we get the same conclusions from them which we have reached, after our study, it shows pretty well that we cannot be far away from being right. I think, as Mr. Sachs says, it is about time we should act, and that unless we give all the stimulus to this thing we can, the next panic will find us in as bad a condition as the last one.

I therefore hope the resolution as presented by the committee will be adopted.

The PRESIDING OFFICER.—The question before the house is upon the adoption of the substitute moved by Mr. ACKER.

Mr. ACKER's substitute was rejected.

The PRESIDING OFFICER.—The question now is upon the adoption of the resolution moved by Mr. WARBURG On behalf of the committee, and as the only opposition appeared to be to the first resolution, the Chair will, unless the house otherwise directs, put the resolutions all together.

Mr. ACKER.-I would ask that they be voted on separately.

The PRESIDING OFFICER.-The question comes therefore upon the first resolution. That is the resolution for which Mr. ACKER moved a substitute.

The first resolution was agreed to.

The PRESIDING OFFICER.- The first resolution is adopted. The second resolution is a resolution providing "that there be appointed a committee of seven to organize a business men's monetary reform league that shall have its main office in Chicago, with branches in the various centres of the United States where local committees shall constitute the management," etc.

Do you want that and the succeeding resolutions read and put separately?

Mr. ACKER.-It would seem to be better, simply as a matter of orderly procedure. I do not request it, however.

The PRESIDING OFFICER.—The Chair does not see why it would not be better, as there seems to be no objection to them.

Mr. ACKER.—I have no choice in the matter, Mr. Chair

man.

The PRESIDING OFFICER.—That being so, the Chair will put the question on the second, third, fourth, fifth and sixth resolutions.

The resolutions were adopted.

The PRESIDING OFFICER.-Those resolutions are unanimously adopted.

Is there any further business before the house? The Chair would state that as the second resolution provides for a committee of seven to be appointed by the chairman of this conference, he would very much prefer to take time in selecting the membership of that important committee, as their work will not begin to-day; and, with the permission of the house, the Chair will not announce the members of that committee at this time.

Thereupon, at 5.05 P. M., the convention adjourned.

THIRD DAY.

THURSDAY, JANUARY 19, 1911.

The gavel fell at 10.40 o'clock A. M.

The PRESIDENT.-- The Chair understands that Mr. VIAUX, of Boston, is not very well and has to start home soon. He is a very busy man and has asked the Chair to recognize him, as he has a report to make.

NOMINATION AND ELECTION OF OFFICERS.

Mr. VIAUX, of Boston.—Mr. President and gentlemen of the National Board of Trade, the success of a business corporation depends primarily on the intelligence, zea! and enthusiasm of its executive officer.

This association has for the past five years been fortunate in having a President who not only combined these three cardinal qualities, but added to them the very desirable and attractive co-ordinate endowment of tact, impartiality and courtesy as a presiding officer.

Furthermore, he has freely opened his purse for its service and welfare.

It must, accordingly, be gratifying to the delegates to know that he is willing to bear the stress of the Presidency of the Board for still another year.

Your committee is assured that the delegates will do all in their power to strengthen his willing hands by heartily encouraging the proposed work of amalgamation of other important business organizations with this Board in order to form one great central commercial body of the Union, whose voice will more than ever be heard with unmistakable impress for the common benefit.

Your committee accordingly unanimously reports FRANK DALE LA LANNE for re-election as President of the Board. [Applause.)

The PRESIDENT.—Col. HITCHCOCK, may I ask you to take the Chair. I feel embarrassed under such circumstances !

I [Laughter.] Therefore, I should like a man in the Chair who has more cheek than I have. Gentlemen, I take much pleasure in presenting Mr. HITCHCOCK to you as your presiding officer.

Mr. F. L. Hitchcock took the Chair.

Mr. LOGAN, of Pittsburg.-I desire to move the adoption of the report just read and the election of the nominee by acclamation, or that the Secretary be directed to cast the ballot of the Board, if that is the proper form.

The motion was agreed to.

The SECRETARY.— I take great pleasure in announcing that I have cast the ballot of this Board, under the instructions just received, for the election of Frank DALE LA LANNE as President of this body for the ensuing year, and so report.

The PresidinG OFFICER.– From the report of the Secretary, I have great pleasure in declaring that Mr. FRANK D. LA LANNE has been unanimously elected President for another year. [Great applause.]

In doing so, I desire to congratulate the Board, first of all, and then I want to say that while I have been a delegate for, I think, something like fifteen or sixteen years successively, and while I have participated in the great work of the Board in all those years, it seems to me that particularly during the time of Mr. La Lanne's incumbency the Board has come to the front very rapidly. It has been doing great work, and no greater work than during the past year, as you all know.

I again congratulate the Board upon the election of Mr. LA LANNE and I have great pleasure in congratulating Mr. LA LANNE himself upon his unanimous election to this important position. Will you now take the Chair, sir. [Applause.]