New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-08-18
THE NATIONS BANKERS.
CLOSE OF THE SARATOGA CONVENTION.
PAPERS AND REPORTS WHICH WERE RRAD-TIR
INDUSTRIAL WANTS or THE s0UTH-PREsIDENT


Convention closed its sessions here to-day, after listen
ing to various papers topics OF interest to the banking
community. The attendance was about the same "A yes
terday. The delegates generally were men past middle
life, who discussed only practical business questions
hence the convention presented attraction Tor the gay
visitors Of the summer capital President Zoe was re-
elected as were nearly M the other officers OF the asso
citation.
Mr.. Henry OF Mobile, Ala an old gentleman who said
he born Ireland opened discussion on the In
dustral wants of the South The crop prospects, he SAID
good the planters emerging from the incubus
OF debt and all that Is needed capital to develop inc
mineral wealth and open manufactures
L. ii. Root, OF Little Rock Ark, spoke on the same
subject Manufactures, said the great and crying
necesslies Of the South Economy has not been prac-
tsed heretofore but there Is increasing thrift which be-
speaks the safety OF investments Property Is just as
safe in Arkansas anywhere in the Union he said AT
every Worlds Fair cotton has taken the first
premium In many places in Arkansas and Texas good
competent bookkeepers can easily find employment, and
there ueed for them.
l.. NJ. Nelson, Of Alabama, thought the South now the
prosperous section Of the country This was due to
the action OF such Northern capitalists as the late
Thomas A. Scott began the Texas Pacific Railway
The people of the North understand, lie thought
what advantages the South offers.
Dr. Andrew simonds Of Charleston, s. c., presented
paper Of the aspects OF National and State credit
in the South.
A resolution was presented from the Executive Council
OF the association the effect that it would not be an
unreasonable construction Of the recent act OF Congress
extending National bank charters to hold that section
10 authorizes the Controller OF the Currency TO Issue TO
National banks having 100000 capital circulating
equal in amount to the par value Of the United
States bonds deposited TO the same, when such
par value does Tot exceed 30 per cent Of the
value of such bonds and that such construction
would DC highly beneficial to the business interests OF
the country aud that II the Controller Of the Currency
did the law Congress should be asked TO
pass an act to That eff ct.
This resolution was adopted but later the proceed
ings exJudge Poland, of Vermont, moved its recon
sideraton He said that lie did not think the act OF
Congress would bear any such construction, and that
Congress had intention OF authorizing such pro
ceeding. The resolution would have mischieyous
effect IN view Of the jealousy existing in the country
against the National banks They would be accused OF
graspng what did not belong to them AS the bonds de-
posted by tine banks lie Treasury until due there
would be premium to be collected then. 1t would De
idle to ask Congress to such an act as that pro
posed.
After some further discussion the resolution
unanimously reconsdered and recommltted to the
Executive Committee.
a resolution offered by J. NJ Fctter, of Louisville,
Kywas adopt dustructing he Executive Committee to
inquire and report upon the feasibility Of exchange
debtsdness Of persons commercial paper not paid
when du. and uncOllc ctab,e.
W. H. Perkins u Mississippi delivered an address
the Industrial growth Of the Cotton states. The crop
prospects there, he said good. The cotton crop
will be larger than last year. The getting
clear OF debt ana abandoning tn idea Of painting
alone. Ia nc past Two year, railroad enterprises nave
been begun ana DcIn prosecuted that viii
expenditure within the state Of Mississippi feeen
twenty millions OF collars within tue next TWO or three
years Tho rec ors OIL tie mic CO. ST. Louis and New
"a
Jackson 10 NaLOo CITY, ana the work VIII Dc begun some
time TINS ial. TIE important enterprise of
Mr. WILSON, OF New-Yolk Guy. is building iallway
New orleans Memphis, running par Aei wi1h the
MIssis -ipp River, and Tor hundred miles more
through regiOu fertile AS the Valley OF the Nile 1be
old Ne phs anl road project has been revived
aud placed under contract tor speedy compile Ion Dur
ing elve month, jlst p.ss-d Mississippi has paid
more money into the United states treasury the
tna is without parallel IL The history OF that state
W r. Could, 81 POrtaOd, Me, offered "A resolution,
whlch WAS auop.ed, Tor The appointment OF special
comIctes to Inquire INTO the laws governing savings
form regulation upon ths subject Messrs. Could Hep
bum and ~ ucI ere named a. the committee
a. depburn, sank superintendent Of tins state, de
lyered an address on sayings bank dividends and n-
yesJments. He gave account o. the 1Yunuai ion o.
try early lSl6. Inc III savings bank incOr
poIated IN New York state in l5l9 and called the
bank mad OIL e st day Of January 1882, 100 s9o dc
pnsitOrs and eio46"2 OF assets. Savings banks nave
been 0rgluL, to bAnks VI discount
IN tey iualc secondary TO th9 dlscunDt
banks and tncr ylu savings institutions diminished
ncy do work well together The Of inst.
uOns snou be confined to the class for whose Ocnen
tc,, var. dey.ed ID. Osft- belonging 20 wuat may be
Termed capitalist class, O temporary embilass
iot aau n,,,ises heller reinrns Tn~se bonds cave
The banks. ms solves difficulties OF invest
ment by placmgi its moneys IN Oursavings banks. In
stead OF supporting ne DALLAS, tney make OI them
cnierc ana prey upon resources instead of being
AN element % strength, tuey constant menace.
Vost states rcco .niZe lns principle, and nave Inn
f.Iious de- ned this OF deposit
ork in 1881 paid an average divlden. OF
n3z r cent husetts paid Ol per sent Connect
savings bank management IN New-lork Is necessarily
err tnnu in Scs, tue reason that depOstOrs
Of New England banks received higher rate OF dividend
il tracbe TO the Iaot tnat the NcwEngand banks al
i1wed - iur latitude in .uycSunent ana their securi
ties while os ,es-ng less elements VI safety, yield
ere are Our classes OF securities in which New.York
savings banks may invest Securities for the payment
~ which the faith the United States Government is
vi d m. stocks or bonds of any sate OF the Union
ynlch has DOT, for period OF years prior
YES men deauted IN the payment OF either principal
interest OF any DEP. unorzed ny tue LEGISLATURE
town village OF this stat IN bonds aud mortgages
extent OF 30 per cent OF It's value improved aud 40
uct cent if unImproved property. All NewEn land |
! ates permit their banks to loan on personal security,
,,ujcal obligati1ns of their state and specified
cities OF other states, bank stock and railroad bonds,
with varying limitations ana conditions Institutions |
witch NAV be affected by Wal street require strong
Bank stock investments and personal Sc
curiy do not possess tue elements OIL security necessary
savings institutions. IOweYer, IN view OF the
markable reduction of the National debt with STATE
aud municipal inde otedhesS huoh less IN amount a,d
slill mole rapidly Disappearing 1t becomes apparent
Of savings Dank Investments IN of
.n STA "a u be enlarged. The gate II
state ana municipal bonds IN winch sayn
institutions may invest about SZ3OOOOOOOO and the
total resources OF s"NlhSs Danks are III excess OF |
81 400 900 600 nearly 30 per cent Of that sum. |
Railroad securities in tneir enormous aggregate, and
from their permanent character naturally attract atten
tinn in coun c0On with tins question Several stat
permit wings banks TO nYes III 0nds OF railroads NAT
paid interest upon thelr bonus anu an annual DIV
idend upon their stock var ing from to per cent
ar preceding period Oh years ranging from two uye.
ivory railroad corporation should be required tu lille or
pubush monthly statements of their earnings and
~nscs or at least, tine time OF declaring dividend.
snould be required TO publish vcrued statement
iaia upon wlicu such dividend Is deHired Ia the alb
.eure of any calamity which sna agaM plunge state
and Naou into Indebtedness, u Ii evident That railroad |
Itiuus must in the future leading in