Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1884-08-14
American Bankers Association.

DOMESTIC NEWS.
American Bankers Association.
SARATOGA, August 15th.-The American
Bankers Association assembled in annual
Convention this norning There is quite
a large representation of prominent bank
ers. The meeting vas called TO order by
President Lyman J. Gage, of Chicago, who
delivered the inaugural address. Treasurer
Bakers report showed balance of $6,394.
Secretary Marsland read the resolution sub
| mitted by the Executive Council, as follows;
! Resol,xd, 1t is the sense of the American Bank
| ers' Association that the coming of standard
silver dollars of 4l2la grains is against the wei
| fare of the country, and recommend TO Congress
a discontinuance of such coinage.
| George Butler concurred with the resOlu-
ton, and thought il best to suspend the
coinage of the silver dollar until other cOun-
tries Joined with the United States.
Mr.. Groesback, of Cincinnati, by request
addressed the Convention. He favored
bimetallic currency, and went on to show
that for centuries gold and silver were held
of equal value as currency. The change
took place in 1871 or 1872. What had been
done in the past could be done in the fu-
/ ture 1t might be impossible for one coun-
try to carry gold and silver alone for its
currency, and he favored, under the pres
ent conditions, the suspension of silver
coinage in the United States until other
nations took action i'll the matter
A vote of thanks was extended TO Groes-
| back and the resolution was then carried.
The following resolution was adopted:
| ResoLred That in view of the fact that the
articles of the Association of National Banks of
the country are rapidly expiring without suiii-
| cient inducement for Il renewal. owing TO the
| constantly diminishing and high prices of Gov
| eminent bonds upon which the bank circula-
| ton is based thus threatening the serious cur
| tailment of the currency of the country, and
| since bank note circulation, absolutely secured
| and issued under ample safeguards for its re-
demption on demand in coin Is necessary for
the transaction Of the business of the country,
| and such condition can be best provided through
! the continued operation of the National Bank
| Act as has been nttested by the experiences OF
| the last tWenty-One years. the attention of the
Congress of the United States be urgently called
| to the necessity ofimmediate legislation TO meet
| the present emergency.
Judge Pollard of Vermont, one of the
Committee on Commercial Paper, made
remarks on the subject of commercial pa
per He said 1t is an important part
and factor in all commerce, and. so far as
negotiable paper is connected with trade,
| Congress has full jurisdiction over it." He
| thought the bill went further than Con-
gress has power to go. The present House
| of Representatives is not favorably conSti-
| tuted to pass upon the subject of National
| Banks The advice of Congress should be
| asked to pass law TO go to any extent that
| Congress has jurisdiction.
| The matter was referred to the Executive
Committee to press TO an early action.
Secretary Marsland then read paper on
the Banking and Currency System in Its
Relation to the Business of the Country"
furnished by Hon. Hugh McCulloch, who
was unable To be present.
B. B. Camcys, of Philadelphia, presented
paper upon the Condition of Safe
| Banking:
Convention of Passenger Agents.
DENVER (Col.). August 13th-The Inter
national Association of Travelling Passen-
ger Agents, at their meeting to-day, passed
resolutions annulEng the contract with the
| RQilCoy Age, of Philadelphia, by which it
was made the official organ of the Associa-
ton thanking the State, city authorities,
| local committee and citizens for courtesies
| extended The Secretary's report shows
| 27S members in coed standing The by
laws were amended, increasing the annual
dues from 3 to s.. The following officers
were elected: President, A. s. Webster, of
Buffalo: Vice-President, james c. Shaw,
of Savannah Secretary and Treasurer
William b. Finney, of indianapolis; First
Assistant Secretary, L. J.. Patterson, of
Cleveland; Second Assistant Secretary, F.
D. Bush, of Nashville. Adjourned. They
will make a star tour of the mountains to-
morrow morning, visiting Graymont, Idaho
Springs, Robinson, Buena Vista, Alpine
Tunnel, Cimarron, Marshall Pass, Royal
Gorge, Platte Canyon, Clear Creek Canyon
Manitou, Colorado Springs and Leadvillc,
where elaborate preparations are making
for their entertainment.
Condition OF the Union Pacific.
Bosrox, August 13th.-President Adams
and Director Ames, of the Union Pacific
have returned from a trip over the Union
Pacific property. Adams said he believed
the earnings OF the company had reached
turning point. He expected better results
in the last half of the year. AS to compe-
tition, Adams believed it would prove the
best thing that could occur for the company.
1t will teach them modern railroading,
and how to do business. What the Union
Pacific needs is organization. 1t had out
grown its old system ofSuperintendent man
agement, and future dividends depend upon
future business. If we have peace look
for very large development in the Union
Pacific. We have no idea Of giving up the
tripartte contract OF course it is not per
feet work, but think it can be modified so
as to be acceptable to all parties. The
Boston transfer books continue to show a
loss of stock in favor of Wall street. The
Boston holding amounts now to about
245000 shares, against 100000 in June. The
land sales for July showed an increase COM
pared with those for the same time last year.
Strike of Railroad Employees.
CHEYENNE wy, August l3th.-Seventy
men employed in the car shops of the
Union Pacific Railroad here struck this
afternoon. This is part of general strike
in the car shops of the Union Pacific and
leased lines, caused by a reduction of 10 per
cent. in the wages of workmcn at Ellis
Kansas When the company Withdrew the
order for general reduction last spring it
is understood that it adopted a policy of
gradual reduction-first in one town, and
then in another. TO head off the move
ment general society of workmen organ
lied. who were to strike as soon as there
was any attempt at reduction anywhere
along the lines The first reduction was at
Ellis, of 10 per cent. in the wages of twenty
five men. If general strike in the shops
is naugurated, the business of the company
may be badly impeded.
DENVER Coli, August 13th.-All the
workmen, numbering about 300, employed
at the Kansas Pacific and South Park shops
of the Union Pacific Railway in this city
struck at noon to-day. The causes are
varied The men claim that in settling the
difficulties in May last the management
agreed not to discharge any men, but would
lay off and call on, as business demanded.
This the management deny. and have dis
charged men at the different shops from
time to time, as a decrease of business re-
quired In the recent reduction of 10per cent
at Ellis, Kansas, the men claim the man
agement ignored the promise made in May
last. No violence is anticipated.
CHEYENNE tWyo.), August 13th- The
Union Pacific shop men here are still out
The company has made some concessions,
restoring the wages at Ellis, Kansas, and
re-employing all discharged men at Denver
at former hours. Another point is still in
dispute, and unless granted by the COM
pany it is said the strike will continue in
definitely.
Report of the Cleveland Investigating
Committee.
New YORK, August 13th.-The Indepen-
dent and Democratic newspapers in the |
Eastern cities print the text of the report of |
the Committee of Investigation of the |
Cleveland scandal. One committee was |
composed of sixteen Republicans and hide |
pendents residing in Buffalo, the other of |
Rev X Twining who went out for the |
Independent newspaper on the same bust |
ness. Neither report contributes new facts. |
Each admits the Maria Halpin scandal, but |