The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-09-23
IN ATTENDANCE At THE MEETING
OF THE AMERICAN BANKERS,
ASSOCIATION.
ADDRESS OF PRESIDENT.
MARKS DEVOTED TO THE Sill
YER QUESTION.
PROGRAM FoR VARIOUS SESSIONS
Day of the Gathering mt st.
Louis,


bled in the Olympic theater today the
representatives OF more wealth than
ever before came together in this city
at one time. 1t was the first session of
the Goth annual convention Of the
American Bankers association. Dele
gates were present from all parts OF
the country representing the most
prominent banking institutions, whose
capital is at least $1,000, 000.0y0. The
convention will be in session three
days, during which time there will be
general discussion of the reports OF
the various committees and OF mat
tiers Of routine nature. Tomorrow
there will be call Of states when brief
statements will be made by delegates
OF the general condition Of banking In
their various localities. Following
this will be a discussion Of at least 20
practical banking questions. On
Thursday the last day, officers for the
ensuing year will be elected and in
stalled. The remainder Of the day will
be given up to the discussion Of clear
ing house questions.
Elaborate arrangements have been
made for the reception and entertain
ment Of the visiting bankers. The en-
tire northern portion Of the Planters
hotel parlor floor has been fitted UP as
the associations convention headquar-
tiers. In addition, the St. Louis Noon
Day university, Mercantile, Country
and Jockey clubs have been thrown
open to the delegates and their wives,
the badge Of the association emitting
us Wearer to membership privilege
About 200 delegates had assembled at
the olympic theater at 10 o'clock, the
hour set for the convention to open.
On the platform We're the officers of
the association and the local commit
tee OF arrangements. President e. H.
Pullen, Of New York, called the conven-
ton to order shortly after 10 o'clock
and Rt. Rev Daniel S. futile bishop
OF Missouri, led in prayer. Mayor Cy-
rus P. Walbridge delivered an address
OF welcome on behalf Of the City Of ST.
Louis. He was followed by Mr. w. H.
thompson, president Of the st. Louis
clearing house, who welcomed the del
egates on behalf of the local bankers.
President E. FL. Pullen then delivered
his annual address.
The past year has been an eyentful one in
our history. Our membership has largely in
creased during that period, the accessions be-
Ing about 600 Interest in our association and
its work has been aroused, and we confidently
expect continuance of growth with greater
rapid1ty in the future than in the past The
laboFs OF the standing protective committee
have been exceedingly onerous, unintermitting
and phenomenally successful since the ad-
1ournment OF our convention held at Atlanta
The success accomplished has far exceeded
our most sangutne expectations, and the re-
port OF the committee, which will be pre-
sented, Will doubtless afford you much graft
fcation. [--- $3.50
The labor involved in the diIigent prosecu-
tion OF the protective work Of our association
the time and care constantly needed the re-
spons1billty OF quick exercise of discretion
the voluminous correspondence, personal con-
ferences sought at all hours the pressing
necessity OF economy, linked with unstinted
expenditure when apparently justified cannot
De estimated except by the gentlemen consti-
tuting the committee, who have unselhshIy
devoted themselves to the task assigned to
them, and have found it and the RESPONSE
bflftfes exceedingly burdensome and materi-
ally interfering with their attention to their
own legitimate professional duties
The protective feature Of our work has been
this year the greater factor in attracting new
members, and the extraordinary success that
has crowned our efforts not only stimulates
10 increased. energetic exertion, but guaran-
tees that such redoubled effort Will In due
time extermnate the professional forpers
burglars and checkraisers who have for years
preyed on our banks and bankers. It is our
determination to wage an unrelenting war
against these criminals, who already under
stand that the American Bankers association
is on their track, and they are rapidly appre-
cfating and avoiding the great risk they incur
in attempting to defraud our members. The
cost Of the work this year, managed as
economically as consistent with efficiency has
been considerable, but the results are worth
INFINITELY more than the thousands of dollars
expended.
Experience Of similar organizations "a that
each year of such work faithfully and zeal
ously performed costs less than the preceding
years, and that after four five years the
expense will be nominal in comparison. The
skfllful professional bank criminals appear to
have ample means with which to employ able
counsel. When we secure their arrest and
Incarceration, our work is far from comnIet
ed; must watch their trial until closed
by their conviction. and only relax our efforts
when they are sentenced and securely behind
the. bars. 1t Is estimated that the Increased
schedule Of dues for the present year viii
yield from $50, 900 to 1872 600 and that this
sum will be sufficient for the protective work
and other expenses of the association
Many states have abolished DAYS of grace
and the subject is being considered by the
remainder. We hope, with the cooperation
OF OF the bankers associations IN these states,
during the present year, to have the pleasure
at our next convention to announce that DAYS
Of grace have been abolished in every state in
the Union. Uniformity in commercial laws
and usages in the different states Is verv
desirable. We have given much thought to
the subject, and made some effort in the de-
sired direction. Forty-fve states. with more
or less difference in their commercial and
banking laws, homestead exemptions and linn
itatiOns, naturally attract attention and
thought. For example, in one state at least
In cases OF the failure OF bank organized
under its laws, the home depositors reeeiy-
Ing no interest are preferred creditors-in
others, possession as collateral OF a certificate
Of stock of corporation organized under
their laws, standing In the name of the Dor
rover, is valueless as security unless trans
ferred TO the lender or noted on its stock
ledger. In another, II payment OF demand
note, Endorsed, is not demanded within four
months from its date and protested If not
paid the fndorsers are released. In another,
notes that are not payable at bank within
the state, protest Is not necessary to hold the
indorsers, but the maker must be sued at
the first court after maturity of note, unless
1T can be shown that he was insolvent at that
time. | cite these few examples to illustrate
the differences that exist, and earnestly urge
that this association should take up this work
OF harmonizfng the commercial and banking
laws of the different states. a well-arranged
plan in cooperation with the State Bankers
associations and our various vice presidents
would, in my Judgment, be crowned with
success Our relations with the bankers
associations of the various states having
nd the repre- -entation they will have By rtue
of the amendments to our constitution at
our last convention, will give them poten-
ttal voice in our management and secure
their cooperation In obtaining needed legis-
latiGn and other measures to conserve our
common interest. The American Bankers
association should and will preserve its pop
ular, democratic and representative character
and at the same time can have within itself
in its executive council and its state vice
presidents, compact delegated body I'm
which the state associations VIII be largely
represented. and which can be clothed with
discretionary power, which they could exer-
else through each for the benefit Of all the
members.
The American Bankers association. during
its twenty-five years history has stood for
Observation-Disclosures honesty, official honesty.
national honesty.
1t has always stood for honest money-for
an honest dollar, worth 100 cents and accepted
as such in all the markets of the world
In the past it has boldly, unhesitatingiy and
repeatedly given utterance to these views