The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-23
BANKERS At ST. LOUIS
ANNUAL CONVENTION OF THE AMER
ICAN ASSOCIATION.
President f.. III. PuIIen's Address-Re-
ports of Executive Council and
Protective Committee.

ST LOUIS, Sept. 22.-There assembled in
the Olympic Theater to-day the repre-
sentatives of more wealth than ever be-
fore came together in the city at one time.
1t was the first session of the twenty-sec-
ond annual convention of the American
Bankers Association. Delegates were pres
ent from all parts of the country, repre-
senting the most prominent banking insti-
tutions, whose capital is at least $1,000Oo0,-
000. 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 matters per-
tanning to banking.
The first days session was taken up with
matters of a routine nature. President r.
H. Pullen of New York called the con-
vention to order shortly after 10 O'Clock
and Right Rev. Daniel futile, bishop OF
Missouri, led in prayer. Mayor Cyrus p
Walbridge delivered an address of welcome
on behalf of the city of St. Louis. He was
followed by Mr.. w. Fl. Thompson, presi-
dent of the ST. Louis clearing house. VINO
welcomed the delegates on behalf of the
local bankers. President f. H. Pullen then
delivered his annual address He said in
part:
grace and the subject is being considered
by the remainder. We hope, with the CO.
operation of the bankers ASSOCIATIONS IN IN
have the pleasure at our next convention
to announce that days of grace have been
Uniformity in commercial laws and
usages in the different States is very de
sirable. We have given much thought 10
the subject and made some effort in the
desired direction. Forty-five States with
more or less difference in their commercial
and limitations naturally attract aItentloii
and thought. For example. in one state at
tn IF nc "A "A
ganized under it's laws the home deposltors
receiving no interest are preferred crealt-
orS: in others possession as collateral OF d
certificate of stock of corporation organ
lied under their laws, standing IN the name
of the borrower, is Valueless as seG nntaS
on its stock ledger. In another II payment
of demand note Endorsed is not demanded ma 1i.a
within four months from its date ana pro-
tested if not paid the indorsers are released.
In another notes that are rot payable at a
bank within the State, protest is not neces-
sary to hold the indorsers, but the maker
must be sued at the first court after ma
turity of note unless it can be shown that
he was insolvent at that time.
EXPRESS COMPANIES.
I'VE have taken deep interest in the
pending controversy between express com
panies and banks in various part or our
country in regard to what are known as
express money orders, and also their IN
creased rates for transportation or money.
A committee was appointed to look INTO the
merits of the controversy and suggest such
action as they might consider essential for
the protection of our interests, and the re-
suits of their Investigations will be submit
ted to your considera ton. There has been
considerable bitterness of feeling injected
in the controversy that is needless ana n
relevant 1t does not tend to an equltabIe
solution of the difficulty ID DE ileellpeia'e
in speech action
III the express companies DO not pay
their fair share of taxation II their issue Vi
money orders should be liable as clrculatlol
to 10 per cent. tax II they shou!d De SUI
iected to the restrictions of the interstate
Commerce law. are matters that can be
discussed in dispasslenate manner anu
the Legislatures OF the dlHefent Siate IS, o T1
the Congress can be invoked to make such
legislation as is needed. To say that IN New
York, Chicago and other cities, panks
should decline to keep the accounts or eX-
press companies and redeem their money
orders is simply ridiculous 10 say that
those banks should issue small drafts drafts IN IN
order to suppant express money orders Is
equally ridiculous. The advice 10 the coun-
try bankers to Withdraw their accounts f;e nus
from banks in those cities who will not
close accounts of express companies or SUD-
stitute their own drafts in lieu or express
orders is Superlative nonsense me Wnoie
question is one of competition, and our sole
effort should be to restrain that competltlon
with legal limitations.
The Subject of restrictive Endorsements
has attracted considerable attention lately,
and the clearing houses of our country
have taken action in regard to the matter;
1t is understood now by the banks ana
bankers in our country that aosoluieay
no other Endorsement should be made or
accepted -. -. ,o,,,a ,.eoa;,,o
the earnest attention of our members, ana
that is in regard to items on distant points
sent as cash to their correspondents neaait;e
check from it's St. Louis correspondent
drawn by Jones & CO. for $1,000 on the
Conn.,: and sends that item to its CORE
spondent at Hartford contiguous 10 None
silch) as cash The bank at Hartford re-
in ton DAVIS for such ltemS-in
other words, the New York bank eXtenos
to the bank at Hartford a credit of Ger
tain number of days and the panK at
Hartford sends credit to the bank at
None-such of a certain number OF days
hank at None-such and the amount credit
ed to the bank at Hartford put pc
fore remittance day the bank at None-such
fails and the bank at Hartford lmtne 4a-
ately notifies the New York bank OF the
fact and demands that the item be credited
back to their account, and the New York
hank makes the same claim on the CORE
spondent at St. Louis, from whom IL re-
ceived the item for similar credit me St
from the depositor of the check, ana ne
claims that the check was paid, ana ne de-
any responsibility for the results of the
credits extended by parties through whom
the check paSsed-he declines to pay UNI
less the item is returned to him duly pro-
tested. Who should lose the money? Who
should be the creditor OF the lns9 2Inni
ford the New York bank. the ST. Louis
bank or the original depositor?
THE HONEST-MONEY ISSUE.
THE American Bankers Association,
durins, its twenty-five years history, has
stood for Observation-Disclosures honesty, Of
fetal honesty national honesty. 1t has al
ways stood for honest money-for an hon
est dollar worth 100 cents. and accepted
as such in all the markets of the world.
In the past it has boldly, unhesitatingly
and repeatedly given utterance to these
yiews-it has issued its declarations in
print and scattered them broadcast all
over our land. We should occupy the same
position to-day and far from desiring to
modify our past record we should confirm
and reiterate it with emphasis. In times
of prevailing business depression. wide
spread discomfort and general unrest the
various elements among the people tnat
in prosperity cannot combine their forces,
readily coalesce. Dishonest money, because
il is dishonest, attracts the disorderly.
lawless and revolutionary elements-the
Socialist. the Populist and the Anarchist.
The issue to-day is not exclusively hon
eminent and the preservation of law, life
and liberty are at stake. Banks. especially
national banks. have been assailed by the
vituperations of ignorance and passion.
The banks rallied to the support of the
government in the darkest hour of its his
tory, and supplied the money necessary TO
defend its honor and life. Through the ma
tional bank system. subsequently eStab-
IiShed a market was opened for United