The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-18

peculiar relations with all classes and con-
! ultions or those whose pursuits create the
| commerce OF the country. On the prosper
ny or their customers depends the success
| OF the business of the banker, as his Gus
toners are made up OF those who produce,
manufacture, transport exchange, develop
ana establish. and the condition of the busl-
| ness OF each and all of these reacts upon
| that OF the banker; hence, they are neces-
| saIIly 9eeply interested in the general well
| are more anxious to welcome the return OF
| general prosperity throughout the land than
| .lose VINO are engaged in a legitimate. con-
ORC with idle deposits have no charm for
! the banker; he can and does appreciate the
men-neither add to the wealth or pros
| perlty OF the country, both are but WORTH
| less drones in the hive of industry"
SECRETARY BRANCH'S REPORT
The annual report of the secretary, James
r. Branch, of New York city followed IL
| showed that the number of paid members
on Aug. 10 was 2,S13. The new members
since Sept. l, 1885, number 9S2 The amount
paid in dues since Sept. /, 1886, was $780,
$3.50 There were S41 members lost on ac-
count of the new schedule of dues, which
! went into effect Sept l. 1896: thirty MEM
! bers from failure and liquidation. making "a
| total OF 81 lost members. This decreased
| the membership at the beginning of this
| fiscal year TO 1925 In many instances let
! ters were written and circulars sent to all
the banks trust companies and privats
| bankers in the country; and in some States
| the local officers of the association adj
| dressed all the banks in their respective ter
| ritories. This resulted in gain of 9S2 MEM
| bers, who Joined between Sept. l. 1896 ana
| Aug. TO- 1897. This makes a net gain over
last years total membership of 6l7. The
| roll now embraces: National banks, 1,4o3;
| State banks, 156; savings banks, 247; trust
companies, 1872; private banks. 225. Total,
| 2,Sl3. With combined capital and surplus
of $9946O7,75S, and deposits of Suisse, no.
| This does not include the capital and depos-
| its of 225 private bankers. who make
William Fl. Porter, treasurer of the assoc
citation, reported receipts for the year ST.
| Joseph c. Hendrix, of New York, sub
| mitted the report of the protective COM
mittee, which is composed of three bank
| ers whose names are kept secret and whip
| act undar the direction of the executive
| council in taking steps for the arrest and
| prosecution of parties charged with crimes
| against members of the association. Dur
| ing the past year not a member OF the as
| ISOLATION has lost dollar through burglary,
| and every professional operator to whom
| the attention of the protective COMMITTEES
| has been called has either been convicted,
| is now awaiting trial or has been released
| on turning states evidence. Mr.. Hendrix
| called attention TO the fact that there had
| been no notable swindling or forgery dur
| ing the year
! A NEGOTIABLE INSTRUMENT LAW.
|
laws read by Frank W. Tracy, OF
! Springfield Ill. The report begins as fol-
| lows: Your committee on uniform laws
was directed by the executive council at
| its meeting in April last to prepare, with
! such legal assistance as might be desired,
| a uniform law for commercial paper. For
| tunately for the committee there was pub
| IShed in the American Bankers Magazine
| for May a negotiable instrument law
| which seemed TO be a better law for the
purpose than any which we could possibly
| frame. Hon. Lyman j. Brewster of Dam
bury, Conn, president of the conference
| of commissioners of uniform state laws,
| freely and heartily gave the committee au-
| thor1ty to adopt it for recommendation to
| your association"
In speaking of the merits of the new law
| the report says: "A more useful or thor
oughly prepared statute on commercial law
! would be difficult to find. All the funda-
| mental principles and essential definitions
| OF the law on commercial papers, the law
| in short. of some ten thousand reported
| cases, is. in substance, condensed into thir-
| ty-siX pages. The disputed points and war;
| liant laws whose discussion occupies so
| large a share of two and three Volumed
| treatises on the subject, are decided and
| harmonized. This law has already been
! adopted in the States of New Jersey and
| Colorado. 1t has become law in the State
| of New York to take effect Oct. /, 1897
Shall we not hope that the efforts of the
! those of the American Bar Association, will
result in placing this law on the statute
books of all the remaining States within
a reasonable period of time" The report
concludes by recommending the appoint-
! ment of a committee to correspond with
| the several state associations and look gen.
| orally after the passage of the law by the
! state legislatures.
The. remaining part on the programme
was that of the committee on formation Of
bureau of education, submitted by Chair
| man William G. Cornwell. He said if the
| bankers of the United States would estab-
| fish a bureau and employ speakers to pre-
| sent the claims of banks properly before
| the public men who could, in plain Speech
| show the farmer and others that if the
| banks charge high for accommodation it
is the fault of legislation and not of the
| banks themselves, much of the present hos
| tility which exists against banks would be-
| removed. Letters favoring the idea of such
| bureau of education were read from Con-
! troler Eckels and others. The committee
! will be ready in short time with the first
| pamphlet to be issued and the matter of a
| bureau of speakers can be then taken up
| and tried in a small way at first and if
successful can be developed.
After the announcement of meetings of
state delegations for the appointment of
| committees and other routine business the
| convention adjourned until 10 o'clock to-
morrow morning.