The times. [volume] (Richmond, Va.) 1890-1903, 1897-08-18
THE AMERICAN BANKERS.
Governor Pinsrse Makes The Speech Of
Welcome.
LIVELY CONTEST FOR THE OFFICES.
Secretary Col, james n. Branch MAKES '"e
Annuai Tvp"rt-Ab,e Speeches De
livered by the President
aud Others.

banking interests OF ihc country were wen
ronr,sonf,d This morning. when about
five hundred delegates to the American
p,ntIrg Association assembled in the
Detroit Opcla-Honse 60 attend the open
ine session OF the twenty-third annual
convention OF That body. President Low
cry presided The welcome speech ot
Governor Tingroe. while considereu
somwbat radical by some OF the members
was. ON tho whole. wcl received, ana he
WAS given "a generous amount of applause
IL It's conclusion.
A MILD REBUkE
GEORGE H Russell. as spokesman OF ''e
Detroit Clearing House. admlnlsltieu "
mild rebukc 90 the Governor 10y saying
that hc had only been In me banking
business cieht or nine years ana "ou'u
not. therefore attempt 20 deliver
homiIy on tine silver question or lhe eE''
of ,orDoratons The applause which
greeted this sally showed that h't ue
Nuehipau's auti-cOrporauon 'oN'Iio'
Was understood and appreciated
a. the conclusion OF the session the
stafo delegates met 10 appoint their mem
hors OF tine Nominating commute
I,b,re is scarcely 20 doubt that Joseph
a. Hendrix. president of the Nauondl
1-,tor Rank of New York city, FIRST vice
,.r,siderf Of tie session. Will be chosen
sircsilCuf.
.rhc prospects are that there Will be
3ivelv contest for the vice-pfesioeh'y
whom the election OF officers IS reachco'
Frank vs.. Tracy. of Sprinshelo' H.-
wants the position. He was ,aIu,g".'
last vcar hut was defeated by Mr. Hen
ark. ana mis- friends think ho ought 10
get 80.
Alvah Trowbridge. chairman Of the EH-
ccutvo Committee is also candidate
FOR the vlco-urcsideucv. and last but hy
no means least the Detroit bankers are
determined 81 possible. 90 elect George II.
Russell OF this city. TO the position.
GOVERNOR PINGREE'S REMARKS.
In the course OF his speech Governor
p.nsree said.
fhe theory of money. being an everyday
manufacturer of shoes, but l have
thought which / wish TO start rolling
Tor discussion.
whatever mems ideas may De upon
the eubicct ass 90 what money metal or
ultimate redemption is best I'M the world
commerce and monetary systems, / be-
ntyc ID is conceded that when silver grad
ually ceases 90 Doe part Of the stock used
for such purposes n the balance ol the
stock used for such purposes, in the ball
auce OF trade and otherwise. the aYalia-
Die amount of primary money was re-
ouccd about one-hall To remedy ihis
state of Affairs. 30 is sought 90 eject an
agreement among nations which are hy
tho uuit of measure may again Dee in
either gold Og silver at certain RATIO
called blmetalism.
BlMETALLlsM
should 90 Doe possible TO effect such an
agreement. or should the people of the
United states decide TO hereafter use gold
alone for money of ultimate redemption,
=. condition of affairs may Dee imagined
when such large proportion OF the
worlds annual gold product shall be used
and consumed in the arts that announces
stringcncy iu gold coin viii occur. The
use of gold in the arts is now increasing
from wear to year As ] understand &C.
the principal purpose Of remoneuzng
silver. either with or without foreign
assent. is TO increase the available supply
Of ultimate redemption money
AS one method of increasing the stock
Of the worlds coined gold, Governor Pm
gree suggested that some way be devised
10 prevent Che increasing use o. gold in
the arts. for instance, tax upon manu-
facturod gold in the shape Of JeWelry,
gold lsf. etc.
TRUSTS AND CORPORATIONS.
Governor Pingrce then went into an
elaborate discussion of trusts and cor
rorations. and the necessity for reguiat-
inc their scope OF action by law, and
concluded bv favoring an amendment 10
the national law upon real estate say
ing that such an amendment would bene-
30 both bankers and those who borrow
from them.
The last address of wecome came from
George III. Russell member OF the Ex-
ecutive Council of Michigan. Then Presi-
dent Lowry rose 90 respond 10 the greet
ines OF Michigan. and TO give his annual
address.
THE annual report Of the secretary
James T.. Branch of New York city, fol-
lowed.
TIE SECRETARY'S REPORT
The report is as follows:
New York. August 10. 1897.
American Bankers Association:
Gentlcmcn.-l have the honor 70 submit
lho following comparative report for the
fscal years OF 1SlG and 1891.
1896
Tash balance membership ac-
count. August 31. lslB. ........$ 3,6lS.75
Members joining from September
! 1875. 90 September J. ls!h.. 3,N
Paid members September l. 1896 2.lyB
Annual membership dues paid
for year ending August 81, lS90.Sl1 ,2iO.13
1897.
Cash balance member
ship account, August -,
To- 1897 ............... 9.2jo.23
Drafts deposited FOR
next years dues sub
'''' 10 payment ''''.- -.-2-9 s47I7S2s
Members Joining from sentembor
] 1896. 10 August 10, lS9I..... ~
Paid members August 10 1897. 2,Sl3
Annual membership dues paid
for year ending September /,
1880 90 August no. 1897 ...... $50 2S7. 90
Being am increase OF SD .of1.17.
The above figures would he larger but
for the investment Of SljSl5. SO in Gov
crnmcut bonds. Of which $40. 721 IS was
charged 90 membership account. the bal
auce of S5.037J coming from sale Of
5000 Lake Erie and Western per cent.
bonds In addition 90 this $4,000 was
transferred from membership 10 protec-
live fund account.
There were 84l members lost on account
OF the new schedule OF dues. which went
Into effect September I. 1896. thirty MEM
hers from failure and liquidation, max
Ing n total OF 31l lost members.
This decreased the membership at the
boeiuring Of this fiscal year 10 50 I'm
many Instances letters We're written and
circulars were sent from this ofiice 10 all
;he banks. trust companies and private
bankers ln the country and IN some
gfsfes the local officers Of the assOcia-
zion addressed an tie banks In their re-
suerfive territories. This resulted In a
,.sf, - oS2 members. who Joined betwear,
errfember 1880. and August 10, iSsT
'rhls makes net gain over last years
total membership u oif.
The roll now emof0ces-
.a.N 30 "a u I