The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-08-20
BANKERS COUNCIL CLOSED.
LAST DAY OF THE NATIONAL ASsO-
CITATION AT DETROIT

portnnce of the SesstOn-president
Lowry HOnOred by His Banker
Brethren-GeOrgin Figures Very
Prominently in the Proceedings.
Detroit, Mich. Aug. 19.-The twenty
third annual convention of the American
| Bankers Association, came to an end at
1 O'Clock this afternoon, according to pre-
cedent, First Vice President Jos. c. Hen
dirk of New York was raised to the Of
fee of president
George II. Russell of Detroit received a
large majority of the votes cast for first
vice president, although the nominating
committee had recommended +. A. Tracy
! of Illinois for the honor. Business was
transacted with a rush to-day, a number
of papers having been carried over from
| yesterday Several papers were ordered
printed without being read. Luncheon at
the great distillery of Hiram Walker &
Sons, at Walkerville, Ont, and a boat ride
to Des-Chree- Hos-Ka, this afternoon,
wound up the social features
Retiring President Lowrey responded to
repeated calls and was followed In rapid
succession by Messrs. Hendricks, Russell,
Leathers, Powels. Jordon and others.
Then the twenty-third convention of the
American Bankers terminated in COM
bined burst of patriotism and good fell
lowship, cries of acclamation for the stars
and stripes and God save the queen ris-
ing together from thousand throats.
The band played Dixie and Yankee Doo-
die alternately, and the delegates from
all sections of the country united In pro-
nouncing the convention Of 1897 an unqual-
flied success.
The gathering was called to order
promptly at o'clock and the reading Of
papers left over from yesterday was TAX
en- up. The question, "What Legislation
Is Needed in Respect to the Currency"
was discussed in an interesting paper by
| y. b. Vanslike, president of the First Ma
tional Bank of Madison. Wis. The speak
er thought reforms, TO be permanent,
should be gradual rather than radical,
and in this connection he suggested as
the first important step a currency reform
by evolution, the retirement of the trou-
blesome greenbacks and treasury notes,
floating debt and a practical business
method of funding this debt in per
cent government bonds in denominations
from $50 to $1,000 each.
Savings Banks" was the title of paper
read by Myron T. Herrick of Cleveland.
Harvey j. HOLSTER, president Of the
Grand Rapids clearing house, spoke on
"Organized Capital; It's Privileges and Du-
ties"
Bradford Rhodes of Mamaroneck, N. Y,
discussed the question, Clearing Houses
for Country Checks Practical"
Mr.. c. Gunby Jordan Of Columbus, Ga,
/ gsrt,a
banks of less than $4,000 capital would be
a benefit to the country. He answered 1t
| affirmatlvely.
"Things financial are sadly out of joint"
he said eff slight amendments to exist
ing laws will help 10 right the wrong in
heavens name let us urge them. If we
are to continue the unscientlhc basis Of
bond issues let the banks issue up 20 par
| on the bonds. If the people actually need
the banks let them demand a reduction
| in the tax rate on the note issuing feature
| and allow a healthy expansion of from
$3.50 1876, ,465 outstanding July 81, while with
! only $40 banks in 1872 there was Of ma
tional bank notes 1896, 100000. Then with
| $4,000 as a minimum OF capital there
| would be nducement enough TO plant a
| national bank wherever one is needed ana
outside capital would greatly aid in the
work
THAT the needs OF this country re-
quire small banks is indisputably proven
| by the statistics Of their organization.
! Since January, 1888 2i5 banks have been
! organized. OF these 50 per cent. O90 have
| been 10000 and under, OF these 1913, n
per cent. 0i9) have minimum capital
| allowed by law, namely $4,000. The pes
| simlst alone, Othello like, Is without oc-
! cupatiOn. Nevertheless let our law Civ
| ers settle this currency question and the
south at least, will blaze her own road
to riches"
would branch banks be beneficial or
! the reverse?" was discussed by William
! c. Cornwall. president City Bank OF Fan
| River.
Frank A. Tracy, president OF the First
! National Bank Of Springfield H., read
a paper on the subject: What can be
done to increase the usefulness Of the
| American Bankers Association.
Papers followed on Currency shipments
Of registered mail" by Charles r. Hanna,
| president Of the Iowa bankers association:
! Express money orders" by i. y. fTillyer,
secretary Of tho Georgia Bankers Asso-
| citation.
Those prepared by Lawrence B. Kemp,
! Of Maryland and Eugene ~. Pullon Of New
York. were Withdrawn by their authoriza-
| ton, owing TO The lateness OF the hour and
ordered printed IN the proceedings
A resolution was adopted by the conven-
tion urging congress promptly TO provide
| for a competent, non-partisan currency
| commission 10 the end that substantial
financial legislation may BE- speedily instl-
| tuted
Regret at the death OF the late william
! p. 81. John Of New York was expressed la
resolution by n. B. Vansllko.
Jos. g. Hendricks Of New York city was
elected president Of the association with
| out a dissenting vote Tho sailing was not
| so smooth when II came 20 the election OF
| "a FIRST vice president, for this place the
nominating committee presented the name
Of Frank A. Tracy Of Springfield H.,
| Frederick w Hayes Of Detroit. also nomi-
| mated George ". Russell Of this
city. Mr.. Russell was elected. re-
ceiying 30 votes 20 rs cast for
Mr. Tracy. The secretary was IN
structcd 20 cast the ballots of the con-
vontlon for the state vice presidents and
executive council which are as follows.
J. q. Cannon New York. y. W. Hunting.
ton. Ohio. n. J. Lowry. Georgia J. B
Findlay. Pennsylvania. ). g. Sands. West
| Virginia.
The list or members OF the executive
| council named bg che delegates ~ tho
/ .IIINf o.