El Paso daily herald. (El Paso, Tex.) 1881-1901, 1898-08-23
AMERICAN BANKERS
In Convention At Denver.

DENVER, Colo Aug. 23.-The Amer
lean Bankers association began its
| twenty fourth annual session in the
Broadway theater this morning at ten
o'clock, with large attendance of
delegates and q distinguished audience
of visitors. After prayer by Rev. Faith
er Malone. Governor Alva Adams and
Mayor T. S. McMurray assured the as
sociation of the hearty welcome of
Colorado and the city of Denver. To
these words of cordial welcome Pres
ident Joseph c. Hendrix responded in
behalf of the visiting bankers, and af-
ter noon recess, during which a big
reception was rendered the visitors at
the Brown Palace hotel, President
Hendrix delivered his annual ad-
dress.
Mr.. Hendrix began by briefly re-
viewing the stirring history of the ma
tion since the bankers met last year in
Detroit. He spoke of the wars remov-
al of the last trace of the spirit of Sec
tionalism, and dwelt on the CONNER
cial greatness in store for America
The only thing that we know with
certainty about hard times is that they
have at last come to an end. Our most
recent period of depression ended so
suddenly that we can hardly realize
the why and wherefore of it. At the
beginning of this year the music we
all love began once more. The first
six months of 1898 has broken the
record. We have never seen such
bank clearings, never have had 80
many deposits and have held so much
have never carried 60 much freight.
Three-fourths of all the staples were
higher on July than they were the
year before. The money circulation
in the past year increased $l97, 400. 600,
and most of it was gold.
The per capita circulation
increased s2.17 for "A, 522, 600 people.
Two great hsrvests have been cashed,
and through the car windows coming
Less than five per cent of the railroad
mileage, out of twenty per cent in
1894, remains in hands of receivers.
Georgia has sold her peach crop for
So, 900, co., and is awaiting the returns
from the watermelOns. And this is but
half the story.
We often hear that there is lack of
O0uh l6ClllLleS III CcTIdlH p6TLS OI
our country. AS bankers we should
know about this, and explain the rea-
son. There is no doubt of the fact, but
there is twin fact to it, which is, that
where banking facilities do not exist,
conditions for profitable banking do
not exist. Here the crops that require
money are planted at the same time.
and they are marketed at about the
same time. The customers of q bank
would deposit money at q time when
there was no demand for it, and with
draw it when loans were needed. A
bank must profitsbly employ it's funds
all the year. or banking will not pay
expenses. Small banks are not the
remedy. They cannot exist where in
dustry is not diversified to some de-
gree, so that moneJ may be kept out
in the different seasons. In Canada the
branch bank system meets the want,
and 1t would do so in this country, Civ
ing q better distribution of loanable
capital and an interest rate more uni
form.
Reports of the secretary and treas
nrer were read and reports from var
ious committees received. All ar
rangements for tonight's entertain
mept are complete. The banquet will
be sumptuous and the grand ball the
evept Of tho saasOp