New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-08-26
THE BANKERS ASSOCIATION.
CLOSING SESSION OF THE TWENTY
FOURTH ANNUAL CONVENTION.
ANIMATED DISCUSSION OVER THE ALLEGED
SCARCITY or CURRENCY IN THE RURAL
Observation-Disclosures OF OFFICERS

ANIMATED DISCUSSION OVER lhb ALA'rNi@N
SCARCITY OF CURRENCY IN THE RURAL
NEUTRALITY-SUSPICIOUS. OF OFFICERS
Denver. Aug. 1.-THE closing session Of the
twenty-fourth annual convention of the American
Bankers Association opened with full attend
ance the election of officers being on the pro
gramme After prayer William l.. Royal oil
Richmond Va, read "A paper on Ihe Need Oh
Banking Facilities IN Rural Districts. Mr.. Roy
all argued the necessity Of country banks Issuing
notes for local circulation. the same to be based
upon the resources possessed by the bank Issuing
them He believed that this would remedy the
cry for more money" which Is continually heard
from the rural districts.
w s Wood Of the National Bank of Commerce..
Of Kansas city. Mo- condemned the IDEAS adVo-
Gated In Mr. ROYALS address from first TO last.
He declared that the West had seen enough OF
currency issues by local banks. The banking
business he asserted. highly developed All
over the country. In the East large commerce
had led TO the establishment Of banks Of large
capital. while in the West smaller commerce mad
been satisfied with smaller banks. In the West
banks were too plentiful. competition had been
so excessive that the banking business was no'
profitable and consequently in many cases not
safe. lie advocated the branch bank system as
the remedy for the trouble. Large city banks
should absorb little country banks, then plethora
Of money could not exist in one locality WINE an
unsatisfed demand existed in another.
Mr. Boncdrake OF Kansas. disagreed with MT
ROYALS assertion that the country districts hch
banking facilities. especially IN the West. lie
quoted figures to show the amount OF money II
the country banks IN Kansas.
John F. Branch. president Of the Merchants
National Bank of Richmond Va disagreed with
all suggestions he favored permitting country
hanks TO issue currency the same terms as
city banks.
George N. Reynolds. cashier OF the Continental
National Bank Of Chicago. followed In paper on
"1-n,for,n Laws .or Holidays as Well as Days
oi 1ohn " Foxon assistant cashier Of the First
National Bank OF Chattanooga. read a paper Oh
Banking II Relates 10 Industrial DeNeioP
W. S Witham. Of Atlanta followed In an adj
dress on THE Country Banker. ,, 49,
The Nominating Committee then maze ltS r.
port which was 5doptea. j. ne =, 2i' p,, Detr"it
Vicn FIRST vice-president Walker Hi. president
American Exchange Bank Of St Louis. memngfs
y Hannah Council Bluffs. Iowa. Homer ". Ne
COY Peoria. H.. 5. X. shoemaker, huhuns 'o ~
penn. r. McCurdy, YOUNGSTOWN, OHIO, T.
Wcoridpn Austin TEX. Breckenridge Jones. 81
f'ouls. j g Mitchell Denver. J. G. Brown
Raleigh \ C.: II. l.. Burge, Boston. and Bradford
The second annual meeting OF the trust company
section Of the American Bankers Association wa
port OF the Executive Committee. seNtIai papers
were read and discussed. <r...,.
The election OF officers resulted In the following
beng chosen: Chairman. Il. 7. Jones MisslsHlpp
Valley Trust Company. 81. Louis; Nlct-'haii IAN
otto Bannerd ContinentaI itus, tyini'iS n,or y
York. chairman Executive COMMITTEE H mo, y =,
fIodenpyl Michigan Trust COMPANY, 1tnnd lraP s
Companv Chicago. Executive Commit leemen foI
three wears. otto Bannerd. Continental Trust com.
pany York. F. - Gibson or, i,u7
Trust Company. Chicago. EXECUTIVE ohii! I'M
for year IN place or i;ret klnI-ut' ','',
resigned John II. Holiday. Union Trust Company
Indiarapolls Ind.