New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-08-24
BANKERS IN SESSION.
ANNUAL MEETING OF AMERICAN Asso'
CITATION IN DENVER
ADDRESS OF PRESIDENT HENDRIX OF THE Ma
r1oNAI. UNION BANK. OF THIS CITY-Ho"
CONDITIONS HAVE CHANGED IN
TUE LAST FEW MONTHS

THE LAST FEW MoNi
Denver Aug. @-The twenty-fourth annual meet
ing of the American Bankers Association oes",, az
n o.cock to-day at the Broadway Theatre. The
.,o,,,v ., ,hs Ave hundred delegates expected
,,.r. IN their seats when President Joseph -
uendr,x OF New-York called them TO order. Chah-
ce,lor W r Mcdowell OF Denver OhNers"S'
offered prayer oo,,,o,
Governor Alva Adams welcomed ,ne as'o0 80,
10 the State Governor Adams hH'seii D'i
president made an address IN VIM" nv 90
naturally criticised many OF the methods Oh inou-
erp banking He advocated a postal savings oaiA
.vstcn, and n Government guarantee TOT all uc
posts I'm National banks. He predlc'eu an VI" Va
prosperity to follow the season OF uncertainty pr
duced by the war with Spain and great "i1en'ne
of operations and influence OF American hhal'ie'
Joseph A. Thatcher, president OF the DehVe'
Clearing House delivering address OF weico'"e
on behalf OF Denver bankers
President Hendrix spoke in response 10 the ~oiu'
OF welcome. following those remarks WIN "'' on
nual address to the association. He said IN part
ADDRESS OF PRESIDENT HENDRIX.
The Republic which only short time ago see,nou
70 FIJI some hearts with despair. has SO u'io'u.
its flag that the sun cannot set upon II, anu .iv
whole world has increased respect Tor 'he ANN
and Navy of the United States The spirit OF sec
tionalism that once threatened TO be morn Gnih
the flesh has lost itself In the strife OF the h
and the North the East and the W ns,r a9Sti5R
qualities In honor Of common coT tor Csc
kind OF civilization We bankers from rom down in
Maine want uncover and thank God that th ms
Is all our country and that want V TO testify that
we believe in the United States OF america, me-
nally externally eiernaliy me Tan hspe and the
great North-American chase for the doiar-nrs' 10
get IT, then to spend it's d IN kn p With certainty
about hard times is that they at last come to an en9
our most recent period of depression ended SO SUD,
deply hardly realize the WHY
%hefefore of it. At the beginning of this year the
months OF iS9S has broken the record. We have
mover such bank clearings. never nave nag so
m p ssss and e hav
so much freight. Thrce-fourths of ali the staples
were higher on July than they were the year be-
fore The circulation in the past year in
P per capita e'''0'"'''" '"''''''D . " ~
The American Bankers Association has , 5s@
Q billion dollars in the business of banking and inc
81 is the ' ods and largest Of
bankers In the word. When IT was organized our
fon S %ss BANKERS sought
so hasten the day when every promise of our gov
1esmed in cola" That day came Since the re-
sumption of specie payments our government mas
paid moro than sl,So.ocoooo of It's bonded debt in
gold. Our nation has been called the creates ex-
ever seen but period Of more exact and scientific
thought upon money and banking questions Is az
evidently settling down TO a purpose TO bring our
financial system TO the eminence We have justly
won In commerce. agriculture and manufacturing
REFORM IN CREDIT CURRENCY SYSTEM.
In the last year there has been much discussion
Of a reform Of our credit currency system. This
discussion has reached stage OF great interest to
us all 1t presents definitely question Of National
policy. old in history AS to whether the Nation
shall reserve to itself the power TO issue credit cur
rency, or whether that power shall be devoived
the banks Every nation That becomes IN
VOWED In paper issue struggles TO get free from
1t. 1t is a matter of perfcctng defences. We have
seen how swiftly a warcoud may develop and burst
with fury. An exposed treasury Is point OF weak
that reason one after the other has housed its
currency affairs under the roof Of some strong
In its diplomacy. It's finances, Its politics or its
wars without involving the affairs of every one Of
ronc Of the lessons derived from our last period
of trade depression is that bankers must reduce
credits to a more scientific basis and get into close
-G.rsd accurate touch with the affairs Of dealers.
credit in goods as We give credit in money. have
organized in national association. to bring about
n statement We have seen now men, can conduct
on about them They DO not begin in time TO ad-
just themselves to economic changes Their mis-
estimate the revolution in the business Of indivd
uals caused by the popular use OF the plcycleZ
damage 10 many trades. so that men confronted
losses from an unexpected cause without doing
Every banker has his eye the enormous god
production Of the world From figures at hand sd i
was $40 10000 coinage value and that in less than
ten the an ed 4@s Of ana Is eo
and silver was ten years ago II The increase con-
we hsye 9ssr q e od 2
iSss based on the large returns ALREADY H. is sz'o
The money stock Of gold on January l. 1884, in the
whole world 1886 800, en-the supply accuInu-
five years production since including The climate
for 1885 vii OH January /, 1899 be s.C, Oll ooC
sod Stock G Of the wSrd it's stood Just
years bslo,e OF o srs' s Ss o ,hf
arts. but making full allowance for This. the fac,
remains that the NON stock y 81 Ted mas
Bankers like other successful business men.
them them These are becoming more complex clv-
zation advances. The hundred hands OF Science
t a5s nd With the news An adastment to
OF conditions IS scarcely made before new set OF
tie rocks in the channel arc os to sight; but they
s G n about he 10 When the eSb tide runs they
pear 1t is business as bankers to Keep our
charts corrected TO date ana 10 wncn 'ne pqn
ciples governing the financial affairs OF the wood
any law OF nature. ]; is our duty to study the
business affairs OF our country to Isolate and and
phenomenal and to tell the story as simply as We
can What better forum is there for this than
0t secrctary James r. Branch read his annual re,
port The secretary who ssfes I nS I'M
fsntry. was received with enthusiastic applause.
walker V,ll OF st. Louis. the treasurer OF the as,
ISOLATION presented his annual report II showed
receipts and balance from las: year N0lIl; dis
bursements. 1926; balance. SS26
PROTECTIVE COMMITTEES REPORT
The report OF the Protective Committee was
presented. II showed a membership OF 1850. and
that In the last three years the members OF the
association had lost by burglars. robbers and
sneak thieves only sS.s75 while banks not members
of the association in the same time had lost $780,
OOo The committee s:id:
The agents OF the association have generally
investigated and reported on the operations OF
criminals. involving over four hundred cases OF
forgerles and swindles in the year ending August
l. 1895 or sevepty-e.ght criminals who swindled.
or attempted TO swindle. members OF the associa-
ton since August /. 1897. thtrty-three have been
placed under arrest and twenty-five have been con-
vtcted.