The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-07-23
NEW YORK BANKERS MEET.
FIFTH ANNUAL CONVENTION OF THE
STATE Association.

President Hepburn in His Address Refers
TO tho Developments of tho Year, which
Show That We Must Seek the Markets of
the World to Sell Our Surplus Products.
NIAGARA FALLS. July 22.-The NTH annual
convention Of the New York State Bankers
Association was opened at tho International
Hotel in this city at 10 o'clock this
morning. Tho convention win continue to-day
and tomorrow. The Hon. A.. L. Hepburn OF
New York called tho convention to order. He
isthe President OF the association. After prayer
by the Rev. A. s. Bacon Of this CITY. President
Hepburn delivered his annual address.
THE year has boon a prosperous one for this
association. rs will fully appear from the re-
ports of the Secretary and Treasurer. The last
fiscal year has. indeed. been q remarkable one.
alike from economic and political standpoints.
The value OF our merchandise sold abroad eS-
cceds the value OF foreign merchandise i'm
ported into the United States by S615. 259. 900.
The outside world contributed to the wealth Of
the United States this round sun. and yet the
air is filed with tho cry Of hard times. n cry in
which bankers. with others. join. What
ever may be tho present view. the year
just closed will be looked back upon as
one OF unusual prosperity. and II wo
have not found it prosperous it Is because we
have failed TO recognize and adapt ourselves to
the changed and changing conditions. The
days OF 9 per cent, interest have gone only to
return n ttroubled intervals. when normal con-
ditions are disturbed. Tho choicest invest
ments yield less than 3 per cent. Somo rail-
road bonds bearing 3h per cent. interest COM
mand q premium. Rentals are proportionately
reduced, and these conditions have como to
stay. The growing wealth OF this country Is
and as n permanent condition We
must recognize 4 per cent. as n good return for
while, the. earning, power Of money and
property has for years been growing gradually
less. mt the same time the purchasing power OF
labor has steadily increased, not only from the
Increasing %scalc.o OF wages, but as well from the
lcssening cost of commodities. whether neces-
sarics or IuXuries;. In one of the large banks
OF the city Of New York the average SALARY paid.
boy. Was Sii,,50fs. The earn ming" power 20 Of this
average employee c9palled the earning power
present prices. Property Ia steadily reoeiv-
lnElcs and labor more in the general division.
As bankers. We. must conform to the situation
ny PAVING less interest on the funds intrusted
THE developments of the year mark the
the tRw"T resp"ns 81 aso 81 n ma ff%5tSinS 6 SeTSS cS a.
pacity to produce far exceeds our capacity to
Keep Furnaces in blast Iaa or looms in a action iE io That
capital may earn its increment and labor he
employed, enterprise must contend in the mar
kets OF the world for the salo Of our surplus
1.-THE broader national life which will inevi-
tably result from tho present war will give an
impetus to our foreign commerce.. II merchan-
disc is to be transported in American bottoms.
the commercial world must know that tho
American flag, means protection and graran-
tees safe conduct. And that we may success
fully contend with the world. in the markets, OF
n navy commensurate with the great CONNER
cial interests Of our nation.
- Now, we make loans upon goods to arrive.
In future we must loan upon, the outgoing
cargo; Our money and our credit must follow
In those countries that consume more than
they produce, and in the general Interchange
THE present marks an epoch in our national
life, a relaxing, of the fiscal policy which has so
long controlled With eoncomit9nt change in po-
ciplSs, but in order to succeed we must study
the present, gauge the future and adapt our
He said that executive clemency is too often
interposed to relieve bank burglars and dis
n ment for Pf their e crlmes. in TORN nfI0RefE FROM n8f thir.
ty-two OF the states, he said, shows that ,execu-
t s,tis slGI mGnsSd Ybi r dc out 40 pc. cent Tht.; Of the pen,
which executive clemency Is obtained" he said.
and the freedom with which II is %interposed.
the part of tho banking and business COM
He suggests n change In tho law regulating
bank reserves TO prevent congestion In money
centres and preserve u more even and uniform
He concluded with a plea for Legislative re:
striGtiPns upon indenendent banks OF small
THiHS55stt p ana most 1SF PGSRsFiai 6aRn EEiyiii s tie TO %a4 se oi
permitting the establishment Of branch banks.
and especially throughout the South and West.
and r%9i more Gen Tenso I'M SEe r Tsy Of Of Efn rtsaSsFt S TSs thy
argument advanced for such legislation.
This afternoon Judge Robert s.. Taylor. Of
Currency Bill" and the Hon. George W. Hay Of
New York. a member Of Congress. on the New
Bankruptcy Law" This evening the associa-
ton had a banquet at tho International: Will
liam McElroy Of the Rochester Post Express
and Thomas /. James of New York were the
principa speakers.
The following nominations for officers were
made For President. Charles AdSit OF Hor;
PawlinR; Treasurer. George W, Thayer OF
rochester; Secretary. William l. Taber OF Her.
kimer.
Group @ presented a silver loving cup to Mr..
butcher as remembrance Of hospitality shown
last October.