The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-09-08
BANKERS CLOSING SESSION.
NECESSITY FOR CREDIT DEPART
MENTS DISCUSSED.

Clearing HOuse-Omcers Elected
for the Current Year.
Cleveland. O., Sept THE closing ses-
sion of the American Bankers Associa-
! ton convention was held to-day.
The Possibilities of Banking Co-opera
ton Under a Uniform System of Credit
Departments and Standardized Property
Statements" was the title of an interest
ing paper read by James G. Cannon, vice
president of the Fourth National Bank Of
New York. Mr.. Cannon said, among 9TH
er things:
EVERY bank should have a thoroughly
organized and properly equipped credit de-
| partment. The personnel of concerns and
trade conditions are so constantly chang
ing that it is almost impossible for d bank
officer to keep in close touch with the va
riations of business, without having some
systematic method of following them. The
credit man who does this work can make
his services invaluable TO the bank Off
Ger, as he will often see and bring TO the
officers attention details which might 9th
erwise escape his notice. 1t is frequently
the little things that give the first ink
ling of trouble, and an efficient credit
man. with a properly equipped credit de-
partment, will keep the banks unsecured
| assets in first-Class shape and reduce its
| losses TO minimum.
"A credit man, carefully instructed in
| his duties. should scan the morning pa
pers, especially those giving particular
attention to commercial affairs. for the
| purpose of getting a general idea of busl-
ness conditions, and mark and bring to
! the attention of the officers of the bank
all judgments assignments, petitions in
| bankruptcy, conVeyances, mortgages, etc,
which may be of interest to the bank or
its customers"
Banks and Progress.
Col Myron T. Herrick, president of the
Society for Saving of this city, was the
next speaker, his subject being, The Eff
fects of Banks on the Peoples Progress
Mr.. Herrick said in part:
Trace the deposits of the bank to its
source, and there may be discovered the
hidden origin of its power. Its fountain
head is the strongest of human instincts
that of self-preservation. Every home,
every home tie and every individual inter
est is involved; therefore, unlike a gov
eminent or other partisan organization,
the bank has for its foundation a con
stituency without class distinction, for il
is built and supported by all the people
| The concentration of the small deposits
| of savings and accumulations in banks
! creates that vast reserve of influence and
| financial resource which directs and eus-
| tains commercial enterprise and industrial
| activity and serves as the medium by
| which the business of the world is car
| ried on"
The next paper presented was on the
| subject what Can Be Done to Perfect
| Our Currency" by VIM. c. Cornwall, pres
dent of the City National Bank of Buffalo,
N. Y.
Worlds Clearing House.
''FIow Can the United States Become the
| Clearing House of the WoSld," was next
discussed by VIM. R. Trigg, president Of
the VIM. r. Trigg Company, ship builders
! of Richmond, Va.
He quoted from a leader in the Boston
| Globe on expansion which referred to the
| United States as the richest, the most
| resourceful country on the globe, and near
| est. as regards geographical contract with
| myriads of human beings who are just be-
! ing graduated from the primary schools
| of civilization and win soon require a fun
| equipment of what belongs to more adj
| vanced grades of national development"
| The speaker said that this statement
| without going into the politics of it induced
a favorlte thought of his, namely, how
| grand is this, our country, how grand its
destiny "Why should it not clear for the
world" The speaker thought itHnevitable
| that it would so clear because our people,
| our men of affairs, our bankers our mer-
| chants, our manufacturers. our planters
viii continue to follow up their great adj
vantage of location. Continuing he sad:
| "A familiar argument with me, brought
| up among free traders is that we have
the trading station Of the world, and
| should, therefore, control the world
trade, and it is true that we have it. as
| is now appreciated by all. The export
of our grain, our cotton, our metals, our
| lumber and by far the greatest of all.
| our manufactures, is determining the
| question of where settlements will be
| made. The flow of gold that has hereto
| fore gone to England will in the main
| come to the United States, and here the
| clearing of the world will be done We
can bring this about, or, rather, hasten.
| for we cannot, in my opinion stop it, in
no better way than encouraging the enter
| prises of our people, not necessarily by
| governmental aid, but by sympathy, which
is most necessary in business. Encourage
| ment, however, we must all admit, is in
order when report shows that this coun-
| try has fallen from the first place in gold
| production, which it held for fifty years,
| up to and including 1896, to the third
| place. Africa passed us in 1897. and Aus
tralia In 1893. This would seem TO prove
| there is progress elsewhere. But, after
| all, what care we where the gold is dig
| ged, if its final lodgment in our own
| Golfers? The day not yet passed, but pass
| ing, is at hand, when the American Eagle
| snail be as well known as the EnSHsh
| sovereign, and then the pound shall give
| first place to the dollar-and then, we
| shall clear for the world.
I'VE are a greater people to-day than
| ever before in our own estimation, and
in the estimation of the world, for the
world has seen the sections shake hands,
not in recanting, but to meet a common
foe and l say to you, gentlemen, the
South, which I represent stands in her
prowess and her resources a very bulwark
of strength for all that she espouses.
| Election OF Omcers.
After the addresses had been finished,
| the election of officers for the ensuing year
| was taken up and resulted as follows:
President, Walter Hill of ST. Louis; vice
president, Alveh II. Trowbrldge of New
| York city; members of executive commit
tee, Myron T. Herrick, president of the
Society for Saving. Cleveland; stuart q.
Nelson of New York. J. D. Powers of
Kentucky Daniel Annon of Maryland, 7.