Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-09-05
BANKERS MEET
Recommend the Passage
of Certain Laws.
CAPITAL REPRESENTED
Amounts Away Up III the Billions
Annual Speech of the President
Was Delivered at the Opening OF
the Sessions This Morning.

Cleveland, Sept 1.-The twenty-ifth
annual convention of the American /
Bankers association was called to order
in the auditorium of the chamber of COM !
merce building today With probably the
largest attendance in the history of the
organization, between 200 to l,a00 visit
tors. bankers. representing all sections OIL
the country, We're present. The amount
of capital represented in round numbers
is So, $50, ,OO0, 600. Director of Law Hogsett
welcomed the bankers to the city Vice
President Born of the Cleveland clearing
house association welcomed the delegates
on behalf of the Cleveland bankers
President George II. Russell OF the
American Bankers associa ton. replied TO
the welcoming speeches, and followed
with his annual address to the organiZa-
ton.
The president Mr.. George II. Russell
! of Detroit, delivered his annual address.
! He said in part;
I'm the past % years there has been
! a large relative increase in the number of
banks and consequently greater eolnpe-
! tition in the banking business. a decrease
/
much better facilities are given the de-
position and the old exchange and colec-
tion charges are we'll nigh abolished.
| There is much larger capital invested
! and much smaller profits in banking,
more work and more responsibility, less
return and Appreciation" He spoke of
, the growing independence of the money
| centers on the part of the south and
west" and asserted that the business Of
| the country was being done on a cash
| basis. He said: '"rhe annual and semi
annual settling days of the older states
are not upon the calendar The johbcr
/ finds his profits within the discount of
manufacturers, and the country mer-
chant has learned the lesson. buys more
| carefully and pays cash, and SO we see
business paper surely disappearing.
Banks must invest in other good sec1lri-
! ties, which under good demand apprc-
ciate in value. Under this process and the
growing wealth OF our nation. high
grade securities will be absorbed aud the
banks will lend their aid to the develop
ment of other industries and trade With
all nations Already We are purchasing
| the bonds of foreign countries
| II have referred to the growing wealth
I and financial independence of the south
and west. ] can best give you an in
stance by citing statistics from my own
state of Michigan, which are easiest OBJ
! tainable to me. The Year ending June
30, 1899, in the lS5 state banks 80 national
| banks and three trust companins of
/ Michigan. there was an increase in the
total deposits of $50, SOB 80 5:, OF this
! amount $S344 G23.77 was in savings de-
paftments January |, 1899. there was a
total deposit in thebanks of Michigan af
/ M2',9., 49s.l 10, and on July l. 1899, there
was a total ofS14O. .,-3 % shoyipp ),
gam FOR the first six months of this year
of over $13,OO00o0 II is probable that this
propoftlonate increase may obtain
! Throughout the great states of the west
Do you wonder then that this year
ana probably for the future we can ham
die our crops without financial aid from
the great money centers. and that for the
past two months interest rates have been
iac1uallV lower in central and far western
cities than in New York city, | have no
! tneofy ol currency reform to propose I
| trust that the recommendation of the
CONGRESSIONAL committee appointed for
that purpose will declare uneuuiyocallv
IN favor OF the gold standard, SIT and re-
/ concile the differences of theorists and
4 propose Such moderate reform measures
/ as VIII commend themselves 10 the unit
!, ed support Of this associations CoDsoli
datIon and combination are the order of
the day and in many instances il would
/ be desirable TO consolidate banks where
the smaller banks separately tannot ,l.o
their deposits with safety to their denos-
! llofS or pfoIlt to their Stockholders after
paying the cost Of administrations We
nave looked with alarm upon the forma-
: ton OF industrial combinations or trusts
so called. and N"t many of them conser-
/ Nateiy formed Will remain with us and
by economical administration and a less
| enlnS OF the cost of selling to the CON
sumner, may serve to largely expand our
home and foreign trade
| In submitting his annual report Sec
retary J. X. Branch said: The assocj,
! uon, winch was practically started to in
| duce the government to resume specie.
payments, has never ceased to work
steadily and openly for the benefit not
only of the banking fraternity. but the
country at large. One thing stands ont
ers' association has become what il was
| intended TO bean organization of utility
/ for banks and bankers and an authorita-
tive exponent of the highest aims ard
purposes of the banking world
The Hon. Frank w Tracy of Illinois
/ the chairman presented the report of the
| committee on uniform laws. 1t was in
:, part as follows:
"rhe committee has had many sugges-
| tons as To laws it should favor. The inn
portancc of the work it engaged in in
] trying to enact the uniform laws for
negotiable instruments in different states
seemed TO be so great that it turned down
! all these suggestions. though many of
them We're very valuable Our first duty
is to get the same uniformity in our
| credit circulation as we have in our cur
L a /