Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1899-09-06
THE BANKERS MEETING.
Men Representing Billions In wealtl
in Session at Cleveland.

W.
Men Representing Billions In Wealth
in Session at Cleveland.
Cleveland. o., Sept. 6.-At the twenty
fifth annual convention of the American
Bankers Association between 1000 and
800 visiting bankers, representing all
sections Of the country, We're present
The amount of capital represented is
given at $5,7O0,O 100000.
In the absence of Mayor Farley,
Director of Law Hogsett welcomed the
bankers to the city Vice President E.
H. Borne, Of the Cleveland Clearing
House Association, also welcomed the
delegates in behalf of the Cleveland
bankers. George H. Russell, of Detroit,
president of the American Bankers As
ISOLATION, replied to these speeches, and
followed with his annual address to the
organization. Mr.. Russell said:
In the last twenty five years there
has been large relative increase in the
number of banks, and consequently
greater competition in the banking
business, a decrease of fully so per cent
| In discount rates, much better facilities
/ are given the depositor and the old ex-
change and collection charges are we'll
nigh abolished In the last two or three
| years we note greater resources and
growing independence Of the money
| centers on the part of the south and
west. But we must accept the condi-
tions that now exist, and recognize the
| fact that with the age and greater
wealth of this nation the rates of inter-
lest will gradually and naturally de-
| cline. We recovered slowly from the
| financial disturbances of 1893, but dur
4 ing the following five years we awoke
to the fact that we We're rich coun-
TRY, and will hold our place as credi-
ttor among the nations of the world.
II have no theory of currency reform
Ito propose. trust that the recommend
Iation of the congressional committee
appointed for that purpose will declare
unequivocally in favor of the gold
4 standard
! We have looked with alarm upon the
\ formation of industrial combinations or
trusts, so called Bankers after a time
4 will need to investigate more carefully
and discriminate fairly among these gil
j gantic industrial organizations These
larger corporations will seriously affect
the business of the banks in cities
4 which are not favored with the location
4 of their head offices and financial man
agement.N
Secretary James r. Branch in his re-
lport reviewed the history of the asso-
citation and said:
The association, which was practi-
lcally started to induce the government
to resume specie payments, has never
ceased to work steadily and openly for
) the benefit not only of the banking fra
Eternity, but for the country at large.
Il One thing stands out clearly, and that
Ills the American Bankers Association
q has become what it was intended to be
An organization of utility for banks
> and bankers and an authoritative expo
nent of the highest aims and purposes
of the banking world. 1t has member
J, ship of 3.915. with annual dues of s53,
! 240. In the last year 211 members were
lost through failure. liquidation and
, withdrawal
The report of the treasurer, George NJ
sl5Reynolds. of Chicago showed that the
!, Etota income for the last year was s125,-
Il51-64. The balance on hand is $52, 80
. Among the resolutions introduced was
!, one by Bradley Rhodes. of New York
recommending the adoption Of ar
= amendment providing for the election o1
. officers by call of states instead q.
Through nominating committee. The
!. debate over the proposed amendment
q lasted for more than half an hour
When the question was put to the con
J vention only four delegates voted fo
G the adoption of the plan and the reso
! luton was lost.
Chairman Frank w. Tracey. of Hi
% nois read the report of the committe
"a on uniform laws. He said
% our first duty is to &c the same uni
formity in our credit circulation as W
10 have in our currency. There should b
n Inc state lines in rules regarding com
n lmerciaI paper. The law is made not s
) lmuch for men of integrity as to cate
ST rascals, and there occasionally appear
among the customers of bank such
"a tone, and for him we must have legisla
n ton. We need not repeat the history G
m our bill for negotiable instruments.
"a was sired In England. The America
~ Bar Association in 1895 presented a re
N vision of this bill adapted to America
l. ideas. IT Immediately met the approve
ic of the business men of the country, an
your committee in 1897 was intruste
ne with the task of presenting it to the dill
f. ferent legislatures for their approva
T. We passed the bill in eight states an
Il the District of Columbia. The followin
states are now working under the Law
is New York, Virginia. Florida, Wiscor
re sin, North Dakota, Connecticut, Mar,
10 land, North Carolina, Tennessee, Wash
of ington, Massachusetts, Colorado. Rhot
,e Island. Utah, Oregon and the Distri'
in of Columbia. The remainder OF IL
10 states can easily be conquered in fly
IN years more"
is Paris Exposition Talk.
at Chicago. Sept. 6.-Willard A. Smit
RS director of TRANSFORMATION and civil e.