The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-09-06
BANKERS MEET AT CLEVELAND
CROWD OF CAPITALISTS GATHER
ED AT THE CONVENTION.

Urd-t tnifOrInttN of Law to
Commercial Paper BADLY Needed.
Capitalists There Represent About
$3,7OO, 900. 900.
Cleveland, Sept 5.-The twenty-ffth an
nuaS convention Of the American Bankers
Association was called 10 order in the au-
ditorium OF the Chamber of Commerce
building to-day with probably the largest
attendance In the history of the orgauiza-
ton. Between twelve and afteen hundreI
visiting bankers, representing all sections
Of the country were present.
The amount Of capital represented by the
delegates in round numbers is given at 3d.
700.OOOOOO
President George II. Russell of the
American Bankers Association replied TO
The welcoming speeches and followed with
his annual address to the Organization.
Mr.. Russell said in part;
with clear skies and favoring winds,
we know that storms must come aud we
should feel the responsibility of the lives
and cargoes we carry. In times of such
prosperity as this, bankers will be tempt
ed with many visionary schemes in which
be avoided, while we must not too con-
servadvely deny aid and encouragement
to the development of our most wonder
full resources.
Wants Gold Standard.
Il have no theory of currency reform
10 propose. | trust that the recommcn-
dation of the congressional committee ap-
pointed for that purpose viii declare un-
equiVocally in favor of the gold stand
ard, sift and reconcile the differences Of
theorists, and propose such moderate re-
form measures as Will commend them
selves to the united support of this asso-
clation l am state banker yet / de-
sire a currency under national regulation,
and it may be that under the policy to
which we seem committed we shall likely
have bonds enough TO secure sufficient is
sue of currency and reserve gold enough
accumulated by. the banks to meet any
probable call for redemption of currency
And an association like this with a mem
bership of nearly 4,C00, representing a
total deposit of four and one-half billions
Of money, largely the savings of wage
earners can and should not fear to use
a conservative influence IN favor of q
monetary system best adapted to our new
conditions.
consolidation and combination are the
order OF the day, and in many instances
II would be desirable to consolidate banks.
where the smaller banks separately can
not use their deposits with safety 10 their
depostors or profit to the stockholders
after paying the cost of administration
We have looked with alarm upon the
formation of Industrial combinations or
trusts SO called, and yet many Of them,
conservatively formed. viii remain with
us, and by economical administration and
a lessening Of the cost Of selling to the
consumer, may serve to largely expand
our home and foreign trade"
Work of the Association.
Secretary James R. Branch then read his
annual report.
Secretary Branch in his report reviewed
the history of the American Bankers As
sociation, reciting the principal features of
the proceedings at the ANIMAL conventions
that have been held since the formation of
the association in 1875.
The report says: "The association
which was practically 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 fraternity, but the country at
large. One thing stands out clearly and
that is the American Bankers Association
has become what 1t was intended to be
an organization of utility for banks and
bankers, and an authoritative exponent of
the highest aims and purposes of the
banking world. To-day, long since emerg-
ed triumphant from the vicissitudes which
at one time threatened the associations
welfare, If not its actual existence it has
a membership of nearly 1900 and looks
forward with confidence and enthusiasm TO
a still larger recognition Of lis usefulness"
The report shows that the paid member
ship has increased from 1,325, with annual
dues of S10,597, in 1880 to 1915, with annual
dues of s53. .240, in 1899.
A.,
COO was transferred from the membership
Of the standing protective account and
the treasurer holds $4,000 government
bonds, the value of which is so, ,46O
In the past year 2l1 members were lost
through failure, liquidation and with
drawal from the association, leaving the
membership at the beginning Of the fiscal
year 3,174 Seven hundred and forty-one
members have Joined from Sept !, 1893, to
Sept. /, 1899, a net gain over last years TO-
tai membership of $50.
The roll now embraces 3915 members
whose capital surplus and undivided profits
aggregate i,2So, 1872 1871; combined deposits
a. sol .367 32S; total, $5,73l, $50 519 This Is
Ssi1 ,2l1, OBS more than the same assets Of
last years members.
These figures do not include the capital
and deposits of 372 members who are pri-
vate bankers and make no statements
The report Of the treasurer, George NJ
KeynOl0S Oh 0AlcdHOt W az itAb pieHtuNtu.
II showed that the total income for the
past year was S12j 151 g.. The total balance
on hand is $52 ,0S490. This report with the
report of the secretary were ordered print |
ed in the minutes.
Uniformity Wanted.
Chairman Frank w. Tracy read the re-
port Of the committee on uniform laws. |
He said in part:
"The committee has had many sugges- |
tlons as to laws ii should favor The i'm. |
portance of the work Il engaged in, In try |
ing to enact the uniform laws for nego- |
table Instruments in the different states |
seemed 10 be so great that it turned down |
all these suggestions, though many OF |
them were very valuable. our first duty |
is TO get the same uniformity in our credit |
circulation as we have in our currency. |
There should be no state lines in rules |
regarding commercial paper.
"As an Illus ,raton; a banker was deslr- |
Gus Of knowing how to treat "a certain kind |
or paper IN his daily business. He applied |
to his attorney for advice. The attorney |
advised him that the decision of the Su- |