The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-09-05
ALL CHANGED.
The President of the American
Bankers Association
Calls Attention to the New Con-
ditiOns Which Prevail.
A CREDITOR NATION.
Bankers Must Adjust Their
Business Accordingly.
High Rates of Interest Can No
Longer Be Expected.

Cleveland. Sept. 5-The 18th annual con-
vention of the American Bankers asso-
ton was called to order in the auditorium
of the chamber of commerce building to-
day with probably the largest attendance
in the history of the organization.
Between 200 and 1900 visiting bankers.
representing all sections of the country
were present.
The amount of capital represented by
the delegates in round numbers IS given
Dean Williams of Trinity Episcopal
church invoked divine blessing upon the
In the absence of MAYOR Farley Di-
rector of Law Hogsett WeIcomed the
Vice President 5. H Borne of Cleveland
clearing. house association in the absence
of President Thomas Wilson Weiconed-
the delegates in behalf of the Cleveland
bankers.
President George H. Russell Of the
American Bankers association, replied to
the welcoming speeches and followed with
his annual address to the organ,zation
Mr.. Russell said in part:
My personal experience in practical
banking and the sympathy have for
bankers, runs back less than a decade.
Before that time, 1 met the banker on the
other side of the counter, and 1 now pub
ana undeserved criticisms | have passed
upon the fraternity, of which 1 am now
However, from either side of the counter,
we must recognize the changes which
nave come during the me OF TINS assocla-
ton In the past twenty-five years there
has been large relative increase IN the
number OF Danks, ana consequently great
er competition in the banking business, a
decrease of fully fifty per cent in discount
rates, much better facllltieS are given the
depositor and the old exchange and col
lection charges are well nigh abolished.
There is much larger capital invested and
much smaller profits in banking, more
ana appreclatloh- IN the past Two OF
three years note greater resources and
terS on the part of the south and west.
But must accept the conditions that
now exist, and recognize the fact that
with the age and greater wealth OF this
nation, the rates of interest will gradual
Slowly from the financial disturbances of
1898 but during the following five years,
living, the sale of our surplus crops, the
large production of our mines, we awoke
to the fact that were a rich cOuQtry
and will hold our place as creditor
among the nations OF the world.
ITO this change of condition the banker
must accuStOm himself and perhaps large
" change his methods. The business OF
This annual and semi-annual settling days
OF the 9Tqer be 9e n are 99s he's nPoh nEo te i
the counfrv merchant has learned the les
son. buys more carefully and pays cash,
appearing. Banks must invest in other
good securities. which under the new de-
mand appreciate in value. Under this pro-
cess and the growing wealth of our nation
high grade securities will be absorbed
and the banks will lend their aid to the
development of our industries and trade
with all nations. Already we are purchas-
ing the bonds of foreign countries. The
savings. depositor must satisfy himself
hoped that this condition will not again
when it breaks as it did in 1893, may re
duce US to long and anxious period of
lessons of the past. In times like these,
we take our reckoning and set our course.
we know that storms must come, and we
should feel the responsibility of the lives
and cargoes we. carry; IN times OF such
prosperity as this, bankers VIII be tempt
ed with many visionary schemes IN winch
large profits are promised Ihese must be
avoided, while must not too conServa-
lively deny cid and encouragement to the
developments of our most wonderful re-
Secretary James R. Branch then read
Secretary Branch in his report reviewed
the history of the American Bankers as
sociation, reciting the principal features
of the proceedings at the annual conven-
tons that have been held since the forma-
tion of the association in 1875.
The report says: The association which
was practically started to induce the gov
never ceased to work steadily and openly
for the benefit not only of the banking
1Taternlty put the country at large one
thing stands out clearly and that IS the
come what IL was intended to bean
ganization of utility for banks and bank
ers, and an authoritative exponent of
the highest aims and purposes of the
banking world. Today, long since emerg-
which at one time threatened the associa-
tion's welfare if not its actual existence.
and and looks forward with confidence
and enthusiasm to still larger recognf-
The report shows that the paid member
ship has increased from 1925 with annual
nuaI dues Of s58, ,24O in 1899
By order of the executive committee
ship of the Standing Protective account.
And the treasurer holds S24. 900 government
bonds. the value of which is S24. $50.
In the past year 211 members weer lost
through failure, liquidation and with
drawaI from the association, leaving the
cal year 3.174. Seven hundred and forty
one members have Joined from September
l. 1898. to September I. 1899, a net gain over
last years total membership of $50
The roll now embraces 3,915 members.
profits Aggregate 81 24o.Is1: eombined l de- de
posits S. sol .367. .S2S; total 5731, ,559519. This
is $S41. .211, OPS more than the same assets
of last years members.
These figures do not include the capital
and deposits of 372 members who are pri-
Yate bankers and make no statements.
The report of the treasurer. Geo.
Reynolds, of Chicago, was presented.
1t showed a total income for the year
of S125,15 balance hand S52, ,0S5.
After the report Of the auditing COM
mittee, Alvah Trowbridge read the re-
port of the executive committee, after
which a number of resolutions We're in
troduced. Among them was one by
Bradley Rhodes of New York. recon-
mending the adoption of an amendn MT
providing for the election of officers by
call Of states. instead of through a
nominating committee. The chairman
of the executive committee opposed the
proposed amendment.
The debate over the Rhodes amendment
lasted for. over an half an hour. Finally
the question was put TO the convention
and Mr.. Rhodes ideas were not accepted
by the convention.
rising vote, was taken and only foaar
delegates voted for the adoption Of the
The report of the protective committee