The record-union., 1899-09-06
Said to be the Largest Attendance In the
History of the Organization.
Nearly Six Billions Of Dollars Rep
resented by the DeIegates-The
Secretary's Report Shows the
Association to be in a Flourish
ing Condition.


twenty fifth annual convention of the
American Bankers Association was
called to order in the auditorium of
the Chamber of Commerce building to-
day, with probably the largest attend
ance in the history of the organization
Between 1,200 and 1,300 visiting bank
ers, representing all sections of the
country, were present. The amount
of capital represented in round num-
bers is So, 5,700,000,000.
In the absence of Mayor Farley, Di-
rector of Law Hogsett welcomed the
bankers to the city.
Vice-President e. Born of the Cleve-
land Clearing House Association well
coined the delegates on behalf of the
Cleveland bankers.
President George H. Russell of the
American Bankers Association replied
to the welcoming speech, and followed
with his annual address to the organ
ization.
Mr.. Russell said:
The President, George H. Rus
sell of Detroit, delivered his annual ad-
dress. He said in part:
I'm the past twenty-five years there
iidS DSSil d. ldISG relative increase III
the number of banks and consequently
greater competition in the banking bus
mess, decrease of fully 80 per cent
in discount rates. much better facili-
ties are given the depositor and the old
exchange and collection charges are
well-nigh abolished. There is much
larger capital invested and much small
Ter profits in banking, more work and
more responsibility, less return and ap-
preciation.
He spoke of the growing independ-
ence 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
The annual and semi-annual settling
days of the older States are not upon
the calendar. The jobber finds his
profits within the discount of the man
ufacturers, and the country merchant
has learned the lesson, buys more care
fully and pays cash. and SO We see
business paper surely disappearing.
Banks must invest in other good. secu-
rites, which, under the new demand,
appreciate in value. Under this pro-
cess and the growing wealth of our ma
ton, high grade securities will be alb
sorbed. and the banks will lend their
aid to the development OF other indus
tries and trade with all nations. Al :
ready we are purchasing the bonds of
foreign countries
Il have referred to the growing
wealth and financial independence OF
the South and West. l can best give
you an instance by citing statistics
| from my own State of Michigan, which
are easiest obtainable to me- The
year ending June 80, 1899, in the lS3
State banks, eighty national banks and
| three trust companies of Michigan
| there was an increase in the total de-
posits of $20,949, ,795. SO. OF this amount
| 1914 ,623.17 was in savings deposits.
January l, 1899, there was a total de-
posit in the banks of Michigan of S127,-
9I5, 1875, and on July /, 1899. there
was total of $40, 81, sos. 80 showing
a gain for the first six months of this
year of over $13 100000. 1t is probable
! that this proportionate increase may
obtain throughout the great States of
! the West. Do you wonder, then. that
this year and probably for the future
we can handle our crops without finan-
cial aid from the great money centers,
| and that for the past two months in
terest rates have been actually lower in
central and far Western cities than in
New York City?
II have no theory of currency reform
to propose. I trust that the recon-
mendation of the Congressional Com
mittee appointed for that purpose will
declare unequivocally in favor of the
gold standard. sift and reconcile the
differences of theorists and propose
such moderate reform measures as will
commend themselves to the united sup
port of this association.
Consolidation and combination are
the order of the day, and in many in
stances it would be desirable to con-
solidate banks, where the smaller banks
separately cannot use their deposits
with safety to their depositors or profit
to the stockholders, after paying the
cost of administration. We have looked
with alarm upon the formation of in
dustrial combinations or trusts, So
called, and yet many of them conser-
vatively formed will 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"
Secretary James r. Branch then read
his annual report.
The roll now embraces 1915 mem
bers, whose capital, surplus, and undi-
vided profits aggregate 81 ,23O, 1872, 191
combined deposits, 81, sol 1861, ,32S; total
S5,731 500, $40. This is SS41, ,211 OPS
more than the assets of last year
members.
These figures do not include the cap
ital and deposits of 312 members who
are private bankers and make no state
ments.
The report of the Treasurer. George
Reynolds of Chicago, was presented. It
showed total income for the year OF
1925, 151; balance on hand, So, ,0S5
After the report of the Auditing Conn
mittee, Alvah Trowbridge read the re-
port of the Executive Committee, after
which number of resolutions were in
troduced. Among them was one by
Bradley Rhodes of New York, recon-
mending the adoption of an amendment
K f~x- he al zfo r1