The times. [volume] (Richmond, Va.) 1890-1903, 1899-09-06


after having the cost OF administration
NVe have Looked with alarm upon 'uo
formation of industrial combinations VI
trusts so-caned. and yet many Oh ' 49,
oonseryatlvely formed viii remain W.
ms and bv economical administration -nu
a lesseniae of the cost oi sehlns 10 ''S
consumer. may serve 20 largely eN4 -
our home and foreign trace -,
after a time will need 10 investigate nnoIo
carefully and discriminate fairy aihVne
those gigantic industrial organl1''i'l3,,
like the department stores to the Siil'n ,i
merchants. these larger corpoIa.io"s W.
seriously affect the business OF 'ne ~.
i'm cities which are not favored WIZ 1'lI
location Of their head Offices anu ''''
management .,.,f,io,,.
we enter under the most ausplelous
,ir,',,nstances another year, which VIII
nrobably show the greatest Development
of the resources Of this country. But let
rs realize our responsibilities. put euro
on wild speculation. and. in all things
choose the golden mean.
COLONEL, BRANCH'S REPORT.
Secretary James X. Branch then read
his annual report in which he reviewed
the history OF the American Bankers As
sociation reciting the principal features
of the proceeding a. the annual conVen-
tions that have been held since the forma-
ton Of the Association IN 1870.
The rop0rt says. 1.-The Association
which was practically started To lnuuce
fbs Ciovernmor-r TO resume specie paw
mcnts. has never ceased TO work steadily
and ononIv for the benefit not only &C the
banking fraternity. bat the country ar
large. one thing stands out clearly. ana
that IS the American Bankers Associaion
has become what 10 was intended % Dc
an organization OF utility Tor banks ana
bankers and an authoritative exponent or
the highest aims and purposes OF the
banking world To-day, long since
emerged triumphant from the vicissitudes
which an one time threa ened the Associa-
tion's welfare il not its actual existence
II has "a membership Of nearly four thou-
sand. and looks forward with confidence
and enthusiasm 20 a still larger recosnl-
ton Of its usefuness.'
The report shows tnat the paid mem
bership has increased from 1875. with am
nual dues Of f0591 iu 1850. 20 3sl5, with
annual dues of $500 In 1899.
BY order OF the Executive Committee
$4,000 was transferred from the Member
ship Of the Standing Protective Account.
And the treasurer holds $2io0l government
bonds. the value Of which is 1864
IN the past year Ml members were lost
through failure. liquidation and with
drawal from the Association. leaving the
membership al the beginning Of the fiscal
year 3.l7. Seven hundred ana foriy-onc
members have joined from September l.
1898. 10 september !. 1899. net gain over
last years total membership of $780,
Tho roll now embraces 1915 members,
whose capital surplus and undivided pro-
fits aggregate 1ZOlg2l9l: combined de-
nosits. s4501 .2s7. 32V: total St7alj59.5ls. This
is SH1.2il.G25 more than the same assets
of last years members.
These figures do not include The capital
and deposits 0f 112 members who are PRE-
waite bankers and make 30 statements
The report ~ the treasurer. George II.
Reynolds. NJ Chicago. was next presented.
IT. showed that the total income for the
past year was S2Jl5i.64. The coral bai-
ance on hand is S-20S49o
This report. with the report If the sec
rotary, was ordeIe1 printed in The min
utes.
OK UNIFORM LAWS.
The Hon. Frank W. Tracy. OF Illinois
the chairman. presented the report Of the
Committee on Uniform Laws 1t was Sos
part as follows:
"The committee has had many sugges-
tions as TO laws St should favor. The im-
portance OF the work &c engaged in-in
trying 20 enact the uniform laws for nee
gotiabie instruments I'm the different
states-seemed 90 be so great that DO turn
ed down an these suggestions though
many of them were very valuable Our
first duty is % 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 illustration: a banker was de-
sirous OF knowing how 90 treat n certain
kind Of paper I'm his daily business. Tie
applied 20 his attorney for advice The
attorney advised him that the decision
OF the Supreme Court of thirteen Safes
were so and So The banker said:
"'WeH. that settles it. I will handle the
paper I'm that way
"The attorney said: no. for the su-
preme Courts Of twelve states and the
Supreme Court OF the United States had
decided Just the opposite
"With the law of commercial paper in
such a tumble how are we laymen 20
successfully conduct our business Large
sums Of money are involved every day n
such transactions and were not the bank
ers Of the United States men of such large
faith in the integrity Of their customers
very little business could be- done.
1.-THE law. however is NOT made so
much for men of integrity AS 90 catch
rascals and there appears occasionally
among the customers OF a bank such an
one. and for him we must have legislation.
We need not repeat the history OF our
bill for negotiable instruments. II was
sired I'm England and has had eighteen
years Of successful operation. The great
business men Of England approve it. So
much so that they have had it enacted in
all their colonies.
MET APPROVAL.
"The American Bar Association I'm 1905
presented a revision OF this bill adapted
to American ideas. il Immediately met
the approval Of the business men OF the
country. and your committee in 1897 was
entrusted with the task Of presenting it
10 the different Legislatures for their
approval.
"When we commenced our work We
found the law had been enacted in four
States-New York. Connecticut colorado
and Florida. I'm 1S9S but few Of the lesis-
latures were I'm session. We worked with
five States. Maryland. Massachusetts and
Virginia passed the bill Ohio and Geor-
gia created commissions. which. we think
will report fav0rabiy this coming winter
This year many legislatures met We got
o hearing In most Of them, and IN the
main We're successful.
I'VE passed the bin I'm eight States and
the District OF COlumbla-m0re than
doubling the number Of states enactine