The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-06
MEETING OF BANKERS
ANNUAL CONVENTION OF THE AMER
ICAN ASSOCIATION.
Nearly Six Billion Dollars of Capital
Represented by the Delegates-Re-
port on Uniform Law.

| CLEVELAND, o., Sept. 5.-The twenty
| fifth annual convention of the American
| Bankers Association was called TO order
| in the auditorium of the Chamber of COM
merce building to-day. with probably the
| largest attendance in the history of the
| organization. Between twelve and fifteen
| hundred visiting bankers, representing all
| sections OF the country, were present. The
| amount of capital represented by the dele
gates in round numbers. Is given at
S., 700, 100000
| Dean Williams, Of Trinity Episcopal
| Church. invoked divine blessing upon the
convention. In the absence of Mayor Far
ley, Director of Law Hogsletter welcomed
| the bankers to the city. Vice President Z.
II. Borne, of the Cleveland Clearinghouse
| Association, in the absence of President
| Thomas Wilson, welcomed the delegates in
behalf of the Cleveland bankers. President
George H. Russell. of the American Bank
ers' Association. replied to the welcoming
speeches, and followed with his annual ad-
| dress to the organization.
Secretary James r. Branch then read his
| annual report. 1t shows that the paid men,
bership has Increased from 1,S25, with an
nual dues of Sl0,597. in 1850, to 3.sl5, with an
nual dues of $53,24O in 1899. BY order of the
i
from the membership of the standing pro-
tective account; and the treasurer holds
$4,000 government bonds. the value of
| which is SIG, AGO.
In the past year Eli members were lost
through failure liqu.1a ion and withdrawal
| from the association. ,eaying the member
| ship at the beginning Of the fiscal year at
| 3l14. Seven hundred and forty-one MEM
bers have Joined from Sept. 1, 1898, to Sept
| 1, 1893, net gain over last years total
| membership of $50. The roll now embraces
| 1915 members. whose capital, surplus and
| undivided profits aggregate s, 230 192, lS1;
combined deposits, 81 5o1, 367 3cs; total s.,
559.5l9. This Is sS41, OPS more than the
same assets of last years members. These
figures do not include the capital and de-
posts OF 3I2 members who are private bank
| ers and make no statements.
The report OF the protective committee
| showed that the work of detecting and con-
victing bank robbers and swindlers has
progressed with great success during the
Chairman Frank w. Tracey read the re-
| port OF the committee on uniform laws II
| folloWs: THE committee has had many
suggestions as to laws it should favor. The
| importance OF the work 1t engaged in, In
| trying TO enact the uniform laws for nego-
| table instruments In the different States
seemed to 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 circula-
sS om as bs we nave IN 1 our currency There
commercial paper. AS an illustration, a
banker was DESTROYS of knowing how to
business He applied to his attorney for
advice. The attorney advised him that the
| decisions of the Supreme courts of thirteen
| States were so and so. The banker said:
| II q
| paper in that way The attorney said: No.
for the Supreme courts of twelve States
| and the Supreme Court Of the United States
| had decided just the opposite. With the
| law on commercial paper in such tumble,
business? Large sums Of money are in
| volved every day in such transactions, and
| were not the bankers of the United States
men OF such large faith in the integrity Of
be done The law, however, is made not so
much for men of integrity as to catch ras-
| the customers of bank such an one, ana
for him We must have legislation. We need
not repeat the history of our bill for ne
gotiable instruments. 1t was sired in Eng
| land and has had eighteen years OF sue
| cessful operation. The great business men
Of England approve it. So much so, that
| MES.
1.-The American Bar Association in 1895
| to American ideas. 1t Immediately met the
| approval of the business men of the coun~
try: and your &C, committee. in 1887 was in,
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 Flor.
| ida. In 1898 but few OF the legislatures were
| in session. We worked with five States.
Maryland. Massachusetts, and Virginia
| passed the bill. Ohio and Georgia created
| commissions. which, we think, will report
favorably. this coming winter. This year
| many legislatures met. We got a hearing
| In most of them, and, in the main. were
successful We passed the bill in eight
| States and the District of Columbia, more
| than doubling the number of States enact
ing the law, The following States are now
working under the law: New York. vir-
ginia, Florida. Wisconsin, North Dakota,
Connecticut. Maryland. North Carolina,
Colorado Rhode Island. Utah. Oregon and
the District of Columbia
1t was decided to defer the presentation
Of the reports of the education. credits.
| and bills-of-lading committees until to-
morrow. The convention then adjourned
| until IL o'clock tomorrow.
| This afternoon the representatives of the
| state banks and banking organizations met
to select five of the ten members OF the
Their Choice fe @ ne Lndsey
South Bend, Ind; Stuart G. Nelson. of New
York; j. ID. Powers: of Owensboro, Ky. (:
Tan,el s Annan' OF pau %ab The Me- anu
ing FIVE members of the executive council
to be elected will be nominated by the reg
uar nominating committee, composed OF one
member from each State which was chosen
tonight and which will also nominate the
officers Of the association. In accordance
now vice president. will be elected presi-
dent. The impression tonight is that AL
yah Trowbridse of New York. president
OF the Trust Company of North America
and now chairman OF the executive COUNSEL
OF the association, will be elected vice pres
ident to succeed Mr. HILL