The times. [volume] (Richmond, Va.) 1890-1903, 1900-10-05
COLONEL BRANCH
PROVES A WINNER
Elected Secretary of the
National Bankers
OTHER OFFICERS.
Annual Session of the Association
Comes 10 a Close.
DOWN THE JAMES TO-DAY.
The Visitors VIII Make a Trip
Through the Historic Section Of
The Old Dominion Excellent
Addresses Delivered Yes
tcrday Before tic
Convention.
DOWN THE I JAMES TO-DAY.

With the election of Col. James r.
Branch as secretary, and the apDropria-
ton OF 5000 for the partial relief Of the
Galveston sufferers the twenty-sixth
annual convention of The American Bank
ers' Association came to a close yestcr
day afternoon. The session had proved
the largest and probably the most i'm
portant in the history Of the organization.
Special features of the meeting yester
day were The presentation of solid
silver loving cup to the retiring president,
Walker Hill. OF St. Louis, and the un-
Official consideration of whether the next
meeting should be held III Buffalo or in
milwaukee The place Of meeting is al
WAYS selected by the executive council
at the next meeting following the annual
convention Of the association.
The association WAS called 10 order d 10
o'clock, and after prayer by hev. Dr. r. p
Kerr, pastor OF the First Presbyterian
Church, President I9ill introduced Mr..
Charles A. Conant, editor OF the New
York Journal of Commerce. Mr.. Conant
read an able and most instructive paper
on the subject, The Financial Future of
The United States" He said in part:
Several recent events have called atten-
ton in striking manner to the
changes which have come over the eco
romic world within tlrs last few years.
a period OF stagnation in business which
lasted for many years has given place
10 rhEnomenai activity in Europe, in the
Unit, d States, and even in the partially
developed countries of the Orient. This
activity has been especially marked in
this country and has been accompanied
by changes in our commercial and tinan-
IT,
attention of Shrewd fnarcierS and far
sighted students abroad as we'll as at
hon. Much of the foreign capital by
which the country was developed prior 10
1888 was withdrawn from the United States
after that year by the process of returning
American 8 scur;ties which had been issued
or sold abroad This process was at first
one of Intense suffering TO this country.
by depriving us of necessary working
capital. arresting industry, and throwing
labor out Of employment. Brit we ara
now witnessing a new phase of his deyel-
1I5rnerlt Sending abroad an enormous
volume of our produces and increasing
our cxports of manufactures within five
years by much more than 100 per cent,
yye have built up credits which nave
enabled us to subscribe to several large
foreign loans from our surplus savings
Russia, Japan and Great Britain Eave
touched the fountain of our credit, and
abundant streams of wealth have SuShed
forth for their use.
The United States in the meantime nave
become a colonial powT=r, and are pro-
foundly interested in the settlement OF
the future OF China. 1t is probable mat
Tbs. interest awakened in the affairs Oh
the Orient viii lead to large investments
Of American capital in China and the
Philippines. and that the securities lssusd
for these investments viii be quoted on
the stock exchanges of the world IKE
The bonds of the Egyptian Government of
the Greek guarant7 ed lean All tie9e
events have contributed to bring Ne"
York into the circle of international money
markets and have raised the question
-.,ether the star of financial supremacy
was not 10 move westward from the pre-
cincts of Lombard Street to our own
chief civ. Tne.se expectations may
require time for their fultiiment, out -
is already evident that New YORK Is 10
be a more important factor than n leto-
fore among the money markets OF lle
World and may at least dispute for the
s.c,,5 nIara after London with thu long
established and wealthy cities OIL lie
Continent.
NEW. YoRKS BUSINESS.
Tho magnitude of the transactions now
oar-,aa on in New York is shown in
s';pf,t degree by the settlements through
the clearinghouse, which rose from
little less than thirty thousands of mill
ions tS29, ,S4l, ,7$6,924) in 1895 to more tnan
tifty-seren thousands of millions ts5',oee,-
$50, 771) in 1859. Higher figures than those
OF 1895 were attained in certain earlier
years of active business operations, but
the volume of cearings was then swelied
by stock exchange business, which was
greatly reduced by the opening OF the
stock exchange clearinghouse in 1892. II
the old method of stock exchange settle
ments had continued. it is no: unlikely
that the ciearings of last year would have
attained seventy-five thousands Of mill
ions. or an increase of more than 90 per
cent over the highest previous record
in 1881 The actual figures OF the ciearinss
at New York are larger by - per cent
than those at London, heretofore the great
clearinghouse Of the world, and nearly
three times The payments into the Sank
of France. which operates as a sort OF
clearing house for the traffic of France.
The volume Of the obligations of the ma
tior1al banks TO their country correspond
ents is added evidence Of the volume OF
business which is centering In the hands of
New York iinanciers. The obligations of
New York national banks to other banks,
Including State and private banks. which
were only slaSa Saae,He0 in lSS9 rose TO more
than Ss25.Goe,0eo by The last report to the
Comptroller of the Currency New York |
thus fully justites the declaration of Mr.. |
Horace White that the city is "a clearing
house for the Whole country as well as
tor It's owf immediate traffic,
MONEY SUPREMACY.
Supremacy among the money markets
of the world comes only by a combination !
OF favorable conditions. 1t comes partly {
as the result of industry. thrift and en- /
terprise. which create a great Investment |
fund after the necessary machinery of /
production and exchange has been fairly |
provided at home, but il comes also as tho |
result of far-sieaited and weil-direc.e5
policy In legislation and In business meth
DDS The part of legislation is small. :,
long as freedom is left TO native skin aud