The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-10-03
THIS IS STRONGLY URGED
Men With Income Bringing Property
Unable to Obtain Loans.
MEN WITH LISTED" SECURITIES o. K.
The Governor Declares Better System Should
Prevail. The First Days Work Of the
Convention Largely Given to
Reading Of Reports.
(By the Associated Press.)

Richmond, Va, Oct 2-The American
Bankers Association convened in annual
session here this morning at ten o'clock,
and was in session until after 3 p. m.
On the stage during the opening ses-
sion were President Walker Hill, of st.
Louis; Secretary James r. Branch, of
New York; Hon. Ellis H. Roberts, Treas
urer of the United States; Governor j.
Hoge Tyler, Mayor Richard M. Taylor,
Colonel John B. Purcell and others.
After the association had been called
to order, and an invocation offered by
Rev. Carey Morgan, Mayor Taylor deliv-
cred short address of welcome on be-
half of the city. This was followed by
the reading of the address of welcome by
Virginius Newton, on behalf of the bank
ers of Richmond and response by Presi-
dent Walker Hill, of the association.
Governor Tyler then made an address
of welcome on behalf of the State, in
which he urged a broader basis of Sc
curity in the lending of money:
81 believe l will speak my mind on
one or two subjects he said. I'm the
first place you have heard of the word
collateral? Well, my friends, its mean
ing needs to be enlarged
at usually means in all of our Amer
lean cities, the securities that are listed
on the stock exchange and unless a
man can present to the great trust COM
panies, savings banks and national banks
these so-called listed securities. he is
unable to borrow from them. Who lists
these securities? The company of men
that, do this are themselves usually large
holders of these listed securities, and are
therefore, little inclined to enlarge the
limits of this favored circle. You may
have lands and houses and cattle, manu-
featuring plants, municipal bonds and a
hundred kinds of property whose interest
earning capacity is assured, yet you ean-
not tap with ever so small pipe these
great reservoirs Even the small coun-
try banks themselves cannot provide the
right sort of collateral and so rediscount
their notes.
"a better system ought to prevail. A
man is not disconnected with our system
because it will not lend its money on
worthless and precarous risks he is
not discontinued because you refuse to
go into speculations of a doubtful issue,
but he is disconnected because so many
men with income bringing property can
not always be accommodated with a loan
upon it; not these call loans which will
allow you on a moments notice to dump
the securities on the market whenever
panicky tremor runs through the street,
but time loans when q man can prepare
to meet them, both principal and inter-
est, and pay back the money that he has
borrowed. A better system should be de-
vised either through branch banks or
bureaus of information, or a closer union
and inspection should be made among the
different banks of the different States
so that a surplus in one could help to
make up deficit in another City meth
DDS can never be applied to country
ways"
The annual reports of the president, the
secretary and the treasurer were then
read, and just before the hour Of adjourn
ment were also read the reports on
Education" Uniform Laws" and Ell
deity Insurance" An informal report
was made on express company taxation
and the report of the detective commit
tee was submitted and all of them were
briefly discussed.
Tonight the visiting bankers were given
a reception at the Jefferson Hotel, and at
1880 o'clock sat down to an elegant ban
Cuet.