The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-23

know that you who have been banking a
number of years do not need 1T. L confess
did not know what TO talk to you about,
Mr.. President.
HAS COME TO STAY
This occurs TO me when 1 look around
| this room and see the number OF people
here. A number OF years ago as your first
presiding officer at your first banquet L
| took occasion TO say that this association
| had come to stay and was an established
| fact What / see here removes any ques-
| ton / might have had in my mind upon
| that subject, and 1 sincerely hope while
| men may come and men may go this asso-
citation will go on with time. Gentlemen.
| you have my best wishes. AS some OF you
know. | shall shortly open banking house
in New York. / shall be glad to any
and all of you there when you come TO
New York. L shall be glad to render you
are so arranged that the bulls and bears
are all fenced off and you can come with
perfect impunity.
I'm speaking of the history of banking
here in the last fifteen years IL is proper
that L should say that L am satisfied the
banks that are here have profited by the
experiences of the past and IL Is fair 10
assume that they have, and II they snail
| in the future depart from the lessons that
have been learned take 1t that 1t will be
temporary alteration of the mind. III
would not be good form for me to talk TO
| you about the bank whose name L bear.
but the other two of the three now named
L trust may speak Of
THE Merchants National Bank at the
| time / refer to-fifteen years ago-had
capital stock of 100000. 1t has grown. 1t
| has in my judgment been ably managed,
and cOnServatively.
1.-THE Indiana National Bank, think, is
| a very good example of conservative and
| yet at the same time progressive bank.
| do not think in 1885 that the Indiana
| National Bank-about the time Mr.. Ma
| lott went into it-knew very much about
/ what n surplus account was. AT -
| time he planted some surplus seed and
he has been cultivating 1t very actively and
successfully since, and that surplus crop
seems TO be growing and growing very
much to his credit. l take pleasure in say
| ing that L regard him as one of the best
and most conservative bankers in the
| West"
MR. DOUGHERTY HEARD.
| Mr.. Fletcher took his seat amid veri-
table ovation, which testified the esteem in
which his forceful address was neld by
those who listened to It. President Coulter
next called upon Mr.. Hugh Dougherty.
president Of the Studebaker Bank, of Bluff
| ton To talk to the convention upon the
subject of investments. Mr.. Dougherty
was given a cordial reception when he came
from the rear of the hall to the speakers
platform. After few pleasantries at his
own expense, referring TO himself as one of
| the minority who were sailed so thorough
| ly recently that they would certainly keep
| nicely fer another four years Mr.
| Dougherty launched into an exceedingly
| interesting talk upon the subject assigned
| him. He recounted the evolution of bank
! investments from loans 10 farmers to the
| buying of many yarieties of securities lie
| declared that the inability es the old forms
| OF investment to absorb all the available
capital of prosperous times recesstated
| locking about for new forms. OF these, he
asserted that, in his opinion, telephone aid
| electric railway securities are the best. Ee
| predicted a glowing future for the in
| depdent telephone companies, saying that
| even in panicky times they will hold their
/ own since telephones are coming TO be more
and more necessity to all classes of peo-
| pie, even agricuturists. Mr.. Dougherty also
| offered word I'm favor of loaning money to
promote the raising of stock, saying that
| his experience with this form of invest
i ment has been uniformly satisfactory. The
| speaker was thanked warmly by the con-
vention for his valuable contribution to
| it's stock of financial knowledge.
| RESOLUTIONS OFFERED.
Joseph l. Little presented a resolution
on the subject of the stamp tax on bank
checks, which was quickly adopted by the
| convention by unanimous vote. The reso-
| luton read as follows:
| Whereas, The present stamp tax on
| bank checks yields the government but n
| small amount of revenue In proportion to
| the Inconvenience and annoyance which 1t
i causes all persons doing business with
| banks, and
whereas. 1t affects larger class of
| people than any other revenue measure
/ now in force in our government and is a
/ constant detriment to all legitimate bust
/ ness, be 1T therefore
| Resolved by this association. That in its
/ opinion said tax should be first abolished
| in the proposed reduction of revenues to
| come before the coming session of Con-
| gress, and that We will endeavor to accom-
plish this end.'
| resolution offered by f. L. Elliott
| president of the Farmers Bank of Middle
/ town, did not meet with such hearty re-
ception. On the contrary it precipitated
| the only lively and acrimonious discus
| sion that marked the sessions of the con-
| vention. The resolution was worded as
| follows:
ton of the State of Indiana in conven-
/ ton assembled, That for the better secur-
i ity of depositors and the general welfare
| institutions or individuals doing a bank
| ing business in this State shall make and
/ publish in some newspaper of general cir
| culation where said bank Is located quar-
| terIy reports under oath giving a succinct
| statement of the financial condition of
| such bank, as is now required of banks
| organized under the state banking law;
| and be Ii further
| ssResolyed That a committee of three
| members of this association be appointed
| to present a copy of this resolution to
| the committee on banking In the House OF
/ Representatives and the same committee
| of the Senate on the organization of tho
/ next General Assembly, and to ask that
| legislation in accordance with this reso-
/ luton be enacted.
EXCEPTIONS TAKEN.
| Immediately upon the reading of this
| resolution by Assistant Secretary Farrell,
Mr.. Joseph l. Little. of Connersville, arose
/ and inquired if the author of this resolu-
| ton was a representative of a national or
| state bank. Mr. Elliott said he was presi-
| dent of a state bank. whereupon Mr.. Little
proceeded to argue that the same reason
4 does not exist for the passing of such legis-
| lation against private banks as against
state or national banks. Mr.. Applegate, of
/ Corydon, declared his belief that the pro-
posed resolution was intended to diScrim-
| mate in an invidious sense against the pri-
yate banks, which he asserted to be better
/ than national banks, because everybody
| owning stock in a private bank is liable TO
| depositors to the full extent of his personal
| fortune Both Messrs. Little and Apple
/ gate called attention to the fact that pri-
| yate banks are required to make reports
| of their condition TO the auditor of state,
| through their county assessor, at stated in
teryals. and they insisted that the addi-
tional reports would only be an unneces-
| sary hardship after ALL declared Mr..
Little '-the best safeguard behind any
/ banking institution is an honest man." a
/ sentiment that was applauded to the echo
| Mr.. James r. Walker, of Evansville.
/ caused hearty laugh by saying that if the
resolution offered by Mr.. Little was really
/ a good one In might he Dilt i'm sarious iao--