The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-10-04
BANKS AN) THE BANKERS
BUSINESS CONDITIONS IN THE
COUNTRY GENERALLY RE-
PORTED ENCOURAGING
ADDRESS BY U. S. TREASURER
Held the Attention of the American
Bankers Association at Rich
mOnd, Va, Yes
terday.

RICHMOND, Va, Oct. 3.-The session
of the American Bankers association
this morning, was devoted Largely to a
call of the states as to the conditions of
business. Responses were made from
three-fourths of the state and the repor is
were most encouraging.
United States Treasurer Ellis H. Rob-
erts addressed the convention on 1.-THE
Treasury and the Money Market" He
said in part:
Z Except for the furry in November and
December, 1899, which were entirely apart
from treasury operations, quotations for
call money have not been above to Z
per cent and then only for a short period,
While the ruling rate, although touching
272, has ranged from IA to IN per cent.
Prime commercial paper has found sale
from S1l2 to and seldom has the Quota
ton been above AZ, though occasionally
touching per cent. These low rates for
money, the lowest in the world have
brought Russia and Britain to borrow
from us, and Japan and Sweden to seek
loans here; last of all, Germany takes
$50, OO00 600 of our money. New York has
become one of the two financial centers
of the world. Without the outflow from
the treasury, all this would have been
impossible.
The balance Of trade in our favor for
three years averages 1858 946, 1896. To our
stock of gold every year since 1885, has
been added more than $100 600 900 on the
average-a record never before known
among nations. The gold in circulation.
including the certif1cation, has reached
1881, 0S4, OBS, which is more than all our
currency prior to 1880, and is $40. SO Der
capita of our population, which is higher
than the total circulation in 1862.
In spite of the vast outflow, the gross
gold In the treasury is the largest ever
held-S4S7, 221191, and it is growing. Ex-
cept the abnormal horde of $3.50. 900. 900 Of
the Bank of France, likely to be soon re-
duced, there is nowhere else In the world
so much of the yellow metal under single
control. If this flow of gold shall satisfy
the appeal for more money, how healthy
our currency will be-"
OFFICERS NOMINATED.
Immediately after the adjournment of
the convention for the day the nominat-
ing committee composed of one member
from each state, met and agreed upon tn.
following slate to be presented to the
convention tomorrow:
ePresident-Alva H. Trowbridge, New
York.
Vice President-Aron T. Herrick of
Cleveland
There will be fight for the presidency
made on the floor in behalf of ]. G. For
BdI Oh chicago.
w. L, Mayer of Butte, Mont; Kenneth
Clark of ST. Paul, Mimi, James H. VIII
cox of Pittsburg, S. A. Morrison of In
d.anapolis, Ind, and William Hill of
Richmond have been selected for the ex-
ecutive board. They will name the seere
tary and treasurer.
The trust section Of the association met
separately from the general body this
evening, seventy-five members represent
ing every state in the Union being pres
ent The section was welcomed to the
city by John Shelton Williams, president
of the Richmond Trust and Savings De-
post company, who was followed by
William c. Mather of Cleveland O.,
chairman of the section in response
A paper on THE Duties and Liabilities
of Trust Companies Acting as Transfer
Agents and Registrars was read by Har-
ry Bowdoin, vice president of the Mary
land Trust company, of Baltimore
The proper conservative attitude of
trust companies toward corporate enter
prises' was treated In paper by John
E. Borne, president of the Colonial Trust
company, Of New York city.
The subject Necessity of Trust Com
pany officers Having Legal Education"
by Henry Russell, counsel for the Union
Trust company, Detroit, Mich, was the
address of the day.
The advantages of operating safe de-
post vaults in connection with the trust
company, was treated by William A.
Carr, treasurer of the Union Trust com
pany, Pittsburg, Pa.
A paper on Trust Company Advertis
ing was read by Richard L. Champion.
of the Northern Trust company, Chicago.