New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-05
OUR FINANCIAL FUTURE.
DISCUSSED BEFORE AMERICAN BANK
Frs ASSOCIATION BY CHARLES A
CoNANT-oFFICERs ELECTED.

Bank" and THE Education of a Banker were dis
cussed the leaders in the discussion of the several
topics being respectively. Charles A. Conant Of
THE New-York Journal Of Commerce; General
Alfred c. Barnes, president of the Aston Place
Bank, New-York; J. A. S Pollard, cashier Of the
Fort Madison Savings Bank, Fort Madison, Iowa
ana George Hague. general manager of the Mer-
chants Bank Of Canada and delegate of the Cana
dian Bankers Association.
The association confirmed the officers chosen yes
terday by the committee. follows: President
Aivah Trowbridge. president Of the North American
Trust Company, OF NeW-York. the present vice
resident Of the association: vice-president Myron
T Herrick. president Of the Society OF Savings, of
Cleveland Ohio. the present chairman Of the Elk
ecutive Board. and chairman OF the Executive
Committee. Caldwell Hardy. president of the Nor
folk National Bank Norfolk. Vce-presidents were
elected from all the States and Territories. Two
cities placed in nomination for the next ses-
sion Of the association They were Buffalo and
Milwaukee the former represented by Colonel w {.
Cornwen and the latter by F. c. Bigeow. The
question referred TO the Executive Council.
which viii decide It at the meeting 10 he held next
spring. W. R Trgg. who was elected viee-presi-
dent for Virginia. urged that the convention he
held here again next year After his remarks the
convention adjourned sine die.
Immediately following the adjournment the Ex-
ecufive Council convened and reelected Colonel
James r. Branch formerly of Richmond secre-
tsry. and George NJ. Reynolds. of the Continental
Bank of Chicago treasurer.
The bankers go 10 Old Point Comfort on a COM
One of the features OF the morning session was
the presentation Of silver loving cups to Walker
Ill., president. and James R. Branch secretary, of
the association. They both natives of this city.
The cups were presented by the Clearing House
bankers of Richmond. A. B. Blair. cashier of the
Security Bank, made the address.
In the course OF his address on THE Financial
Future Of the United States" Mr.. Conant said:
The United States has become colonial power
ana is profoundly interested in the settlement of
the future OF China II is probable that the inter,
est awakened in the affairs OF the Orient will lead
TO large investments of American capital in China
and the Philippines. and that the securities issued
exchanges of the world. like the bonds of the
loan. All these events have contributed to bring
New-York into the circle of international money
markets and have raised the question whether the
star OF financial supremacy was not to move west.
& on me pT Th % L0G i Stree 20 Tu
time for their fulfment, but 1t is already evident
than heretofore among the money markets of the
apq may at t t asP nn l9r M Snd
wealthy cities of the Continent.
Supremacy among the money markets of he
world comes only by combination of favorable
conditions It comes partly as the result Of in
investment fund after the necessary machinery
yided at home, but it comes also as the result
Of farsighted and well directed policy in legs
lation and in business methods.
The United States has recently planted itself by
the side Of other great commercial States by pre-
scribing that a given weight of gold shall hence
forth constitute the metallic standard If this
declaration IS established beyond dispute or prob
ability of change it egups this country in this re
changes of the world. The fact that the country
declared for the gold standard in 1896 and that it
90 WIN IR ei need that the adoption of liked
monetary standard and the abandonment Of a
huctuatng standard meant much for the country
the experience of Russia Adopting the sold
standard Only IN S2 na P s9g fdra force eai
poured into the country Tor Industrial deVelopment
within fve years with d Combined capital Of more
than S6OO.0ooe10, more than within the entire
ANOTHER vital element in attracting our chief
rity the exchanges of the world is freedom from
vexatous interference by taxation or legal restric-
tons with the transactions OF organized markets
The Stock Exchange, Il. spite Of the bad name
which it bears among The ignorant and unthinking,
dustry and capital BY Changes in the prices of Sc
curities from Improbable fields fields where
they benefit the community. 1t prevents, so FAR as
human foresight is possible the waste of the great
forces Of production wherg they are not needed
and extracts from them the highest good of which
they are capable. There are many material re
spects in which steps may be taken to strengthen
New-York as centre of exchanges: Here the aid
quate lights and docks and deep and saie harDoIs,
suited the modern ocean liner. and TO insure
10 prevent determinations against individuals and
communities. This is not the occasion for raising
a discussion in regard to tariff laws, but II may
properly be pointed out that the policy Of customs
as to cause NEEDLESS annoyance TO merchants
impose unnecessary f0rmalites upon american ex-
There are several steps which should be cOnsid-
cred in the organization Of American banking
upon more eHectiVe OASIS Tor competition win
the powerful English and Continental banks in the
meniaTy upon the cIoseness with which American
banking has thus far kept at home that almost all
OF exchange on London, and that even the Govern
ment of the United States does its business in our
possessions in the Orient through the great
English institutions-the Hong-KOng and Shanghai
Bank and the Chartered Bank of India AustraIia
and China Consolidation of capital, the authority
TO establish foreign branches, the extension of
long credits in foreign trade. and the application
10 banking of the highest organizing ability of the
banker in the task allotted to our captains of in
Of the world.
have spoken to some extent as though the hnan-
cial supremacy Of the United States centred about
the development Of the city of New-York. But it
Of and Of the wboIe Country are 6ound
aTaed osperg trouP fe f fRe Rho e e
IS vita! to the accumulation of that great fund
centre 10 find investment and profit. Every factor
which tends TO broaden the basis of American pro-
of the field, the farm and the workshop or to
improve the credit facilities of the interior and
Of wealth and National prosperity upon Which
10 slip and fail in the struggle for financial SUI
premacy with her great rivals in the Old World.
2cy oKafd oe ars u the oo1ny or and e
Of al the bankers Of New-York any Of the
5@ard e their assocs In the COUNTRY EVerP sep
forward which New-York makes, on the other hand,
kets of the world is step which lifts up and
York 10 find investments abroad for American
earnings 10 attract foreign capital 10 American
OF profit and earnings Of all Americans. The abil-
ity place capital abroad. 10 find markets for
tend credit the lowest terms 10 American manu-
facturers and merchants-ail these powers. de
eign competitors, mean a wider field OF employment
for labor larger fund Of American earnings TO
divide between the laborer and his employer larger
profits for american bankers nix and oia more rapid
well for New-York her chief city.
CHAMBER OF COMMERCE. MEETING.