The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-10-03
AMERICAN BANKERS
MANY FINANCIERs GATHERED AT
RICHMOND, VA.
WELCOMED BY THE GOVERNOR
STRONG SPEECH MADE ny yIR-
GINIA's EXECUTIVE.

lie Urged That the MeaninE of Col.
,ond "l.is,cd" stocks and HonJs.
ncttcr system should Prevail.
Increase ga Membership shown ny
srrrctary's Hcport Annual Adj
1tcss by P-eaicn' walker HlI
Richmond. Va. oct. 1.-The American
session here this morning and was IA
session until after p. m.
ON the stage during the opening session
were President Walker Hiu OF ST. Louis.
secretary James r. Branch az New York
Hon Ellis II. Roberts. Treasurer OF the
United States; Hon. J. Hogc Tyler. Mayor
r. VI Taylor. Col. John b. Purcell. and
others.
After the association had been called
20 order and invocation offered by Rev.
carey Morgan. Mayer Taylor delivered a
mort address OF welcome on behalf OF the
city This was followed by the reading OF
me address OF welcome by Virginius
Newton. OF behalf OF the bankers OF
Richmond. and response by President
IS ulkff HlA OF the artWelatloNs
GOV. Tyler then made an address OF wei
come on behalf Of the STATE IN which ne
urged a broader basis OF security in the
ending OF money.
i believe viii speak my mind on one
or two subjects" he said In the frst
Place you have heard OF the word eoilat-
eral2 Well. my friends, its meaning needs
70 be enlarged
IL usually means IN all Of our Ameri-
can cities. the securities that are listed
on the stock exchange. ard unless a man
can rresent 10 the great trust companies.
savings banks and national banks. these
s1-clll listed securities he Is unable
to borrow from them. Who lists these Sc
Curities? The company o. men who do
this are themselves usually large holders
o. these listed secur.ti. s and are. there
fore little inclined TO enlarge the limits
81 this favord circle. You may have lands
and houses and cattle manufacturing
PLANTS. municipal bonds ard a hundred
kn1s o. properly whose interest bearing
capacity Is assured yet YOU cannot tap
with ever 80 small pipe these great
rescIvoirs Even the small country banks
Themselves cannot provide the right kind
o. collateral and so re-discount their
n.t-s.
4 BETTER system Needed.
"A better system ought 10 prevail A
man IL not discontented with our Ameri-
can system because Il will not lend It's
money on worthless and precarious risks,
b. IL not discontented because YOU refuse
40 20 into speculations Of doubtful issue,
bat De ~ discontinued because 80 many
men with incomes bringing property can
not always be accommodated with n loan
-.
allow you on moments notice to dump
tho securities on the market whenever
PAM Ky tremor runs through the street,
ont time loans when q mnu can pfeparo
to meet them. both principal aud interest,
and pay back the money he has borrowed.
a better system should be devised either
through branch hanks or bureaus OF In
formation or closer union and inspection
should be made among the banks OF che
different states 30 that a surplus In one
could help TO make up deficit In another.
City methods can never BE- applied 20
country ways"
The annual reports OF the president. the
secretary and the treasurer were then read
and just before the hour OF adjournment
we're also read the reports on Education
Uniform Laws" and Fidelity Insur-
auce."
An informal report was made on ex-
of the Detective Committee was submitted
ana an Of them were briefly discussed.
scrrctnry's Report.
The secretary's report was as follows;
he membership AMI resources OF the
as-ocintion has Increased as follows:
october T. lNl5-
Paid memberships. ..................... 1.5ii
annual dues ........................... -, is2
October ]. 1900
tHii membcrahlp .....-............... A.HO
amman dutd .....................ss.s.... bls-N
ln The past year "a members were lost
through failure. liquidation and withdraw
q from the association. reducing the
membership 70 S6si. Eight hundred and
nineteen members have Joined since Sep
tcmher ]. 1853. net gain over last years
total membership OF 5s5
The rol now embraces $50 members
whose capital. surplus aud undivided prof.
asst katS '.-ss...ss-'s''sss. ~ 81. So -
combined deposits ................ 5.idS. 81 rs
At s+s-+ssFsssfss 10 - sa's os8f ~
This Is $50 29e.e15 more than the same
assets OF last years members These