The Savannah morning news., 1900-10-04
BANKERS IN SESSION
,nDREss or THE DAY MADE NJ
TREASURER ROBERTS.
SCOPE OF THE ASSOCIATION
rpRgsENTs REsOURCEs OF TEN
BILLION DOLLARS.

,,rk 90 he President-other on
Ger. Northumberland Company
section Welcomed.
p.-nmond. Va. oct. 3.-The American
n,rl,ers Convention was called TO order
s. president Hnl promptly at 10 O'Clock
his morning.
p.ports from the various states were
t.sr8 every section OF the country re-
,,r..ng financial improvement. This was
,,,oued by the address OF United states
r,.asurer Ellis H. Roberts on The
treasury and the Money Market" He
sa.d in part:
The American Bankers Association
,,,resents in resources $1,000 ooo.ooo. which
:. more than double the banking power OF
.rv other country In the world. You arc
,.. guardians the administrators OF this
,-1rmous active capital. lie who appears
before you should recognize the honor and
a.. responsibility. Let me express my
e.sn sense OF both. In response TO your
INVITATION. perhaps you win be willing to
seer a brief discussion OF tho relations
,e,ween tho treasury and the banks as
,lcn. as they have been and as they are.
FOR two years our financial problems
lave related 20 the surplus. The Spanish
Uar cost much less than the estimates.
General prosperity has given large reve-
rass The Secretary OF the Treasury has
lad 20 decide what 20 do with slIs0o00o
Of unused funds. for the treasury was
able 20 spare so much from quick re-
sources. and yet to retain about $00o,o0o
.n its own vaults That h about the cash
kept by the British exchequer in the
Bank Of England: tho sum was iio.sisooo
last month Besides. our government
needs large amounts within quick reach
for emergencies.
The task was 10 serve the government.
and 70 respond to the frequent and some
shat urgent appeals for the relief OF tho
money market The repayment OF inter
bcndholdcrs showed no desire to accept
interest in advance on rebate.
stronger measures we're adopted and
were suacessful Offers were put out Nov.
e. 500 70 buy 81 10000 IN old fours ana
ftes ~ the prices then current. and pur-
clases were made Of xi9.3oo.Gio. Ia May.
i." the Secretary Of the Treasury gave
notice that the twos 81 the funded loan
% aI would be paid on presentation and
interest would stop on them Aug IS BY
thar date Si1.3i. 40 had been paid o. tho
toAl Of S25,2t4 5a. and on Sept =. H.7o0.-
q" remained unpresented free OF inter
tst
Exchange of Bonds.
"Tha largest contribution Of relief. how
ever was by act OF March ii 1910 That
provides for the exchange OF threcs. fves
ord old fours for new consols AZ two per
cant During the six months which have
elapsed such exchange has been made TO
tre amount OF Sl2. III so. which s. 81 q
rsr cent. OF the bonds eligible. 90 wit
$50 $3.50 OF these redemptlons. s76.-
SD o" was IN threes. being &S per cent
OF that class. Se0o $50 90 in old fours. 81 ie
pr cent Of that class. and S3,i3o $50 In
fFes being 559i per cent. OF their total
lss' March. In the exchange the Treasury
paid out 3lG9o6o and a net saving OF
HE. pa was made 10 the government IN
fte transactions while there was no in
crease OF the public debt.
The Treasury. Sept. "a. held OF bonds
subject TO exchange 3.S77. $50 for circula-
zion ana $40 s5s0sO FOR deposits. For these
gaw consols may be given, and II That
were done. they would become Sss6.sli56).
ana the net saving over ten million dol
ars with payment IN premiums Of 80
5000
-As a consequence of the provisions Of
Do. new financial law. the bonds pledged
,or national bank circulation ran up from
$50 ~ go on March u 20 S1s6.i72 $50 Sept.
t The whole volume OF bank notes. in
4 GLIDING those secured by money increased
between the same months by SIZE ,4i5.oSs.
ari became Sg5i. $50 SIS. which Is more
than ever before ahoai.
The Money Market.
The chronicle is brief. but tho facts
are Impressive. nud the results are con
II fr..uous Except for the fiurrics IN No
ycmber ana December. 1899. which were
e.'ary apart from Treasury operations
H quo,auous for call money have not been
Il above 10 per cent. and then for only
short period. while the ruling rate al
torah touching 2ia. has ranged from II.
Il Go 90 per cent. Prime commercial paper
has found sale from 81 20 4. and seldom
ias tle quotation been above "a. though
ol,as.oualy touching per cent.
These low rates Tor money. the lowest
in he world have brought Russia and
hrfun 20 borrow from ". aud Japan
erd sweden 10 seek loans here. last OF al!
Germany takes Seo 10000 OF onr money
tnlr-ld ccnters OF the world Without
ile outflow from the Treasury all this
Nclli hove been impossible.
We 900 rejoice at large exports OF wheel
aHd corn ana meat products We each
tee. personal pride IN American mastery
i irna and steel manufactures and accept
ns p compliment to ourselves Whof
'Nr London Times SAYS that America
masses better locomotives than the I'm
fht' Our hearts beat quicker Ia tn
expert ~ 100000 worth OF coal this yeai
W" .A"a claim share. Russia buys from
p. Gao l1t 900 Fat cattle. and no farmer
It i1e trade We count q fortunate
i' al our people that we exported OF oui
manufactures tt32. "a 3s6 last year. which
NOR. than the total Of an our merchan
W" exported az late as 1870 The balance
FL % 'tp' in our favor for three years 0v
d99iG 39S To our stock OF got
year since 1895 has been added NOR
Il 'N t'H" ne1 on tho ovcraFe--a recor,
81 .ore known among nations. Tn
N t'i n circulation. including certificates
reached 1891 0Si .015. which r. more thar
OCT currency prior to 1851. and IS 500
capita OF our population. which O.
ti' han the total circulation IN 1862.
aioto Of the vart outflow the gros
~ M" Treasury Is the largest u eve
tHr-Zl.ls 1871 ana u b growing. Excep
ABNORMAL hoard OF 3f50.oc0Oo0 OF thu
~ France likely 60 be soon reduced
ia nowhere else "a the world 30 mucl
yellow metal under single control