The times. [volume] (Richmond, Va.) 1890-1903, 1900-05-18
:OFFICERS FOR ENSUING YEAR.

Hon Ellis III. Roberts, Treasurer of the
United States, addressed the Virginia
State Bankers Association, which held
their seventh, annual convention n this
icity Yesterday The speaker dealt with
the financial affairs of this country and
his, remarks were most enthusiastically
received. Other important matters came
up for considerations, but the programme
was completed at one Session LUNCHEON
was served at the American National
Bank. and last night a banquet was given
at the Westmoreland Club.
| The session of. the Association was held
in the Assembly Hail. Chamber OF Com
merce, ana was called to order at 1880
O'clock >
| President of the Association Mr. Mann
| S: Quarles, was in the chair, and. after
| calling the assembly. to order. welcomed
them and introduced Rev. DR.. s,-A Steel
| pastor of Centenary NJ e. church. VINO
| invoked the divine blessing.
| Hon Samuel l.. Kelley was then in
| troduced. who welcomed the visitors to the
| city. Mr.. Kelley said that the honor con-
| ferred on him was great, for it was to eX-
| tend the hospitality OF Virginia TO Nir-
| Snians. He reviewed the part played by
! banks and bankers, and especially that OF
| Virginians. Mr.. Kelley welcomed the visit
ors to. city not only made glorious by
| the past, but by the living present.
/ Col. Richard c. Marshall. of Portsmouth,
| responded to the address of welcome.
MIR ROBERTS SPEAK.
| President ouarles then introduced Hon.
Ellis H. Roberts. Treasurer of the United
|; States, who spoke as follows:
4! To be tne guest of the Virginia Bankers
| is high honor. You stand for SO much
/ that is good and true in the Old Dominion;
| YOU hep so mucn in the we'll being OF the
| people, in the growth and progress Of
| your great State. Here, the first home on
| all this side of the sea, of tne wise, brave
men, who came from Britain to plant a
| tree which was to spread into Il mighty
| nation. how mucn more is to-day than
| their supreme dream, You may well be
! proud of the story Of the early times; you
| cannot fail to bear in mind the sad, dark
! days of the strife; you are now glad at
the new stir in the blood. at the bright
| light which shines right ahead. at the full
| share you nave in the wealth, the force,
| the glory of the nation.
What large part Virginia took in lay
| ing the cornerstone of the Republict You
| may not give to us to the world, another
! Washington; for not in every century, but
| once in all the ages, comes such man,
| so safe, so pure. so true, 50 loyal, such a
| master in so many walks. the high type
| of Virsinian. of an American, over whom
| in roundness and elevation of character
| and services no mortal ever rose. But you
| may give to. the nation and to mankind
another Jefferson. another Madison, an
| other Marshall, Henry Monroe.
THE DAWNING.
The Act of March II. 1900. marks a new
era in our finances and our currency. II
| gives a fit theme for bankers to think of
| and 10 talk of. They should look at it not
| as a fad, not from the point of view of
party, but they should sack for facts and
| what they teacn. The hour is not yet to
credit any person for the plan. although it
would he a pleasure 10. me TO testify Of
| the services OF the able and accomplished
Secretary of the Treasury; Mr. Gage.
This law makes Il unique rate OF interest
on Government bonds, and so affects the
| earnings Of capital III all uses. It fixes,
| except for a small per cent. the denoni-
! nations OF silver. certificates $40 and be-
| law, and of United States notes at $40 and
above, while it does away gradually with
| Treasury notes and puts silver. certificates
| in their place. Il opens the door wide for
increase in the notes Of national banks. 1t
| gives parity to all our currency. On the
face of all our money-paper and coin.
white and yellow. on al1'our bonds, all
wages, al trdQs, All Odlihills, dlI buS!tiSSS-
| it brands deep and sure, 70 be read of
! all men for all time. tie pledge of gold.
WORLD WIDE INTEREST.
The lowest rate Of in terest borne by the
| bonds of any foreign nation, is 81 per
| cent. on British Consols. This. is to run
| until 1903. and then to be 21-2 per cent
| On only a part of the debt Of Germany,
France and Russia is the rate as low as
per cent Denmark borrows a the same
| fa Austria ma yS no than ller
and Italy no less than D..
/! The average bank rate for money in the
| European centres in the year ending with
| June last was 26 per. cent. in Amsterdam.
| 2.7 in Paris; 3-17 in London. and t.59 in
| Hamburg and Berlin. From July /. 1899.
/ to March ?, 1860. the average in Paris was
32i, in London 4.40; in Berlin and Hamburg
/ 5,5I. In the year ending with June last,
| the average for cali money in New York
was 22,36 10 $50 and for prime paper 3 8
| to 4.20. For stae months frern July 1st. last.
| to March I'd. the average in New York
| was, for call money S52 to 65l and for
prime paper. 40 10 5,S7.
The changes every day in New York are
greater than elsewhere: but tae records
show that the rate for money is less in
our country than in any point in Europe.
/ except Paris. and often lower tnan that
| on that bourse.
At the market price. during Ma-c., last.
| our 4 per cent bonds OF 1925. earned to the
! investor an average ei5.e, l41 per cent. a
1 year; the fours of 1&0rreaFned t-1g5t3 per
cent: the rarees earned 1888 and the fives
only ,O912.
For April on the same basis, tine average
earnings were: For the fonrs of 1925. PA
per cent: fours OF 1907. 1.s5t; threas. 1,ssS::
flves 1,452.
The contrast WITH foreign loans IS most
t marked The German Il per cents. sell
10 To ai and The threas at Sc To Sc IL.