The Butte inter mountain. [volume] (Butte, Mont.) 1901-1912, 1901-10-15
AMERICAN BANKERS MEET.
Annual Convention of the Money
Kings in Session.

Kings in Session.
Milwaukee. Oct. 15.-The 9th annual
session of the American Bankers asso-
citation began two days session here
today. Bankers from nearly every state
are present. The members of the asso-
citation represent a combined capital of
over $4,000, 100000.
The convention was called to order
hy President Alva Trowbridge of New
York: Alexander j. Burrowes, president
OF the Marquette club, delivered the in
vocation. Addresses of welcome were
made by Mayor Rose of this city and
by ]. Lombard, president of the Mflwau-
kee Bankers club.
The reply to the address Of welcome
and the address Of President Trowbridge
followed. President Trowbridge eulo-
sized the late President Mckinley and
expressed the confidence of his associates
in President Roosevelt. James j. Branch,
sented his annual report, showing the
membership and the resources of the
association to have increased as fol-
lows:
Sept 1, 1900, paid membership. 4,491;
annual dues, $59,70O. Oct. 10, 1901, paid
membership. 5,540; annual dues, $6O,S5O.
The roll now embraces 5,504 members,
whose capital, surplus and undivided
profits aggregate $1,71S, 727,4 AL; combined
deposits, $6.2SS, ,955, 200; total, $S0O7 6S2. GAL.
The report of the secretary alluded to
the work of the protective committee as
one of the most important features of
the association, and the committee is
credited with accomplishing decided re-
suits in the line of the "ceaseless war
fare which we have declared and car
red on against professional criminals
and in securing immunity for our men,
bers from these deft and light-fingered
gentry
On the subject of uniform laws, the
report stated that the negotiable in
strument law had been enacted in seven
states. The council promises renewed
efforts from the coming season of con-
gress toward the repeal of the tax on
the capital and surplus of banks. 1t
declares that the question of a suitable
currency system, adapted to our needs
and our banking system is one of the
living issues of the day, and will SO
continue until it has been intelligently
solved"
Mr.. Frank w. Tracy, chairman of the
committee on uniform laws. submitted
it's report. 1t sets forth that the nego-
table instrument law had been consid
cred in many legislatures last winter,
but was successful in only one state
Pennsylvania-the lawyers Of the smaller
towns opposing it, as one said that it
would practically take away my bread
and butter" 1t has been adopted in II
states, and the committee recommended
that the work of educating the people
be continued.
A. p. Hepburn presented the report of
the committee on internal revenue tax
alton, and reported the efforts Of the
committee to have a reduction made in
the internal revenue laws.
Col. Robert J. Lowry reported from
the committee on bureau of education
the substance Of which was an endorse
ment of the correspondence school of
the American Institute of Banking
clerks
Mr.. A. C. Anderson. chairman of the
committee on fidelity insurance, sub
mitted the report of that committee. 1t
was stated that standard form Of
bond has been provided and nine insur-
ance companies We're now prepared to
furnish 1t.
The report contained the following:
Numerous and heavy as were the de-
falcat tions for the year 1900, yet for each
bonded man that strayed from the path
of rectitude, there We're over 800 that re-
manned faithful 1t is to be noted that
the heavy defalcations last year were
mostly by men not covered by surety
bonds.
Without intimating that the COM
panies do not, as rule, pay their losses,
we regret to report that during the year
1900, 61 per cent of the losses reported to
us were resisted, contested or otherwise
unpaid by the companies who had ac-
cepted the premiums and issued there
for something that was called fidelity
insurance, the losses to our members
from this source, being in a single year.
several times the average annual loss
sustained by our members from the
depredations Of burglars, robbers and
''hold-ups" since 1894"
Mr.. F. A. Hayes, the chairman, held
the report Of the committee on taxation
on express companies. The committee
stated that they were unable to report
any substantial progress, as the result
of its efforts to compel the express COM
panies and their numerous agencies to
pay license for the privilege of conduct
ing a banking and brokerage business"