The San Francisco call., 1901-10-16
EIGHT BILLIONS
THEY REPRESENT
American Bankers Open
a Convention in
Milwaukee.
Negotiable Instrument Law
Adopted by Seventeen
States.

MILWAUKEE,, Wis, Oct. b-The
twenty-seventh annual convention Of the
American Bankers Association began a
three days session here to-day. Bankers
from nearly every State are present. The
members of the association represent a
combined capital of more than $4,000 OOO,-
900. The convention was called to order
by the President, Alvah Trowbridge of
New York City, Alexander ]. Burrowes,
president of Marquette College, delivered
the invocation. Addresses of welcome
were made by Mayor Davis s. Rose on
behalf of the city and ]. W. P. Lombard,
president of the Milwaukee Bankers
Club, on behalf of the local bankers. The
reply to addresses of welcome and the
annual address of President Trowbridge
followed. James J. Branch, secretary of
the association, then presented his annual
report, showing the membership and the
resources of the association to have in
creased. as follows: September 1, 1900
Paid memberships, 4391; annual dues, $59.-
700 October 10, 19O1-Paid memberships,
1904; annual dues, $6OS5O. The roll now
surplus and undivided profits aggregate
81, ,718,7 Al; combined deposits $6 ,288 $685.
200; total. sSoO7 ,6S2, GAL.
Caldwell Hardy read the report Of the
executive council. 1t stated that tine
membership had grown from about 1900
In 1895 to 45OO in 1900, an increase of 200
per cent IN HVe years. Inc report alluQSQ
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-
which we have declared and carried on
against professional criminals and in Sc
curing immunity for our members from
these deft and light fingered gentry"
On the subject of uniform laws, the re-
port stated that the negotiable instrument
law has been enacted in seventeen States
the coming session of Congress toward
securing repeal of the tax on capital and
surplus of banks. The report declared
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"
the committee on internal revenue taxa
ton, appointed for the purpose of having
a reduction made in existing internal rev.
epue laws. The report states that the re-
mittee desired, but the association may
congratulate itself on the results accom-
plshed.
Colonel Robert ]. Lowrey reported for
the committee on bureau of education, the
substance of which was an Endorsement
Of the correspondence school Of the Amer
lean Institute of Bank Clerks.
A. G. Anderson, chairman of the COM
mittee on fidelity insurance, submitted the
report of that committee. 1t was stated
that form of bond has been provided
B
prepared to furnish it. The report con-
tanned the following:
Numerous and heavy were the defalca-
tions for the year 1900, yet for each bonded
| man that strayed from the path of rectitude
there were over 800 that remained faithful. 1t
| is to be noted that the heavy defalcations last
| year mostly by men not covered by sure
| ty bond. Without intimating that the COM
panies do not. as rule, pay their losses, We
| regret to report that. during the year 1900.
| 81 per cent of the losses reported to were
! resisted. contested or otherwise unpaid oy the
| companies who had accepted the premiums
| and issued therefor something that was called
| fidelity insurance. the losses to our members
| from this source being in a single year sew
| eraI times the average annual loss sustained
! by several members from the depredations Of
| burglars. robbers and 'hold-ups" since 1884
| BY unanimous consent a resolution re-
lating to the punishment of anarchists,
| burg, was adopted. The resolution recites
| that there exists an imperative necessity
| for the enacting of laws by Congress to
! punish assassins and for the suppression
| Of anarchy by providing capital punish
ment for those convicted of murder or at
| tempted murder Of persons in high public
| positions and adequate punishment by i'm
| prisonment of all parties counseling vio-
ience to those in authority"
The committee on nominations held a
| meeting tonight and decided upon the
| following list of officers for the ensuing
year: President, Myron T. Herrick, Cleve-
| land; vice president. Caldwell Hardy, Nor
| folk Va; chairman of executive council.
James R. Branch. New York City, treas
urer George M. Reynolds Chicago New
members of the executive council-Ralph
Vanvrecher, Iowa; J: j: Sullivan Ohio;
| John L. Hamilton, Illinois; James r. Nc
Allister Pennsylvania; Frank G. Bigelow,
! Wisconsin; E. E. Sweeney Missouri; F.
H. Fries, North Carolina; ]. NJ. Donald.
| New York; P. c. Kaufman, Washington.