Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-10-16
Secretary Of Treasury Addresses

Secretary Of Treasury Addresses
the Bankers Association at
Milwaukee.
Milwaukee. Oct. 16.-The American
Bankers Association opened its second
days convention by receiving state
inents upon call of the states by bankers
from various sections of the country,
who reported in five-minute speeches
the general condition of business. The
general trend showed that business is in
3 thoroughly satisfactory condition. The
various resolutions, presented yesterday
were adopted. asking congress to repeal
the war revenue act relating to stamps.
etc, legislation for punishments Of an
archists, return Of drafts, checks, etc,
where the stamps had been redeemed.
indemnifying senders of unsigned GER
stificates which may be stolen, requesting
members to further the project OF erect
ing memorials in Canton and Washing
ton to the memory OF Mckinley by re-
ceiving subscriptions at their respective
banking houses and transmitting the
funds received to the treasurer of the
Mckinley Memorial Association at
Cleveland, O.
James j. Branch, secretary Of the as-
ISOLATION, then presented his annual re-
o~< ~,ho, 4, horohfyn o11
sources of the association to have In
creased as follows:
Sept 1, 1901, paid membership 1891,
annual dues $5s.T00; Oct. 10, 1901, paid
membership 5,504, annual dues $G0,S5o.
In the past year 200 members were lost
thru failure. liquidation and withdraw
al from the association, reducing the
membership to 4.19l: 1913 members
have Joined since Sept. /. 1900. net
gain over last years total membership
OF 1.113. The roll now embraces 5,5Q4
members, whose capital, surplus ana
undivided profits aggregate H,Tls,127.-
AL, combined deposits S6.3Ss, $685. 200, to-
tai $s,107. 6s2,64l.
The treasurer. Mr.. George NJ. Rey-
nolds, reported receipts Of $67,7sl and
expenditures OF $66,9Ss. the balance on
hand Aug. 81, 1901, being $63.0S4. Ths
disbursements on protecting accounts
were s29.s56. i. IL .s3s;..s.
The report OF the executive council
was presented by Mr.. Caldwell Hardy.
the chairman. It stated that the MEM
bersilip had grown from about 1.5oo in
1895 to 4, 500 in 1900. an increase Of 200 per
cent in five years. This remarkable
report" continued the report, zig eclip-
eed this year by the addition OF nearly
/ 900 members. the largest number ever
added to our membership in one year. =
The report alluded to the work Of the
protective committee as one OF the most
important features of the association,
end the committee Is credited with ac-
complishing decided results in the line
of the ''ceaseless warfare which we
have declared and carried on against
professional criminals and in securing
Immunity for our members from these
deft and light-fngered gentry" On the
subject OF uniform laws the report
stated that the negotiable instrument
law has been enacted in seventeen
states. After referring to the repeal by
congress OF the revenue tax on bank
checks the executive council promises
renewed efforts at the coming session OF
congress toward securing repeal Of the
tax on capital and surplus Of banks.
The report declared that the question
OF 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 1t has been
intelligently solved" In conclusion,
the growth of the association was aver
red to be typical Of the times, which are
big with increasing wealth and pros
perity."
Frank w. Tracy, chairman Of the
committee on uniform laws, submitted
Its report. The report set forth that the
negotiable instrument law had been
considered in many legislatures last
winter but was successful in only one
state@Pennsylvania. Efforts have been
made to educate the people in the diff
ferent states in regard to the law. The
lawyers from the smaller towns are op-
posing 1t, as one Of them said, because
It would probably take away my bread
and butter" The law has been adopt
ed in seventeen states and the commit
tee recommended that the work of edu-
eating the people continue.
A. B. Hepburn presented the report
of the committee on internal revenue
taxation. The committee was appoint
ed for the purpose of having reduction
made in existing internal revenue laws
The report states that the resulting leg
islation Is we'll known. and while not all
that the committee desired nor all en-
titled to, still the committee felt that
the association may well congratulate
itself upon the results accomplished.
Col. Robert j. Lowry reported for the
committee on bureau Of education, the
substance of which was an endorsement
OF the correspondence school of the
American Institute of Bank Clerks.
A. c. Anderson, of the committee OF
fidelity insurance, submitted the report
of that committee. 1t was stated that a
standard form Of bond had been provid-
ed and nine surety companies were now
prepared to furnish it. The report con-
tained the following:
Numerous and heavy as were the de-
falcations for the year 1900. it should
be borne in mind that the combined
office force of our members exceeds
10000 and among those that were COW
erred by the corporate suretyship, for
each bonded man that strayed from
the path OF rectitude. there We're over
900 remained faithful. 1t is to be noted
that the heavy defalcations last year
were mostly by men not covered by
surety bond. Without intimating that
the companies do not as a rule pay
their losses. we regret to report that
during the year 1900 81 per cent Of the