The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-14
WORK OF BANKERS DONE
ADJOURNMENT OF THE THREE
DAYS NATIONAL CONVENTION.
Election and Installation of Officers
Congressman Burton. of Ohio, ON
ssFinancial Crises"

NEW ORLEANS, Nov. 13.-The American
Bankers Association to-day concluded its
three days session and indications point to
San Francisco as the next place of meet
ing The selection will be made at the
meeting of the executive council next April
in New York. The following new officers
were elected and installed: President, Cald-
well Hardy, president of the Norfolk Ma
tional Bank, of Norfolk, Va; first vice
president, Frank G. Bigelow, president of
the First National Bank, Milwaukee, Wis:
executive council, John Shelton Williams,
president Richmond Trust and Safe De-
post Company, Richmond, Va; w. T. Fen
ton, cashier First National Bank of the Re-
public. Chicago; ID. Sloan. president of the
Homecoming Savings Bank, Homecoming,
Nd; Arthur Reynolds, president Des
Moines National Bank. Des Moines, Ia.
and James T. Hayden. president of the
Whitney National Bank, of New Orleans.
Vive presidents, representing each State
in the convention, were also nominated.
Following is the new executive council
A. II. Virgins, vice president National
Park Bank, New York; Charles L. Far
rell, assistant cashier of the Capital Ma
tional Bank, Indianapolis; A. V. Lane
cashier National Exchange Bank, Dallas,
Tex; Luther Drake, cashier Merchants
National Bank, Omaha, Neb.; A. A Crane,
cashier National Bank of Commerce,
Minneapolis E. F. Swimmer, of Kansas
City, was elected chairman of the execu-
tive council.
The formal invitation of San Francisco
was engraved on solid gold plate, five
by four inches.
The only address on the programme to-
day was that of Congressman Theodore
Z. Burton. of Ohio, who discussed "Finan-
cial Crises In concluding he said:
lone general factor of the most i'm
portant nature. which cannot be overlooked
In the present situation, is the great in
crease in the production of gold in the
past ten or twelve years. This increase,
stimulates trade by increasing the none
the debtor to meet obligations. Such an in
crease would naturally be attended by a
very considerable increase in prices but
this increase in prices has been very much
diminished by the cheapening processes
of invention, and by improvements in man.
ufacturing and in transportation and in the
methods of managing business enterprises.
An increased supply of metallic money has
usually been attended. not only by a whole
some increase of wealth, but also by an
unhealthful stimulus to industry, which
in time causes overaction and results in
a crisis; but the present development is
marked by such harmony and such adapta-
bilty to new conditions that the injurious
results which attend an increase of me-
tallic money have not been felt as much
as in previous years. 1t must be expected
however, that so great prosperity can
not continue without abatement. Still il
is certain that such crises as may occur
will be but temporary checks in the great
forward movement. This is especially true
in our own favored land. Our aim should
be to establish such degree of steadiness
and to exercise such caution in our bust
ness growth as will reduce to a minimum
the deleterious effects of crises and de-
pressions'
Under a resolution the president will ap.
point seven men to investigate the cur
rency question and submit a solution al
the next session. The committee will bs
announced by President Hardy at a later
date.
Tonight all the special trains left, though
many OF the bankers and their wives stayef
over for a few days. Some are going t.
Texas.