The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-11-13
Over Fifteen Hundred Gather
at New Orleans.
SPEECHES AND REPORTS
Partial Endorsement of the Hepburn Currency
PIan--- Caldwell Hardy of Norfo Named
by Nominating Committee as
Next President.
(By the Associated Press.)

New Orleans La, Nov. 1.-THE Tween
ty-eighth annual convention of the
American Bankers Association assem-
bled in Tulane Hall today, beginning
three days session. This is the largest
meeting of the association ever held, and
the largest aggregation of fnanciers
ever gathered at one time in the history
of the country Up to late hour to-
night there had been 1900 delegates reg
istered and nearly 500 visitors and ladies.
Seven special trains, a dozen private
cars and every regular train for the
past three days has been engaged in
bringing the crowd which has taken
complete possession of the ST. Charles
Hotel, the headquarters, and overlooked
into every other hotel in the city.
At the opening session there was pray
er by Rev. DR.. Beverly Warner, and ad
dresses of welcome were delivered by
Acting Mayor William Mehle, City At
torney Samuel L. Gilmore, on behalf of
the local bankers. President Herrick
replied to the welcomes and delivered
his annual address.
The formal business was then taken
reports of officers and committees.
Secretary j. r. Branchs report show
ed present membership of 1854 with
an annual income of $67, 500. There was
a net increase in membership during the
year of 973.
Chairman F. NJ. Bgelow, of the Exc
cutive Council submitted a report in the
course of which it was stated that the
currency plan of Mr.. Hepburn was en-
dorsed in so far as it suggested the is
suance of currency by banks of $4,000
capital and $4,000 of surplus, or more
to the extent of half of their capital
stock at a tax of per cent. (onehaJf
per cent per month";.
Reports from the Committees on Uni
form Laws and Fidelity Insurance were
then submitted.
Reports of the Protective Committee
and of the Committee on Education by
the chairman, Robert j. Lowry were
presented, after which the program was
changed so that the Comptroller of Cur
rency, w. B. Ridgeley. could be heard.
He spoke on the change in banking con-
ditions, making a most interesting and
instructive address.
John Johnston. vice president of the
Marine National Bank of Milwaukee,
spoke on the Scottish Banking System.
Joseph G. Brown. president of the
Citizens National Bank of Raleigh, N. c.,
spoke eloquently on the New South"
[Mr. Browns address is printed in full
/ on the third page.1
After the conclusion of Mr.. Browns
address the convention adjourned until
tomorrow.
The nominating committee, composed
of delegates from each Of the States, has
fixed upon the following officers:
President, Caldwell Hardy, of Norfolk,
Virginia
First VicePresident, f. S. Bigelow,
of Milwaukee, Wis.
Members of the Executive Council
named by the State Associations: c. L.
Farrell assistant cashier OF the Capitol
National Bank, of Indianapolis, Ind; A.
II Virgins, vice president of the Park
National Bank. of New York: A. A.
Crane, cashier of the National Bank of
Commerce, of Minneapolis, linn. Luth-
er Drake, cashier of the Merchants Ma
tional Bank, of Omaha, Neb.; A. V.
Lane, cashier of the National Exchange
Bank. of Dallas, Texas.
Members of the Executive Council-at-
Large: James T. Hayden, president
Whitney National Bank New Orleans,
La: John SHELTON Williams, president
Richmond Trust Company. Richmond,
Va: Arthur Reynolds, president of the
Des Moines National Bank, Des Moines,
Iowa; David Sloan Homecoming, Md;
William It. Fenton. vice president of the
National Bank of the Republic, Chicago,
Illinois.
Tonight an informal reception was
rendered the visitors in the Palm Garden
of the st. Charles Hotel.
The Asset, Currency and Branch Bank
ing questions will be taken up tomorrow.
A resolution has been submitted by A.
j. Fraume, of Milwaukee, Wis, Oppos-
ing both projects, which has already
met the approval of majority of the
delegates Congressman Fowler, chair
man Of the Banking and Currency Com
mittee of the House, will argue in favor
of them and explain the purposes of his
Currency Bill.
The two leading candidates for the
next convention are Seattle and San
Francisco The place of meeting is Sc
lected by the Executive Council.
The trust section of the American
Bankers Association met this afternoon
and heard reports of officers and several
addresses.
Clark Williams, treasurer of the Uni
ted States Mortgage and Trust Com
,onv IF Now York smoke on More