The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-11-12
BANKERS IN SESSION
FINANCIERs OF THE COUNTRY NOW
AT NEW ORLEANS.
DAY GIVEN TO ADDRESSES.
MYRON t. HERRICK, THE PRESI-
DENT, SPEAKS STRONGLY.

ever. Was the FOrcIbie Auuress vi
Controller of the Currency, Ridge
", Who Gave Facts in Quantity
and Figures in Almost IncOnceiNa-
BILE Dimensions Others Who
spoke.
New Orleans, Nov. 1.-THE twenty
eighth annual convention of the Amer
lean Bankers Association assembled
in Tulane Hall to-day, beginning a
three-days' session. This is the larg-
est 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
a late hour tonight there had been
1.5oO delegates registered and nearly
zoo 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 headquar-
tiers, and overfiowed into every other
hotel in the city.
At the opening session there was
prayer by Rev. DR.. Beverly Warner
and addresses of welcome by Acting
Mayor William Mehle, City Attorney
Samuel L. Gilmore, on behalf Of The
city; Prof. W. c. Stubs on behalf of
Gov Heard and r. NJ. Walmsley, pres
ident of the Clearing House Associa-
ton, on behalf of the local bankers
President Herrick replied to the well
comes and delivered his annual ad-
dress.
From Mr.. Herrick.
The following is an extract from the
address of Myron T. Herrick, president
of the association:
1t is not many years since the most
conspicuous labor organization of that
day in the United States, barred from
membership just three classes. They
We're the saloon-keeper, the lawyer and
the banker. And a painfully large
number of men other than Knights of
Labor thought the grouping was SEN
sibie, or perhaps rather hard on the
liquor seller. The feeling which found
expression in this curious bar to Amer
lean knighthoOd has been greatly
weakened by the logic of events, even
where it was formerly most common.
Too many of those who fifteen or TWEEN
~ years ago were aVowed enemies of
the banks have become depositors and
stockholders in the institutions which
they denounce, to permit of the contin-
uanoe of such sentiments.
The impression that federal legisla-.
tors have, that much of this prejudice
and suspicion remains, makes bank
ers, as BODY, an unpromising source
of proposed legislation on the money
question AS. individuals, working di-
lsetly- with senators and representa-
tiNes, party leaders and political or
CARNATIONS, the members of our as.
ISOLATION can exert far-reaching in
iiuence ON the side of common sense
and sound policy But DIS an assem-
blage of bankers could this convention
take positive action in favor OF any
sharply defined and finished scheme of
financial legislation without great dam
ger of hindering rather than helping
the wide and permanent development
and Improvement of the money system
Of the United States? Would it be
possible to go so far without furnish
ipg, texts for demagogues, and frighten-
ing timid law makers and political
leaders? In Ohio we have learned, by
long experience. as one OF the states
composing the buffer" which the Mid
die West has interposed between the
vagRries of the newer states beyond
Mississippi and the uncompromislng
and sometimes over-a aggressive ortho-
doXy of the East, that the gains which
are of vital Importance are often most
easily won by discreet pliability re-
garding non-essentials. Prudence in
ways and means of progress, is not
unfaithfulness to a cause or renuncia-
tion of a purpose.
The formal business was then taken
up. This consisted in the reception
of reports of officers and committees.
Secretary ]. f. Branch's report
showed present membership of 1854,
with an income of SCI, 800. There was
net increase in membership during
the year of 973.
Chairman F. S. Bigelow of the exec
utive council submitted a report in
the course of which it was stated that
the currency plan of Mr.. Hepburn was
Endorsed in so far as it suggested the
issuance of currency by banks of $50
600 capital and $4,000 surplus or more.
to the extent Of half of their capital
stock at a tax of per cent az Der
cent a month";.
Reports from the Committees on Uni
form Laws and Fidelity Insurance were
then presented.
Reports of the Protective Committee
and report of the Committee on Edu-
cation by the chairman, Robert ]. Low
~, were presented, after which the
programme was changed so that Con-
troller of the Currency w. B. Ridgely
could be heard. He spoke on the change
in banking conditions. as follows:
Controller of the Currency Ridgely
/ have recently seen a statement
that the profits of the operation of one
of the great railway trunk lines are
being reduced by too great a density
of traffic and too large a volume of
business. Heretofore it had been
found that as the volume and density
of traffic increased, the cost of oper-
alton, and particularly the cost of con-
Quoting transportation, was a much
smaller proportion of the gross earn
ings, and, in consequence, the net
earnings increased more rapidly than
the gross. Now, however, it is found
that there is a limit to this with a
given plant of tracks terminals and
motive power, and that when the vol
ume and density of traffic passes a
certain point, the slightest delay or de-
rangement of train movement spreads
so rapidly and so far that il more
than proportionately increases the cost
of operation and the resulting net
earnings are less than with a smaller
gross amount
The general business in the United
States and more particularly the finan-
cial and banking operations, are in
much this same condition to-day, and
there is danger in our situation from
an excess of business and lack of
machinery and facilities for conducting
it.. 1t is becoming more and more APP
parent that there must be some cur
tailment of operations or Increase in
facilities either by the addition of new
means or more efficient use Of tho old