The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-10-22
WEDDING
OUT WAS
NEEDED
President Hardy Ad-
dresses Bankers Assn
TARES GREW UP IN
SUN OF PROSPERITY
But Have Failed to Stand the
Test CT Time.
--------------- ----------------
ACTUAL BUSINESS
BEGUN ON YESTERDAY
T h.aa frrf lar
When Nineteenth Annual Session
Was Called to order--stage
Beautifully Decoratel---In-
teresiing Reports Are
suamtted.
But Have Failed to Stand the
Test CT Time.
ACTUAL BUSINESS
BEGUN ON YESTERDAY

san FRANCISCO. CAL. Oct 3l-Thc
actual business of tho nineteenth annual
convention OF the American Bankers
Association began this morni>g. when
the GG.esates assembled in the pCalifor-
nia Theatre, which was comfortably
filled.
The theatre and stage were handsomely
decorated with flowers, evergreens and
ferns. President Cdrdwcll Hardy. in
calling the convention 10 order. said i'll
parts
THE unprecedented prosperity of the
past few years brought lis last fall to Il
climax of high prices for commodities
ant, securities. The same sunshine wlicit
brings to It's full fruition our rich hai-
vests also fosters the tares. So among
the substantial ediflces OF our prosper
ity have sprung up artificial CONNER
cal structures, which have failed sig
nally to stand the test OF time. Over
sangune people, some probably not over
scrupulous had been capitalzing aud
recapltalizing schemes of all kinds aud
inducing people, with paper profits, to
Sundcrwrite flotations which they were
unable to carry. Tie boom had gone too
far, tho natural ctionF set in, and q
general ouso-cearing began where it
was most needed. In the wedding o,1t I
of DISQUALIFICATION and inflated securf-
ties. II there is any class OF men more
than Others who should never take spec
uative risks, 1t is those who are hands
ling the earnings and savings OF others.
and the seeking of deposits at higher
rates of interest, which can only be,
earned by speculative Investments. Is a
menace to sound banking. Savings -de-A
posltors should carefully shun such In
stitutions, of which there are however,
happily but few"
CORPORATIONS.
On the subject of corporations he said:
TN the formation Of our great indus
trial corporations. We lave been co:tT
fronted with new and strange conditions.
Eliminating those of n fraudulent or fic-
ttious character, nearly all of them
have been subject to criticism In tho
matter of capitalization, and the weak
point with all of them has been the full
ure to provide n reasonable working
capital.
There has been a greater creation of
securities in tho. consolidation Of many
OF our railroads than actual values apps,
srently Justify, but the concentration OF
management and control has brought
about stability of rates, which has
created an established value for their
legitimate securities, without llardsbips
" lHt IHlltIlS u llIS IJnNs
PUBLICITY, Il
"A word on publicicity, as it relates To
all public corporations. Some criticism -re-.
Gently has been made of the pubicationee
the weekly New York bank statement I
uso the incident merely topoint to amoral.
The form aud method Of making tl1is
statement has been, more or less. a sab
ject OF discussion for some time past ~
the form and method Of publication is nor
as accurate rs it should he, make IL
what It should be. but do not suppress Us
Bank statements in general convey fps-
and intelligent information az to ,fe
status of tho banks and, il the came
publicity from other public corppratlo,tS
could be required. most important stt'-
vicc would be rendered the public"
WELCOMES EXTENDED,
Following the roll call, Eugene l.,
Schmiiz, Mayor of san Francisco, made.
an address. extending a hearty welcome
to tho distinguished visitors, and hc wars
followed by Governor George c. pardae,
Another address of welcome was made
hy James p, Phelan, on behalf OF the
San Francisco bankers.
President Hardy made brief response
to the messages Of good will and hospi-'
tality. and then the meeting settled down,
to the work for which 1t had assembled
Secretary Branch read his report, and
was followed hy George /, orde, treas-,
urer
Secretary Branch showed that thu paid
membership Is 7.C6I. with annual dues
amounting To $40 SIS. During the past
year 300 members We're lost through fall
ures and withdrawal, but to Offset this
loss l,lS9 new members We're placed on
the roll
E Il, Swinney. chairman OF the Execn-.
tive Committee, IN presenting the repoft
OF tie council said that tho main item
Of expense Of tho association arises from
the work Of the protection committee In
preventing and detecting crime, and this
expense exceeds the income, The COM
mittec advocated an increase Of dues,
graduated according "a cspltalizaiion.
Tho plan OF creating guaranty assnein-
ton which would reimburse members in
losses, occurring through dishonesty, wia
rot favored by the Executive Counci
4 resolution farorins money order
system for banks was approved,
An address by L. T., Hillyer cashier
of the American National Rank, Of Mis-
con Ga closed the regular business OF
The days session. His subject Was ,
''Money Orders of Bankers Association
lio pointed out that the daily money
order business OF the sovernplcnt and
express companies amounted 10 81 D0o.
and advocated action by the association
Ia secure soma Of the business OF thla
popular method He said the soyerpment