The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-22
MEETING OF BANKERS
FIDELITY INSURANCE DISCUSSED IN
A SPIRITED WAY.
Nominations for Oficers-President
Hardy's Address-TOO Much
Decentralization.

SAN FRANCISCO, Oct. 21.-Standing in
the midst of stage settings lavishly adorned
with the choicest of California flowers and
greenery and drapings of the national en-
blem, President Caldwell Hardy this morn
ing called to order In the California Theater
the twenty-ninth annual convention Of the
American Bankers Association. The at
tendance, in view Of the small numbers at
the section meetings yesterday, was highly
pleasing to the officials of the association.
The lower floors were well filled and many
delegates were in the upper galleries
The opening session was enlivened by
very spirited controversy on the question
of the association branching out into the
fidelity insurance business for the purpose
of bonding employees, and the issue was
made all the more interesting by the pres
ence of divers reports on the subject, the
executive council reporting against the
adoption of the proposed plan and the fdel-
ity insurance committee advocating the
early sanctioning of such a scheme
The nominating committee, composed of
state representatives, tonight decided to
report the following nominations to the
convention: President, F. G. Bigelow, Mil
waukee; first vice president E. F. Swimmer,
Kansas City; executive committee. j. d.
Powers, Kentucky; J. R. Mitchell. Mime
Finley, Pennsylvania; Stephen NJ. Griswold.
New York; H. H. Dennis, South Dakota;
w. X. Coffey,. Wisconsin; Mills B. Lane,
Charles NJ. Sawyer, Kansas.
President Caldwell Hardy. in calling the
convention to order to-day. said: 1.-The un-
years brought us last fall to a Climax of
high prices for commodities and securities.
The same sunshine which brings to it's full
fruition our rich harveSts, also fosters the
tares. So among the substantial edifices
of our prosperity have sprung up artificial
commercial structures. which have failed
sanguine people. some probably not over
scrupulous, had been capitalizing and re-
capitalizing schemes of all kinds and in
write flotations which they were unable to
carry. The boom had gone too far, the
natural reaction set in and general house
cleaning begun where 1T was most needed.
in the wedding out of DISQUALIFICATION and
inflated securities.
I'VE have gone through a period of liqui-
dation in speculative circles of the most
drastic character without results except to
the few who have got too far beyond their
depth. The process Is not yet complete
and the way is still strewn with crippless
and indigestible securities, but general
business conditions are sound.
Let US review briefly the attitude and
relation OF some of our banking institu-
tons to the conditions and incidents re-
ferred to and the methods pursued by them
in the prosecution of their business. / re-
fer especially TO the vicious policy of pay
ing high rates for deposits, particularly
savings and time deposits. If there is any
class Of men more than others who should
never take speculative risks it is those who
are handling the earnings and savings of
others, and the seeking of deposits at high
rates of interest. which can only be raised
by speculatiev Investments, is a menace to
sound banking. Savings depositors should
carefully shun such institutions, of which
there are, however, happily but few.