The Providence news. (Providence [R.I.]) 1891-1906, 1905-10-11
BANKERS
IN ANNUAL
SESSION

Washington. oct. 1.-THE thlriv f"st
a~nual con .aption of tho American Bank
ers' association, was opened here today
with more than two thousand members
resent Standing during the invocation
OF the Rev Or. McKim, the bankers re-
reated the words OF the Lords prayer at
its conclusion.
Welcoming addresses were made by John
JOY Madison. president Of the local Bank
ers'association and Commissioner McFar-
land OF the district government. The
bankers applauded the mention OF Presi-
dent Roosevelts name as signifyng civic
honesty
Responding to the welcome President
y. $. Swinney, OF the association declined
the keys OF the city" on behalf OF his
brother bankers. 10 keep their reputa-
IONS inviolate slf~rld things be missing
after they had gone.
Interest was manifested I'm the annual
report OF Secretary James r. Branch
presented at the conclusion OF the address
Of President Swnney
The convention enthusiastically adopted
resolution thanking President Roose-
welt for his action I'm bringing about peace
between Russia and Japan.
Secretary Shaw was forced 10 ac-
knowledge an enthusiastic reception at
the conclusion OF his remarks
The report of the treasurer was sub
mitted and showed receipts and disburse-
ments OF S236l25 and balance on hand
OF H42,614. The report OF the standing
protective committee then was read
The report of the executive committee
was partly received by the convention
but its reading was suspended I'm order
that Mr.. Vanderlip might address the as
semblage
Mr.. Vanderlip said that greatly In
creased income, diminished liabilities and
the provision OF ample working capital
had worked marvels I'm the way OF pros
perity for the agricultural communities
during recent years. In the same time
similar conditions had developed I'm the In
dustrial field and narrowness Of outlook
and lack OF coordination, which led 10 the
wasteful duplication OF plants and vast
expenditure OF capital. had given way to
more intillegent management.
He called attention 10 the necessity
of ceaselessly prosecuting the struggle
for foreign markets and said he believed
increasing opposition I'm the way OF du-
ties would be met after every succeed
Ing meeting OF the continental parl!a-
ments.
The resolution extends the thanks OF
theassociaion TO the president for his
untiring efforts I'm the interest of hu-
manity."
The resolution was seconded by Mr..
Jennings Of Florida, a relative protest
against the action Of the tellers IN declin-
Ing TO allow Mr.. Ramsey TO vote under
the cumulative system. and his protest
was placed on record. Chairman Rlod-
gett announced that the six directors OF
the bondholders, having been elected. the
caucus was dissolved
Immediately afterward the caucus OF
stockholders was called TO order and the
same tedious examination OF proxies that
consumed so much time I'm the bond
holders caucus, was commenced. II
promised To continue even longer than
the examination OF yesterday and the
meeting probably will continue over
Thursday.
1t Is admitted by Mr. Ramsey's at
torney that his greatest strength lay I'm
his bond proxies and inasmuch as no
failed to elect himself n director he has
no chance In the stockholders caucus.
The ease with which the financial world
wlthstood the strain OF war which cost
the combatant nations two billions OF dol
lars. Mr.. Vanderbilt said. he believed was
due to the greatly increased production OF
gold I'm recent years. Should tho present
rate of production continue he believed
the volume Of money In the world would
be doubled I'm 20 years. with the result
that the prices OF many commodities
would be greatly increased possibly
doubled. Thus all persons having a fixed
income, persons receiving a fixed salary
or wage earners generally. would he al
disadvantage. for their income would
not tend To increase as rapidly as tho
purchasing power OF their incomes de-
creased
He declared the outlook at the present
time TO he very bright. but gave warning
that almost as surely there were dangers
lurking In the situation.
SHOULD a stock market speculation
start from the present high level OF prices
I'm the face OF the extraordinary demand
for capital and money. which crops and
business alike are making" said he
"the result might easily be temporary dis
aster."