The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-09-28
BRANCH is BEATEN
FOR SECRETARY
Former Richmonder Dis.
placed in American
Bankers Body.
MICHIGAN MAN is
EASILY WINNE.R
President NJ. E. Ingalls,, Of Cin-
cinnati Bank, a Prominent Rail-
way Magnate, Makes Opti-
mistic Adress on FL
nancial Future, Re- &
assuring Bankers.

ATLANTIC CITY. N. d., Septem001
27.-The warm contest for the position
of secretary of the american Bankers
Association. which has been held for
sixteen years by James r. Branch, u ofzs
New York, terminated to-day In the
selection of his competitor, F. Il. Farms
worth, of Michigan, who defeated the 4
New Yorker after a spirited contest
by the decisive vote OF 26 to Ia. The 81
Farnsworth forces were we'll organized,s
and made determined contest to land
their man. During the entire conven-#
ton they have been active in the eff
fort to secure pledges of votes to their
man, but 1t was not thought they had
been SO successful until the matter was
put to the test to-day. ~
IL the Secretary of the Treasury will
grant u request contained in q reso-ss
luton presented to-day at the Ameri-s
can Bankers Association convention.
the teller's desk of the average nettonnI
bank will somewhat resemble the rib-ss
bon counter of a department store.
The resolution proposes that each de-s
nomination of bank notes be made OF
a certain color, as follows: s4s
One dollar notes. slate; twos. brown;s
fives, green; tens, blue; twenties, yell
low; ffties, pink. and one hundred
and over, white.
The resolution was referred to the
incoming executive council.
A feature of to-day's session, tho final
one of the convention, was an address
| by President NJ. E. Ingalls,. OF the
Merchants National Bank, Of Cincin.#
natl, formerly president OF the Chesa-
peake and Ohio and Big Four" Rail-
ways. He took for his subject Our
Present and Future Prosperity and /.
in the course of his address said:
lis. What of the future? And here 4
fam inclined to be optimistic. Let us
look at some of the things that have
happensd latsly whSh would lend
Iall. we might consider the sale OF the
New York City bonds as the turning
fpoint in our finances. 1t is true that
,tthey have sold at a high rate OF. IN S.
Iterest. Every one knew that with TING
demands that are on the capital of
this country such a large sale. even
With the credit ofna city as good as
One of the good things about this high
rate of interest for city bonds which
Twin spread all over this country is
ficers more careful In their expend.s
Iitures. The people will watch and
|criticize the same more and therehYss
the extravaganza of municipal expendi-s
they were checked. for they have out
run all reason. Then we must put in
force economies that Will enable the
people to save and invest their surplus
|short-term notes that have been put
out. The financial editor of the New
York Evening Post answers my in-sss
|quiry by saying that between the first
Iof January and the first OF July, 1907 Is
1.-THE railroads have Issued of short
term notes $3.50, ,000.000-industrial COR
$500, 100000 that must be provided for;s
hut II the people will make up their
minds that we have passed the crisisr4
1.-THE savings banks. insurance and trust
lcompanies and investors Will soon aSrSs
sorb this large amount and relieve our
banks and individuals so that they can
take care of the current business OF
the country with their funds. We must
remember that they have all been sold.sa
lit is only question OF placing them
in the form or permanent Investment
and not providing new funds.
/ "It has also been somewhat of a
question hitherto as to what the OUT
lis pretty well settled that while they
Imay NOT be equal to the bumper CROP
OF last year they are still above the
amounts carried over there is greater
surplus than ever before, and prices
/ for them are SO high that 1t makes
the farming eemmants tbs,E vsry ansf. risa
Infringing so cents per bushel, and a.
fair crop from this year and q large
| amount from last year to sell. The
result is the mortgages are being paid
and altosether the agrioultural com
! Inunity, which is the real foyndattonSS
,Eof our wealth and prosperity. is in
1 such fine condition that 1t would be&
almost Impossible TO have a long
tinued depression in business In this
4 country. Furthermore, you must res.
\ member there is about Sl,000,OO0 per
.Eday of gold going into the currency
share. and this Il like cheering the
sick man by giving him stimulating
ana healthy food that he needs.
j In concluding his address, Mr. l1nl'.ss ln-.sss
4 "I haya given you in haste some Nof
4 the reasons for my belief that We are y
not going to have a panic In In Which Y IL
-Iof receivers, as they have done IN gtor-Ss
mer times, In which the fires In the
Il furnaces Will so out, and the nachlnsss
i shops he idle and the laborer go around
the streets searching for work. ss5ssA All OF
J this could come. for the dif1erence pe-sg
tween good times and peor times isst
I very slight, less than 10 Ter cent. ASS
bankers, we shonldseuse our iniluences
4 to restore confidence IN this II; g country
and il our government 4oIliclals, y na. !a!.
! business men, Instead OF harping eon-s
i tinually upon what Is bad viii uphold
1 the hands of the good and rue men Y AZ
and and Their Sthair wealth to make better con-
4 ditions to keep our mines and bust
ness enterprises going, to- keep thet
1 great army OttAlapOreTS Nuttuk WorhulouS
a employod, then. indeed, we will have
\ prosperity. Above aft, we must have
II no hatred of property, n o w ar Of
!. low, should be for conciliation, Tosday
iii think echo the}shope and wish of
. nearly allsof our people who haveItha
Il Inrosperity OF our country at heart when
yLT say, give AS Industrial peace aniS
VI good fellowship among 81 all our speo ple..'ss
4 New Officers Elected. 81 s3s
\ Tho convention adjourned after RS.
4 @ielecting the following officers: Prant-s
@Ident. u. D. Powers. OF Louisville. XVI:
n Vice. President. George nj REYNOLDS
Y EChicago,
y AZ The meeting Of the executive coun.3