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THE SCR ANTON T1UBUNE- FRIDAY, OCTOBER 20, 1899
ll
STATE BANKERS
IN CONVENTION
Able Address by United
States Treasurer
Roberts.
FEATURE OF THE
MORNING SESSION
Visitors Aro Welcomed by Mayor
Moir in Bohnlf of tho City and by
Cashier W. H. Peck, of the Third
National Bank, in the Name of the
Local Bankers Reports of Officers
and Council of Administration.
Fund Is to Be Established for the
Apprehension and Prosecution of
Forgers, Check-Raisers and Like
Offenders Separate Section for
Trust Companies Visitors Royally
Entertained.
HE Pennsylvania Hankers' as
sociation entered upon lt3
llfth annual convention yes
terday morning with a largo
delegation present, rpr
sentlng tho lend;.i;r hanking
Institutions of the state. A
business session was held at
the board of trade rooms in the morn
ing, the feature of which was an ad
dress by the treasurer of the United
States, lion. Kills H. Roberts.
In the afternoon the visitors were en
tertained with a drive over the boule
vard and In the evening the Scranton
club tendered them a reception.
Among the prominent new arrivals
were lion. Charles S. Fnlrchlld, ex-secretary
of the treasury, now president
of the New York Security and Trust
company, nnd Hon. Thomas J. Powers,
commissioner of banking of Pennsyl
vania, both of whom will deliver ad
dresses at today's session.
Uev. C M. Oinin, D. D., pastor of
Kim Park church, will open today's
session with prayer, after which there
will bo statements from the group
chairmen on the general condition of
buslncss.and llvc-inlnute talks on prac
tical banking questions open to nil
delegates. Then will follow the address
of Messrs. Falrchlld and Powers, nnd
the convention will conclude! with the
election of otllcers and the naming of
a place for tho rext convention.
THOSE IN ATTENDANCE.
Tho olllcers of the association present
arc. President, C. A. Kunkel, cashier of
the Mechanics' bank, Harrlsburg; vice
president, S. It. shumaker, cashier of
the First National bank, Huntington;
secretary, ID. S. Kloss, cashier of tho
First National bank, Tyrone; treasur
er. J. J. Foulkrod, president of the
Manayunk National bank, Philadel
phia. The delegates aro: John P. Harper,
president of the Southwark National
bank, Philadelphia: William Haekett,
cashier Easton National bank, Easton;
Charles AV. Otto, president National
bank of Oprmantown, Philadelphia;
John C. Dawson. Hrown Ilrothcrs &
Company, Philadelphia: AV. A. AA'il-
lock, president Second National bank,
Fitlshurg: It. E. James, president
Easton Trust company, Easton; J. E.
Itamscy, cashier, Oxford; N. N. Betts,
cashier First National bank, of Tow
anda; John H. Maltzberger, cashier
Keystone National bank. Heading; It.
M. Hoffman, cashier Farmers' Na
tional bank, Heading; Isaac Y. Spang,
cashier Heading National hank; H. M.
Farrles, assistant cashier Fourth
Street National bank, Philadelphia; H.
C. North, assistant cashier First Na
tional bank, Sellnsgrove; Hamilton H.
Haines, president Jersey Shore Hank
ing company, Jersey Shore; H. IS.
Frlck, cashier Milton National banit,
Milton; Charles M. MeCurdy, cashier
First National bank, Bellefontc; F. K.
Ployer, cashier Second National bank,
Mechnnicsburg; James Hrady, cashier
First National bank, Harrlsburg: M. J.
Mattern, cashier Union National bank,
Huntington; A. Nlemeyer, president
Saving Institution of tho City of AVil
Hamsport; James S. Lawson. cashier
Willlamsport National bank, AVIlllams
port; A II. Peck, cashier Third Na
tional bank, Scranton; I. U Post,
cashier First National bank, Scranton ;
II. O. Dunham, cashier Dime Savings
hank, Scranton; II. C. Shafer, cashier
Scranton Savings bank; C. AA Gn.i
ster, cashier Merchants' and Moihar1
Ics' bank, Scranton; Shephard Vynrs,
vice-president Lackawanna Trust and
Safe Deposit company of Scranton; V.
L. Phillips' cashier Traders' National
bank, Scranton: A. II. Christy, cashier
County Savings Hank and Trust com
pany, Scranton; A. H. Eynon, West
Side bank, Scranton.
YESTERDAY'S ARRIVALS.
James II. Wlllock, president Second
National bank, Pittsburg; Horace P.
Glover, president Mlflllnburg bank,
Mlflllnburg; Richard L. Austin, Inde
pendent National bank, Philadelphia;
William Patton, vice-president First
National bank, Columbia; Allen P.
Perley, president AVest Branch Na
tional bank, AA'llllamsport: AV. Emery,
director AVest nranch National ban':,
AVIlllamsport; II. S. Salmon, cashlr
Wayne County Savings bank, Honcs
3ale; S. H. Seeds, Chester National
bank, Chester; George M. Uooth, prett
3ont First National bank, Chester; C.
K. Spencer, cashier M. and M. Savings
bank, Carbondule; J. Henjamln Dlm
tnlck, president Lackawanna Trust and
Safe Deposit company; M. 0. You re
man, cashier Danvlllo National hank,
Danville; C. E. Watson, cashier Citi
zens' National bank, Ashland; C. r.
Pardee, president Hazleton National
bank, Hazleton; J. II, Price, cashUr
First National bank, Hazleton.
C. W. Kllno, vice-president Markle
Ranking and Trust company, Hazle
ton; K, H, Hunter, cashier Merchants'
National hank, 8henandoah; AV. T.
Bell, cashier Central Banking com
pany, Union; C. M. W. Keck, cashier
Allentown National hank, Allentown;
Edward II. Henlnger, treasurer Le
high A'alley Trust and Safe Deposit
company; George II. Flanagan cashier
Wyoming National bank, AVllkes
Barre; AVIlllam H. Glsh, cashier Na
tional hank of Slatlngton; a. J, Hazel
line president Warren Savings bank,
Warren; AV. S. C'aldcrwald, cashier
First National bank, Kane; Andrew
AV. Kcrrln, cashier Fort Pitt Nntlonal
bank, Pittsburg; John F. Qwlmser,
cashier First National hank, EnRton;
Frank H. Smith, president First Na
tional bank, Stroudsburg; AVallaco
Ouss, cashier First National bank.
Tnmnqua; G. S. Harah, cashier Second
Nntlonal bank, Unlontown.
Among tho visitors nro Miss Edith
Noble Haekett, of Easton; J. R.
Brady, V. S. N., son of Cashier James
Urady, of the First National hank of
Harrlsburg; George K. Rellly, of N.
AV. Harris & Company, New York; F.
Huvard Hooke, vice-president of The
Financier Publishing company, New
York; S. Schwarzchlld, general mana
ager of tho Defiance Machine company,
of Rochester; C. C. Dudley, of R.ui'l
McNally & Company's Bankers'
Monthly, Chicago; AV. 7.. McLean nf
the Fourth National bank, Philadel
phia. AVIlllam D. qampbell. Dlx & Phyk,
Npw York: Major AV. A. Oherst. bar.,
examiner, Lebanon; Thomas J. Pow -M.
commissioner of banking. Philadel
phia; George L. AA'elles, Jones Perpe'
iml l.pdcor eomnanv. Chicago; L. K.
Torbet. Chicago: Jnmcs Archbald,
Scranton; E. C. Spauldlng, Scranton;
E. M. Rosser, cashier Deposit and Siv
Ings bank, Kingston; Anthony Stumpf,
editor American Banker, Nov York;
C. N. Miller, Uurrougirs Aiiuini; .ua
chlne company, Philadelphia; Miss
Glsh, Slatlngton; Glenn C. Pag, ttcas
uror AA'yomlng A'nlley Trust company.
AVllkes-Barre; O. F. Relnhard. casino'
South Bethlehem National bank, South
Bethlehem; R. II. Hlggins. jr.. New
York: A. R. Barrett, bank examiner,
Philadelphia.
CONVENTION IN DETAIL.
President Kunkel opened yestsrday
morning's session nt 10:25 o'clock and
Introduced Rev. Charles E. Robinson,
D. D., of the Second Presbyterian
church who offered prayer. Mayor
Molr made a brief address of welcome
on behalf of tho city and AV. II. Peck,
cashier of the Third National bank
extended a welcome In the name of
the bankers. Hon. AVIlllam C'onnell
was to have delivered the address but
not being nble to attend, Mr. Peck
uns substituted. He said in substance:
Mr. Chairman, Fellow Bankers, and
A'isTtors: I regret very much that
Hon. AA'illiam Connell, who was to wel
come you on behalf of the Scranton
Banks, Is not here. He has been cnlled
unexpectedly from the city, and desires
me to express to you his great disap
pointment in not being able to meet
with you. Our committee of arrange
ments has delegated me to take his
place, and it gives me great pleasure
to extend to you a cordial welcome to
our young and growing city. A welcome
to Scranton Is not given reservedly,
the whole city is yours. It Is said that
recently when our city was in gala
day attire, decked with banners, nnd
great delegations were pouring In. our
genial friend the undei taker, had the
word, "AVelcome," over the door of his
establishment. So you see there is no
limit to our hospitality.
A short time has marked groat
changes in this city. AVhere the Board
nf Trade building, the Court House,
tho Postnfflce, nnd several of our larg
est buildings stand, was a swamp but
a few years ago, but the enterprise and
push of our city has transformed that
largo area into on attractive locality.
AVe are proud of this building, the
Hotel Jermyn, the Albright lhrary. the
buildings of the International Corres
pondence Schols erected hy tho Col
liery Engineer company, and many
other, prominent buildings, as well ns
our numerous and diversified Indus
tries, the number of which is constant
ly increasing on neennnt of the super
ior advantages they find hero.
I have read recently of a farmer In
Missouri, who Is said to have been so
prosperous that when ho looked at his
corn crop he decided to build crlb3 for
It, but soon gave up that Idea, and
built a high fence around a forty aero
lot, nnd It is said that by piling tho
corn high he managed to get it all In
side. Our prosperity does not over
whelm us like that, but every body is
busy and wo are thriving.
THE LOCAL BANKS.
This welcome comes from those con
nected with our nine banks, having a
combined capital of $1,4$0,000. Five
years ago their suprlus nnd undivided
profits were $1,570,000 and their deposits
were $10,000,000, Now tho surplus nnd
undivided profits nro $2,500,000 nnd their
deposits $17,000,000. thus showing that
while their deposits have Increased 70
per cent, or $7,000,000 In five years, their
surplus earnings have Increased 6.1 per
cent or almost $1,000,000, while thero
have been fair amounts distributed to
stock holders as dividends, Evidently
Scranton bankers have been able to use
profitably their handsome Increase of
deposits.
AVhen I think of the many hundred
millions of dollars of credits nnd cash
passing through the banks of this Com
monwealth, and of our nation, I am Im
pressed with the fact that In propor
tion to volume there are far less fail
ures in this business than In any other
and that the number of defaulters Ib
exceedingly small In compnrlBon with
the number of otllcers and employes,
each one of whom is trusted, to say
nothing nf the number of directors that
aro around. But something more than
honest management Is required. To
run a bank there must also be liking
and capability for tho work.
If I have any message for you. today.
aside from the greeting. It is this:
that the Judicious managers of a bank
will In good times like the present, got
It in shape for tho gale that is sure to
come after somo years of good busi
ness, that end in a period of overtrad
ing. The present Is the time for every
banker to see to It that tho institution
with which ho Is connected has among
Its Investments a good proportion ot
quick assets. Few. if any, of the loans
to its customers can ho considered as
such, for however good they may be,
the probability is that the proceeds of
these loans have been Invested in such
a way that they are practically per
manent capital, and the expectation of
tho homo borrower is to renew, until
It is convenient for him to pay. To
have quick assets ond so be able to ex
tend additional accommodations to the
business public In times of panic, is one
of the duties of a bank, and to bo ready
for such a time It Is necessary to have
carefully chosen commercial Invest
ments that are not dependent on home
conditions.
AVo thank you for having nccepted
our Invitation to meet here, and hope
this convention will ho fully as profit
able as those of tho past, and that
when you leave, each one will have
such agreeable Impressions of our city
that ho will bo desirous to como again.
PRESIDENT'S ATDRESS.
President Kunkel responded In tho
name of the association and then dellv.
crcd his annual address which Is print
ed hero In full:
Gentlemen of tho Bankers' Associa
tion of Pennsylvania;
The death of the honored and revered
President of this Association, tho late
Henry C. Parsons, esq., of AVllllams
IKirt, Pa., devolves upon mo as tho
first vice-president of ho ARsoclntlon,
tho duty of presiding at this tt fifth
nnnual meeting. I assume this duty as
your servant cheerfully, but with dl'Il
dence; while most sincerely lotnln-T
with you In feelings of keen regret nnd
sorVow that circumstances compel the
service. Tho death of our hcilotcd
president Involves a loss not only to
this association, but to the worlJ nt
large, of whoso oltlK jnsl'lp ho was so
useful anil honored n member.
In this connection wj rec.ul the fact
of the decease of another most uiselul
member of our body, the lats Thomas
P. Day, esq., vice-president and cashier
of the People's NaMonul Bank of Pitts
burg, who was cniiR'' hence on the Kin
day of July last. .n Day was ad
mired and trusted by a'A who enjoyed
tho honor of his ncinulntance, a gen
erous and upright citizen, nru; a dis
tinguished member o' our nro!emcn.
We mourn tho loss of these, our nso
clates, nnd we will ever cherlili iroir
memory with deepest respect. As your
presiding ofllccr, I su.-jgrost tna this As
sociation, hy resolutions through' I he
proper channels, give expression to our
feelings of regret and sorrow nt oji
loss through their dc sense.
Gentlemen, tho year dint has elapsed
wince our Inst meeting lias been n.e of
stirring activity ind vnst moinen; to
the world, and mr" especially to otr
country. The mighty neh'ewmei'ts of
our armies and n.iies. resulting In ad
ding to our territory domain equal in
extent to many of tho great nations
of tho earth: with a.ldoj millions: of
population, with vas". extent ot natural
resources of wealth, with limitless ex
tent of possibility through development
of those resources of nccreatlon of
power nnd riches to us as a nation.
Tho tremendous bearing all these havo
upon our peculiar functions and duties
hns necessarily Impressed us all, nnd
must have a tendency to make this
meeting one of tho most Interesting
nnd Important ever held by tho asso
ciation. REPRESENTS WORLD'S STATUS.
Gentlemen, It Is nn Indisputable fact
that tho banking Interests of the world
represent In the highest degree the
status and progress of the world In the
direction of Its highest civilization; and
the sum of the difference between that
civilization and primitive savagery nnd
unlettered barbarism may be measured
by that representation.
Banks and bankers are not merely
dealers In coin and exchange, money
lenders nnd note discounters; they
stand for till that Is worthy of notice
In the commercial nnd Industrial life of
mankind; for Its broadest culture and
mightiest achievements. They are, In
a large sense, factors Indispensable for
the unlllcatlon of the race, through
their transactions bringing together
the ends ot the earth, binding together
the lives of nations, and reaching to
tho uttermost bounds of civilization.
And. gentlemen, It Is not Idle or vain
glorious bonstlng on our part, when wo
afllrm that the Bankers' Association of
Pennsylvania stands In no small degree
for what Is embodied In these state
ments, for Pennsvlvnnla Is one ot the
greatest of the great States of this
great nation, the mightiest ot all na
tions on the globe. Her situation geo
graphically gives her commanding in
fluence; her vast wealth of mineral ag
ricultural and manufacturing resources
second to none possessed by any of her
sister states in value to the world's
commerce, confirm her right to leader
ship. And this Association, represent
ing as it does the financial interests,
and much of tho power these Interests
confer upon this great Commonwealth
has a right to plume Itself somewhat,
I think, to put on, If you please, some
airs of dignity and Importance, and to
demand attention for Its declaration
and advices.
Gontlemen, wo have met for delibera
tion upon nnd discussion of matters of
vital Importance and interest, not only
to ourselves, but to all the people ot
the country, ns custodians of their
wealth, as agencies for the distribution
of that wealth, and as those without
whose labors and fidelity commerce
would soon be chaos, and trade endless
tribulation.
Gentlemen ot the Association: As
your acting president, I offer you some
words of congratulation.
AVORDS OF CONGRATULATION.
First. I congratulate you upon the
evidence to be noticed, of nn Increased
confidence on the part of the people
generally In banks and fiduciary agen
cies of approved character and stand
ing. Tho days of distrust and sus
picion, of the stocking behind the chim
ney, tho unused parlor stove, as de
positories, are well-nigh ended. Tho
people are learning to trust and believe
In the banks. The immense increase In
deposits of small amounts by individ
uals, of growth of saving Institutions,
ot use of checks nnd bills of exchange,
aro Indications that "Tom Dick and
Harry" are no longer spending much
of their time in corner of tho street
conventions, denouncing all banks ns
"rotten," all bankers ns "enemies of the
common people," "Cormorants and
Shylocks;" but that common sense nnd
nonest Judgment have taken the place
of these rantlngs and falsehoods, and
tho banks are being recognized not only
as conveniences, but pillars of com
merce and trade.
Second. I congratulate you upon the
exorcism and laying of the spectre ot
cheap and dishonest money; of 50 cent
dollars and dishonest financiering,
based upon their proposed Issue,
Through much tribulations we havo at
last borne in sight nt least of the
"promised land" of a stable and sound
money standard for all the world.
The acceptance and adoption by well
nigh tho entirety of civilization of
tho gold standard, with its assurance
of stnblllty and protection for financial
measures and transactions, confidence
for creditors and enlarged credit for
honest debtors, stimulating and fos
tering legitimate enterprises and in
dustries, ns It must and will, seems a
near by consummation, and Is certainly
a cause fop profound gratification to
banks and bankers.
In this connection I cannot forbear
quoting from the spoecli of the A'lce-roy-Baron
Curzon, nt n recent meet
ing f the East India council, held at
Simla, a statement emphasizing the
declarations of the eminent financier,
Mr. Dawklns, who Introduced the cur
rency bill for India In parliament. He
said In substance that "for twenty
years or more tho energies nnd re
sources of tho Imperial government
has been largely employed In defense
of the country ngalnst tho conse
quences nfnhe decline In value of the
silver coinage of India, as seen In In
creased taxation and restriction of
trade; and that the adoption of the
gold standard would undoubtedly en
able India to nt once enter Into In
telligent discussion of i.'aestlons of
commerce with other nations, from
which she hns been debarred hitherto,
and give stability to her business In
terests and Institutions such as they
had never enjoyed before."
TRUE OF ALL COUNTRIES.
AVhat Is true of India must be true
of all countries, and will be true of
ours. The adoption of the gold stand
ard will put an end to turmoil und
strife In politics, for It will destroy
the occupation of demagogues and po
litical self-seekers. It will go far. In
deed, to end tho succession of periods
of depression and panic, to which we
have been subjected In the past; of
hard times and bankruptcies, and de
struction of fortunes, calamities In the
past due often to endless agitation of
tho money question. Stability, gentle
men, stnblllty Is tho cure for most ills
of finance. AVe ore not yet quite out of
tho wilderness; hut let us bo thankful
that the "promised land" seems In
vlow.
The question of low rates of Inter
est, and Its bearing upon that other
question of probable profits, will
doubtless como In for a share of your
attention.
The steady downward trend of Inter
est rates during the past few years has
to some seemed a cause of alarm for
the future of banking, ns Indicatives of
a probable shrinkage in dividends, If
not of enforced liquidation.
For myself, I do not believe that
the present low rates of Interest are
necessarily permnnent. Not that wo
may expect n return to the high rates
formerly current; but that Increased
activity on Industrial lines, the growth
of business resulting from tho widen
ing of our commercial horizon through
the acquisition of new nnd vast areas
of territory, the necessity for employ
ment of vast nmounts of capital to be
used In these enterprises, will, through
increased domnm for money, compel
higher rates for Its use under the na
tural law of supply and demand.
Tho question of trusts and their re
lation to the banking Interests of the
country will claim notice In your dis
cussions. Perhaps no subject before
the people at the present tlmu Is re
ceiving a larger shuro of their atten
tion than this one of trusts. In all cir
cles, In labor conventions and society
meetings, nt political gatherings, meet
ings of boards of trade, and business
convocations of every sort, It Is being
put forwnrd, and Its status and In
tricacies of relation, not only to banks
and bankers, but to all people and
government Itself, Indeed, nrgued pro
and con.
Some there are who argue for their
existence ns a necessity and who claim
that the gigantic business operations
nnd Industrial undet takings of tho fu
ture cannot be successfully cnrrled on
Independently of these vast aggrega
tions of capital, or In nny other wny
than, through the combinations, which
Is their peculiar characteristic. That
tho vast sums of money, the fnr-rench-Ing
and complete control of appliances
of labor they enjoy, will enable tho
trusts to so minimize waste and lesson
tho cost of production ns to enable our
people to compete successfully In the
markets of the world with those coun
tries wherein cheap labor Is made the
basis of successful competition some
thing wo as a nation will ever seek to
avoid, and cannot consider for a mo
mest as a justifiable proceeding.
Others ngnln nrguo that such aggre
gation nf wealth and power as the
trust represent, concentrated In the
hands of the comparatively few, con
stitute a menace to the liberties and
welfare of the people ns a whole, and
should not be tolerated or permitted,
and that the destruction of competition
such ns follows the creation of these
monopolies will In the end result in
higher prices for necessities, and so
tend to Impoverishment of tho money
to their hurt, to enrich nnd benefit the
few, and so on.
QUESTION OF TRUSTS.
AA'hntever the truth maybe as to these
matters, gentlemen, one thing seems
certain. Trusts are here, and they
have come to stay. Their capital stock
is being lloated und forms in the ag
gregate a mighty bulk of marketable
securities, listed nnd quoted upon our
stock exchange, and being offered ns
collateral for loans to the banks, and I
take It that the question that most im
mediately concerns us ns bankers at
this point Is the question of the sta
bility of character and value of these
securities, which are sure to come Into
our hands In this capacity of collateral,
nnd our consequent attitude toward
them.
I have no doubt this association will
consider this question carefully, and
with a view to unbiased nnd exnet Jus
tice In the matter.
Tho question of Interest on deposits
Is an old one, nnd one, I think, to be
determined by us as Individuals rather
than ns an association. As nn Incen
tive to people to become depositors,
and so to become savers as a means
of keeping the money so deposited In
channels of trade rather than in pocK
ets and secret hhUhg places, Interest
on deposits in some localities at least
must bo considered wise policy. Thero
are in round numbers 8.500 banks In the
United States. Every one ot these de
pends for Its prosperity on the accom
modation nnd good will of Its custom
ers. If It cannot make it an object for
the business of Its vicinity to deposit
with It, then It must lose nil profit inci
dent to, and inhering in depositors ac
counts, and cannot flourish. Large,
strong institutions in lurge cities can
bo Independent, and need not seek cus
tom as smaller ones In towns and vil
lages must. One rule cannot work for
all, is my view of the matter.
A question was sprung at the meet
ing of tho American Bankers' associa
tion, held recently In Cleveland, of tho
ndvlsablllty nf establishing a credit de
partment, adjunctive to tho federated
banking Interests of the country. Its
probable value and feasibility as a pro
ject may be mooted here. Here, again,
It seems to mo, locality must largely
govern expediency. Such an agency
would, doubtless, prove of value to
banks In cities where tho standing of
would-be borrowers would, necessarily,
bo a matter for Inquiry through other
channels of information than those
possessed Immediately by the banks,
but In smaller towns nnd communi
ties, where nearly every customer Is
personally known to the bank, and his
standing easily verified, there would
seem to bo no use for such un adjunct.
AS TO TRUST COMPANIES.
of the council of administration which
Is made up of tho president and secre
tary of each of the eight groups and
tho state olllcers. Tho roports follow!
tfKKttnnnHnn .!,
To tho Fifth Annual Convention of the
Pennsylvania Bnnkers' association:
"Our enemies nro before us." The
Spartans cried at Thermopylae. "And
we nro before thein," wns the heroic re
ply of Leonldos. The duties of this oftlco
were before me, nnd I was placed be
fore tho duties. Perhaps not with tho
Spartan Inspiration to conquer, hut
yet with a most earnest desire on my
part to do well tho work Imposed upon
me one year ago by this honorable
body.
Only those that have filled this posi
tion can begin to realize Its arduous
diiMes, Its grave responsibilities; and
hence It Is a task, If conscientiously
followed, that becomes a severe tax
upon tho time of a busy man.
AA'lth a change of secretary each
year, and a corresponding change In
the location of the ofllce. there hns been
no continuity In tho affairs ot the ofllce.
Each Incumbent In turn must find out
for himself what Is tp be done, and how
to do It. All correspondence and all
forms are lost to the Association.
While regularity In tho affairs of tho
association Is desired, each succeeding
oflleli'l of the association must largely
hew a way of his own.
Only hy some bnnker giving up the
cherished published "Proceedings of
the nnnual State conventions," will tho
future permanent secretary be success
ful In collecting a continuous volume of
these. I mention tho above only be
cause one yenr's Incumbency In the
olllce of secretary shows me the im
portance of permanency In the ofllce,
nnd with tho new nnd Increased duties
that will likely be Imposed upon tho
secretary, the council of administration
has acted most wisely In asking that a
permanent character be given to the
ofllce.
This hns been a year of great pros
perity among the banks of Pennsyl
vania. Deposits, loans, and earnings
have everywhere increased. Both from
the Comptroller of Currency and the.
Commissioner of Banking, I have tje
welcome information that there wjro
no bank failures, among those that
came under their supervision, In this
state during the past year, and hut one
liquidation. On the contrary there were
eight National Banks, nnd six State
Banking Institutions and Trust com
panies organized during tho year pre
vious to October 1st, 1899.
The fifth nnnual convention finds our
association with a membership of 400,
distributed ns follows:
Group 1.. 03 Group fi.. 32
Group 2.. 42 Group 6.. 23
Group 3.. 41 Group 7.. 22
Group 4.. 23 Group 8. .150
The success of the group plan de
pends largely upon tho activity of the
chairman and secretary of each group,
and more frequent visits of the offic
ials of the state organization would bo
helpful in adding interest to tho group
meetings, nnd bring the group In closer
touch with the parent organization.
Every banker In the state should
know, and It Is to his Interest to know,
what the association Is trying to ac
complish, and every banker should take
n part In shaping the associations pol
icy. Our association is now in a better
condition to do effective work than
ever before, nnd with the adoption ot
the recommendations of tho council of
administration, we can confidently ex
pect a large Increase In members tho
coming year, and more Interest mani
fested than has been shown In the past.
Respectfully submitted.
D. S. Kloss, Secretary.
COUNCIL OF ADMINISTRATION.
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TKE LEADER
IX"
Scranton Store, 124-126 Wyoming enue.
-- m m r st 1 - 1 1 r. -i v " I y-v
11 luciy iiiafiiciie aic;
of domestic goods
Greatest cut-price sacrifice in months. Domestic goods
cheaper than most dealers cii buy from the mills.
Regular 6c tlnrk outing flniinels Challenge jgL
Regular 6c Indigo prints Challenge jf
Regular 6c fancy dark prints Challenge m, C.
Regular 6c apron ginghams Challenge Ok
Regular 6c unbleached Sheeting yard wide "
Aluslln Remnants of bleached muslin vard wide, ,
worth 8c. Challenge sale OC
Percales Yard wide fancy percales regularly ioc.
Challenge sale C
Apron lawns Our ioc quality of white apron lawn.
Challenge sale OC
Other matters, such ns the possible
trenching upon nnd usurpation of
purely banking functions by trust
companies, and the consequences there
of In lessening the business of purely
banking concerns of a national system
nf check collection with fixed charges
therefor. The operations (and the ef
fect of those operations) of the present
bankrupt law upon banking Interests
(to my mind a topic of Importance),
with others to be suggested by mem
bers of the association, will, doubtless,
come up for consideration, and bo ably
debated nnd carefully considered by
tho association; and Unit your conclu
sions and declarations, gontlemen, will
be most respectfully received and gen
erally recognized by tho publlo ns
authoritative I have no doubt, for, to
use the language of an nnclent Roman
senator, spoken of tho Roman senate,
"They will be the conclusions and dec
larations of those competent to con
sider and fearless to declare." The
Bunkers' association of tho Keystone
state.
In conclusion, gentlemen, let me say,
that I bollevo these are the days of
promise for the bankers of this coun
try. For somo years wo navo been
forced to consider conditions tending
to pessimlstlo rather than optimistic
views depression and paralyzatlon of
trade smokeless furnaces and silent
forges factories closed and fields bar
ren balanco of trade against nnd not
for us labor restless and capital timid
Investments unproductive and values
uncertnln.
AVo thank God today for the rising of
tho sun of prosperity ns a mighty torch
of Joy, dissipating the dnrkness of fin
ancial gloom and night for furnaces
ablnzo and furges dinning factories
unable to fill their orders, and running
by day and night In a race with de
mand. Harvests nbundnnt nnd gran
aries bursting with their garnered
stores tho balance of trade in our
favor, thu largest ever known our ex
ports vastly in excess of any in our
history, and still growing money sup
ply abundant labor contented capital
confident verily, these nro the days
for which we havo longed 'und prayed,
and for their continuance we will bend
nil our energies, mass nil our forces,
and use all our wisdom.
And ho shall each bo blest, as each shall
know nnd feel.
Ho serves himself tho nwt.who serves tht
common weal.
REPORT OF SECRETARY.
Secretary D. S. Kloss of Tyrone, pre
sented hl3 annual report und the report
Tho echoes of our last convention
had scarcely died away ere the news
came flashing o'er the wires that our
esteemed president-elect, Mr. Parsons,
had passed to the great beyond. Fol
lowing the announcement the council
of administration convened at Harrls
burg November 2flth. The different
members of the council made remarks
eulogistic of the late president, and a
committee consisting of Messrs. AA'ill
iam Haekett, J. G. Reading and J. J.
Foulkrod reported the following resolu
tions, which were unanimously adopt
ed: As members of the Council of Ad
ministration, we desire to bear testi
mony to tho wise Judgment, the earn
est devotion to duty, and the unselfish
Interest Mr. Parsons has always
brought to the management of the af
fairs of the association, to the success
of which ho has contributed so much
by his Judicious advice and extended
experience.
As fellow citizens of our late presi
dent, we feel that the state has lost one
of her most distinguished sons, the
profession which he honored has been
deprived of a member of marked talent
nnd rare nullity, tho banking Interests
have suffered the loss of a wise coun
selor nnd nn nble financier, and his
friends are called upon to lament tho
death of one endeared to them by his
uniform courtesy of manner, his kind
ness of heart, and his firm and unfal
tering friendship.
The council extends Its sympathy to
tho family of the deceased In its great
bereavement.
Tho second special meeting of the
Council of Adrhinlstratlon wns held at
Philadelphia December 16th, at which
time Mr. C. A. Kunkel was unanimous
ly chosen president of the association
for the present year, nnd Mr. S. R.
Shumaker was chosen vice-president.
The first regular meeting of the
Council of Administration was held at
Philadelphia March 17th. 1899. Vice
President Shumaker In chair. At this
meeting Mr. James was appointed a
committee to draft suitable action to
secure a special place In the associa
tion covering trust company Interests,
Mr. Shumaker was appointed a com
mittee to drnft a clause to be added to
our constitution covering a protective
feature.
The second regular meeting of the
council was held at Atlantic City May
11th. President Kunkel in chair. It
was moved and carried that the treas
urer remit the treasurer of each group
$2.00 for each member of tho group as
reported at the annual convention. Said
npproprlntlon to be remitted Immed
iately following the nnnual convention.
Tho following resolutions were adopt
ed: SECRETARY'S DUTIES.
Resolved That tho Council of Ad
ministration recommend to the nnnual
convention proper legislation for tho
appointment of a secretary whoso
duties, location, compensation, and
term of service shall bo subject to the
control and direction of the Council of
Administration.
Mr. James, on the part of tho Scran
ton Bankers, extended nn Invitation to
the association to hold the next annual
meeting at Scranton. The Invitation
was nccepted, the date of the conven
tion to be selected by tho Scranton
bankers, with request from the council
thnt dates como In the month of Octo
ber. The third regular meeting of the
council was held at Philadelphia Aug
ust 10th. President Kunkel In chair.
R. J. Stoney, Jr., wns appointed as del
egate to tho American Bnnkers' asso
ciation convention Instead of T. P.
Day. deceased, The following resolu
tions covering protective feature were
reported with recommendation of coun
cil nf the state association.
AVhereas, Tho council of administra
tion believes that some plan should
bo adopted whereby tho members of
the Pennsylvania Bankers' association
could be oforded protection that would
tend to prevent losses from the passing
of raised checks, forgeries, securing
money by fnlso pretenso or other Il
legal methods, therefore, bo It
Resolved, That the sum of $1,000 bo
and Is hereby set aside, to be used In
prosecuting forgers or other swindlers,
said sum to bo expended by a protec
tive committee of three, consisting of
tho secretary and two others to he
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Friday dress goods challenge
Bargain No. 1 Crepons Several thousand yards ol a
good quality wool and mohair crepons in stylish patterns
a quality that is worth 89 cents a yard. Challenge
price 59C
Bargain No. 2 Homespun Plain and fancy grey home
spuns and Scotch tweeds guaranteed all wool regular price
75 cents and 98 cents the yard see window. Chal-
lenge price 55C
Bargain No. 3 All-wool serges 40-inch all wool black
serges and cheviots that are regularly 50c the yard.
Challenge price 33C
Bargain No. 4 Golf plaids Double-faced all wool golf
plaids in grey and white, black and white, and black and
grey, large, stylish patterns were 50c the yard.
Challenge price 35C
Bargain No. 5 Wool plaids This lot, which comprises
some fifteen patterns, is extremely appropriate for children's
dresses. The former price Avas 25c a yard double t
fold goods. Challenge price lOC
Bargain No. 6 All avooI flannels We have these all
wool dress flannels in a big variety of shades. The
regular price is 25c the yard. Challenge price IOC
Friday challenge in notions
Cotton tape Two thousand pieces in all widths,
regular price is 3c apiece. Challenge price
Paper pins Regular 5c papers. Challenge price. .
Safety pins Black or white.ordinarily 5c. Challenge
Curling Irons Large sizes, regularly 5c. Challenge
Garter elastic We shall place on sale today about lour
thousand 34 yafd lengths of good quality garter elastic,
usually sold at ioc. Challenge price per length OC
Cabinet hair pins The
kind we sell at sc ordi-
narily. Challenge price 2tC
1c
3
Button hooks Large but
ton hooks, ordinarily
5C Challenge price.. 2C
Challenge sale of bedspreads
$1 bedspreads at 55c This is one of the biggest values
booked for today. Just two handrcd of these will go on sale at
prices advertised. Other stores would charge you one
dollar lor the same quality. Challenge price OOC
Big assortment of Marseilles bedspreads, comprising all
grades and many new pat- ncn QOr ORr 1 9GZ
terns. Challenge price.... -? OV ow, l,AiO
Our great sale of lace curtains
For today, 100 pairs of 75c quality Nottingham lace cur
tains with white enameled pole and silver tiimmings complete
ail lor one price and that less than half the value. . .
Challenge 4UC
13c double width fish
nets. Challenge price. . C
i2c fancy cretonnes.
Challenge sale price .... C
We invite an early inspection of our high grade curtains
and our beautiful exhibit of pictures. Our second floor is one
of the most interesting places in this entire store.
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'A 'A it 'A "A 'A 'A 'A 'A 'A 'A it 'A A "A 'A A A'A 'A "A 'A 'A i5 A 'A 'A A V) 'A 'A 'A 'A 'A 'A 'A S
Challenge sale of comforts
100 bargains for today Just about that many of a certain
quality that sells here regularly at 69c and elsewhere at 79c
At a special cut price on Friday only. These are full size,
good 'quality and ol medium weight. Challenge .
sale 45C
Inspect our immense line of fine sateen and silkoline quilts
at all prices up to $8. Greatest line in Scranton.
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appointed nnnually by the council of
administration.
To secure benefits under nbove reso
lution, the member defrauded, within
ten days after knowledge of the fraud,
must advlso tho secretary, giving nfl
full and completo details as possible,
and Ktatlng what has been done. Is
proposed to be done, and what expense
has been Incurred. The committee will
then take up tho matter, and If proven
to be a enso which properly comes
under this resolution, co-operate with
the hank defrauded In detective work
and legal proceedings, doing all within
Its power to convict nnd punish tho
guilty.
Provided, however, that no oxponso
or liability ehnll bo incurred beyond
tho amount of funds In tho hnnds of
tho treasurer, especially appropriated
for that purpose, and that, tho said
committee shall he prohibited from
compromising or compounding with
parties charged with crime or with
their agents or attorneys.
The council also recommended to the
Ptnto association ns Section nine of the
by-laws the following:
AMENDMENT TO BV-IiAAVB.
Ninth. A section of tho association
to be Known ns the wot Ion of Trust
Comnnnlrs Is herebv established.
Oi) Tho scope nf tho section shall
embrace matters of Interest to Its mem
bers which are distinct from banking.
(h) All members of the association,
being trust companies, shall by vlrtuo
of such membership be members of
this section.
(e) Tho section shnll select Its own
chairman nnd other necessary officers
nnd committees, and shall organize
Immediately upon the adoption of this
by-law.
(d) The council of administration of
this association shall have supervision
over the section, and may make such
provision as to tho council may seem
proper.
(0) The section shall meet annually
In connection with the meeting of thoi
association, nnd shall have permission
to meet In sepnrate session during th
period rf such annual meeting, and
special meetings may h cnlled under
such rules ns the section may ndopt.
Fifty dollars additional was granted
the Central Banking company of
Mount Union, to reimburse them for
expenses incurred In apprehending
the forger, who s now serving a term
in the AVestern enltontlnry.
Messrs. Haekett, Shumaker and
Kloss were appointed a committee In
conjunction with local committee of
Scranton to arrange the programme for
tho state convention to be held Oct.
10 and 20.
These, Gentlemen, niv the more Im
portant acts of the council ot adminis
tration during the past year.
Respectfully submitted,
D. S, Kloss, SooreUry.
Continued, on Puge'io,"
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