Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-13
LAST DAYS SESSION
American Bankers Elect OFF,
GERS.
LOCAL MAN CHOSEN
JOHN JOY EDISON A VICE PREsI-
DENT.
Today's Meeting Opened With Prayer
by Father Stafford of st.
Patrick's Church.

The thirty-hrst annual convention
of the American Bankers Associa-
ton came to a close this afternoon
with the installation of the newly
elected officers. The most important
feature of the day was the reading OF
an address advocating government
aid for the shipping industry by Mr.,
Harvey L. Goulder of Cleveland,
Ohio. The business of the day was
devoted principally to the discussion
of practical banking questions.
The last days session of the bankers con-
vention was opened at the Columbia Thea
ter this morning with a prayer by Rev. Dr.
D. ]. Stafford, pastor of st. Patricks Cath
olic Church. President Swinney announced
that the morning hour would be devoted to
a discussion of practical banking questions.
The first paper was read by Mr.. C. F. Al
lis of Erie Pa, who declared there is need
to establish form of national bank insur-
ance. The fund, he suggested, could be es
tablished by an annual contribution from
office of the controller of the currency, to
be used in safeguarding the depositors.
This, he said, would tend to increase and
substantiate public confidence. He said
that If each national bank had contributed
$3.50 per year to such a fund during the
past five years the depositors of every bank
that has failed during that period could
have been paid in full and there would still
be S2000,Goo in the insurance fund.
Protection for Depositors
What is needed, he said, is absolute pro-
lection for the depositors. The PROPOSE
tion of Mr.. Allis was generally discussed.
There were several delegates who took eX-
ception to Mr.. Allis proposition.
One delegate declared the banks of the
country had better keep out Of the insur-
ance business Another delegate did not
think the scheme practicable in any re-
increase in the number of bank examiners
could make the banks safe as possible.
The depositors in national banks are well
protected now, 1t was declared Every
bank should be made to stand on its own
base, he added.
Authority on Merchant Marine.
Mr.. Harvey z. Goulder, president of the
Merchant Marine League of the United
States, was then introduced. Mr.. Goulder
in the United States in the shipping busi-
ness and is regarded as the highest au-
thority on matters of merchant marine
Transportation on Equal Terms.
Transportation, its availability on equal
terms to every one, its extension by every
legitimate means, is one of the great ques-
tions," declared Mr.. Goulder. "It would be
idle to raise wheat or corn or cotton, or to
mine iron ore and copper, raise cattle or
bring forth any of the products of the for
est, the farm or the factory without that
exchange which depends primarily, almost
absolutely on transportation. We in the
great lakes region boast cheapest transpor-
tation in ships which bear comparison with
any in the world, with credit of being the
finest working fleet afioat, and this beyond
ernment support of the coaSting laws and
money to so improve our channels that
modern freighter carries in trip what her
prototype carried in an eight months season
of navigation. So has come an output of
80 600 600 tons of iron ore, so to SO per cent
of the production of pig iron of the coun-
try this year. which will EXCEED that of
England, France and Germany combined
but with this has gone the opening of the
years have, with advantage of freight rates.
their lake shipment from Il, 500 o00-to over
500, 100000 bushels, with corresponding
movement of coal and other products. But
transportation, commerce, intercommuniea-
ton, collocation of business have made it
so that there can be no partial local thrift
While we do these things on the lakes
the south produces and manufactures from
cotton, timber grows throughout the coun-