Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-10-18
NEED OF REFORM
IN THE CURRENCY
PLEA OF BANKERS
Elasticity Another of the Para
mount Topics.
EVILS OF COUNTRY CHECKS
An Important Subject Which Banks
Must Consider.
SYSTEMS OF BILLS OF LADING
Suggestion for Amendments to the
Present Rate Bill Which Will
Remedy Evil.
EVILS OF COUNTRY CHECKS
An Important Subject Which Banks
Must Consider.
SYSTEMS OF BILLS OF LADING

Clearing house reforms and the
necessity for broader lines and
greater scope was one of the nu-
merous themes discussed at the
great gathering of bankers in St.
Louis today. Several interesting
and important reports were sub
mitted at the session of the conven-
ton. The report of the bill of lad
ing committee showed the meth
DDS of handling the transit sheets of
that character. 1t was also recon-
mended that amendments to the
rate bill be made to follow the ex-
listing bill of lading clause. A
proper definition of the rights and
liabilities was suggested as a rem
edy for some of the existing evils.
| ST. LOUIS, Mo-, October 1s.-Elastic cur
rency and currency reform constituted
| the paramount topic at today's session Of
| the convention of the American Bankers
Association. Several efforts were made yes
| terday by different delegates to bring the
| subject before the convention for discussion
and action but counter efforts were sue
cessful in thwarting this purpose for the
day in order that routine reports might be
presented There was not sufficient time
for the submission of all the reports and
a number went over until today.
The session was opened by prayer offered
by Rev. H. s. Bradley. pastor OF ST. Johns
Methodist Episcopai Church South off ST.
Louis.
Immediately the hearing of reports was
resumed, the first being the report of the
clearing house conference committee read
| by Secretary Frederick X. Farnsworth Of
| the Michigan Bankers Association, Detroit.
| The report set forth that unquestionably
the evil of country checks and par points is
| and has been for some years of the
| most important subjects which the banks
! have had to consider. The report stated
that efforts are being made by the clearing
houses of the country to eradicate the evil
but that many of the clearing houses have
accomplishment of this result, some of them
being without even an effective organiZa-
| ton, and the committee believes that the
work should be carried out on broader
| lines and more scope.
Clearing House Section.
The committee heartily recommended the
| adoption of the proposed amendment to the
| bylaws of the association by the addition
| H. IL L.,
house section, and that the section be given
| representation on the executive council.
| Such a section would then be in position
| to vigorously push the work in hand. The
| report of the bin Of ladlng committee was
presented by Chairman Lewis E. Pierson,
| president of the New York National Ex-
| change Bank, New York city The report
| dealt with the methods of handling bills OF
| lading by banks, and called attention to
the Importance Of legislative regulation.
National legislation concerning domestic
bills Of lading would vastly benefit inter-
state commerce.
The committee recommended that there
be presented to Congress In December
amendments to the rate bill, to follow
the existing bill Of lading clause, that will
provide negotiability for bills OF lading
when issued In negotiable form, and also
define the rights and liabilities Of the par
ties thereto, to the extent necessary to
safeguard the reasonable rights of those
advancing value upon such documents with
due regard to the nature of the business
and the relation rights and duties Of the
carrier.
A resolution was adopted that the secre-
tary of the association be directed to mail
within thirty days to all bankers. repre-
sentatives in Congress, each clearing house
association, chamber OF commerce, board
of trade and shipping association in the
United States copies of the report Of the
bill of lading committee, and that every
banker be urged to use his best efforts to
secure the adoption by Congress Of the
| committees recommendation.
Mr.. Yeijro Ono, superintendent Of agen-
| ces, Bank of Japan, was introduced and
addressed the convention on the topic,
Some Financial Aspects Of the Late War"
A resolution was unanimously adopted
thanking Mr.. Ono for his address.
Amendment to Constitution.
The amendment to the constitution pre-
scented by William George. president OF the
Second National Bank, Aurora, ILL.,. which
threatened to become a bone of contention
yesterday, and which was referred to
special committee Of the executive council
was brought back to the convention today
by the committee, with the recommended
ton that the entire matter be laid over for
another year. The amendment provides
for the Limitation of membership to the ex-
ecutive council. BY unanimous vote Of the
convention. the entire matter was laid over
| for another year and referred back to the
same special committee for report at the
| next annual meeting.
The delegates who had been patiently
| waiting for the currency reform question
to be brought up for discussion and action
| were brought to their feet protesting at
1:30 o'clock. when President Hamilton an
J nounced that the theater would have to be
| vacated in twenty minutes. owing to the
management desiring to prepare for the
| afternoon matinee performance postponed