Omaha daily bee., 1906-10-19
CURRENCY FIGHT POSTPONED
Bankers Convention Tut, the rebsts on
Monetary Reform Over Until Today.
BILL or tADNe REPORT is ADOPTED

japanese Banker Makes an Address !
ON "some Financial Aspects of
the Late war.--win watch
Express Companies.
ST. LOUIS, Mo-. Oct. 1s.-Discussion Of
the currency question by the convention of
the American Bankers association. the
topic upon which the attention Of all the
delegates is centralized and which was
postponed at the opening sfssion ytster-
day, was again postponed today, the report
Of the bank legislative committee. which /
would have precipitated the discussion, be-
| ing laid over until tomorrow morning as n
special order OF business.
When the session convened today II was
confidently expected the report of the COM
mittec would be presented. and the chair
man OF the commission. Arthur Reynolds,
president Of the nes Moines CIaD National
bank. sat on the stage with the report
in his banda waiting to he introduced by
! President Hamilton, when the contest owe:
the amendments TO the constitution, pro-
! posed by William George. president of the
old Second National bank OF Aurora, ILL.,,
developed II WAS finally decided to lay
! the entore subject of amending the cousti-
tuition relative to the limitation Of the
membership on the executive council over
/ until next year
In view Of the fact that much time had
( been consumed in this contest and the
management of the Olympic theater desired
the occupancy of the theater at noon be-
cause Of the matinee and also becausa of
/ the expressed opinions that II was not
deemed advisable TO offer the report until
] Ia, 90 bad
down, the hearing Of the report was de-
ferred until tomorrow morning, the final
day Of the convention.
Just before adjournment today a brief
but animated contest precipitated by
Festus j. Wade, president of the Mercau-
tile Trust company of ST. Louis. president
| elect Of the trust section, who. arising to
| a point OF personal privilege. protested
against the action of the convention yes
terday in adopting an amendment to pro-
| hibit eX-presidents of the association from
participating in the deliberations of the ex-
! ecutive council
! motion to reconsider the vote on the
amendment and refer it to the next con-
vention was taken. but was defeated by
rising vote of 142 TO 1855.
Two Reports Adopted.
The session today was brief. consuming
hNliN ONtI iNo IhtpOIlS OI Tie Dhl
of E.iing committee and the clearing house
conference committee were received and
adopted.
The convention was addressed by Mr..
Charles J. Haden of Atlanta Ca. on the
topic, "A Plea for the Cotton Fields" and
by Mr.. Yeijiro Ono, superintendent of
agencies, the Bank Of Japan, on Some
Financial Aspects of the Late, War" He
| expressed the opinion that the war came
at the right time.
/ Speaking from the financial standpoint"
1 he ssid. Il think the war broke out at the
right moment II Japan had to fight at all.
In one sense it was an economic war.
Japan fought for the so-cailed principle of
the equal opportunity and open door policy
in China With this principle secured by
the late war we feel confident that Japan
will make its own place among the com
mercal competitors Of the world.
Proceedings in Detail.
The session was opened with prayer. Of
fered by Rev. II. s. Bradley pastor of st.
Johns Methodist Episcopal church, South,
Of st. Louis.
Immediately the hearing or reports was
resumed the first being the report of the
clearing house conference committee, read
by Secretary Frederick e. Fsrnsworth of
the Michigan Bankers association De-
tionably the evil of country checks and
par points is and has been for some years
one of the most important subjects which
the banks have had to consider. The re-
port 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 poor systems of
rules looking toward the accomplishment
of this result, some OF them being without
even effective organization, and the
committee believes that the work should
be carried out on broader lines and more
scope. The committee heartily recon-
mended the adoption of the proposed
amendment to the bylaws OF the associa-
ton by the addition of a section TO he
known the clearing 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
bill of lading committee was presented
, by Chairman Lewis E. Pierson. president
of the New York National Exchange bank,
, New York City.
As 10 Bills of LadinE.
The report dealt with the methods of
handling bills of lading by banks and
called attention to the importance of leg
islativs regulation National legislation
; concerning domestic bills of lading would
vastly beneht interstate commerce. The
committee recommended that there bs
: presented to congress in December amend
ments to the rate bill. to follow the ex-
isting bill of lAding clauses, that will pro-
vide negotiability for bills OF lading when
issued In negotiable form, and also define
the rights and liabilities of the parties
thereto. 10 the extent necessary to safe
J guard the reasonable rights OF those ad-
vancing 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 sec
retsry OF the association be directed to
} mail within thirty days to all bankers,
members OF congress, each clearing house
association, chamber OF commerce, board
OF trade and shipping associations in the
United states. copies OF the report OF the