New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-10-01
STAB BRYAN FALLAClES
BANKERS IN CONVENTION.
Deposit Guarantee Discussed-Ac-
ton on Bills of Lading.
rBv Telegraph to The rribune.l

Denver Sept 30.-The Bryan financial doc
trines were dissected before a large and appre-
ciative audience at the opening session OF the
convention of the American Bankers Associa-
ton, at Auditorium Hall. to-day. The president
of the association. Colonel ]. D. Powers. of
Louisville In his annual address compared the
present agitation for federal guarantee OF bank
deposits to the free silver of 1896, and
predicted that. the case twelve years
ago. the financial heresy" would soon be ex-
ploded The delegates drowned his voice in an
outburst of applause. He quoted from Mr..
Bryans speeches in his first campaign for the
Presidency, in which he prophesied that in the
event of his defeat no man then living, would see
a restoration OF prosperity. 1.-THE false prophet
then" said Colonel Powers, "is not to be trusted
prophet now
Later In his speech Colonel Powers referred
to the guarantee law that was in operation in
New York from 1928 until 1912 That law. he
said. resulted in the closing Of a dozen banks.
in panic that had most demoralizing effect
upon business. The tax collected from the
banks was so insufficient that the state was
compelled to advance million dollars to meet
the obligations of the closed concerns. The
solvent banks were assessed for a period Of
twenty years in order to reimburse the state
Multiply the effect of that law by the increased
banking resources of to-day. added Colonel
toWerS, ana we can gather an IDEA or what 10
expect from the operation OF the proposed law.
The most important action taken by the con-
vention to-day was the unanimous adoption of
resolution recommending that after January l.
1909, the members of the association handle for
value only, those bills Of lading issued by car
riers, on forms recommended by the Interstate
Commerce Commission, order bills of Iading
or the so-called clear bill of lading recommend
ed by the National Industrial Traffic League.
For several years the American Bankers As
ISOLATION has been endeavoring to compel the
carriers to safeguard their bills Of lading in
order to prevent the heavy losses by fraud
through error which. It Is alleged, have fallen
upon credit institutions in accepting bills Of
ading as collateral for loans. The entire mat
ter was thrashed out last spring before the In
terstate Commerce Commission which recon-
mended that the purposed reforms be adopted
by the railroads. Those in classification terri
tory north Of the Ohio River and east of the
Missippi complied with the recommendation.
but the other carriers, so far, have refused to
do so.
The significance OF the action taken to-day
lies in the fact that, if adhered to, in the event
of the carriers refusing to yield it would affect
commercial interests in all sections of the coun-
try the transportation Of ali crops, manu-
featured products being financed by means Of
bills of lading.
The programme for to-day was q long one
and included, besides the presidents address,
addresses Of welcome by Governor Buchtel and
Mayor Speer, the annual report Of the secre-
tary, the reports Of various standing commit
tees, and addresses by B. E. Walker. president
of the Canadian Bank of Commerce OF Toronto
on Abnormal Features of American Banking"
and by woodrow Wilson. president Of Prince
ton University. THE Banker and the Ma
ton" -
The bankers of Denver gave a large ball to
the delegates and their families at Eljebet Tenn
pie tonight