Los Angeles herald., 1909-09-15
FOOD SUPPLY IS
NEEDED AT HOME
J.J. HILL WARNS BANKERS AS
SOCIATION OF DANGER
SAYS TOO MANY FARMERS LEAVE
COUNTRY FOR CITY
Declares United States Soon May
Cease to Be an Exporter of Food
stuff If Rural Population Is
Not Increased
fBy Associated Press. ]

CHICAGO. Sept. IA warning that
the United States soon may cease to
be an exporter Of foodstuffs was given
by James ]. Hill to the American
Bankers association in convention
here today.
'The idea we feed the world Is be-
ing corrected" said Mr.. Hill, "and un-
less we can increase the agricultural
population and their product, the ques
ton of a source of food supply at home
soon will supersede the question of
market abroad"
This possible condition Mr.. Hill at
tributed to the increased tendency of
the rural population to seek city life,
and in corroboration he cited the de-
crease in the value of the farm lands
in the eastern states and contrasted
the conditions in European countries
with the United States. Mr. Hill
sought to impress on the bankers that
future prosperity will come in de-
veloping agriculture rather than in
extending foreign markets.
Lawrence Q. Murray, comptroller of
the currency, discussed the garanty
of bank deporits.
Discusses Guaranty for Deposits
He said: "I believes in just one kind
of guaranty of deposits. 1 believe in
the guaranty which comes from the
comptroller of the currency doing his
duty under the law and of the bank
examiners doing their duty, and of the
executive officers and directors of the
banks doing their duty and in ac-
cordance with the duties of the office
which they hold. That kind of guar
anty is practicable and does not cost
the banks an extra dollar, nor permit
depositors to lose a dollar"
The delegates were welcomed by
Governor Deneen and Joseph T. Tai
bert, president OF the Chicago Clear
ing House association.
pause in the regular program of
the day was made to permit Speaker
Cannon to speak.
L. E. Pierson, chairman of the bill
of Iading committee, informed the dele
gates of the progress in securing uni
form bill of lading laws and the ne
cessity of further effort in that direc-
tion.
After the regular session Vice Pres
ident Sherman addressed the delegates.
'Mr Hill made strong speech" said
Mr. Sherman, but 1 would like to say
that while eastern farm lands have
unquestionably lessened in value, the
reverse has been true of the farms of
the west which have been opened up
by the railroads"
Vice President to Be Head
1t is generally understood the next
president of the association will be
Lewis E. Pierson, president of the Irv-
ing National bank of New York, now
vice president of the organization.
Bankers from every state in the
union and bankers from Cuba and
Hawaii Joined in the opening session
today Of the thirty-fifth convention.
The convention was called to order
by President Reynolds, president of
the Continental National bank of Chi
cago, In the Auditorium theater, in
the presence of close to 5000 delegates.
Reports of the various committees
and of officers of the association and
the addresses Of welcome and the re-
sponses filed the morning session.
The principal address of the day, by
James J. Hill of the Great Northern
railroad on National Wealth and the
Farm" was given in the afternoon
and was preceded by an address by
Comptroller of the Currency L. o. Muir
ray on PROBLEMS of the Comptroller's
Office"
The program of the day also con-
tanned an informal address by Joseph
G.. Cannon speaker of the house of
representatives.
A prominent feature of the first days
session was the discussion Of practical
banking questions by the delegates.
Governor Deneen Of Illinois and
Joseph G. Talbot, president of the
Chicago Clearing House association,
welcomed the bankers to the state and
city. Col. Robert j. Lowry Of Atlanta,
Ca, former president of the associa-
ton, responded.
George NJ. Reynolds of Chicago, pres
ident Of the association, then deliv-
cred his address.
Committee reports were then pre-
scented.
The next convention of the bankers
probably will be at Los Angeles, which
city some time ago extended an inYi-
tation There will be no regular ses-
sion tomorrow and the activity of the
delegates will be devoted to the work
of the trust company and clearing
house sections.