The San Francisco call., 1909-09-15
HILL AFRAID WERE
SHORT ON FARMERS
Great Railroad Builder Tells
Bankers That We No Longer
Feed the World
Agriculture Should Be Devel-
oped Instead of Reaching
Out for Foreign Markets

CHICAGO, Sept. IA warning that
the United States may soon cease to be
an exporter of foodstuffs was given to
the American bankers association, in
convention here today, by James j. Hill.
"The idea that we feed the world Is
being corrected. said Hill, "and unless
we can increase the agricultural popu-
lation and their product the question
of a source of food supply at home
soon will supersede the question of "a
market abroad"
LURE OF THE CITY
This possible condition Hill attributed
to the increased tendency Of the rural
population to seek city life and in cor
roboration be cited the decrease in the
value of farm lands in the eastern
states and contrasted the condition in
European countries with the United
States.
Hill sought to impress on the bank
ers that future prosperity Will come In
developing agriculture, rather than in
extending foreign markets.
GUARANTY OF BANK DEPOSITS
I. Lawrence O. Murray. comptroller of
the currency, discussed the guaranty of
bank deposits. He said:
II believe in just one kind of guar
anty of deposits. believe in the guar
anty which comes from the comptroller
of the currency doing his duty under
the law, and of the bank examiners do
ing their duty, and of the executive
officers and directors of the banks do
ing their duty and in accordance with
the oaths of office which they take.
That kind of guaranty is practicable
and does not cost the banks an extra
I1I1 n ncit tnr n
a dollar"
WELCOMED BY GOVERNOR
The delegates were welcomed by
Governor Deneen and Joseph T. Tai
bert president of the Chicago clearing
house association.
A pause in the regular program OF
the day was made to permit Speaker
Cannon to speak.
l.. E. Pierson, chairman of the bill
of lading committee, informed the dele
gates of the progress in securing uni
form bill of lading laws and the neces-
sity of further effort in that direction
After the regular session Vice Presi-
dent Sherman addressed the delegates
Mr. Hill made a strong speech said
Sherman, but / would like to say that
while eastern farm lands have unques-
tionably 1essened in value, the reverse
has been true of the farm lands of the
west which have been opened up by
the railroads.
PIERSON FOR PRESIDENT
1t is generally understood that the
next president of the association vii
be Lewis +. Pierson president of the
| Irving national bank of New York
now vice president of the organization
The next convention of the bankers
probably will be at Los Angeles, which
some time ago extended its invitation
There will be no regular session to-
morrow and the activity of the dele
gates will be devoted to the work ea
! the trust company section and the
clearing house section.
Banks from every state in the unior
and representatives of financial insti.
tutions in Cuba and Hawaii Joined to-
day in the opening session of the con.
vention. The convention was called te
order by the president, George M
Reynolds, president of the Cpntinenta
national bank, Chicago, in the audi
torium theater in the presence of close
| to 5000 delegates.