The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1909-09-15
Leading Financiers Of United
States, Cuba and Hawaii At
tending Annual Meeting Of
the American Association.
SEVERAL INTERESTING
ADDRESSES DELIVERED
James J, Hill, Speaker Cannon,
Vice President Sherman,
Comptroller of the Currency
Murray Among Speakers
BILL OF LADING REPORT

Chicago, Sept. 14.-Bankers from
every state in the Union and repre-
sentatives Of financial institutions in
Cuba and Hawaii joined today in the
opening session Of the thirty-ffth an
nuaI convention Of the American
Bankers association here.
A warning that the United States
may soon cease to be an exporter of
foodstuffs was given to the convention
| by James j. Hill
"The idea that we feed the world is
being corrected" said Mr. Hill. land
unless we can increase the agricultural
population and their product. the gueS-
ton of source of food supply at home
soon viii sUpersede the question of a
market abroad"
This possible condition MI Hill at
tributed To the increased tendency OF
the rural population to seek city life.
and i'm confederation he cited the de-
crease in the value of farm lands fn the
eastern states. and c1ntrasted the con-
dItion in European countries with the
United States.
Mr. Hill sought TO impress on the
bankers that future prosperity VIII
come i'm developing agriculture rather
than i'm extending foreign markets.
Comptroller Murray's Address.
Lawrence o. Murray. COMPTROLLER Of
the currency, discussed the guaranty
Of bank deposits. He said.
u believe i'm just one kind of guar
anty on deposits. I believe I'm the guar
anty which comes from the comptroller
of the currency doing his duty under
the law, from the bank examiners
doing their duty and from the execu-
tive officers and directors of the bank
doing their duty and iu accordance with
the uaths of office which they take.
That kind Of guaranty is practicable
and does not cost the banks am 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 Clearing
house association.
Speech by Speaker Cannon.
A pause in the regular program Of
the day was made to permit Spea ker
Cannon to speak.
Speaker Cannon declared that the law
enacted after the panic of 1907 Cthe
decentralization act) was not perfect.
but had had good results. He said
LudL Wneu congress met il was be-
sieged by currency experts. each doubt
lnS the orthodoxy of the other.
81 believe" said Speaker Cannon.
that the only fault of the enacted law
Is that it only lasts six years. Tt is not
perfect, but it can be made perfect If
that law had been ON the statute books
there would never have been a suspeu-
sion Of business I'm 1907. with its is-
suance of clearing house certificates"
Report on Bill of Lading.
L. Z. Pierson. chairman of the bin of
aiding committee, informed the dele
gates of the progress i'm securing uni
-Orm bill of lading laws and the uece--
5tty of further effort I'm that direction.
After the regular session Vice Presi-
lent Sherman addressed the delegates.
It is generally understood that the
next president of the association VIII
;e Lewis l.. Pierson president of the
rVing National bank of New York. now
ice president of the organization.
The next convention of the bankers
probably vii. be at Los Angeles. which
ONE time ago extended its invitation.
There viii be no regular session to-
morrow, and the activity of the dele
ates viii be devoted To the work Of
ne trust company section and the
learing house section.