Omaha daily bee., 1909-09-14
BANKERS WILL MEET TODAY
American Association Begins Annual
Convention in Chicago.
BILL OF LAD1NG PROBLEM
Council COnfers with
shippers and Railroads and
Drafts Form for Discus
sion by Convention,

CHICAGO, Sept, 13-The preliminary
conference Of the thirty-fifth convention
Of the American Bankers association,
which were held today. show tina tho
bill Of lading problem will be one sub
ject OF the first Importance which will
be exclusively dealt with by the delegates.
The bill of lading question" said Louis
p. Pierson, vice president of the associa-
ton, lis one Of the greatest commercial
problems Of the day and It will soon be
settled to the satisfaction bankers, car
riers and shippers.
The conference on the variety Of the
commercial paper was one Of the few
meetings Of the day in which free rein was
given to all who desired to discuss tina
subject and was the only meeting in which
interests other than banking institutions
had a share.
Mercantile associations and railroad lines
were represented at the conference and
took part in determining the fern OF the
resolutions seeking state and national laws
for uniform bills of lading.
The cry OF the bankers has long been
for a bill Of lading which would make the
carrier issuing 1t responsible so that It
would be q safe negotiable Instrument
LtaDtltty OF Carriers.
The shippers represented were equally
anxious for a solid foundation and the
Importance Of the question was presented
by Henry Dunkak, president of the New
York Mercantile exchange, who declared
that II the bill of lading were not used as
a basis Of credit, the business Of the
country would come TO a standstiTl or
else become concentrated in the hands
of a few"
The railroad representatives did not OBJ
pose the resolutions and this was taken
by the bankers to indicate e closer degree
Of harmony than has prevailed since here
tofore the carriers liability has been the
principal bone Of contention.
In addition to unanimous approval by the
conference, the resolutions for uniform
bill of lading laws We're acted on favorably
by the executive council OF the association
late in the day and will go before the conf
vention for final action. The work Of the
other committees which met during the day
was largely the preparations Of reports 20
be submitted to the convention. Express
companies and their issuance of express
and money orders will be the subject of
criticism from the special committee on
that subject.
Against Guaranty Plan
The various questions of national fl
nance with which subject the currency
commission Of the association is burdened.
will be held in allegiance until after the
report OF the federal monetary commission
has been made.
The bank deposit guaranty plan and the
postal savings bank project were frowned
on by the federal legislative committee
which will report adversely on these propo-
sitions and will suggest as a substitute
that the national banks be permitted to
organize savings banks with segregated
capital b re,. !,
tn main meeting Of the afternoon was
the gathering OF the executive council OF
1.-THE association to which all. reports and
resolutions destined,f for the convention must
be submitted, The session of the council
was behind closed doors and it was later
announced that the suggestions of the var
ious committees, had been approved with
out exception.
Supervisors of State Banks,
Coincident with the preliminaries for the
main convention the convention of the
national association Of supervisors OF state
banks was held at which the supervisors
from each state represented outlined the
SOihulllph ol DdHhb III lnelT STATE. Ine
representatives from Kansas and Oklah-
homa spoke strongly in favor Of the guar.
anty laws In force in those states. A.. NJ
Young of Oklahoma declared that II was
not easy for an improper person to oper
a bank In his state and ]. NJ. Dooley OF
Kansas, insisted that had the bank guar
anty law been in force throughout the coun,
try for forty years It would nave offset
all the losses suffered in that time by
depositors.
Interest will center tomorrow in the ad.
dress OF James j. Hill of the Great North.
ern Railroad company, who speaks OF
National wealth and the farm"
Committee and officers reports will b,
taken up in the morning session.
Speaker Cannon Talks.
The bankers OF Chicago rendered a ban
quet to the executive council of the Amer
lean Bankers association tonight. JOSEPH
G. Cannon, speaker of the house OF repre-
sentatives, was the principal speaker
Speaker Cannon made only an informa
talk, but took occasion TO make a few
remarks about government by the people.
This is a government by the people,
said Speaker Cannon.
The people rave their chance to speal
every two years. The government is M
better nor no worse than the people de.
mand. There must always be a large mum.
Der Of people who follow a certain leader.
ship. yet disagree with It IN order to max,
the present day form of civilization"