The Montgomery advertiser., 1909-09-14
BANKERS TN CHICAGO
BILL OF LADING QUESTION MAY
BE SETTLED.


chicago, Ill, Sept. 13.-Out of null
tiplicity OF conferences today. prelim-
mary to the converting OF the thirty
fifth annual convention of the Ameri-
can Bankers Association, tomorrow,
ion Of the bankers. and this is "the
bill of lading question, one of the
greatest commercial problems of the
day, will soon be settled to the sat
isfaction Of bankers. carriers and ship
pers."
In that sentence, Lewis E. Pierson,
vice president OF the association, voic-
ed the opinion OF the hundred and
more bankers. carriers. and shippers
representatives who held an all-day
| conference on the solution of the vexed
problem Of bills of lading as a basis
| OF credit.
The conference on this variety Of
commercial paper was one Of the few
| meetings Of the day In which free rein
was given to all who desired to dis
cuss the subject and was the only
meeting in which interests other than
banking institutions had a share. Mer-
camille associations and railroad lines
were represented at the conference
and took part in determining the form
of the resolutions seeking State and
National laws for uniform bills Of lad
ing.
The cry OF the bankers has long
been for a bill of lading which would
make the carrier issuing It RESPONSE
BILE so that 1t would be q safe me-
gotiable instrument.
The shippers represented were
equally anxious for q solid foundation,
and the Importance of the question
was emphasized by Henry Dunkak,
president of the New York Mercantile
Exchange. who declared that IL the
bill of lading were not used as q basis
| OF credit, 1.-THE business Of the country
would come to a standstiIi, or else be-
come concentrated in the hands of a
few"
The railroad representatives did not
oppose the resolutions and this was
taken by the bankers to indicate q
closer degree of harmony than has
prevailed heretofore. since the car
| riers' liability has been the principal
bone of contention.
In addition to unanimous approval
by the conference the resolutions for
uniform bills Of lading laws were act
ed on favorably by the executive coun-
ell Of the association late IN the day
and will go before the convention for
| final action.
The work Of other committees dur
ing the day was largely the prepara-
| tion of reports to 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
The various questions of National
finance, with which subject the cur
rency commission OF the association is
| burdened, will be held in allegiance UNI
til after the report of the Federal
monetary commission has been made.
Many of the leaders OF the associa-
ton are hopeful that satisfactory
law will be reached out of the COM
mission.
The bank deposit guaranty plan and
the postal savings bank project were
frowned on by the Federal legisla-
tive committee, which will report adj
versely on these propositions. and will
suggest as a substitute that the ma
tional banks be permitted TO organize
savings banks with segregated capital.
The main meeting of the afternoon
was the gathering of the executive
council OF the association to which all
reports and resolutions destined for
the committee must be submitted. The
sessions were all held behind closed
doors and it was later announced that
the suggestions Of the various COM
mittees had been approved without ex-
ceptiOn.
Coincident with the preliminaries
| for the main convention, the conVen-
ton OF the National Association of
Supervisors of State Banks was held.
at which the supervisors from each
State represented outlined the condi-
ton Of banks IN their States.
! The representatives from Kansas
and Oklahoma spoke strongly in favor
OF the guaranty laws now in force in
those States. A. M. Young, OF Okla
homa, declared that II was not easy
for an improper person to open a bank
In his State, and J. NJ. Dooley. OF
| Kansas, insisted that had the bank
guaranty law been in force through
out the country for forty years, II
would have offset all the losses suf-
fered in that time by the depositors.
Interest will center tomorrow In the
addresses OF James ]. Hill, OF the
Great Northern Railroad Company,
who speaks on National Wealth and
the Farm
Committee and oflcers' reports will
take up the morning hours
| At a banquet to the executive .coun-
| ell of the American Bankers Associa-
| ton tonight, Joseph c. Cannon, Speak
err of the House of Representatives
| said:
| The government is no better nor
| any worse than the people demand.
There must always be a number OF
/ people who follow a certain leader
ship. yet disagree with 1t under the
present form of civilization"