Los Angeles herald., 1910-10-04
GAVEL SOUNDS
FOR SESSIONS
Of F|NANC|ERS.
Thirty-Sixth Annual Convention of
American Bankers Opens
in This City
SIXTEEN COMMITTEES MEET
Important Question of Uniform
Bills of Lading on Pro-
gram for Debate
RADICAL CHANGES PROBABLE
Delegates from All important
Business Centers in Country
viii Assemble Today
RADICAL CHANGES PROBABLE

Inc InlTIy-SlAIn annudl convention
of the American Bankers association
"a convention attended by the most
representative assemblage of flnan-
ciers in the history of American bank
ing-the convention which will map
out and direct the trend of the ma
tion's financial policy for the coming
year, opened in Los Angeles yesterday
with 1900 delegates and their guests
registered representing every state in
the Union, in attendance.
With every incoming train bringing
delegates and, representatives of prom
inence in the financial world, the con-
vention began taking on greater i'm
portance all day, until, last evening,
1t was freely admitted by officials that
the jthirty-sixth would be in many re-
spects the most important association
convention ever held.
Without loss of time, and with the
same smoothness that characterized
their reception here by the local bank
ers, the financial giants of the coun-
try began the first serious work of
the convention yesterday morning,
when sixteen different committees,
handling every branch of the asso-
ciation's activities, met in different
offices and rooms In the Alexandria
hotel and the Auditorium theater to
prepare for presentation to the asso-
citation as a whole the gist of the
matter to be considered by it.
COMMITTEE REPORTs READY
without hitch of any kind, and in
the quiet. businesslilSe manner of
bankers, the committees did their
share of the conventions work yester-
day behind closed doors, and last even
ing the chairman of each committee
announced that all reports were in
readiness for consideration by the en-
tire body of delegates at their first
session in the Auditorium today.
g 1t is by the committee method-the
method OF having a small, compact
body of men OF known ability accom-
plish In a day what the more unwieldy
entire body could not accomplish In
several, that the association transacts
all it's work, and that the method is
satisfactory goes without saying.
Possibly the report awaited with the
greatest interest by the assembled
fnanciers is that of the bill of lading
committee. The question of uniform
bills of lading will be foremost among
the questions considered by the aSso-
ciation and as the decisions of the
committee considering this question
must necessarily bear great weight
with the delegates, its probable de-
cision was the chief topic of conVer-
sation in hotel lobbies yesterday aft
ernoon.
UNIFORM BILLS OF LADING
In regard to the Importance of this
question, President Pierson said:
ITO the bankers throughout the
country the bill of lading has been for
some time rather a 'bugbear.' 1t is,
next to the check, the most important
instrument of commerce we have, and
something which every bank is con-
stantly called upon to handle. No
commercial transaction in which goods
are shipped is completed without it,
and for this reason the bankers are
going to endeavor to secure uniformity
in bills of lading and TO decrease the
possibility of fraud.
"As it stands at present" continued
Mr.. Pierson, ''the bill of ladin2 causes
great loss to banks every year. Dur
ing the past year an investigating
committee reports that over $10,OOO,OOO
was secured by fraudulent bills OF lad
ing from bankers of the United States,
so it is easy to see why we are dis
playing such an interest in it's reform.
"In all probability the committee
will recommend, and the association
will exercise its influence to have
passed, the Stevens bill, which re-
Gently passed the house OF represen-
tatives and is now before the senate,
which, it is believed, will remedy the
bill of lading evil and make it abso-
lutely safe collateral for banks to ac-
cept for loans"
EXECUTIVE COUNCIL MEETS
Late yesterday afternoon the execu-
tive council went into annual session
at the Auditorium with William Liv-
ingston of Detroit in the chair. The
council voted to recommend for ac-
ceptance the several proposed amend
mentg to the constitution which have
been suggested This action on the
councils part practically assures the
amendments adoption by the asso-
citation.
Possibly the most important of these
amendments provides for creating
new section to the association similar
to the savings bank or trust company
sections. The secretaries of each Of
the state bankers associations are or
ganized into small, compact body for
the purpose of bringing the states in
closer touch with one another ana
facilitating interstate relations. If the
proposed amendment carries, this or
ganization will be made part of the
American Bankers association.
The only other business transacted
by the council which members were
willing to discuss was the election of
Hiram r. Smith, president of the
Bank of Rockville Center, N. Y, to
the executive council, succeeding Lu-
ther w. Mott, resigned. Mr.. Smiths
name was suggested by the New York
State Bankers association. and was
the unanimous choice of the council.
CONTINUED on Page Five)