[Volume XXVII
THE CHICAGO BANKER
36
BABCOCK, RUSHTON & CO.
BANKERS and BROKERS
INVESTMENT BONDS
THE ROOKERY	18 WALL STREET
Chicago	New York
MEMBERS
NEW YORK STOCK EXCHANGE CHICAGO STOCK EXCHANGE CHICAGO BOARD OF TRADE
At this time we are glad to report that practically every railroad is using the new uniform bill of lading, on the forms and in the colors recommended by the interstate commerce commission, the yellow form for order bills and the white form for straight bills of lading, and your committee recommends that bankers loaning on bills of lading make sure that the form they receive is the “order" or yellow form.
The vast and intricate nature of the subject and the fact that four separate interests are affected has rendered progress necessarily slow, yet comparison of the situation to-day, with what it was three years ago, when your committee was created, shows a most satisfying degree of progress.
Our goal is now in sight, and we feel that with active assistance of our fellow bankers and interested trade organizations, it will not be long before the national and state legislation, so carefully prepared, will be enacted into law.
Lewis E. Pierson, Chairman; Frank O. Wetmore,
William Livingstone,
William Ingle.
William T. Fenton
Mr. Fenton, who inspired the clearing house section, and later devised the plan for the clearing house bank inspection, first used in Chicago, but now nearly everywhere, said: “The influence of a gathering like this is incalculable. The eyes of the nation are upon the body that meets here this week and the government is no less interested. It is not too much to hope that important legislation may result from the session held
The Mildred (Kans.) State Bank has been chartered. L. D. McCoy, of Harris, cashier.
Bill of Lading Report
The Bill of Lading Commission, Lewis E. Pierson, chairman, made a splendid report at Tuesday’s session. Eliminating details, the report states :
Four important results are to be reported since our last report:
ist. The commissioners on uniform state laws, after four years of careful consideration, have completed their draft of the uniform bill of lading act for state adoption, and have recommended same for enactment into law by the legislatures of the various states.
2d. The Canadian railroads have all adopted the uniform bill of lading recommended by our interstate commerce commission, including form, colors, and with but slight and unimportant changes in its provisions.
3d. Four states have enacted into law the bill of lading measure drafted by general counsel on behalf of our committee, under instructions of the various banking association bill of lading committees last September.
4th. The carriers in official classification territory hâve authorized all agents who issue “order” bills of lading to place the official stamp of their agency on such bills; and further have issued a ruling that “all straight and order bills of lading should be made out in ink, indelible pencil or should be typewritten, and all ‘order’ bills of lading should have the number of packages shown in words as well as in numerals.”
In addition, important progress has been made to secure congressional legislation on bills of lading, which will cover interstate shipments.
Since our last convention, and in accordance with its instructions, specimens of the new uniform bill of lading recommended by the inter-tate commerce commission, were distributed through the several bill of lading committees of state bankers’ associations to bankers throughout the country.
billions of dollars, the officers and directors of these seven thousand national banks as a whole have no superiors in any corporation in the world. And it is in hearty co-operation and accord with these officers that I desire to work, to correct every condition which we may find that is not up to a reasonable standard.
I have been asked repeatedly what my position is on the question of guaranty of bank deposits.
Gentlemen, I believe in just one kind of guaranty of deposits. I believe in the guaranty which comes from the comptroller of the currency doing his duty under the law, from the bank examiners doing their duty and from the executive officers and directors of the bank doing their full duty and in accordance with the oaths of office which they take. That is the only kind of guaranty of deposits in which I believe. That kind is practicable, and it does not cost the banks an extra dollar, nor permit depositors to lose a dollar.
I have briefly touched on some of the problems that confront the comptroller’s office. In the near future other problems will come up, and an earnest effort will be made to meet them in a fair and business-like way, and if improvement can be made in the management of the comptroller’s office, I want to be among the first to suggest the improvement, and the first to make it. I am not one of the public officers who believe that the way the government has been doing things for fifty or one hundred years necessarily is the best way. I am looking for a way to make betterments every day, and the moment they can be made, with safety and security, they are made.
I have but one request to make this morning, and that is that in the solution of the problems coming before me you give me, when you feel I am right, your kindly consideration, your encouragement and your support; and when you feel I am wrong, your fair criticism, for fair criticism is as helpful as honest approval.