The sun. [volume] (New York [N.Y.]) 1833-1916, 1913-08-24
Would Drop Entire Savings
Department Clause From
the Measure.
"a STATES REPRESENTED
Conference Agrees With Presi-
dent That Banking Re-
form Is Needed.

CHICAGO. Aug. :3.-Thirty-four States
were represented In the bankers conference
which took unanimous action here to-day re-
rarding the Administration banking bill
pending in Congress. An impressive vote
was cast when the conference adopted.
without single dissent. a act Of resolutions
proposing q large number Of important t
amendments to the Administration measure. =.
One of the principal changes recommended
would deprive the bill of all the features in.
bershp in the Federal reserve association
According to another suggestion the bank :
ers ask for three members OF the Federal
reserve board or central board OF control in
the projected reserve association. A SUBJ
stitute section is offered amending the re-.
serve provisions OF the bill. and an entirely
new section dealing with note issue is recom-
inended. This recommendation is a dec
laration for bank notes instead of the Treas
ury notes for which the bill provides and an
affirmation OF the gold standard by propos-
ing only gold reserves against notes instead
OF gold or lawful money. as is contemplated
In the Administration measure.
Committee Of seven Named.
In order to carry out the earnestly ex-
pressed desire of the conference to assist
the President and Congress in procuring
the enactment Of a law which will fur
nish the country with adequat. financial
facilities the conference directed the ap-
pointment Of q committee Of seven TO
visit Washington aud present to lhe
authorities the views expressed in the
resolutions adopted.
The men named for the members of the
committee are as representative of the
whole country as was the conference itself
They are James b. Forgen. president oi
the First National Bank of Chicago. chair.
man; Ge orge NJ. Reynolds. preside mt OF
the Continenta! and Commercial Nationa
Bank OF & icago: Ebenezer \. Hin. pres,
ident Of the Bank Of Norwalk. Conn: X. +
Maddox. vice president Of the American
National Bank OF Atlanta. Ga: Sol Wexler
vice. president Of the whitney Centra
National Bank of New Orleans: Jose ri
Chapman. Jr.. president of the North
western National Bank Of Minneapolis
uu i cs'us D. Vdue. ptesiucNt Vi iue htI
camille National Bank and the Mercantil,
Trust Company Of st. Louis.
They will go to Washington withou
other instructions than are contained in th,
conference resolutions adopted to-day anc
implied in the spirit of the conference itself
the avowed sentiment OF which was one O
concilistory cooperation with the publ,
officers who have inaugurated the tire
mendous undertak king denoted by the Al
ministratiOn programme for banking iegis
Ation.
Many Concessions Expected
Az first glance It would appear from tn,
adopted report Of the conference com
nittee on resolutions that the Administra
'ion bill has been -all shot to pieces. ~
the saying goes. by the recommenda tom
OF the bankers. 1t IL likely. however. tina
the conference asked OF Washington mucl
more than II expected to get in the way o
concessions. This must be taken int
consideration in endeavoEing to estimat
the possibilities Of amending the bill alon,
the lines suggested by the bankers art
obtaining its enactment at the extra session
Of Congress-.
Nevertheless the conviction Of the con
ference was Enthusiastically that. heartily a
II indorsed the Administrations purpOs
Us Indicated by the pending bill. and mucl
as II found to approve in the bill itself
II could not refuse to put itself OH recon
IN respect TO what II regarded as the meth
ods best adapted to provide a true meas
IRE of banking ysSora. Moreover. tn
committee delegated to visit Washington
hattl> >faAl k,A ok IN IN p o.
compromises on the part of the conference
IA asserting TO the many provisions o
tho bin in which no change or but sligh
change is urged.
The report Of the conference will go a
once to the H. 900 members Of the American
BANKERS Association, and although TN
conference did not assume TO speak 70
The whole banking body any more than
assumed TO speak for all the business in
r"resre Of the land. II IL hardly likely tina
the action taken to-day wiil fail to NEE
with approval from the banking and busi
ness community This much was made
plain by the success which the cOnferenc
achieved in resolving the divergent view
that appeared In Fridays sessions AM
threatened TO bring the meeting to M
positive conclusion.
DinicuIt situation Avoided.
tn" members Of the committee on resol,l
fions were directly responsible for accom-
pishing u definite result. Had II not beel
Tor the committees success In reaching al
agreement ON progressive course II Ia NOR
ihan probable that the conference woult
have ended either In no formal expression
Or in the assumption Of an attitude of oh
etrnctive opposition To the Administration
toRislative programme. Over night ther
MAS q curious capitalization Of ssntimen
against no many features Of the bill a.
portend the risk OF some denunciator
utterance on the part Of the cOnferenC
which would have precipitated nm ur