The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-16
Resolutions Offered by
Oliver j. Sands, of Rich
mond, Are Adopted:
LINES
BASIS OF PROSPERITY
Association Petitions Interstate
Commerce Commission to
Grant Increase.
WANT RESERVE ACT AMENDED
Wexier Resolution, Creating Com
mission to Confer With Reserve
Board, Meets Approval.

Board, Meets Approval.
s DEPRESSING suddenly from a program
devoted to a symposium on agricul-
2tural banking and highway improve
ment. the Americas Bankers Associa-
y tion, assembled In the Jefferson Hotel
yesterday morning for the final day of
Its fortieth annual convention. adopted
n resolution calling upon tho inter-
state Commerce Commission ito act
promptly and favorably upon pending
& applications for the increase OF rail-
road rates"
The resolution came before the dele
gates without previous intimation. Or
dinariiy resolutions of this character
expressing the policy OF the association
ON niinatters OF moment are proposed at
the final session OF the convention In II
period set apart especi5llS for that
purpose. It's adoption 1T the morning
session by n special vote singles the
resolution out az an act OF more than
ordinary Significance.
ADDS APPROVAL TO
GROWING SENTIMENT
The action adds the approval OF one
of the most conservative and inflGen-,
tiai bodies In the United States to a
growing general sentiment that the
railroads of the country are entitled to
thc,rate increase which. under the re-
cent ruling Of the Interstate Commerce
Commission, was in large part denied
them.
The resolutions were introduced by
Oliver>J. Sands. president OF the Amer
lean National Bank. Of this city, and
member Of the executive council OF the
American Bankers Association. Under
the rules of tho organizatfon. their
consideration at a time other than the
period established for the consideration
OF general resolutions required Il sus-
nf
suspended and the resolution was
adopted by an overwhelming majority.
The vote was viva voce. About 1000
delegates were In attendance.
nIisOLuTIoNs OUTLINE
NEED FOR ACTION
a,t In &; lengthy preamble. the reSoiu-
ftions direct tte;itS S,ns to the shock suf-l
tered by tho financiah haDd business In
terests OF the country as the result OF
the European war, to the constant re -
ductiUn In railroad rates and the cor
rcspondingly constant increase in the
cost of operation and maintenance. and
the impcriled state of railroad sccuri-
ties as the result Of these conditions.
The hnal clauses OF the resolution re-
cite .hc fact that the railroads are to-
day confronting n crisis which directly
Affects the entire credit system OF the
nation. ann pray the Interstate Com
merce Commission 20 grant the pendinS
applications for rate increases, in or
railroad companies may re-establish.
and that these companies may be thus
placed In position TO finance their
maturing obligations"
RICHMOND DEEPLY INTERESTED
IN RAILROAD PROSPERITY
In common with many other Amerl-
can cities In which are located railroad
supply plants and general offices. Rich.
nond Is Immediately Interested In the
rate increase agitation. Recently an
ments in locomotive and road construc-
tlon have brought the effects OF the
stringency to Richmont's doors.
The resolution adopted by the bauk-
erS yesterday makes an invidious refer
ence to the individual interests OF
few shippers. who might deem their in
terests prejudiced by such increase In
rates." and reminds the Interstate Com
merce Commission that the interests
of the whole country, which are ad-
versely affected. are much moro i'm
portapt.
At the final afternoon session YES
terdny. the American Bankers Associa-
tion gave its unanimous concurrence to
the WeXler resolution. adopted Tues
day by the joint session of the savings
bank and trust company sections,
creating a commission of twelve mem
bers clothed with authority and di-
rected to confer with the Federal Re-
serve Board with reference to securing
such amendments to the reserve act as
will make II more desirable for State
institutions to join the reserve bank
system.
COMMISSION Is IaIPoRTANT
Constructive STEP
The creation Of this commission is
regarded by many bankers as one OF
the important constructive acts Of the
Richmond convention. 1t will go be-
fore the Federal Reserve Board with
the request OF the association that IL
be given full access to the plans and
regulations now being perfected by the
board for the government of the Fed
eral reserve banks, in Tdvance of their
publication.
In order to assure adequate repre-
sentation to the various clnsses of
banking institutions that make UP the
membership of the American Bankers
Association, the commission of twelve
viii be composed of three representa-
tives from the savings bank section,
three from the trust company section
three representing the national banks,
and three members representing the
State commercial banks. The appoint
ment of the commission, Is left to the
president of the association.
The text of the Sands resolution
calling upon the Interstate Commerce
Commission to grant the pending rate
increase application follows:
TEXT OF RESOLUTIONS
ASKING RELIEF FOR RAILROADS.
The shock to the financial and bust
ness interests fof this country the
stringency In money ard the derange-
ment Of foreign exchanges resulting
from the war In Europe are being over
come, and the most serious condition
now confronting the financial, business
3 and investment interests of the country
{ arises from the fact that there is no
msrket for, securities, and until this is
REM edied the financial exchanges can
Continued ON Ninth Rage.) ~