The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-17
WILL name commission
WITHIN NEXT FEW DAYS
President Law Regards Changes in
Reserve Act as OF Great
Importance.
HIGH PRAISE FOR RICHMOND
Head Of Bankers Association Says
"Buy-a-Bale" Movement Has Spent
Its Force-Favors Plan of Fcstus
j. Wade for Cotton Pool.

President William A. Law, Of the
American Bankers Association, will
I within the next few days appoint the
twelve members of the commission au-
thorizcd by the convention at Fridays
session, to confer with the Federal Re-
4 serve Board upon the subject Of
amendments to the reserve act, de-
signed to make it more desirable FOR
reserve system.
THE commission is very important
3 one" said Mr.. Law yesterday, dis
cussing the matter on board the
steamer st. Johns. land it is extremely
important that the right men be placed
upon il. have not had an oppor-
tunity since 1t was created to go into
the question Of appointments. Under
the resolution establishing the com
mission, the membership is required to
represent savings banks, trust COM
panies. national banks and State com
merical banks 1t will take some time
TO pick the men. I shall probably be
able TO announce the appointments
within the coming week
DELICATE AND EXTREMELY
IMPORTANT TASK
1T is my understanding that the
commission is to take office Immediate
~, and begin its work as soon as II
is organized. 1t will have delicate
and extremely important task to per-
form"
The commission was created under
resolution offered by Solomon Wexler.
president of the Whitney-Central Ma
tional Bank, of New Orleans. at tho
nf hn III,
trust company sections, on Tuesday.
Thc resolution was concurred in by tho
general association on tho final day
of the convention.
The function expected Of the bank
crs' commission, 1t was pointed ont
yesterday, is met In part by the Fed
cral Reserve Council of twelve mem
bers-one from each OF the boards OF
directors of the twelve reserve banks
The council is constituted under a
provision of the reserve act and Is
required by it to confer with the Fed
crai Reserve Board at least four times
year upon the general subjects of
administration and Improvement.
COMPOSED OF REPRESENTATIVES,
OF STATE BANKS IN MAJORITY
The divergence between the two
bodies lies chiefly in the fact that the
bankers commission is representative
OF all classes of banks. with the banks
not In the reserve system in the ma
jority, while the Federal Reserve Conn
Gil is composed OF members represent
ing almost exclusively the interests OF
the national banks. 1t was felt that
an independent body of bankers, not
legally connected with the reserve
system, could best advise with the Fed
eral Reserve Board upon the subject
of amendments designed to encourage
the enrolment OF nonmember insti-
tutions.
President Law spoke in higest terms
yesterday of the quality and lavish
ness OF the entertainment provided by
the city of Richmond for the visitors
and delegates. In all his experience
ms delegate to national conventions,
he said. he remembered no meeting
that compared with the Richmond con-
fen.ion In this respect.
PRESIDENT LAW PRAISES
HOSPITALITY OF RICHMOND
have attended bankers conven-
ton at which a larger attendance was
registered" said Mr. Law. In some
Of the cities we were lavishly enter
tanned. But the kind of attention we
RECEIVED in Richmond cannot be dupli-
Gated elsewhere in the United States.
Virginia people know il. 1t is the high
degree Of personal interest that the
people Of Richmond took in the enter
tainment plans and the personal at
made the Richmond entertainment so
unique. In other cities the hospitality
is generous but impersonal. In Rich
mond IT is generous and personal That
makes all the difference in the world"
MIR. Law gave his unqualified in
dorscment to the Wade plan for raising
among the bankers a,fund of s150.o0O :
600 TO be used in loans to cotton pro-
ducers. The ultimate raising Or the
fund. he thought. was assured:
SAYS BUY-A-BALE MOVEMENT
HAS ABOUT SPENT ITSELF
1T is worthy successor TO the buy
a-bale movement" said Mr.. Law
while it is true that the buy-a- bale
plan served TO focus the country's at
tention upon the plight of the South
ern cotton producer and gave 10 the
South the first promise OF relief. it had
its faults and it has about spent it.
self. In the last analysis II was little
more than house-to- house aims
asking. 1t has placed the South and
the Southern cotton grower before the
rest OF the country in somewhat poor
light. think the buy-a bale move