The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-14
SECTION ONMEET|NGS
BELIEVE CHANGES
ARE IMPERA AT|VE
Want Body of Twelve to
Confer with Reserve
Board on Amendments.
WExLER's MOTION
PROMPTLY ADOPTED
State Institutions Are Advised
Against Entering Reserve
System Now.
WILLIS DISCUSSES NEW LAW
Delegates and Visitors to Bankers
Convention Guests at
Governors Ball.
WILLIs DISCUSSES NEW LAW
Delegates and Visitors to Bankers
Convention Guests at
Governors Ball.

Absolute confidence in the ultimate
success OF the Federal reserve system.
tempered By well-defined feeling that
the time Is not ripe for general en-
rollment OF State institutions-these
were the dominant notes sounded In
speeches and addresses made yester-
day before the trust company and saw
ings bank sections Of the American
Bankers Association.
The attitude of the State banks and
trust companies towards tho Federal
reserve system is one of "watchful
waiting" said Z. d. Hurlburt. vice.
presiden. of the Merchants Loan and
Trust Companfio OF st. Louis. His views
were rescommunIcated in an official let
ttf to tho convention, read to the body
by -. II. Goff, president of the trust
company section, who presided over
the joint session OF >ne trust company
and snv'ngs bank divisions.
toUNsELs STATE BANKS TO
"sIT TIGHT IN THE BOAT-'
Mr.. Hurlburs detained by business
from attending the e5convention. and a
thou6and miles distant from the M meet :
ing. tsrucR the keynote of the discus-
hion. Speaker after speaker, address
sing himself to the general problem OF
the relation OF State institutions to the
Federal reserve system. echoed the
thought. The reserve act was well
! coined as u fBtepsin the right direction,
md the system Whichl it crea ted as AN
..amir able NATIONAL bankiifg machine.
but banking institutions not set enrolled
we're .conIiseled to "sit tight in the boat
Until the system Is in operation and this
plans OF the Federal Reserve Board
are more fully defined.
The joint session Of the trust com
pany and savings bank sections. yes
terday. launched the American Bank
crs'r Association convention upon the
serious, d6Ilberntivc. work oftthc Rich
mond, meeting. Until yesterday, the
body was busy with committee meet
ings and the, shaping of details for. i'm
portant sessions to follow. With these
out of the way, the convention pro-
ceeded TO "a consideration Of the prob
lens. wnich viii hold the centre of the
stagesat the present conventions,
OPENING DISCUSSION OF
5FAR-REACHING INIPORTANCE
While the association. as whole,
Will not begin It's meeting until to- day
the Joint session of the trust company
and savings. bank sections yesterday
ranks as an integral part OF the con-
vention's deliberations. In proper
recognition OF the oyershadowlng i'm
portaRce Of the Federal reserve bank
system and its f3r-reaching effect upon
American banking OF oil classes, the
Joint session devoted most OF the day
10 a. consideration of this problem
The most important single act OF the
session was the adoption of n resoiu-
ton offered By Solomon Wexler. presi-
dent of the Whitney-Central National
Bank, of New Orleans. creating q COM
mission Of twelEa m
the national banks, three from the
trust companies. three from the State
commercial banks. and three from the
state savings banks. to confer with the
Federal Reserve Board on the subject
of amendments to the reserve act.
WEXLER ARGUES FOR
AMENDMENTS TO RESERVE ACT
Mr.. Wexler made out II strong case
for the creation of such commission.
While he. was not one who believed
that the reserve act was altogether free
from flaws, he. saiA, the system which
IT created was In many ways nm ad-
mirables one. AS. the act now stands
said Mr.. WeSler there is much in It
that would tend to discourage State in
stitutions from entering the reserve
system.
Without going into particulars or, the
subject of the shortcomingsao of the re-
serve act as it affects State banks, MIR.
Wexler advised the creation of a COM
mission Of the American Bankers As
ISOLATION, clothed with authority and
directed to take, up with the Federal
Reserve. Board the question of ncor-
porating in the law such amendments
as would make lit more desirable for,
state institutions to affiliate with the
reserve system. -
Such amendments, said Mr.. Wexler,
were imperative If the Federal reserve
system Is to become the great agency
for good that the trainers OF the re-
serve act hoped 1T would be. To ac-
complish its greatest usefulness, he
said. the act should offer every proper
incentive to institutions now out of the
system to enter IT.. Unless this dis
ability is corrected. said Mr.. WeXler, it
was inevitable that large percentage
of the State Institutions will prefer
TO stay out of the system, Weakening
10 that extent the whole reserve
structure.
ADOPTED BY, VOTE OF MORE
Sc THAN 500 DELIsGATEs-
< q AR. We1lef' proposed Vat first the
creation OF commission of ffteen
members, five each from the national.
bank, trust company and savings bank
w. eB. Vest, of Newport
News, president of the Virginia Bank
crs' Association. raised the objection
that such a commission would not give
proper representation to- the large NUM-
berS of State banks who do strictly,
commercial business. Ss's a ~ }
The weakness Of the plan was adj
tcontinucd on Eighth Page5
RUEGER,s,
e,f :.