The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-14
Bankers Listen TO Plea
for Railroad Rate Raise
Thomas F. WOOdlOck of New York and Sir George Pais
Chief Speakers at Banquet That Concludes
Philadelphia Convention.


that duty and discharge of that respoA,si-
Dlhty IL Is unfortunately also the special
distinction Of that case that apparently
the commission did but dimly apprehend
me full extent of its responsibility and OF
us duty' That is why the matter now
STANDS as nave said at the crossroads.
Inc present situation Is OF course
one OF great anxiety. but II IL also,
MINK one OF reasonable hope. We have
nad IL pretty strong expression OF pub
nc opinion on the subject, and the pub-
nc instinct Is again sound IL has
brushed aside the technicalfties OF the
law and the intrlcacies OF figures and
mas gone straight to the heart OF the
trouble. Ii has said as plainly as II could
be said that the railroads need more
money and that they ought to have H."
Pnish Gives His Views.
Sir George said In part:
All the matters that had to be ad-
Justed In cons quence of the war In Eng
land nave now been adjusted and we
are prepared once again to resume BUSH
ness in the normal way. We are pre-
pared to discount bills. and think In a
short time you will find that we are
prepared to do business In our stock
markets as we usually do
There !s, however. one matter that is
unusual The supply OF banking money
In London Will. I am convinced be as
great as ever. but II will be obvious that
the supply OF capital In England cannot
be as great as ever-at any rate not
for outside purposes.
I'VE calculate that the sayings OF the
British nation are close to 400, 900. 900
pounds a year. Last year we placed
half those savings In forengn countries,
We are now engaged in the greatest
war the country ever has had to fight.
and it will be obvious that we shall
need our savings to pay for that war.
II am hopeful. indeed have strong
hopes. that We shall be abb. to pay for
that war out OF our growing savings and
will not have TO encroach upon our capi-
tai With the British nation carrying on
its business as usual there is no reason
why It's income should not be main
tanned. and II its income IL maintained
II will have the savings and the money
with which to pay for this great war out
OF its income.
This matter, know, is OF Importance
to this side, as there is a great deal OF
anxiety hest we in England should be
compelled TO send you back n large
amount OF your securities. do not think
there is any serious danger OF this. I
think the utmost extent OF the danger is
that we may not be prepared to renew
short notes OF various kinds. railway
notes, New York city notes. and others"
The establishment OF an international
clearing house by means OF which the
loss and waste accustomed by the moving
of gold back and forth in n settlement of
balances between nations will be largely
eliminated" was urged to-day by John J.
Arnold, vice-presdent OF the First Ma
tional Bank of Chicago at the convention.
Government supervision OF privately
owned or managed public utilities was
strongly advocated by \. J. Frame presi-
dent OF the Waukesha National Bank OF
Waukesha. Wis, In n paper devoted to
IAN equitable solution OF the public utility
and conservation problem"
Officers for the ensuing year were
elected as follows: A. b. Leach OF New
York president; J. Herndon Smith Of 81.
Louis treasurer; Frank W. Rollins OF
Boston. Allen q. Hoyt OF New York. John
r Blunt. Jr.. of Chicago. J. W Edminson
OF san Francisco. Charles A. Otis OF Cleve-
land vice-presidents. Three new members
OF the board OF governors. Lewis b.
Franklin of New York. Charles w. Nc
Near OF Chicago and Warren $, Hayden
OF Cleveland. were elected.