Evening star., 1914-07-09
Financiers and Manufacturers
Discuss Legislation With
President Wilson.
RESERVE BANK SYSTEM
ONE TOPIC CONSIDERED
DELEGATIONS Assured the Administra.
:. ton Desires to Deal Fairly in
Antitrust Program.

Captains of industry and finance con-
tnued their representations to govern
ment officials today regarding business
conditions and their advice regadring
antitrust legislation.
Henry Ford of Detroit. Mich. the mil
lionaire automobile manufacturer. who
recently amazed the Industrial world by
putting his great plant on a profit -shar-
ing basis and established a minimum
> wage for his employees. was the luncheon
guest of the President at the White
House. and for more than an hour dis
cussed industrial and financial subjects.
a delegation from the Illinois Bankers
Association had audience with the Presi-
dent this morning and received strong en-
couragement from him for a meeting nj
the federal reserve BOARD and the dii ec-
tors of the twelve regional banks under
the new law in Chicago. September 1. to
define a practical working basis for the
new banking system.
Representative Covington. who wrote
the trade commission bill. was in confer
ence this afternoon with the delegation
from the Chicago Association Of Com
merce, who yesterday at the White House
advocated some changes in the trade
commission bill.
The conference with Representative
Covington today was at President Will
sons request The delegation is con-
ident that they can persuade Repre-
sentative Covington to withdraw his
objection to the clause which allows
the proposed trade commission to in
stitute Investigations without request
from the President. the Attorney Cen
eral or aggrieved parties. Others with
whom they conferred were Chairman
merce commission committee and Chair
man Overman of the judiciary COM
mittee.
Would Meet Them 'Half Way
Representative Covington told them
Mr. Wilson had said to him he wished
to meet big business half way in the
consideration of the trust program and
wanted to be fair in every way.
Mr.. Covington promised to take their
suggestions under consideration and lay
his opinions before the President, and
later before the House commerce COM
Ioittee
Senators Swanson and Martin of Vir-
sinia. John Skelton Williams. controller
of the currency. and a delegation of Vir-
ginia bankers invited the President to
attend the annual convention of the
American Bankers Association to be held
in Richmond October Il and 10 He
promised to consider this invitation.
f. II. Doyle. president of the National
association of Bank Commissioners. and
thirty-tive other state bank commission
ers conferred today with President Will
sen and later with Secretary McAdoo and
| Controller Williams at the Treasury to
discuss the federal reserve bank
plaa Necessity for Hesitation in many
states that state banks may become
members of the federal system was dis
cussed
Today's engagement was the third in
the series of conferences the President
had arranged to talk OYER with leaders
t. ind, trio ov,I ial
eral business conditions as well the
measures before Congress. Recently he
conferred with ]. P. Morgan. and yester-
day discussed with representatives of the
Chicago Association of Commerce pro-
posed antitrust legislation and business
conditions in a general way. The Presi-
dent has expressed the feeling that these
conferences have been mutually instruc-
tive and helpful
Advises Business Men to Hustle.
Mr.. Ford declined to talk at length
on leaving the Presidents offices. He
admitted. however that to a large ex-
tent he agreed with President Wilson
that whatever business depression ex-
lists is largely psychological. 'In my
own business ] do not know that there
is any depression" Mr.. Ford remarked
i'm answer to many inquiries
IF everybody would only cheer up
boom predicted by the President would
become established fact. Let every
body forget the talk of depression AMI
hustle and things will come out all
right
Mr.. Ford is understood to have told
the President that his own busine IS
has increased so per cent over last
rear and that he is enlarging his plant
10 take care of the business of the
future. Mr.. Ford does not attribute
business conditions to the tariff.
Mr.. Ford's visit to the White House
vas upon the invitation of the President
Who regards the Detroit manufacturer
u a type Of the man who does things
md does no tpreach the gospel Of dis
content and dissatisfaction.
The delegation from the Illinois Bank
ng Association IN urging the conference
BIT Chicago on the new banking system
impressed upon the President that there
vas no politics In its proposition
They argued that the federal reserve
which 10 in reality a trustee: that these
banks cannot be run under twelve differ
bnt kinds of system. but should be uni
borm. The bankers money is invested in
khesA banks and aside from any political
Considerations they want the new system
o be a success from the very start. sc
to avoid what the President would cal
"a psychological depression"
Would Meet Only for Discussion.
erve board to come to Chicago. not tc
be auizzed or stand for criticism bu
hat speakers at the big public meeting
nay discuss in their presence both the
angers and disadvantages of the new
ys:em. and that the federal board ant
he directors of the twelve regional bank.
nay then get together with views from
II sections of the country and devise tn,
eos, practical and uniform workin;
greement.
The delegation showed the President
cries OF letters from all the sixty bank.
elected by the government 10 execute tn,
EXAMINATION certificates of the twelve re
ional banks. all strongly advocating tn,
difference at Chicago. They also showed
erters from the 1OS candidates for di
ectors of the twelve regional banks
unanimous in favor of the conference ii
hcago.
Judge S B. Montgomery of Quincy
L. president of the state associa ton
Fho was to have headed the delega
on. was unable to come. but was rep
esented by Andrew Russell. forme
linois state treasurer. a former mem
er OF the association. William Georg.
4 Aurora, mother member OF tn,
eputation. is also a former presiden
the state association. r. S. Cramp
bn. secretary of the State Bankers
CONTINUED On Second PaEe.)