The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-06
BANKERS SEEK TO
ASSIST RAILROADS
Investment Association Also
Plans Cooperation With In
tprstate Board.
PROSPERITY REPORTED

The principal work of the board OF
Association during the coming year will
be directed toward establishing closer
cooperation among the railroads, the
bankers and the Interstate Commerce
Commission. as representing the chief
instrument OF political regulation OF
such enterprises. The new board OF
! governors OF the association held n meet
Ing yesterday morning and afternoon az
the Biltmore. Mostly routine matters
were discussed. u the railroad situa-
ton generally was placed in the hands
of a strong committee for consideration
and action.
Since the last convention Of the as
| ISOLATION AT Denver "A few weeks ago
few Of the new committees haNc had an
opportunity OF accomplishing. much. The
fun committee list has not yet been an
nounccd. President Lewis Is. Franklin.
Nice-presidcnt of the Guaranty Trust
| Company, said. however, thai John b.
| Blunt, ce-president of the Merchants
Loan and Trust Company of Chicago.
| and Richard l.. Morris Of kean. Taylor
and co. of New York would head
the committee on railroads. bonds and
equipment trust. This committee will
begin activity at once.
THE railroad situation Is improving
gradually said Mr.. Franklin after the
meeting. at was very bad. but 1t Is
| better now. What our committee Will
| try to do viii be TO Dring about closer
cooperation among the bankers. the
! railroads and the Interstate Commerce
Commission.
1T ii not all the fault of the Inter
state Commerce Commission. II Is
LARGELY the fault of Legislators that
! railroads are oppressed by senseless
legislation. II has been the habit OF
| politicians to take "A few examples of
| crooked railroads and brand all rail-
roads as crooked. We must convince
politicians that the people really ar
fected by railroad depression arc their
own constituents"
Among the other policies outlined In
the boards programme for the ensuing
wear are measures concerning taxation.
The boards committee on taxation
plans to try to effect uniformity OF
taxation throughout the States so that
investors will not be inclined to transfer
their securities from State to State year
after year because of unfavorable taxa
ton in certain States. 1t is also in
tended to take up certain parts OF the
income tax law, to recommend changes
that were not foreseen when the law
was framed and passed. Mr.. Franklin
expressed the boards policy In this
respect as an attempt to make the In.
come tax law "more easily workable
The meeting Of the board yesterday
included members from as far west az
Kansas City. Only four of the thirty
four governors were absent. 1t was
decided to accept the invitation or thu
Mayor and Chamber OF Commerce OF
Cincinnati to hold the next convention
of the Investment Banker Association
in that city in September or October
Of next year.
Among the individual members OF
the board who met yesterday, espe'
cially those from the West and middle
West, there was much prosperity talk
George II. Taylor of L. II. Rollins 4
10. OF Chicago. X. Il. Field of Field
Richard a. CO.. OF Cincinnati and Will
lam l.. Ross OF the Second Ward Saw
ings Bank Of Milwaukee said the West
is enjoying boom times M looks FOL
undiminished prosperity for severa
wears to come. whether the war end
abruptly or not.