New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-15
Plea Made for
Development of
The Waterways
Investment Bankers Favor
Limiting Investments to
Needs of the Nation
By Gordon Dorrancc

BALTIMORE, Nov. l4.-lf they had
done nothing else in their three Gays
meeting here. the action Of the Invest
ment Bankers Association of America,
body. officers and members, toward
wealth mobilization for the war would
have made their convention strongly
worth while from the standpoint OF ma
tional financial welfare. In line with
the suggestion that issuing of securi-
ties during the period OF the connict
be limited and restricted altogether
70 win-the-war developments and that
new issues of state, municipal and prl-
vate offerings which fail 70 measure up
to such a standard be laid one side uh-
Ill a better time, made on Monday D!
James F. Curtis, resolutions were
rassed to-day which approve the plan
and show the fnanciers as coming out
Aat-footedly for a limitation OF hota-
tions during the war to those repre-
senting the industries which nave
mart in wagng wars and winning them'
More. il was resolved that trading
unon the stock exchanges of the coun-
try be confined to securities when are
good enough to pass the financial cen
sor.
The convention simultaneously ap-
proved along general lines PROPOSE
ton by which the associations Fore'g"
Relations Committee should cooperate
IL direction of the board OF gov
oynors. with similarly constituted ior-
eiQn bodies. with respective state gov
e-nmerts ard with the government oi
the United States in everything relat-
ing tn those foreign securities wnlch
NAV be held in this country now or III
the future shall be offered here.
Urges Use of Water Power
O. 3. Wilcox, acting chairman OF the
Bankers Public Securities Committee
PRESENTED the report and recommenda-
lions of that body. Mr.. Wilcox SAID
that every banker interested IN tne
welfare of the country must strongly
urge upon his Senators and Representa-
tiyes in Congress the immediate adop-
ton of a national policy for the uti-
lization of the power OF our rivers
and streams. so useless and utterly
wasted without development, which. II
made available, would be of incalcu-
liable value to the growth of national
industry and wealth. particularly at
this time, when conservation OF coal
and labor is of the first Importance.
"The public utility" Mr.. Wilcox
continued, sis no longer regarded By
the public as private enterprise that
can be operated without obligations or
protection. IL must not be forgotten
that the public is the owner of the
utilities of the country. Our countrys
economic and industrial future, as well
as the successful prosecution of the
war, depend in large measure on the
ability of our public utilities TO con-
tinue their service, and even more on
the large expansion Of their labor, time
and money saving machinery against
the exigent capital. Utility managers
can and will devote the skill, re-
sourcefulness and ingenuity Of the
American executive to the operating
problems, uniting system with system,
building greater plants, devising new
economies to reduce Americas produc-
tion costs, if only the needed capital
is provided. Investment bankers Will
undertake TO divert the necessary part
of the savings of the nation to utility
securities if they can give assurances
for the safety of the investment and
the protection Of return through ade-
quate earnings"
W. S. Hayden New President
At the annual election of officers and
governors the entire slate of the noui-
mating board of governors was official
ly confirmed by the delegates. This
means that President Lewis B. Frank
lin, of New York, is succeeded by War
rem S. Hayden, of Cleveland. William
G.. Baker, jr.. Baltimore; John h. Old
ham. Boston, Lawrence Chamberlain,
New York; Frederick A. Yard, Chicago,
and Daniel X. Drake, Los Angeles, are
the new presidents. Frederick r.
Fenton continues as secretary. and
George W. Kenderick, Sd, of Philadel-
phia, was chosen treasurer. Nine gov
errors were also elected by the asso-
citation TO fill new and unexpired terms.
Retiring President Lewis b. Frank
lin left as his message TO the associa-
ton. which he has headed effectively,
the declaration that war must become
the business of the country. The really
wise men in Washington are making
preparations for this war as if its end
were nowhere in sight. They do not
discuss the end of the war They think
only of victory. The more the people