Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-11-11
DAVIS CR|T|C|zES
RESERVE BOARDS
DEFLAT|ON POLICY
Governor, in Address to
Railway Officers, Points
Out Ill Effects.
LIMITATION OF CREDIT
CHECKS BUSINESS ACTIVITY
Executive Declares Farmers
Are Dissatisfied With Pres
ent Trend Of Affairs.
MAYOR WELCOMES ESTS
Delegates to Convention Enjoy Mo-
tor Tour OF Richmond's
Historic Spots.
LIMITATION OF CREDIT
CHECKS BUSINESS ACTIVITY
MAYOR WELCOMES GUESTS
Delegates to Convention Enjoy Mo-
tor Tour OF Richmond's
Historic Spots.

Governor Davis severely criticized
ihc policy Of the Federal Reserve
Board In attempting to restore nor
nal economic conditions by the linI-
alton Of credit. in an address yester-
isy morning at tho Jefferson Hotel
oforc the Society OF Hallway Finan-
t.al Officers, who have assembled
Horc for iheir annual convention.
rho Governor has been cspeciali:
tiva ia trying 70 secure at the
lands OF the board a NOR. liberal
olicy with respect to credits IN
Ieal!ns with The agricultural in
r.rcsts o. the country. on October
he sen, to the board the following
tc!sgran: Il earnestly urge that
arrangements bc made II finance
rarmers In their extremity. Asr!cul-
irc is basic. and, a. it prospc.s, 50
..rcs the nation
Ills criticism Of the board's policy
'.s commented upon :avorably by
'4c Railroad officials ''Th. d.nailon
yalucs must be gradual declared
tdc Governor.
The farmers are dissatisfied with
hc present trend OF affairs. manu-
bcturinE is a. a stand-stiil ana bread
nos may result, from this dlsas
i'0us plan OF dcfa,ion.'
Iio pointed to riot. in England az
rcsui, OF that governments post
var aciion.
"our ideas oi government must ex-
and" hc declared. The best way
30 remedy conditions would be by in
Z. ruciions from the Federal Reserve
BOARD TO member BANKS that they
qat mony only 10: uses in tho Ieg!U-
nate channels OF business and not
for speculation. such as has advanced
he can money rates on Wall
.,-cc;'
IN his peoch the Governor declared
,h" railroads are a fundamental fac
i5s in the nation's Ike. and that they
'avc recently received consideration
IL legislation by Congress In the way
, Increased rates ana should now
"Aert their influence on behalf OF
p-usr fundamental factors. agricul-
i;cd the support of the convention
She a!!cviat!on of conditions which
tnrca.en disaster. for. he said. one
ranch OF activity canno. prosper mm-
'.rs others do.
Jayor George Ainslie opened the
.sions by extending The officials
,urdiaI welcome TO Richnond The
Hayors address was followed by
,w Introductory remarks by Prcsi-
Cont II. II. Wheeler, % the Boston
md Maine Railroad. President
Whce!ers annual address followed
Governor Davis address OF welcome.
T7a roma ndcr OF the session was
irvotcc 20 the reports OF the cxecu-
~. committee and OF the treas
t. " Cox. OF the NorfoIk and West
Ii railroad.
opening tho afternoon session
io!u u. Miller, president o: the First
S..;ional Bank of Richmond. spoke
lis the Attitude of the Public To-
ra ard the Haiiroad.' HIS talk brought
.u, many technical subjects which
Nrra nca-l:' all answered in the
r,prr which was read by r. b. II.
Enis!l;. treasurer. OF the Pennsyl-
mia railroad The subject or Mr.
Nn!,hta paper vas Personality in
BUSINESS" John T. Reid. treasurer
df ;he Atlantic Coast Limo railroad,
,'so spoke "a, ,h!s session.
ON Motor Tour of City.
the first days sessions adjourned
It o'clock. After This the dele
;alc.' were given a motor trip about
nc city 10 many points OF historic
interest by the courtesy OF the XII
wanis Club. Wives of tho delegates
we're entertained at the Virginia
'oun;ry Club at luncheon as the
:nca,s OF Mrs. Kellogg, wife OF l..
Is Kellogg. treasurer of the Rich
iuond Fredericksburg and Potomac
railway \ get-together dinner WAS
served at the Jefferson Hotel las.
light for the delegates and their
wives.
Eppa Hunton, Jr., president OF the
Hichmond. fredericksburg and Po-
'omac Railroad. will speak this after
noon before the convention in the
absence OF Senator Carter Glass. who
was originally assigned. Senator
Class was forced to decline the so
uicty's invitation because OF indispo-
s.tion resulting from the recent
>,ccnuous political campaign in
which he took prominent part.
y. G. Laird. president OF the South
rrn Manufacturing Company. will
peak at the morning session.
Annual banquet Tonight.
The annual banquet will take place
;his evening. DR.. Doughlas S. Free
man will he the speaker. Tho At
lantic Coast Line has arranged a
special car to carry tho delegates TO
The scene of the famous Battle Of
The Crater, near Petersburg. The
car will be attached to the train
leaving Broad Street Station at 2
o'clock this afternoon. 1t will re-
iurn to Richmond a. $40.