Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-10-22
NATIONAL GROUP
STRONGLY UPHO[DS
RESERVE SYSTEM
Blanket Endorsement in
Bankers Convention Is
Given TO Board.
IN SHARP CONTRAST WITH
STATE FlhANClERS' STAND
Delegates Pledge Aid to Ma
tional Railway Equipment
Corporation.
Il. B. McADAMs IS ELEVATED
Richmond Man Now First Vice.
President OF Association.
Drum Heads Body.
IN SHARP CONTRAST WITH
STATE FlnANClERS' STAND
II. b. McADAMs IS ELEVATED
Richmond Man Now First Vice.
President OF Association.
Drum Heads Body.

WASiiiNGTON. Oct. 2I--Blankct
Endorsement OF the Federal reserve
system. coupled with pledge to aid
the National hallway EQuipmcn,
Corporation. organized to help the
| carriers obtain equipment. marked
the conclusion today of group meet
| ngs OF the American Bankers Asso
citation convention.
The Federal reserve system was
given unstinted praise by the ma.
iionul bankers group in resolutions
adopted at their final meeting. while
the approval of the Equipment Cor
poration and the pledge TO 20 before
the State Legislatures. where neces-
sary. to obtain revision OF laws pro-
hibiting Investment Of trust funds I'm
| such securities was voted by the saw
ings banks section. Their action was
hased on the Increased values given
all railroad securities through crca
'ion Of the Equipment Corporations
the resolution said.
May Clash ON Reserve Hoard.
! Endorsement Of the Federal re-
serve system. which Included APP
| Droval OF it's administration, brough.
the national bankers again In sharp
| opposition to tho stand taken by
the State bankers. who yesterday de-
nounccd several phases OF the Re.
! ucrve Boards work, Leaders In the
l TWO groups OF bankers believed. to
night tho difficulties .between the. two
sections might come to light wher
the report of the resolutions com.
mittec reaches the floor OF the con
vention tomorrow. All resolutions
adopted In sectional meetings will be
| considered by the association com
mittee and final action be taken by
the convention as a whole.
The question OF par clearance
with which the State bankers dealt
In their section resolutions yesterday.
| was passed over In the convention to-
day. The special committee consid
! erinE II reported progress" and was
instructed to continue its work. It's
chairman, NJ. j. Dowlings, OF Olivia.
Mimi. however. told the convention
the only remedy he snw for the coun-
try bankers who favor a collection
charge on checks was amendment OF
! the Federal reserve act
Drum Elected President.
| John S. Drum. president OF the
Mercantile Trust Co.. San Francisco.
was elected president of the American
Bankers Association today. for a
term Of one year He was chosen
without opposition. following the GUS
tom OF the association TO promote the
first vice-president to be the organi-
cations chief executive.
| Thomas B. McAdams. vice-president
of the Merchants National Bank. of
Richmond, the present second vice.
president. was elevated TO the first
vice-presidency. and j. II. Puelicher.
vice president Of Marshall and Ilsley
Bank, Of Milwaukee. was made second
! vice president. Mr.. Puelicher has
| been chairman Of the association's
committee on membership in the Fed
eral reserve system.
The national bankers. elected Of
| fcers today. choosing II. ii. Mckee,
president OF the National Capital
Bank. of Washington, d. c.. as presi-
dent: John G: Lonsdale, president OF
the National Bank Of Commerce. St.
Louis. vice-president. and Waldo
, Newcomer. president OF the National
Exchange Bank. OF Baltimore, chair
man of the executive committee.