New-York tribune., 1920-02-21
Bankers Urged
To Help Nation
Spur Business
Sisson Asks Delegates at
Meeting Of Trust Com
pany Officials to Work
for Economic Welfare
Rail Control Denounced
Generous Taxaticn'' Must
BE Lightened to Aid
Industry, Says Speaker

ests of American trust companies for
promotion of the nations economic
welfare was urged last night by Fran
CTS n. Sisson, vice-president of the
Guaranty Trust Company, in tho key
note address at the ninth annual ban
quet of the trust company section of
the American Rankers Association.
Mr.. Sisson proposed to the 750 bank
crs from all parts of the country who
met at the Waldorf-Astoria last night
that they nnop1 platform built upon
the basic p1lHciple that the World
War was fought to destroy autocracy
and that "autocracy should no more en-
dure in Washington than in Berlin; no
more in labor councils than in capital
lstic circles, and no more among farm
ers than among bankers"
In enuncinting what in his opinion
should be important planks in the trust
companies platform for greater public
service, Mr.. Sisson said the attention
OF Congress and Of the Interstate Com
merce Commission should be directed
20 the fact that in seeking a salts
factory solution of the transportation
problem the paramount issue is not
what the brother hoods, the railway ex-
ecutives, the bankers or the shippers
want. but solely what the public must
have namely, soundly managed,
sanely regulated and efficiently and eco
nomically operated railroads.
{. S. Rail Control Failure"
"The railroad plank of our platform" :"
Mr.. Sisson told his hearers, "should
emphasize the fact that government op-
Grafton Of the carriers has been fail
IRE. But private ownership and op-
GRAFTON from now on must be more sue
cessIui than ever before. If We are to
escape the disaster of having the roads
revert to government control and the
triumph of such scheme as the Plumb
plan, which would impose g treme ntious
tax burden on the nation for the espe-
cal benefit of about per cent of our
people, there must be far better ad-
ministration and operation Of the rail
roads than the government afforded and
the roads had in the past
The trust companies platform, he
further urged, should drive home to
labor the fact that it cannot expect
fair treatment unless it stimulates pro-
duction and gives fair days work
for fair days wage. that labor can
not prosper at the expense OF the ma
iority and labor will defeat its own
purpose so long as it permits the
country to suffer from under-produc-
ton.
production, Mr.. Sisson indicated by
the following figures: There we're
130,000,000 tons less of bituminous
coal mined last year than in 1918;
there were 100000 tons less of an
thracite coal produced than in 1918;
100000 tons less of steel ingots;
more than 100000 bales less Of cot
tor than in 1911; $4,000 900 bushels
less of wheat than in 1915; 100000. 900
bushels less of corn than in 1915 more
than 900.000.000 pounds less of copper
than in 1918; more than $4,000, 600
less of gold than in 1918, and more
than S4,750,000 less Of silver than in
1918.
Must Cut Taxation
Nr. Slsson called upon the trust
companies to strive to make Congress
realize that if industry is to be speeded
up to the productive capacity demanded
in this critical period the onerous tay-
alton now imposed on business inter
ests and capital must be Ngntered. He
also urged that the platform Of the
trust companies should demand that
the state and local authorities accord
public utilities fair treatment and not
expect to Get greater and better serv-
ice from them while denying them
living wage for that service, while
compelling the transportation lines to
operate on PA cent nickel basis"
Community Foundations or Trusts"
occupied the major part Of the after
Moons discussion Of the trust company
officials The Importance Of community
foundations, such as have already been
established in thirty-three leading
American cities, was brought cut
pointedly by Colonel Leonard F. Ayres.
director of the education division Of
the Russell Sage Foundation and for
mer statistician of the General Staff of
the army; Raymond Moley, director Of
the Cleveland Foundation; r. T. Saw
yer, counsel for the Cleveland Trust
Company; Rowland Haynes, former d.
rector Of recreation Of the War Camp
Community Service in domestic army
cantonments; Daniel Remsen, Of this
city; Frank j. Parsons, vice-presidcnt
of the United States Mortgage and
Trust Company of New York, and Judge
+. H. Gotf, founder of the Cleveland
Foundation and president Of the Cleve-
land Trust COmpany