Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-03
FAITH IN RESERVE
SYSTEM IS VOTED
BY j. S. CHAMBER
Resolution Adopted Unani-
mousIy Holds Board En-
titled to Cooperation.

Confidence in the Federal Reserve
system and its adaptibility to new con-
ditionS in finance and credit was voted
unanimously by the United States
Chamber of Commerce today in adopt
ing a resolution holding that the Re
serve Board, which has been under fire
during recent stock speculations, Is "en-
titled to the utmost cooperation"
Another resolution approved by the
vention closed expressed great salts
faction with the progress being made
toward the establishment of real peace
in the world and the constructive lead
ership in this direction which the Gov
ernment of the United States has
taken" Embodied in this resolution
was an Endorsement of the Kellogg
treaty and the proposals prescribed by
Ambassador Gibson at the Geneva
conference for effective reduction OF
armamentS.
Following approval of q broad plat
form of declarations on national and
international problems affecting the
welfare of American business, the cleo
ton of a new president to guide the
national chamber toward the el1mina-
ton OF obstacles to industrial progress
and continued business prosperity
awaited action of the convention.
Recognizes Difficulty.
Referring to the Federal Reserve
Board, the resolution declared that the
Chamber of Commerce recognizes the
new problem of financing credit and
the difficulty of preserving an orderly
balance under these new conditions.
Staple currencies aboard are deSir-
able for industry, labor and agriculture
here" the motion declared. Corporate
financing has developed recent trends
toward common stock issues. Large Sc
curity trading naturally results from
the increasing number of our people
with new margins OF savings seeking
investment, but the capacity Of the
country to quickly absorb new security
issues should be carefully weighed.
Basic industries, especially the
smaller units of manufacture, diStribu-
ton and agriculture, should not be
burdened with unusually high interest
rates resulting from security eXceSSes. u
American business has repeatedly de-
clared its aversion to armed conflict
and to profit making influence by the
misfortunes of war, the chamber de-
clared in adopting the principle Of re-
duction of armaments.
THE relief of humanity from the
intolerable sacrifices of war and its in
centuries have prevented the highest
development of civilization, represents
the worlds great challenge to the intel
ligence of statesmen. We pledge our
unqualified support to our President and
our Government in every effort toward
the suppression of war as an instrument
to national policy
Other Resolutions Adopted.
Other resolutions adopted in the re-
port of the committee put the chamber
on record as favoring tariff protection
for agriculture on equality with other
industries, the reduction Of "discrimi-
natory" corporation taxes, and repeal
of the national origins provision of the
immigration law in favor of continuing
the existing quota basis.
Establishment of a new agency Of
the Federal Government to deal COM
prehensively with agricultural problems,
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