Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-06-13
OF u. S. BORROWING
is DISAPPOINTING TO BANKERS
F. G.. Addison, Jr., Honored by Bank Officials al
Last Session of ''Lunch Bunch'-A. J. Waller
Slated for Secretaryship of Association.

and discussed subjects of general
| banking interest pro and con.
| With the exception of few occa-
sions during the last year, when alb
sent from the city Mr.. Addison has
ably presided at these gatherings and
! has been the leader in debate. the
legal talent in offering solutions 10
| the hundred and one knotty prob
| lens that have been offered, and has
| guided the trend of discussion most
ably and patiently.
Resolutions setting forth these
facts were adopted handsomely en-
crossed, bound in Russian leather and
signed by the bank officials at the last
luncheon.
The attendance was somewhat
larger than usual. From Anacostia
came Maurice Otterback, Brother 3.
A Bowles from Georgetown, F'reder'
lex harrington. president of the
Chevy Chase Bank was there: c. c.
I4amberton came over from the Ma,
tiona Savings, Schriner from the
Merchants Trust, Dupont branch;
John r. Waller from the Information
al. r. Lewis from the Northeast Saw
ings, John Poole from the Federal
American and all the regulars" who
are regular Wednesday attendants
Vice President Moran read the res
olutions and after their adoption pre-
scented the brochure to President
Addison. who, wholly taken by sur
prise, forgot for the moment his
! training and was able to say but a
| few appropriate words in response.
Mr.. Moran made very fine preSenta-
| ton address. and his motion to adopt
was seconded in short complimentary
speeches by Victor E. Deyber Robert
! V. Fleming. Harry V. Haynes and
others.
Mr.. Haynes also paid a beautiful
tribute to Howard Moran. vice prsei.
| dent of the American Security and
Trust Co, who will become president
of the association next Saturday. re-
calling his numerous efforts for the
good of the orga nization prior to and
during his climb from the secretary
ship to the front door steps of the
presidency, and predicted for him a
! successful official term, pledging the
| support and loyalty of the gathering
The affair took on the nature of a
| love feast. disclosing to the newcom-
ers around the board just how friend
| ly the relations are between the bank.
ers of Washington and something of
| the fellowship engendered and tha
community Of interest fostered by the
District Bankers Association.
The wisdom of the official ladder by
| which officers of the association ad
vance has been demonstrated as well
as of the Wednesday lunch gather
| ingS.
Choosing a secretary of promising
caliber he is advanced the second
| year to the second vice presidency.
and the third year to the first vice
presidency and then to the head of
the organization, three-year course
Of training being invaluable
1t is no violation of confidence to
say that W. J. Waller, the genial,
gentle and able vice president of the
Federal National Bank will start after
the next convention on the journey
from secretary to president, following
Howard Moran, w. w. Spaid and r.
V. Fleming, who rotate to higher
offices
McFadden Bill i'm Danger.
John w. OLeary. president of the
Chamber of Commerce of the United
States. has sent the following letter
to members of the House of Repre-
sentatives:
THE provision giving indeterminate
charters to the Federal Reserve banks,
which Is embodied in the McFadden-
Pepper bill, H. r. 3. now in con-
, ference. is the most important piece
of legislation for the welfare of the
country now before Congress. The
prosperity of this country, it's ability
to finance the war and postwar re
construction, without disastrous dis
location of our economic and social
life. was principally due to the Fed
eral Reserve System. This system.
which, almost Immediately after its
Inauguration, was able to stand the
test to which it was subjected should
, at once be placed on permanent
! basis. It's continuance should not be
subject to trading on details of it's
structure or modification Of it's poll
cies and practices.
Continued confidence is necessary
for continued prosperity and national
well being. Should any question arise
in the minds of the American public
over the renewal of the Federal Re.
| serve charters it would be a disas-
| trous blow to this confidence. The
defeat of this provision in the Nc.
Fadden-Pepper bill cannot help but
place in the minds of the American
public and the American business
man such a question.
"On behalf of American business
earnestly t1Iu ToSpeCIlIuIly urge
that you give your support toward
| the immediate enactment of this
provision for the renewal of the Fed
eral Reserve charters. / firmly be.
/! lieve that, if it is passed, the adop-
ton of this proposal will go down
| in history as one of the outstand
ing achievements of the Sixty ninth
Congress"
Hull Amendments the Nub.
The House and Senate conferees
| have not been able to reach any
agreement, the expected deadlock
| having developed over the Hull
amendments which the Senate struck
| out.
J At this time il looks very much as
| if the impasse was not likely to he
| overcome.
Friends of the much needed legis-
lation, to remove all question as to
the future Of the Federal Reserve
~