The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-07-13
JOHN B. PAYNE
H0NORED BY
BANK
By RICHARD HATTON

Dy NAGANEAhND
President John B. Larner, Of tbs
Washington Loan and Trust Com
pany, announced yesterday the eiec
Tion Of John Barton Payne, chair
man Of the central committee OF the
American Red Cross, to the dlTec'
torate OF the company, The oirec'
tors have also declared the regular
quarterly dividend OF per cent. IL
was especially gratifying to the Off
GERS and directors of the institution
to have at the meeting Chairman
OF the Board John Joy Edison. who
has now recovered from the injuries
received some time ago when struck
by an automobile. Mr.. Edison was
heartily greeted by those at the
meeting and congratulated upon his
recovery.
The new director of the trust
company, John Barton Payne, was
appointed head of the Red Cross
organization by President Harding
and has been an outstanding figure
in the Red Cross work for many
years. Judge Payne was born in
Virginia and has country estate
near Warrenton. He was a prac-
ticing lawyer in Chicago for many
years, later becoming a Superior
Court judge in Cook county. He
came to Washington in 1917 ais gen.
eral counsel of the United States
Shipping Board. and was later con-
nected with the railroad administra-
ton. He was at one time Secretary
of the Interior in President Wilson's
Cabinet.
Reduction OF Debt
''Too rapid reduction Of the gov.
ernment's debt" is reason assigned
for the present disruption OF the
money market by c. r. Childs &
Co. one Of the largest dealers in
government securities in the coun-
try. 1t is declared that this rapid
reduction is cause for present in
flation and credit abundance which
has been utilized in security spec
uIation.
Excessive, rapid retirement of the
public debt by the Treasury" says
the Child's statement, has been an
economic fallacy and menacing pol
icy. Our government has been put.
7 ting capital-over 00.000.000 a
year into the market faster than the
Federal Reserve or member banks
could control or marshal it. and
faster than industry and commerce
could employ it. Corporations have
not employed commercially the cash
obtained from the redemption Of
their holdings of Government secnr-
tiles, which represent much of their
surplus and reserves. History rec.
ords the experiences of other ma
tions which made the same errors
that we in turn have failed to avoid. Z
The Childs' statement says that
we may expect the inevitable restora-
ton OF natural and more normal
credit rates will cause market values
OF Government securities TO again
resume their advance until they
surpass their former record levels
OF low yields and high prices.
In q summary OF Treasury opera
tons the Childs' statement gives
a complete analysis of figures dur
ing the last eight fiscal years and
concludes: Each time the Treasury
bought and retired thirds it injected
into the money market that much
credit and In effect nullified sales
OF Government securities by the Fed
era1 Reserve banks, since one opera
tion offset the other
On Vacation
President Maurice Otterback. of
Anacostia. has left for Clifton
Springs, N. Y, where he will spend
a three weeks vacation.
The vivid green awnings decorat-
ing the expansive white facade of
the Security Savings and CONNER
cial Bank along the @ Street side.
give the institution added promi-
nence in the downtown financial
district.
Following a survey, covering the
last so years. of the port of Balti.
more, second in the United States
in foreign trade. and first in inter-
coastal tonnage westbound via the
Panama Canal, the Baltimore Asso-
citation of Commerce announces that
S8 States of the country now make
regular use Of this port for the
routing of export traffic. while SO
States use its facilities for receipt
of imports.