Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-07
THRIFT AND WORK
URGED FOR RETURN
OF PROSPERITY
Bank Association Official
Points to Recent Growth
in Savings.
CORRECTIVE PROCESSES
ARE NOW IN OPERATION
Improvement in Trade Conditions
Near at Hand, He De-
clares.
BY EDWARD C. STONE.

VIII not come merely Dy WSIlulB lOI
It. declares Thomas F. Wallace, presi-
dent of the National Association of
Mutual Savings Banks. Mr.. Wallace
believes that hard work and economy are
the first essentials of normal rather
than feverish activity.
Nothing proves this more conclusively
than the remarkable progress made by
mutual savings banks all over the coun-
try during the first half of 1880. Their
deposits on July / showed a gain of
more than a quarter of billion dollars
over the previous high total reached in
July, 1929, the exact gain being $685.
672,624. This means that for a consid-
cradle number of people there has been
a right-about-face. Instead of count
ing on endless profits from the fruits
Of speculation they are getting back to
n normal attitude of mind, which in
sures the return of a normal rather
than a feverish and unhealthy activity.
This changed spirit in the minds
of the people of this country gives me
confidence that turn for the better
Is near at hand. It was in 1927, when
we entered upon an era of speculation,
that the real crisis occurred, which
eliminated in the deflation of october,
1929. Just so our present chastened
frame Of mind, If sincerely followed up
by honest endeavor and faith in our
selves and our country, will bring
prosperous 1881.
I'VE are still in the midst of some
of the necessary though painful cor
receive processes which must be gone
through if proper foundation is to be
laid for sound future prosperity. Some
houses that were built upon the sand
are bound to be swept away, but the
value of sound foundations and honest
work thereby will be the more en-
phaSiZed
Many Encouraging Facts.
Meanwhile there are many encourag-
ing facts to be noted. The recession in
building activity is gradually ebbing.
There are fewer unemployed than there
were six months ago. The cost of liy-
ing to the consumer is steadily being
reduced, and manufacturers and whole
salers by wholesome reductions in their
prices have reduced inventories and put
themselves In a sounder financial
position.
IF the retailer will now follow suit,
. and make reductions commensurate
with the prices at which he can buy
new goods, his sales will be greatly
increased and the wheels of industry
Will begin to turn. In proportion as he
delays such actions the return of nor
NAL prosperity will be retarded.
only blind man will shut his eyes
to the fact that the great drouth'
which has cast its blight over our coun-
try this Summer-with its resulting
failure Of crops and lessened sustenance
for live stock-is bad news and must
inevitably retard the full recovery of
business. But so vast are the agricul-
tural resources of our country that, al
though districts and individuals will
suffer, we will still produce a tremen-
dous total. This surely will tend to
show all of us how dependent the
fundamental prosperity of our country is
upon agriculture, and how important 1t
is for the whole country to realize the
Importance Of preserving the vocation
of farming
In short, we must learn anew that
there can be no lasting gain or pros
perity without a corresponding ex-
penditure OF thought and effort"
New Institute Instructors.
Two new instructors have been APP
pointed to teach in Washington Chap
ter, American Institute of Banking
Mrs. Anne Tillery Renshaw will have
charge of a women'S class dealing
with problems of the average business
woman in her daily associations, while
DR.. George Farnham, pastor of the
Cleveland Park Congregational Church,
will conduct course in public discus
sion and debate.
Mrs. Renshaw has an A. B. and educa-
tional degree from George Washington
University, general culture diploma,
School of Expression, Boston, and IL
years college and university teaching
experience. She was formerly national
chairman of the Curry League; chair
man of literature in the local Pen
Women's League, and director of the
Asheviile Summer term, School OF Ex-
preston.
DR.. Farnham received the B. A. de-
gree from the University of Iowa in
1917; B. o. degree from Northwestern
University, and B. D. degree from Yale
University in 1924. He was formerly
head of the public speaking depart
ment in the State Normal School of
Chevey, Wash, and from 1927 to 1880
a special lecturer in public speaking at
George Washington University. He
served in the United States Navy during
the World War.
DR.. Farnham's course will be designed
to meet the needs of business men and
women in the local banks, and the edu-
cational committee of the chapter will
encourage the organization OF debat-
ing team as well as participation in the
chapters speaking contest in connection
with the $4,000 Giannini Foundation
Public Speaking Contest. which offers
annually prizes amounting TO sl,l00.
Worst Times Believed Past.
While recent business changes have
been irregular, the situation affords a
basis for belief that the worst months
of the depression have been seen, as
sertS the National City Bank in its
its latest review. Business has held up
under a combination Of unfavorable con-
dions, viz: Seasonal relaxation, serious
crop scare and a worldwide reaction In
full swing.
Two important industries are hold
ing back the recovery and affect the
prospects for Fall businesS-house build
ing and the manufacture of automo-
biles, the City Bank says in discussing
details of the situation. For the first
half of this year there was decline OF
A per cent in the motor output.
Turning to the drought the review
says: The consensus of opinion seems
to be that the Governments August
report on corn, estimating the crop at
2,212,O00, 900 bushels will not be ex-
ceeded Mr.. Legge, chairman OF the
Federal Farm Board who deprecates
the talk of a general crop calamity,
puts the corn crop at 2000,000,000
bushels. Unquestionably this represents
a serious loss, not so much To the farm
group as q whole as to the general COM