The Washington times., 1931-01-09
co N TROLLER
RAPS FALSE
OPTIMISM
Declares Machinery for RecoV-
cry Is Now in Motion;
"Bankers' Night" Is Success

cry Is Now in Motion;
"Bankers' Night" Is Success
False Pollyannic optimism is a
handicap which must be overcome
in the return of normal economic
and business conditions, John w.
Pole, comptroller Of the currency,
told the Washington Board of
Trade last night at the monthly
meeting held at the willard Hotel.
Heads Of leading Washington
financial institutions were guests
at the bankers night" meeting of
the organization, which was at
tended by approximately 1000.
Mr.. Poole said:
Machinery Set Up
"The machinery needed for a
return to normal conditions is
already set up and functiOning.
So far as the financial aspects
of the situation are concerned
the upward turn can be. begun
so easily that we will not be
aware of the change when it
starts.
I'm the past we have danced
to the alluring tune of false
optimism, emanating from in
flated values and Sky-rOcketing
security prices. Now we are
paying the fiddler"
The recovery from depressed
conditions of past months will de-
pend to large extent upon the
reaction of the public to the con-
flicting reports of confidence and
fear, the latter generated by past
losses and disappointments.
Presidents of Wa h n g t o n
banks, several of whom spoke, re-
vealed that local institutions are
in a healthy condition. They
paid high tribute to Mr.. Pole, who
was described by John Poole, pres
ident of the Federal-American
National Bank and Trust Com
pany as "the soundest man the
country has had as comptroller"
in the 80 years he has been active
as a banker.
AddisOn's Statistics
Francis G. Adison, jr., president
Of the Security Savings and Com
mercial Bank, presented statistics
disclosing that 40 per cent of the
checking accounts here fell below
500 and that 70 per cent were
less than $500.
Robert v. Fleming, president of
Riggs National Bank, called at
tention to advantages found in
the National Capital, such as the
steady Federal payroll, constant
buying power and the extensive
Government builS:ag program.
Elwood Street, director of the
Community Chest, told of the
condition of the chest and the
work still remaining to be done.
President George Pitt, of the
washington Board of Trade, pre-
sided.
Especial pridC is felt by Joseph
T. Exnicios, president Of the De-
partmental Bank, in the record
made in the past five years in
which each 12-months period
shows gain over the preceding
one. Total deposits on Decem-
ber 81. 1880, were $1,259,919.93, a
growth of considerable proper
tions from the record of Decem-
ber 81, 1925, when the deposits
were $515,353.15.
The following officers and di-
rectors of the International Elk
change Bank were reelected at
the annual meeting yesterday:
F. Cuniberti, president; Hugh
w. Barr, vice president; F.. j.
Kaufman, jr., vice president and
cashier; w. E. Burch and L. H.
Hoyle, assistant cashiers.
Directors Hugh w. Barr, Peter
Borras, Henry M. Camp, F. Cuni-
berti, D. Del Vecchio, A di Giro
lamo, Joseph E. Heffron, George
Heon, S. S. Jaffe, F. j. Kauff-
man, jr.; Jerry ,Maitico, Hugh H.
Ozear, Louis Rosenberg, George
c. Vournas and Elias Weinstein.
SThe regular semiannual dividend
Of 3 per cent was declared.
Among the signs that the period
Of depression is nearing an end,
and that 1881 is to be a year of
substantial rebuilding, according
to George o. Watson, president
of the Liberty National Bank, is
the employment by large indus
trial firms in various parts of the
country of men who had been
laid off. Buying power, through
payments of wages, will soon be-
come apparent and other indus
tries will have to resume in order
that depleted stocks may be re-
placed.