Evening star., 1931-04-04
M'QUADE DIRECTS
I LIBERTY NATIONAL
New President Takes Over
! Duties OF the Late
: George O. Watson
By EDWARD c. STONE.


q the. IAberty National Bank. assumed
his duties as president today, having
been elected yesterday ct special meet
fng Of the board OF directors, called to
fl the vacancy caused by the death Of
George o. Watson. At the same meeting
che directors elected M. r. Calnan vice
president, In addition to his once as
cashier.
M. McQuade has been connected with
Che Liberty bank ever since II was
founded. He Is q native OF washington
attended the graded schools and Cen
tral High School, and after entering the
banking field, graduated from. Natlonal
University Law School. He IS a member
of the District of Columbia bar and OF
the Sigma Nu Phi Legal Fraternity.
He was one of the organizers, wee
president and director in the old Ciu-
1ens' Savings Bank, which was founded
IN 1906. remaining with the institution
llD to the time of its consolidation WIN
the District National Bank IN 1913. he
became associated with Mr.. watson IN
the organization Of the Liberty Savings
Psnk which began business on october
4, 1917. the bank being nationalized IN
March. 1920. He has been actively con-
nected with the bank since that time.
Active I'm Bankers Association.
The new bank president Is now nrst
vice president of the Dlstrlct 6sIlAelS
Association and is slated for the presi-
dencv in June, according to the assocl-
ation,s established policy OF advance
Ynent IN office. One Of the haroest
workers in the association, MI. Mc-
CorIade has served on q host OF stand
ING and special committees, starting
to climb the oficial ladder as secIeI
tary, He was chairman OF the Hotel
Committee for the recent BANK man
noernent conference, which drew nearly
1000 bankers from eight Eastern SVaVes
and the District of Columbia.
Farlv in his banking career, the pank
oficials became interested in WaSnnB-
ton chapter, American Institute OF
Tsanking. and is a past president OF tnat
Grganization, holding the ofiice IN 1915
and 1919 He graduated from tne IN
stitute with high honors ana served On
the chapters executive council from
1oia In 1922. He has always keep up
his interest in the banking school anc
is now a member of the Institute iacul-
tv conducting the work in creoltS.
Among the organizations to Wnlcn
Mr. Mc0uade belongs are the Univer-
sity. RACQUET, Washington COLI ana
CsoI1ntry clubs, the Columbia Hisporicai
society and the washington Boaro oi
Trade. For many years ne mas psen
a director In the Mergenthaler 1lno-
+v,,a CO New York, representing large
local holdings Of this STOCK.
CaInan with Bank IL Years.
AEr Calnan. the newly elected vice
president. was born In Lonaconmg, Mo:,
SeDtember 16, 1890, and was eoucaIeo
iYi narochial schools of this city. After
esrTiT1C ia months with the A. Z. F.
in the world War, he entered the en-
ToIov of Liberty Savings Bank as
clerk, July %, 1919. In January, 4Szu,
he was elected an assistant cashier ana
IN May, 1922, cashier.
he Is treasurer and member OF the
board Of directors OF ST: vneents
of directors of Catholic Charities and
treasurer and member of the board
Of National Catholic School OF Social
service. He is also member OF the
Congressional, Country ana Clvltan
Clubs.
the board passed resolutions on the
death Of Mr.. Watson, the late president,
for so many years leader IN the nnan-
cial district.
washington in New YOrk's Eyes.
A survey of sentiment in Washington
toward the general business outlook In
the United States, made by the Stand
ard Statistics Co. of New York, ioLoWs
in part; ,..r .,ou,
to accept the incoming reports OF better
business sentiment because 1t was felt
that they might prove as false as the
expectations Of last Spring and because
1t was believed that there might be
great danger in q new dose Of dis
appointment In April and May TINS
year.
there been a general acceptance OF the
better sentiment reports from various
parts of the country and perhaps the
real reason for q modicum OF optimism
now Is that the average price level has
ceased to decline rather than that busi-
ness men are feeling better. The stock
market has been largely ignored as a
favorable symptom because Of the be-
lief that the market was making false
start month or more ago.
Business Pickup Forecast.
''There is no confidence that business
will pick up materially or beyond the
usual seasonal rate in April or May or
even June. These months are assigned
by most Washington authorities to the
crossing OF the bottom of the valley and
the beginning Of the ascent Is expected
in the Fall.
"a feeling Of satisfaction is evident
In Washington that business men now
have their feet on the ground more
soIidly than at any time in recent
months 1t is felt that the business
community finally realizes that recovery
will be a long pull proposition, that 1881
as a whole cannot be greatly better
than 1880, and that 1882 viii be a year
of strenuous effort, with slow, steady,
encouraging results. Such is the Wash
ington tone of caution these days"
Reserve Boards Aid Business.
The easy money policy Of the Fed
eral reserve banks has apparently been
successful in stopping the process Of
bank credit contraction, in the opinion
of the Wall Street Journal. Total
loans and investments Of reporting
member banks have increased more
than seaSonally since the first Of the
year, which means that business is get
ting the benefit Of an increasing volume
Of easy credit either directly or tndi-
rectly.
On March 25 total loans and invest
ments Of reporting member banks in
leading cities totaled $23,046, 900, 900,
compared with S22, ,776 900 900 on Janu-
airy z, increase Of $270, ,000, 900. In the
corresponding period Of 1880 there was
a contraction of S69 ,000, 900. In the
same periods of 1927-28-20 the aver
age increase in member bank credit
outstanding was only $l95.000, 900, and
in none Of those boom" years was the
increase Of credit as large as it has been
this year.
This year the expansion of bank
credit has been along the lines which
reserve authorities predicted namely,
in investments. Since January total
investments have gained $685., 200, 900.
OF this, $668, 900 900 has been in u.
S. Government securities and Sl65,000,-
900 in other securities.