Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-11
ECKERT IS ELECTED
SAVINGS BANK HEAD
President of Paragraph Co.
Succeeds Michael at
North Capitol.
nv EDWARD c. STONE.

John A. Eckert. president Of the Co.
1nmbia Paragraph Co.. was elected
president Of the North Capitol Savings
Bank at q meeting of the board OF d.
rectors held late yesterday, succeeding
Theodore Michael. resigned.
Joseph A. Herbert. ST., OF the real
estate firm OF Joseph A. Herbert e.
Son. was elected vice president at the
same meeting and E. s. Burgess was
reelected secretary.
Mr.. Eckert, the new president, is
widely known in the section of the city
In which the bank is located. He Is
a director of the Washington Chamber
81 Commerce and member of the Mer-
chants & Manufacturers Association
and is deeply interested in both OF
these organizations. Mr.. Eckert was
born in Buffalo, N. Y, and his resided
in this city for the past 40 years.
He has always been engaged in the
hthographing business, being first as
sociated with the Norris-Peters Co.,
we'll known photographers of this city.
In 1894 he became associated with the
Andrew B. Graham Co. remaining with
that firm as copartner and superin-
tendent for Is years. He then estab-
llshed a plant Of his own anG in 1919
merged 1t with the Columbia Plano
graph Co., Of which concern he is now
the chief executive. He has been a
almost since its inception.
Other Oficers Also Directors.
The new president attended the
recent convention of the District Bank
ers' Association at Hot Springs, Va.
and met many local bank officials at
that time The new vice president, Mr..
Herbert, has been a director OF the
North Capitol Savings Bank for many
years. while Secretary Burgess has
served the bank In that capacity for IA
years. 1t is announced that the daily
routine management Of the bank will
be in the hands of F. P. Williams. the
controller, who has also been elected
director. For four years he was treas
urer of the Washington Mechanics Saw
ines Bank and for the past eight years
has been treasurer Of the Army and
Navy Club.
The North Capitol Savings Bank was
organized in 1918 under the direction of
Robert N Harper former president of
located on North Capitol street not
far from the Government Printing
Once. On June 80 last it reported de-
posts Of 81 49,. 984. a gain of $25,71l.ll
over the last previous call on March 25.
The retiring president Theodore
Michael, has not announced his plans
for the future. but feels that he has
dent of the bank for several years.
Reserve Boards Action Praised.
Rating the renewing of purchases Of
United States Government bonds by the
Federal Reserve Board as of extreme
importance as an aid to business re-
covery. the Magazine of Wall Street has
this to say of the Reserve Boards ac-
ton:
Although inviting neither fanfare Of
tr,impetS nor public discussion. the ac-
ton of the Federal Reserve System in
renewing its purchases Of United States
Government bonds is one OF the truly
nnomentous events of the year and
possibly one of deep and genuine sig
nificance in relation to the business
prospect The Reserve Boards easy
money policy hitherto has been con-
fined to successive reductions of redis-
count rates and purchases of bankers
acceptances With these two weapons
interest rates have been whitfield down.
but. due to lack Of demand. such meth
DDS have not substantially increased
the volume of credit in use.
Except for the normal year-end ac-
commodation. the Reserve has re-
Trained from bond purchases since the
middle Of 1890 For months various
economists and financial leaders have
urged that it take this final step en-
ploying its most powerful weapon to
pump credit into the market. But the
Reserve bided its time. feeling that the
purchase of Governments would be in
effective as long as the business slump
continued It's admitted purpose was
to step in at the psychological moment
at what it conceived to be the turning
point in public confidence and In
business.
That 1t believes that potent mo-
ment has at last arrived is indicated
now by It's willingness to adopt a more
aggressive policy. 1t evidently is con-
WINGED that 1t can enter a program of
credit expansion with assurance that
the money will go into productive use
In loans and investments rather than
be nulIifled in excess reserves and re-
duction of borrowings. It is to be
hoped that such a constructive result
will follow"
Banking SympOsiums Planned.
Following some discussion at the an
nuel convention of the District of Co.
lumbia Bankers Association which has
been continued at the luncheon meet
ings of the organization since the con-
vention. it Is understood that the pres
ident, Edward J. McQuade. shortly will
name committee to consider the prac-
tica ability Of arranging for symposiums
Tor the several departments OF banks
and trust companies at which the spe-
cific problems of these departments may
be discussed to mutual advantage
In arranging for these meetings the
bankers association will cooperate
with Washington Chapter, American
Institute Of Banking 1t is understood
that the A. l. B. chapter will also name
. committee to work with the bankers.
The discussion would be for the par
ticular benefit of note tellers cashiers
and collection tellers who are frequently
meeting problems in their own work
which rarely come before the asso-
citation as a whole
Everybody is asking over and over
again just when a sweeping recovery
in business will take place. Here is
the Guaranty Trust Co.'S answer:
IF there is valid conclusion to
be drawn from study of business
fluctuations in the past it is that rather
abrupt changes in the general situation
may be expected to occur at fairly fire.
nuent intervals. but that they will not
greatly affect long-term trends Good
times are quickly followed by hard
times, and vice versa. Business history
does not answer the question as to how
soon or how rapidly we shall emerge
from the present depression. but it does
indicate very strongly that recovery can
be fully depended on to occur, as 1t
has In the past. as a result Of the
natural economic readjustments that
take place during depressions."