Evening star., 1932-12-18
Broker Has Been Chosen as
General Chairman for
Annual Meeting.
GUARANTEE OF DEPOSITS
OPPOSED BY FINANCIER
Sisson Believes Sound Banking
Methods Are Only Way to In
sure Safety of Funds.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Karl w. Corby. partner in the bro
kerage firm of w. B. HibbS & Co.,
has been appointed general chairman
of the 1893 convention of the District
OF Columbia Bankers Association, ac-
cording to announcement made by
President C. H. Pope yesterday. This
is the first step taken toward the an
nual June meeting, which is the most
important gathering OF local bankers
during the year. For many years the
convention has been held at some noted
resort outside of the Capital, so that
the flnanciers can give their undivided
attention to the various banking prob
lens considered and not be interrupted
by routine matters in their individual
banks.
Mr. Corby. the new convention chair
men, was born in Washington in 1893.
He attended the public schools and
graduated from University School in
1911. Entering the Wharton School of
Finance and Commerce, University of
Pennsylvania, he graduated there in
1915. While student in Philadelphia
the Wharton School had several un-
usually widely known economists on the
faculty. including DR.. Emery R. john
son, DR.. S. S. Huebner. DR.. James T.
Young and DR.. Edgar Fahr Smith.
Returning to Washington. Mr.. Corby
entered the business founded by his
father and uncle, remaining with the
company until 1925, when the con-
trolling interests were sold to national
corporation. After severing his con-
nectionS with this firm, Mr.. Corby en-
tered the financial field as a general
,o,tr in, ha of w p EibhS r.
Co. AS member of this firm. he holds
membership on the Washington Stock
Exchange and was recently elected Sec
retary of the organization.
Complete convention committees will
be announced before long. as will be
the time and place of holding the con-
vention. Members who are most deeply
interested in the work of the District
Bankers Association believe that the
value, because of the host OF vital prob
lens in banking which are clamoring
fer solution. Last years conclave was
held at Hot Springs and the bank off,
cials present considered the three fore
noon programs as most constructive and
helpful. According to President Pope
anG Chairman Corby, the standard will
be kept up this year.
Sisson Raps Deposits Guarantee.
Francis H Sisson, president Of the
American Bankers Association, Is
strongly opposed to the guarantee OF
bank deposits. Discussing "The Strength
OF Our Banking System he draws
these conclusions in the Review Of Re-
views:
Sound banking methods are the best
and only guarantee of deposits. There
fore, the only laws that are justified are
those that, on the basis OF experience,
study and careful consideration. formu-
late sound banking methods and enforce
them upon all banks alike. Most banks
do not need such law enforcement. but
the public interest doubtless requires it
in order to insure the security of the
whole banking system.
Il believe that any revision OF our
banking laws which may be undertaken
should be primarily in the hands of
non-partisan, unprejudiced advisory
commission representative Of all ele-
ments in the body polite. I believe
such commission would find that at
heart our banking methods and princi-
pies are sound, that we have already an
ample body of basic law and official su-
pervision, that any changes should re-
late to particular phases and not to gen.
eral revision, and, finally, that the dras-
tlS, tuiiotSy bdV 4iSSSooeAAy SAAoAA6So
in the banking structure during the last
three years have already gone far to
correct the mistakes of the past.
II believe the present structure of
$4,000 good bankS-the real American
banking system-has proved it's strength
and powers of public service in unqueS-
tionable terms during the Nations
greatest economic test"
uIoorJ l., C;r,ro;oy n;cfr;ct
Three local banks, Union Trust Co.,
Liberty National and the Seventh
Street Savings Bank, declared their
usual dividends during the past week.
Several others are expected in the next
few days.
The l3 largest banks in New York
are distributing S24653, 600 in dividends
during the current quarter, according to
a compilation by Hornblower & Weeks.
These banks have never passed a divi-
dend, and one Is l48 years old.
Orrin c. Lester. vice president Of the
BoWery Savings Bank, who is personal
friend of several Washington bankers.
declares that the economic security of
the individual can be brought about
only by means of better education in
personal economics.
He asserts that the major economic
problem of the country is to teach peo-
pie to strike rational balance between
their expenditures for current needs
and the creation of some surplus for the
uncertainties and inevitable demands
Of the future.
Business seems to be resisting the
usual influences making for recession
as the year ends. in striking contrast
with the sharp decline of most indi-
Gators a year ago at this time, Business
Week says. The net change in the gen.
eral level of business activity, after al
lowing for seasonal fluctuations, has
been surprisingly slight during the past
si:, months. Similar steadiness. the re-
view adds, has been evident in stock
prices, the average level of which is al
most the same as 1t was two months
ago.
Ex-Dividend Stocks Recover.
Waggaman, Brawner &, Co.. Inc, in
theirsweekly release call attention to the
fact that New York City bank stocks
now selling eX-dividend. have promptly
recovered the amounts of their dividend
in the market price of these stocks. The
week closed with the average prices
fractionany higher with stock selling
eX-dividend.
Gain in Employment.
NEW YORK, December II (P.-Em.
ployment in fine cotton goods mills has
been better in the last three months
than during the corresponding period o1
the previous two years, mill executives
report. Production was "a per cent
greater than year ago and q per cent