Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-01-19

of the 60-40 plan
in meeting the Dis David Lawrence.
trict of Columbia
running expenses.
H H Mckee, chairman of the Tax
alton Committee. made comprehensive
report on the present situation, after
which Robert V. Fleming presented the
following resolution, which was unanl-
mously adopted:
That this association express it's dis
approval of the manner in which the
four tax measures. otherwise known as
the MapeS bills, were passed by the
House of Representatives of the United
States on December l6. 1881. without
giving the residents of the District Of
Columbia an opportunity to be heard in
connection with the methods of taxa
ton provided in said bills.
THAT this association unite with
other business and civic organizations
in the District of Columbia in working
for the retention and the observance of
an act of Congress which provides for
meeting the expenses of the District
of Columbia by taxes aggrcgating 60
per cent of said expenditures and a
contribution by the Federal Govern
ment toward said expenses of a sum
equivalent TO 40 per cent of said total
expenses.
THAT the president of this associa-
ton refer the matters herein set forth
to any standing committee of the as
ISOLATION which may have jurisdiction
over the subject or, with the approval
and consent of the council of admin
istration, appoint a special committee
to represent this association in a con-
ference with other business and civic
bodies on the subject of the legislation
referred to-"
Lawrence Discusses Outlook.
David Lawrence. publisher of the
United States Daily and owner of the
Consolidated Press Association, adj
dressed the bankers on "A Long Look
Ahead" He gave an intensely inter-
esting talk on the involved problems
now facing the whole world and eX-
planned what he believes will have to
be accomplished to complete present
readjuStments. He opened his remarks
by reviewing the World War with Spe-
cial reference to the enormous amount
of capital that was completely wiped
out of existence. He traced directly TO
the World War the present turmoil in
which the world is now engulfed.
Mr.. Lawrence has a way of getting
to the bottom Of things. He did that
last night He said that a noted econ
omist wrote a book before the war, in
which he said it would be impossible
TO finance a world conflict of vast pro-
portions. 1t looks now as if he was
absolutely correct in his statement Mr..
Lawrence added
The speaker said he considers the
present attitude Of Congress as de-
cidedly hopeful. No doubt taxes must
be raised, but at the same time there
Is an effort to balance the budget
which Is of utmost importance. There
is a cry from all parts Of the country
for most drastic economy. which is be-
ing needed. The fact that both parties
see the Importance of this rigid econ
omy is considered most reassuring.
The speaker detailed in a most in
formative way score of the leading
problems which this and other coun-
tries must adjust to bring back world
stability and confidence. He made no
attempt TO say just when the depres-
sion will end, in fact said it was very
difficult subject TO discuss, as condi-
tons are apt to change so much even
IN month.
Many Important Reports.
In addition to the report OF the
TaXication Committee, many other I'M
portant matters were presented by the
chairmen of other standing committees
President G. H. Pope appointed Victor
B. Deyber TO act as chairman of a COM
mittee to draw up suitable resolutions
on the recent death of Cuno H Rudolph
for several years a member of the as
ISOLATION. The members stood for a
moment with bowed heads in honor to
his memory.
Albert S. Galley, treasurer of the as
ISOLATION for 10 these many years, made
his report The high light in this re-
port was the fact that the budget Is
balanced. The association owes no bills.
Edward F. Colladay made a short
talk on the Community Chest, in which
he stated just how much money will be
needed from the banks for this years
drive.
At this point President Pope took
occasion to announce that the Council
of Administration had decided the next
annual convention will be held at Hot
Springs, Va, June to II, inclusive, and
that he has appointed Claude H. Wood
ward, president of the Mount Vernon
Savings Bank, as chairman of the gen.
eral Convention Committee
Mr.. Woodward has already served
the association most acceptably as
chairman of this same committee. He
assured the members that he would DO
his utmost to make the next convention
a complete success.
Distinguished Guests Present.
Several prominent special guests were
prcsent. including Maj. w. O. Woods,
treasurer of the United States: l. l.
Chorpening. chief national bank eX-
sminer of the fifth Federal Reserve
district: DR.. E. A. GoldenWeiScr, dlrec-
TOY division of research ana StaJlStlcS
controllers office; George P. BarSe, gen
eral counsel. inSolvent national banks
controllers office; William H. Donovan
assistant to the general counsel OF the
association: Edgar E. Mountjoy, Wash
iMgton representative OF the American
Bankers Association; Harry King
Washington Chamber OF Commerce
George w. Ofutt. president Washing
ton Board Of Trade, and Walter wyatt
general counsel Federal Reserve BOARD
One of the most interesting reports
which was presented, but which lacf
OF time prevented reading. was that o.
the Advertising Compute, Whlcf
showed that the Christmas SaVlhg'
Club campaign. which ended on Jan
nary IS. smashed all previous RECORDS
in the amount subscribed ara IN th'
number of members. This report /
covered elsewhere in tOdays star
Secretary F.. P. H SiddonS roll cal
showed an unusually large attendance
The guest speaker was INTRODUCED D!
John Poole in a most enthusiastic man
ner end the business session was lol
lowed by buffet lunch.
Aubrey o. Dooley. president OF Wash
lngton Chapter American institute, an
nounced the date of Nle institutes an
nual banquet, invited all the senio
bankers to be present end outlined tn
present plans for this annual event.
Trading on ID. c. Exchange.
Two small sales in Capital Traction
at 20 opened business on the Washing
ton Stock Exchange today.
Washington Gas IS. Eeries A, thel
came to the front, with five sales taking
place at 100, followed by a $1,000 sal
up H. Washington Gas 6s, series b
recorded $500 sale at 1882.