Evening star., 1932-06-17
INDUSTRY REVIVAL
MEETING IS HELD
TO SPEED PROGRAM
Washington Committee of
Bankers and Business Men
Discusses Plans.
GREATER CREDIT DEMAND
WILL BE ENCOURAGED
Organization Will Be Expanded in
Effort to Cover Wider, Rep
resentative Field.

The first meeting of the Washington
Committee of Bankers and Business
Men to consider ways and means of
speeding recovery in industry was held
late yesterday at the Riggs National
Bank
Robert " Fleming. president of Riggs,
who is the Washington banker on the
Banking and Industrial Committee of
the Fifth Federal Reserve District. pre-
sided in the absence OF Edwin Z.
Graham, representative of local interests
on the same committee. The latter
committee was organized in the Fed
eral Reserve Bank of Richmond, Mr..
Graham being elected chairman.
Special Committees Organized.
At the request of Gov. George ].
Seay of the Richmond Reserve Bank,
special committees have been organized
in the District of Columbia, Maryland,
Virginia, West Virginia and North and
South Carolina in order that industrial,
financial and business leaders may con-
slider their own vital local problems and
work out methods to relieve them. This
action was taken at the request OF
President Hoover, who asked the II
Federal Reserve districts to organize
such committees and seek ways of max
ing greater use of the credit expansion
offered by the Federal Reserve banks
through recent open-market operations
in the purchase OF Government Sc
curitieS.
Every member present at yesterdays
meeting here expressed his ideas of the
best ways of speeding up recovery, and
many valuable suggestions were made.
One aim is to produce greater demand
for credit on the part of business which
the banks are ready to furnish.
Members of Committee.
The members of the local committee
to date include:
Lloyd B. Wilson, president. Chesa-
peal;e g. Potomac Telephone Co.; VIII
liam F. Ham. president. Washington
Railway g. Electric Co; John j. Hanna
president Capital Traction Co., Marcy
L. Sperry. president, Washington Gas
Light Co: J. F. NJ. Bowie president,
Real Estate Board; Harry King, presi-
dem, Washington Chamber OF Com
merce: Ben T. Webster, president,
Washington Board of Trade: Mark
Manufacturers Association: Frank Jel-
left. merchant; w. W. Everett. vice
president and general manager, Wood
ward & Lothrop; E. c.. Graham, presi-
dent, National Electrical Supply Co.:
Julius Carfinckel, merchant, and H. H.
Mckee, chairman, District of Columbia
Clearing House.
Chairman Fleming also is member
end Hilleary G.. Hoskinson, vice presi-
dent of Riggs National Bank, is secre-
tary. Mr. Eoskinson also is secretary
of the Fifth District Committee, hav-
Ing been appointed to that office at the
organization meeting in Richmond last
week
After a thorough discussion of the
present situation in the Capital, it was
decided to expand the committee in
order to include more lines of business.
Additions to the committee will be an
nounced shortly and a meeting of the
enlarged group will be held June %.
The committee organized in Richmond,
Of which Fleming and Graham are
members, also is to hold an important
meeting soon.
Committees to Act Together.
The local committee will act in unity
with the five other committees in the
fifth Federal Reserve district under
guidance of the two local members OF
the main committee. 1t is the opinion
at the Richmond Reserve Bank, how
ever, that each committee must work
out its own salvation largely. on ac-
count of its familiarity with local con-
ditionS and needs.
1t was reported here today that
similar committees in New York, Phlla-
delphia, Chicago and other reserve dis
tricts, are also getting under way. with
the expectation Of increased demands