Evening star., 1932-01-30
DIRECTORS CHOSEN
FOR RESERVE BANK
Washington Office Names
Officials to Serve Fifth
District.
BY EDWARD C. STONE.


a class A director in the Federal Re
serve Bank OF Richmond for a three
year term, according TO announcement
in the Federal Reserve Boards latest
bulletin.
Edwin c. Graham of this city has
also been reelected for a thrce-year
term as a class B director in the Re
serve Bank of Richmond, the bulletin
announces. Both these officers were
elected by the member banks in the
fifth district.
The Federal Reserve Board has re-
appointed Robert LaSSiter as a class G
director in the Richmond bank, TINS
appointment also being for three-year
term. The head Office of the system
has also designated William NJ, HOXton
as reserve agent and chairman OF the
Richmond bank for the coming year,
Mr.. Hoxton already having served the
bank for many years in his same posi-
tiOn.
Frederic A. DeIano has again been
appointed deputy chairman OF the
Richmond bank for a term Of one year
All these men are well known among
fifth district bankers and those VINO
were elected by the member banks re-
ceived cordial Washington support.
New "Moses Idea" Condemned.
A view that has gained wide popu-
iarity in the recent past is tnat puSl-
ness REQUIRES a new type Of leader,
"Noses" to bring it out Of the wilder
ness. It is difficult to believe, says the
Guaranty Trust Co., that those VINO
advocate this notion are aware OF us
fun Implications. Stripped OF us
glamorous phrases, the idea IS simply
that of q planned eCOnOmy-a business
dictatorship. For such an end to be
achieved the whole existing economic
order would have to be abandoned;
private initiative, competition ana an
the individualistic features OF hlooelH
society would disappear.
Slowly and cautiously, business Is
irving to build up a more stable type
Cf industrial structure without Sacr-
Tring the automatic adjustments ana
+be incentives to effort inherent IN the
Cornnptitiye system To attempt 10
cain complete control over the entire
Economic mechanism at single stroke
would be to invite disaster.
economic welfare requires dellcate
balance among forces whose magnitude
and compleXity are as yet pey0lu Ille
comprehension of any lndlFluuaI ol
group. Those forces are contlluatAg
getting out Of adjustment ana cauSulS
trouble; but, when LETT 10 tlletllSTLrTS' ,oi,5t
thev automatically return 10 pOIlIO
If balance. the bank review adds.
Sampson Writes on Trusts.
F D. Sampson, chairman OF the
pa-,uers, Committee of the District OF
Coimn,bia Life Underwriters ASsoCla-
+ion is the author Of an artlcIe on
"ReCrliting Life Underwriters Tor Dc
veIopment of Trust Business WHICH
aDpears in the current nunpeI oA
Trust Companies Magazine. Inc WASH
ington insurance man states thaI Ille
most effective approach toward SUI
Cessful cooperation between lIuSC .iIieiI nv
and life underwriters IS thaC "HlCII
can he derived by impreSSlng upon truSU
orosnects the value Of increasing Inelr
fidIICiarv income in creating trusts OF
planning wills by means OF adoIuohaI
life insurance. especially Where luJuIe
income is likely to be inadequate. AU
one point he says: 49, 49,
1T is clearly apparent that the
average underwater is interested hISl'
last and for all time, only IN conllLlS-
sions for himself, and does not grasp
the far-reaching effect Of his work. ne
cannot see beyond the dollar Whlch
may be Just in sight. He lacks IIle
broader vision. He is not interested IN
+hp ultimate results of his work. 10
reach him, one must talk commissions;
it is a language that he understands,
and he will listen eagerly to any mes
sage or plan that to his mind Will mean
more commissions for him.
Much is being done and written 10
give him a broader vision of the great
work in which he is engaged, VIZ, heIp-
ing to provide food, shelter and clothing
for widows and orphans, and each sue
Ceeding year sees a few more OF these
men catching the larger spirit, the
more unselfsh spirit, and learning Just
what cooperation with the banker
means not only in increased commlS-
sions to him, but in service to man
kind"
Discusses Foreign Situation.
Norman E. Towson. assistant treas
urer of the Washington Loan q 1TuSC
Co, who writes frequent reviews on
business and economics, has devoted his
latest efforts to the foreign situation.
After stating that conditions abroad
cloud the 1882 outlook, he says, in con-
clusion:
1T is my opinion that 1882 will dis
close no very startling improvement in
our economic condition: Improvement
there will undoubtedly be- but it will be
gradual and the year will be period
of convaleSCenCe. 1t may be expected
that the end Of the year, marking the
completion of what will undoubtedly be
a most vituperatiVe political campaign,
will COincidently disclose a considerable
net Improvement in business
Bankers Oppose Credit Unions.
Several washington bankers appeared
at the Capitol yesterday in opposition
1,,-l,,. s ITy1c
the District Of Columbia, as advocated
bv senator Capper in a bill now before
Congress. The local delegation was
headed by Francis G. Addison jr.. who
is chairman of the Committee on LegiS-
lation Cl the District Bankers AsSocia-
ton.
Bankers in Washington and else
where also are planning to appear
against the Glass bill. The American
Bankers Association is opposed to GER
tain features of this bill. the big or
ganization planning to train its guns
against the bill with as much force as
possible.
Cleaned in Financial District.
Aggregate subscriptions for the two
certificate series offered by Treasury
was S646 ,O91 500 Of this 1929 900
in 3ls per cent siX-mOnth certificates
and Sl45. .OOOO 900 in 334 per cent one
year certificates will be allotted. Money
is for the Reconstruction Finance Cor
poration.
Great Atlantic & Pacific Tea Co. de-
clared the usual extra quarterly dividend
of 25 cents on common stock in addi-
ton to the regular quarterly dividends
of $3.50 on common, is payable March
/ to stock of record February 3, and
$l.75 on preferred, payable March l to
stock of record February g.
Application for authority to issue and
place in its treasury $25&00,OO0 Of re-
funding arg Improvement 6 per cent
mortgage bCnds yesterday was filed with
the Interstate Commerce Commission
by the Erie Railroad.
Warner Bros. Pictures, Inc, has de-
clared the regularly quarterly dividend