The Washington times., 1934-10-25
CONTINUED AID
|SPLEDGED To
GOVERNMENT
Association Meets Next Year
In New Orleans; Harmony
Established Here
By EUGENE A. KELLY

Two resolutions - one calling
for balanced national budget
at the earliest possible date, and
the other pledging continuance
of cooperation with the Federal
Government - were unanimously
adopted by the general assembly
of the American Bankers Associa-
ton at the close of their session
here today.
Establishment of a balanced
budget is necessary for the ma
tional welfare and is an impor-
tant factor in world recovery, the
resolution declared. The state
ment continued, however, with
the assertion that emergency eX-
penditureS are at times called for
in the interests Of human well
fare.
Complete Harmony Seen
The two resolutions were seen
as in complete harmony with the
utterances both of the President
and Jackson Reynolds, New York
banker, who spoke before the as
sembly in Constitution Hall last
night.
Segments of the resolution
calling for the balanced budget
were interpreted in official fl
nancial quarters as a gentle re-
minder to the Administration
that the quicker the budget is
balanced the more likely "extrav'
agant expenditures will be
curbed.
Some of the bankers began
leaving for their homes after to-
days morning session. Although
the convention is officially ended,
there will be a golf tournament
tomorrow at the Columbia Coun-
try Club.
Meet Next In New Orleans
Next years meeting of the as
ISOLATION will be held iE New
Orleans, the home town Of the
newly elected president, Rudolph
S. Hecht.
The outgoing president of the
association, Francis Marion Law,
was effusive in his praise today of
the Presidents speech. He said
the President has their assurance
that American bankers have full
confidence in the people. The
Presidents address, in the opinion
of Mr.. Law, pointed the way for
further understanding and coop
erative effort between bankers
and the Federal Government.
Expressions of appreciation to
the President and high-ranking
Government officials who adj
dressed the association during its
convention here were voiced in
the form of resolution.
Budget Demand Blunt
The resolution on the balanced
budget was blunt and to the point.
Expenses cannot be allowed to eX-
coed income indefinitely was one
Of it's points. It continued:
''WhiIe OUTLAWS called for were
greater than those included in
any other peace-time budget in
our history reference is made
to the Presidents message to
Congress last year,, the Presi-
dent wisely took occasion to call
attention to the fact that these
expenditures should not be con-
tinued as a matter of perma-
nent policy"
Reestablishment of a balanced
budget would eliminate the fear
of currency initiation, the resolu-
ton stated.
Fleming Takes Office
Robert v. Fleming, president OF
Riggs National Bank, was indicted
into office as first vice president
of the association. This step auto
matically puts Mr.. Fleming in line
for the presidency at next years
meeting.
Following the conclusion of the
meeting today the economic policy
commission of the association
made its annual report. Business
will increase, the report said,
when it is apparent to the Ameri-
can business man that prospects
for making profits justify his risk
in borrowing from the banks.
The commissions report further
urged bankers of the country to
foster and assist business expan.
sion. This was in keeping with
recommendations made yesterday
by Jesse H. Jones, chairman of
the Reconstruction Finance Cor
poration.
David Lawrence, editor, in an
address before the general assem-
bly, today scored the "braintrust"
trend of Government. His remarks
were greeted with rounds of ap-
plauSe.
Auto Magnate Sees
~ NKS