Evening star., 1934-06-17
S|DDONS NAMES
TWO COMMITTEES
FORD. c. BANKERS
Publicity and Audit Groups
Headed by FIather and
White.
A. |. B. SESSION HEARS
INTERESTING ADDRESS
Law Expresses Faith in Future.
Wolfe Cites Misconceptions
of Financial World.
BY EDWARD c. STONE.

of the District of Columbia Bankers
Association and secretary of the Amer
lean Security & Trust Co, yesterday
announced the appointment of two
committees under the new administra-
sion-Publicity and Auditing
Members of the Publicity Commit
tee are:
Robert L. Flather, assistant secre-
tary, American Security & Trust Co.,
chairman; Aubrey o. Dooley, assist
ant trust officer, Hamilton National
Bank, vice chairman; William v.
Simmons, assistant cashier. Liberty
National Bank; Nelson B. O'Neal, as
sistant vice president, Riggs National
Bank; Eliot H Thomson, publicity
manager, Washington Loan & Trust
Co., and Barnum l.. Cotton, real eS-
late officer, National Savings & Trust
Co.
The Publicity Committee is one Of
the important committees of the as
sociation. Mr. Flather, the new chair
man, has been active in the affairs
of the association, having served for
a number of years on the Advertising
Committee.
J. Frank White, vice president and
cashier of the National Bank of
Washington, has been appointed
chairman of the Auditing Committee
for the year l9345 John M. Riordan,
vice president of the Bank of Com
merce & Savings, will act as vice
chairman. Other members of the
committee are j. Damn Faber, auditor,
American Security & Trust Co.. and
Edison B. Olds, vice president, Union
Trust Co.
Mr.. White, the chairman, has long
been active in the affairs of the as
sociation, serving as chairman of the
various standing committees and COM
mittees at the annual conventions.
Bankers Must Study Changes.
Banking is necessary business and
will endure, but in order to endure, it
must be the right sort of banking
and the right sort of management,
according to Francis M. Law, presi-
dent of the American Bankers As
sociation. In his address here a few
days ago, he said the American In
stitute of Banking commands, and is
entitled to, great respect, because its
major objective Is to teach and pro-
mote the right kind of banking.
Business men everywhere, he said,
and especially bankers, will do well
to recognize and to understand the
many changes that are occurring.
Only in so doing will we get any
where in dealing with them. Take
the blinkers off and look at the world
as it really is. 1t is fatal to be OBJ
sessed with the belief that any and
all changes from the existing order
is heresy.
Mr.. Law told the Junior bankers
that he did not know a single man
or woman who had made a success
of banking who had not been a
hard worker. Bankers should not ex-
pect to get rich, but rather to serve
their depoSitorS, stockholders and So
ciety. Il could wish that no man
in the banking business would covet
great riches was the way he put it.
Private initiative commands
greater premium today than ever, and
wonderful opportunities are sure to
come to those who are prepared for
the future There is no good reason
for pessimism, in Mr.. Laws opinion.
Wolfe Points to FalIacies.
o. Howard Wolfe of Philadelphia
struck right out from the shoulder in
his address en- the last day OF the
session. He declared that there are
many fallacies in public and private
thinking that are of particular in
terest to bankers, as, for example,
that banking laws under which we
operate have been written by bank
ers; that all who operate banks are,
per Sc, bankers; that banks are re-
fusing to make loans; that frozen
deposits represent so much tied up
spending power; that some how these
frozen deposits can be thawed out
without first requiring borrowers to
pay back their loans, or calling upon
taxpayers to make good the losses OF
others, a simple plan which seems to
proceed on the theory that although
many banks have failed, all other
businesses are solvent and can pay
back what they have borrowed that
banks can survive without making
profits.
One fallacy that crops up very
frequently, he added, is the theory
that the Government can and should
operate the banks. First it should
be pointed out that there is no other
business, public or private, that is
so closely restricted and regulated as
the banking business Not a bank
failed but that had been subject to
at least two examinations annually.
These examiners are Government
employees, and I have no thought
whatever of criticiZing them in any
wav. but we must not expect the I'M
possible. BY what process can a bank
examiner be a better judge OF credit
than the bank that extended it?"
Every line of his address was in
teresting. He believes the greatest
problem in banking today is the build
ing of public confidence. He said
that President Roosevelt did not close
the banks in March, 1888. He merely
set the date; the public closed the
banks, the majority of which were
sound
Financial District Gossip.
The next annual convention of the
American Institute of Banking will
take place in Omaha Nebr However,
it is doubtful if it surpasses the Wash
ington session in attendance, subject
matter and entertainment.
Norman E Towson, assistant treas
urer of the Washington Loan & Trust
Co, and manager of the Foreign De-
partment, has been elected treasurer
of the Associated Charities.
1t is expected in the financial dis
trict that the new Capital Transit
Co stock certificates will be issued
in the near future, the transfer from
all Capital Traction stock certificates
will be completed at that time.