The Washington times., 1934-04-19

and, according Dunbar Hare
to his publicity agent, Mr.. Crow
ley said:
"During the past decade we
have witnessed the failure Of
over 10000 banks. The exist
ence Of many of these banks
was not justified from the point
of view of potential earnings.
To my mind an effort should
be made to discourage the re-
chartering Of this large number
Of banks,.U ch re-chartering is,
unfortunate. going on apace
1T the very moment.
ASKS ASSOCIATION AID
"LOoking at this particular
phase of the situation from
every angle; from the point Of
view of depOsitOrS, as well as
from that Of the executives and
owners of existing banks, 1t
seems obvious that the re-estab-
lishment of unecOnOmic banks
ID a procedure which should
under no conditions, be encOur-
aged. Your efforts to discourage
the re-entrance in the banking
field of many of the units which
have failed, in my estimation
will be a constructive activity"
Mr.. Crowley went on, and, &C,
cording to copies of his prepared
speech, declared that the Federal
deposit insurance act was designed
to aid the small depositor rather
than the person with thousands
in reserve.
He asserted:
"In the first place it probably
will be unnecessary to protect
the large depOsitOrs to the ex-
tent implied in the legislation
as it now exists. After all, the
depOsitOr with from 10 to so
thousand dollars and over in his
account is an individual who is
well able to care for himself.
PROTECTS SMALL DEPOSITS
Deposit insurance is designed
for the small depOSitOrs. The
small depOSitOr must be assured
the absolute protection of his de-
post. The hardships which the
recent untOward economic con-
ditiOns have developed have
been felt most acutely by that
large group Of people whose
right it is to have absolute pro-
lection for those hard earned
dollars which are placed to their
HA NnA
day. It is only just that the Gov.
ernment should guarantee this
minimum protection"
"ThOse who question the con-
StruCtive aspects of a program
whereby minimum amount Of
hard-earned savings of half the
population Of the country is alb
Solutely insured fail to cOmpre-
hend the most fundamental as
poets of American society. The
insurance of such savings which
It is the right Of every man
to enjoy is essentially a Govern
ment function. Just as the Con-
StitutiOn offers every man the
protection of law and order, so
should the Government insure
the protection Of the deposits
Of the masses"
One Of the most interesting
customers men in Washington is
Comdr. j. Dreisonstock, U. S. n,
retired. He's with Westheimer &
Co., managed by his old Naval
Academy pal, A, Harmer ~Duth~
Reside.
Years and years ago, the men
who followed the sea had to
null through a book almost as
large as some of the "every mod
ern-word-included'' dictionaries.
Commander Dreisonstock, how
ever, simplified matters. He re-
wrote that book. Not only did he
condense it, but he added new
ideas. The result is that ship
captains now can keep the book
in their pockets without having
to Scurry to their cabins to look
up a mooted point.
So popular is the commanders
book that it is the guide Of Ad-
miral Richard E. Byrd on his
jaunt to the South Pole.
Karl w. Corby, one of the mem
bers Of the firm of w. B. HibbS &
Co., has been reelected secretary
Of the Washington Stock Ex-
change.
Mr.. Corby also Is secretary of
the District Of Columbia Bankers
Association and as such has
charge of the preconvention din
ner that is to be held on next
Wednesday night at the Columbia
Country Club. Plans for the
annual convention of the asso.
citation scheduled to be held late
in May will be discussed, and
Thomas j. Groom, vice president
Of the Bank of Commerce and
Savings, will preside.
Corcoran Thorn, president Of
the American Security and Trust
Company, is receiving congratula-
tionS today. It's the fifteenth
anniversary Of the absorption OF
the Home Savings Bank by his
institution.
"How will I get there9" Where
VIII we go over the week-end?" These
are questions hundreds Of people are