Evening star., 1934-12-14
FAV0RS REVISION
Of RESERVE ACT
ABA. Chief Urges Changes
Based on Sound EvoIu-
tionary Processes.
BY EDWARD C. STONE.


function more effectively in the ma
tional interest" are urged by R. S.
Hecht, president of the American
Bankers Association. He declares
that banking laws and also voluntary
changes in banking practice should be
based on sound evolutionary processes
rather than On sudden impulse
In an address on Banking Evolu-
ton" before New York Chapter.
American Institute of Banking, Presi-
dent Hecht also urged early enactment
Of a new Federal deposit insurance
law embodying such features of the
present temporary plan as would limit
the amount insured for any one de-
posit account to $4,000 and definitely
fix the maximum assessment to which
banks would be liable in any year
within an amount or ratio that would
not imperil reasonable earnings.
Referring to the recent successful
efforts of the bankers to bring about
better understanding between business
and the administration in Washington
which appear to me to be of the ut
most Importance" Mr.. Hecht said
"The offer of cooperation which the
officers of the American Bankers
Association gave to the administration
has been received by the President and
the heads Of his most important de-
partments with the utmost cordiality
and we know that much good will
come of this sort of cooperation.
1T is gratifying and reasSuring that
the men who are charged with the re-
sponsibility of representing the asso-
citation have the opportunity to present
their viewpoints and suggestions to an
administration convinced of their sin
cerity.
1T is not given to man to see with
certainty into the future, but l De-
lieve that business cannot afford to
give as an excuse for continued in
activity the fact that difficulties lie in
its path and that no one is able to
give us a guaranty of certainty con-
cerning future developments. The
only way in which these uncertainties
can ever be removed is for all of us
to take an active part in helping to
solve the great questions which al
feet business recovery.
There is ample evidence that the
events of the past five years have only
retarded the growth and progress OF
America. Our industries will recover.
confidence will return and our present
social, economic and financial struc-
ture improved and purified by ex-
perience, will live on. 1 know bank
ing evolution is going on along sound
lines. Bankers will resolutely face the
future Mr.. Hecht said.
White Addresses Accountants.
DR.. Wilford L. White, chief. mar
keting research and service division,
Bureau of Foreign and Domestic
Commerce, addressed the Washington
Chapter of the National Association
of Cost Accountants Wednesday eve
ming at the Carlton Hotel on The
Uses of Accounting in the Determine
ton of Marketing Policies"
DR.. White pointed out that with
domestic market which is rapidly
reaching maturity, with production
processes which are still susceptible to
much modification, with new products
coming into the market daily and with
the public becoming more and more
sensitive to changes of all kinds, it is
necessary for every good marketing
man to be conversant with acceptable
accounting practice and for every &C
countant to keep in touch with current
marketing developments"
"One of the greatest contributions, s."
DR.. White said, which accounting can
make to marketing policies lies within
the field of pricing. Pricing is without
question one of the most important
and difficult of marketing policies to
work out equitably for all concerned.
1t is at the heart Of many Of our ma
tional economic problems. Account
ing, by continuing to develop more ac-
curate costing methods, can do more
than any other group to lift pricing
out of the realm of guesswork."
The meeting, which was preceded by
a dinner celebrating the second ami
versary of the chapter, was presided
over by William H Churchill, control
Ter of Peoples Drug Stores. Among
the guests participating in the celebra-
ton were Eric A. Camman and Stuart
c. Mcleod of New York. president and
secretary of the national organization;
Goodwin P Graham, president of the
District of Columbia Institute OF Certi-
fed Public Accountants; George H.
Parker, chief accountant Of the Public
Works Administration, and Corwin D.
Edwards, assistant director of the staff
of the Consumers Advisory Board OF
the N. r. A.
Lanston Is Market Leader.
Lanston Monotype stock led trading
on the Washington Stock Exchange
today, recording nine different sales.
The stock opened at At, off a point
from last week. Then followed five
1O-share sales, a 40-share block, one
25 and another 10-share lot, all made
at 48. The days sales totaled i27
shares. The stock closed with 48 bid
and none offered.
Potomac Electric Power 5l2 per
cent preferred stock sold at Ill again
today, while the same corporations 8
per cent preferred CdLIle Out dL 1oS12
on two 10-share sales.
The only bond trading today was in
Washington Gas IS, 1860. $500 bond
changing ownership at 1922.
Insurance Up 46 Per Cent.
Clyde D. Harrison, manager Of the
Washington Office of the Guardian
Life Insurance Co. of America, report
ed today that during the first 10
months of this year paid production
was 46 per cent above the first 10
months of 1888 over the whole coun-
try. The average for all the agencies
in October was 81 per cent better
than october, 1888, this being the
twelfth consecutive month in which
gains had been scored. The company
will be rs years old in 1885.
F. George Clendaniel, president OF
the District of Columbia Life Under
writers Association, has appointed the
following committee chairmen to ar
range for the annual sales congress
which will be held with the Baltimore
Association at the Shoreham Hotel in
this city on January 18: General
ho DnOorc ppuict 70 tioY