Evening star., 1935-08-10
DEPOSITS MOUNT
IN NEWEST BRANCH
Commerce & Savings Unit
Reports Total Already
Above $500, 900.

Above $500, 900.
The newest branch bank in the city
established by the Bank of Commerce
& Savings at North Capitol and H
streets last November was reported by
officers today TO be making steady
progress" with deposits now we'll above
100000, and new personal or small
loan department established.
Before the close of the year its off,
GERS predict the branch will have de-
posts of more than S500,000.
In addition to the usual depart
ments found in commercial and saw
ings bank, this branc hhas installed
its personal or small-loan department.
The plan for making these loans fol-
lows closely that of the National City
Bank Of New York. Loans are made in
multiples of $50 up to $500 either to
individuals or firms, and payments of
the loans are made in monthly INSTALL
ments. The bank deducts per cent
from the face of the note as its charge.
The other requirements are that the
borrower be permanently employed,
have a good reputation for paying his
debts and have two equally reliable
eomakers join with him in executing
the note.
Francis E. Robey, assistant cashier
of the bank, is in charge as branch
manager and the Advisory Board con-
SiSts of A. E. Giegengack, public printer
of the United States, chairman; Will
liam M Mooney, postmaster, vice
chairman; Leo A. Rover. former
United States district attorney for the
District of Columbia, and Thomas j.
Groom, vice president and cashier Of
the bank. NJ. D. Rosenberg is presi-
dent.
Critical Problems Seen.
The Chamber of Commerce of the
United States in its current Washing
ton Review" declares that public
finance has never given rise to more
sweeping and critical problems than
exist today. The national debt" it
explains, now exceeds S29, 900 900 900.
Appropriations have already been
made for more than $4,000, 100000 of
Federal expenditures in the current IL
months. The very magnitude of these
figures should certainly bring home to
all of US a realization of the gravity
of the problems of public finance in
the United States so long as they are
not deliberately and methodically dealt
with.
The new tax bill highlights these
problems. In its content and in the
method and circumstances of prepara-
ton it demonstrates the hazards
which all business enterprises. regard
less of size, will run so long as public
finances are not brought into an
ordered condition. Whatever the other
effects of the bill and however in
equitable they may be. the repercus-
sions on businesses of every size,
through drawing away capital where
capital is mosp needed and in causing
dlSruptions upon the death of any of
the principal owners, would increase
the forces of disorganiZation.
The opposition to such legislation,
which, of course, is contrary to the
principles to which the Chamber has
long been committed by its member
ship, has been expressed to committees
of Congress, through appearance by
members of the Chambers Committee
on Federal Finance, and the nature
of the legislation has been placed be-
fore the entire membership. There
will be no relaxation of the efforts
to keep forward the principles for
which the Chamber stands and at
each stage the membership will be
Informed of developments"
Ayres Paper in Demand.
Leonard P Ayres, vice president of
the Cleveland Trust Co., well-known
economic analyst, finds great demand
for his monograph, The Chief Causes
of This and Other DepressionS,"
which already has been distributed to
about 10000 persons.
In brief summary of this mono
graph carried in the current issue of
the Cleveland Trust Magazine, Col.
Ayres declares that the country now
is in what he calls the secondary
postwar depression, which involves
almost all nations all over the world"
This is the sixth year of this de-
preston" he says, but it is in the
22nd wear of the causes of the depres-
sion, for this most serious of modern
periods of hard times had its roots in
the World War and so its true origins
yearh hack into 1914"
Cycles Linked to Wars.
Great wars" he says, appear to
produce regular sequences of economic
results which we may identify as Cd
commodity price imitation, (2) farm
prosperity and farm land speculation,
90 price defation and short primary
postwar depression, "a period OF
city prosperity and widespread specu-
lation, 50 secondary price def1ation
and long secondary postwar depres-
sion.
Economic developments have fol-
lowed this specialized pattern of move
ment and sequence during and after
other great wars, and they have done
so during and since the World War.
Stability of business activity de-
pends on the stability of the funda-
mental conditions under which busi-
ness operates. This cannot be created
by any simple legislative formula. 1t
involves persistent adherence to at
least seven national policies; peace,
sound money, balanced budgets, sound
banking, the restriction of credit to
loans justified by earning power, the
restriction of speculation, govern
mental regulation of business to pre-
vent abuses, dishonest competition,
and exploitation, but not to control
wage and price competition or to favor
special groups"
Financial District Notes.
Albert H. Galley. vice president of
Lincoln National Bank, has returned
from vacation at Ocean City, N. J.
Lanier P. McLachlen, president of
NKoT onaia, popLi,,o Noyyn ic ~, 1,ooo