Evening star., 1935-05-14
HELP PDRAFTLAWS,
BANKERS ARE TOLD
A. B. A. Chief Favors Slow
'Tapering Off of New Deal
Agencies.
RY EDWARD C. STONE.

President r. S. Hecht of the Amer
ican Bankers Association in an ad-
dress before the Oklahoma Bankers
Association urged gradual tapering
of of New Deal agencies, at the same
time insisting that bankers them
selves must aid in working out laws
"that are certain to be passed"
Washington bankers today expressed
full accord with these sentiments.
Pending legislation, if passed in
the form in which it was originally
introduced, would, in my opinion.
sound the death kneu of the private
banking system of this country"
President Hecht asserted, and then
added:
THE wholesale entry Of the Fed
eral Government into practically all
of the phases of the banking business
is being viewed with growing alarm,
not only by bankers but by all
thoughtful students of our economic
welfare
mo one will deny that many of
these alphabetical organizations were
necessary at the time they were Gre
ated to bring about safe and prompt
adjustment of the Nations financial
and banking structure which was
shattered by forces of the depres-
sion.
I'VE may all question, however.
whether it Is desirable from any
standpoint that so large part of our
credit activities should remain per-
manently under the control of these
Government agencies instead of being
taken over by the private instrument
ditions, should be able to carry on
their proper part in the Nations eco
nomic life"
Emergency Considered Over.
Comment regarding the Hecht
speech turned to the sweeping pre-
dictions by Charles G. Dawes that the
depression will be over in June or
July. Bankers in this city can't
see the depression going down into
history quite as soon as the former
Vice President forecasts. They hope
he Is right and suggest that he may
have some information in Chicago
which has not yet filtered through to
Washington.
Bankers in the local financial dis
trict, however, do agree that the So
called emergency" is over. They
think it would be of vital benefit to
the country as a whole if President
Roosevelt would make an official an
nouncement that the emergency no
longer exists" and at the same time
launch a very broad curtailment of
emergency measures. Bankers feel
that such q move would have a most
wholesome effect on business and
business leadership, at the same time
arousing thousands of people on relief
to greater efforts toward obtaining
positions.
These views, of course, are very
similar to those expressed by Mr.
Hecht. Bankers are looking forward
to adjournment of Congress as tenn
porarily ending a lot of uncertainty
over legislation, at the same time
helping to restore confidence.
Insurance Men Push Campaign.
With the slogan The sooner you
plan your future, the better your future
will be-" insurance agents were OBJ
serving the second day of Life Insur-
ance week here today. At the OPEN
ing rally Winthrop G. Batchelder gen.
eral chairman, called attention to the
fact that IN the United States there
was s38,000.000 of life insurance pur-
chased every single day last year. Sat-
urdays, Sundays and holidays in
cluded.
John p. Lynch, agent of the New
York Life Insurance Co., introduced
the speakers. among whom were L. H.
Riggles, Phoenix Mutual; Paul Primm,
Mutual Life of New York; Clarence r.
Dooling, Bankers Life; Dwight T.
Scott, Mutual Benefit of New Jersey;
Bill McCombs, Berkshire Life Insurance
Co.; Miss Blanche Weaver, Jefferson
Standard, and James A. Maloney,
Combs in his talk said that more than
$12, 1000, 100000 had been distributed
during the last five years.
Reports are to be filed through the
Is team captains in charge of more
than 400 agents participating in the
weeks activity. The results will be
announced May % at a victory
luncheon to be held at the Willard.
Prices Firm on Exchange.
Capital Traction SIS opened trading
on the Washington Stock Exchange
today, $1,000 selling at 98h. After
call $1,000 more sold at 98. Wash
ington Gas IS, series B, came out |
Mt 104.
In the stock division small lots |
of Potomac Electric Power 512 per |
cent preferred moved at 114H and |
.113. Railway & Electric preferred was
in demand at 1037s, while two shares
of Washington Loan & Trust Co. |
stock changed ownership at 200 fat. |
Carpet Corp. sold at 20.
Election of Charles r. Gay as presi- |
dent of the New York Stock Exchange |
is favorably received by brokers in
the local financial district. The
splendid work done by Richard Whit
ney as head of the exchange will
not soon be forgotten and his per-
sonal friends here think he should
have been retained in Office. The
new administration is expected to
bring the work of the exchange more
prominently before the public.
. Heard in Financial District.
The Treasury announces that about
80 per cent of the First Liberty Bonds
have now been converted into other
issues. OF the total conversions, $685.
.000, 900 have been exchanged into the
.27s per cent bonds and $863, ,000, 900
into the five-year notes.
Robert " Fleming, head Of Riggs
National Bank, and Peter H. Whaley
OF Washington, one of the editors of
the magazine Sphere, will be among
the speakers at the Indiana Bankers
Association convention early in June
at Indianapolis.
The public relations staff of the
Federal Reserve Board has been in
creased by the addition of Ben P.
Adams, formerly with the Literary
Digest, who will be connected with the
'ofice of the New York Reserve Bank.
Reservation requests for the conven-
ton of the District Bankers AsSocia-
ton at Hot Springs, Va, are going in
steadily and an excellent attendance
=. is now assured. The conclave Is only