Evening star., 1936-01-21

Whaley Eaton
Corp, which pub NJ, ~
fishes the maga- ''"
zine Sphere as we'll as an economic
service. was the guesl speaker, pre-
senting very interesting address on
the Outlook for Banking"
In opening the meeting President
Charles H. Doing, vice president of the
Washington Loan &, Trust Co., called
for several important reports. the first
of which was made ty the treasurer,
Albert S. Galley, vice president of the
Lincoln National Bank An interest
ing report was submitted by James D.
Barrett of the American Security &
Trust Co., who is chairman of the as
sociation's Auditing Committee.
Savings Funds Increase.
The report of the Advertising Com
mittee Of the association. made by
Robert l.. Flather, assistant secretary.
American Security and Trust Co., re-
vealed q membership in the 1886
Christmas Clubs of 77.6l4, with total
subscription of S6.332.9l5. Last year
66,154 enrolled for $5,279,575.
The gain of almost 20 per cent Is
considered an excellent indication OF
Improving capital conditions. The
average per member is very nearly
double the amount reported by Christ
mas Club Corp. of New York as the
countrywide ratio. Bankers report
that every walk in life is represented
In their clubs.
Following report on the activities
Of the safe deposit section, report
was presented by Francis G. Addison,
president of the Security Savings &
Commercial Bank, as chairman of the
Legislative Committee.
Victor B. Deyber. chairman of the
board of the Second National Bank,
presented resolution asking action
by Congress which would make Decem-
Der 26, 1886, a legal holiday. Christmas
comes on Friday and bankers believe
that the next day should be a legal
holiday. The resolution was adopted.
Mckee Pays Fleming Tribute.
H. H. Mckee. president of the Ma
tional Capital Bank and of the East
Washington Savings Bank, was dele
gated by the association to pay honor
to Mr. Fleming. He reviewed the
brilliant attainments of the Washing
ton banker which carried him forward
to the leadership of the A. B. A., pre-
senting one of the highest tributes
ever paid any banker in the city.
Mr.. Fleming replied briefly, express
Ing deep appreciation OF the high
esteem in which he is held by his
fellow members in the association. He
then spoke of the special effort he is
making this year through A. B. A.
conferences all over the country to
bring bankers and banking nearer
to the people and bring real banking
leadership back into the affairs of
the Nation. He believes bankers must
do more and more to help and lead
the business interests of the country.
Vigorous applause followed his re-
marks.
Vigorous applause also followed the
acceptance of the Craftsmanship of the
Convention Committee by Mr.. Preston.
Mr.. Preston has been head of the
Union Trust Co. for long time and
is considered splendidly equipped to
do the preliminary work connected
with the annual meeting.
Whaley Looks at Future.
Mr.. Whaley declared the future is
not locked in obscurity. He referred
to recent Supreme Court rulings, the
fact that the Constitution set practi-
cally no restraints upon the financial
functions of Congress, and mentioned
demands which might develop to re-
duce the credit surplus and restore
normalcy in the banking world.
The National Association of Manu-
lacturers, he said,' reports that in the
field Of factory expansion and rehabili-
tation, $4,000, 100000 can be profit
ably spent. The Committee for Eco
nomic Recovery estimates a delayed
demand for durable goods of approxi-
mately $4,000, 100000. The lowest
responsible estimate is $4,000 900 900
and the highest about $s5, ,0OO, 900 900.
Using the most conservative figures,
New York Trust Co. Index, the other
potential spending for miscellaneous
purposes will total $4,000, 10000
AS the wealth of a nation increases
there is a more than proportionate in
crease in the service trades a new
feature to commercial banking and it
happens to take, right now, the form
q small loans, personal loans.
Nor Is it probable the speaker added,
that sufficient weight has been given
to the new industries-air-c condition
ing; the revolution Under way in favor
Of lightweight rail equipment, with
speed; che intent of the Government
to revive the American Merchant Ma
fiue. with new types of ships, the
likelihood of television, marked i'm
provement In navigation Of the air.
Surplus Credit Will BE Used.
Therefore. the speaker said in con-
Gusion, the credit surplus, vast as it
Is today, need not fill bankers or any,
body else with grave concern. It
seems that the Nation Is amply sup
piled with the medium through which
Ill enterprise is conducted, to wit,
credit. Given confidence, every dol
lar Of It will be required for the normal
development Of this country and every
dollar Of Il will be needed, even more
Immediately, should such . devastat-
ing thing Is war occur.
There can be permanent plethora
Of credit In this country that is al
ready finished. an old country that
is content with what it has and does
not intend further to develop its es-
tate, but there can be no permanent
credit surplus in country such as
thts, occupying q whole continent the
exploitation Of which, through utili-
sataon; Of its resources, has scarcely
begun. There Is progress to be financed
such as this Nation never knew be-
fore.
Banking has passed through great
|crisis;E 1t has been rationalized from
top to bottom: It Is in the happy posi-
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