Evening star., 1939-01-17

ried. Business without faith, he
capped. He spoke on the same
program with Representative Henry
B. Steagall, chairman of the House
Committee on Banking and Cur
rency.
To-day" continued Mr.. Kuhns,
"the armchair economists who can
read their daily papers and feel
happy about the trend of events,
about craftsmanship, people and
politics-who can still say it's 1889
and all is Welfare the exception,
not the rule.
IF we could pick out just one
devil which encompassed most OF
the unfavorable factors and just
one shining example which tran
scended all the favorable items, we
could concentrate on them and the
problems would be simpler.
Vital Factors Summed Up.
what about imitation the fear of
mounting national debt. the fear
that the deficits are out of hand?
IT this fear could be eradicated or
turned into something less fornid-
able, most of the others would i'm
mediately disappear or become less
important.
"And on the favorable SIDE there
Is the truly phenomenal, unprece-
dented chronological progress OF the
last few years. This certainly has
more meaning, as far as our future
prosperity and Well-belng are con-
cerned. than all the other consid-
erations combined.
I'm every economic sector there
Is great need for all kinds of con-
struction and improvement. The
striking thing is that we actually
have at hand the materials, the
distributive and productive faclli-
ties and the chronological skill to
fill this need. Just as nature abhors
a vacuum, I feel that situation
like this is thoroughly unnatural
and there is only one possible re-
suit, and that is progress.
with such great need of capital,
and equally great supply side by
side, I can't help but feel that these
two elemental forces will get to-
gether.
Flow of Capital Awaited.
For the long term outlook, it
seems advisable at this time to
watch one indicator with special
care, namely-the resumption of a
healthy flow of private capital into
new enterprises and expanding old
ones. When this takes place We can
call it speculation or we can call it
recovery, because it might be hard
under the circumstances to tell them
apart Mr. Kuhns concluded.
Representative Steagan, intro
duced by Robert v. Fleming re-
viewed the brilliant accomplishments
of the Federal Reserve System since
organization, use of scrip in times
of panics, currency stringency and
other serious factors in the days of
financial stress having gone forever.
He discussed the Federal InSur-
ance Corp. and declared that all the
original opponents are now favor
able to it, He believes that the in
surance of deposits can soon be
raised from $1,000 to $4,000 without
any further funds from the banks
There has not been bank failure
in the old sense of the word since
the corporation was established, he
said. The insurance plan has re-
stored confidence in the banks and
is here to stay, he asserted.
He lauded the District Bankers
Association, said there are plenty
more banking problems to be ad-
justed and asked the full COOP
Grafton of Washington's leading
financiers in this work.
Reilly Convention Chairman.
John A. Reilly. president of the
Second National Bank. has been ap-
pointed general convention chair
man for the June conclave to be
held at Hot Springs, Va, President
Hoskinson announced.
Albert S. Galley, treasurer of the
association, as usual reported fine
balance on hand Francis G.. Ad-
olson, jr., reported for the Commit
tee on Law and Legislation.
Deputy Controller of the Cur
rency c. B. Upham was also intro
duced by President Hilleary G.
Hoskinson, Preston Delano, new
controller, was invited to the meet
ing, but he is now in Florida.
Resolutions were adopted on the
passing of George W. White, late
president of the National Metro
politan Bank, and Earle M. Amick,
a vice president of the Riggs Ma
tional Bank at the time of his
death.
Heard in Financial District.
Before more than 200 dealers from
Washington. Baltimore and Rich
mond, the Westinghouse Electric q
Manufacturing Co. gave a dramatic
showing of their 1889 appliances at
the Wardman Park Theater last
night The equipment shown
weighed tons.
Motion picture exhibitors from
80 States are attending the 10th an
nual meeting of the Motion Picture
Exhibitors Board, at the Carlton Ho-
tel. which continues through tomor-
row. Block Booking was the lead
ing topic on the program today.
The 1899 annual convention of the
American Bankers Association will
be held at Seattle, Wash, September
1923, it is announced by Philip A.
Benson, president. today.
Potomac Electric Power 512 per
cent preferred stock sold at 1151a
on the Washington Exchange today
on a 5-share turnover.
Washington Gas Light common
stock is now being quoted ex-divi-
dend on the exchange, today's bid
standing at % with 81 asked
Marshall o. EXnicios of Robert
G. Jones e. Co. was recent visitor
in Wall Street on business trip.
Building permits in Los Angeles