Evening star., 1941-01-28

At the same meeting Wilmer j.
Waller. vice president of the Ham,
ilton National Bank and member of
the National Defense Loans Com
mittee of the American Bankers
Association. representing the fifth
district, summed up the activities
of his committee. while S. William
Miller, treasurer of the Union Trust
Co., presented a review of business
conditions in the Capital
President A M. McLachlen an
nounced selection of Sidney F..
Taliaferro, vice president and trust
officer of the Riggs National Bank,
as general convention chairman for
the l94l convention to be held at
the Homestead, Hot Springs, Va,
June 5-8. The selection met with
enthusiastic approval. He comes
In line for the association presi-
dency.
Loss Of Exports Stressed.
The most notable effect of the
war was its staggering limitation
of markets for exports" Mr.. Ro-
vensky asserted. The loss of con-
tinental Europe markets cut away
one-third of Latin Americas trade,
or about s550,00O 1000 to 5000 100000
on the basis Of 1888 statistics. To
countries so heavily dependent on
foreign trade, such a blow hits at
more than the foreign exchange
position.
"It strikes hard at the public
fnances-it cuts into revenues and
1t frequently involves enlarged ex-
penditures to carry the depressed
Industries internally. 1t affects Sc
riously the capacity to service debt
while simultaneously creating a sit
.uation that requires more borrow
Ing. 1t necessitates shifts in produc-
ton from one crop to another, from
one industry to another.
while Latin America went about
analyZing the adjustments that
would have to be made, both in
ternally and in import requirements,
We recognized on our part the desir-
ability of softening the impact of
the war, which might otherwise have
reduced dangerously the capacity of
these countries to resist forces that
thrive on economic weakness. forces
that would menace US as we'll as our
neighbors.
Uniting the Americas through
the economic implementation of the
good neighbor policy is vital, and
merits the full-hearted support of
al of us. 1t is an important part of
the defense of our country and of
the American way of life. And, in
addition, it is good business to sup
port this program to the fullest, for
business reasons alone.
Constructive Action Needed.
"This hemisphere is building, not
tearing down. The hemisphere will
be constructing, not reconstructing
In the postwar period. We have
only scratched the economic poten-
tialities of this hemisphere. To do
this job right we must put every
ones shoulder to the wheel-busi-
ness, labor, banks and government,
the speaker said.
1--WE have already had tre-
nnendous lift in our exports to Latin
America. In the first II months of
1910 we shipped $711 100000 of mer-
ehandise compared with s556,000, 900
In the same period of 1885," Mr..
Rovensky said.
On motion of Francis G.. Addison,
3r., the association adopted a reso-
tuition highly commencing and
pledging full support to the Gov
ernment's efforts to cooperate with
South and Central American coun-
tries In establishing hemisphere de-
Tense and closer trade relations, as
outlined in Mr.. Rovensky's address
Special guests included w. D.
Whittemore, vice president, Export
Import Bank; Frank Stemple, with
same institution; Lawrence Clayton,
with Federal Reserve Board; Will
liam N. Payne, jr., president, Dis
trict Building and Loan League;
Frank M. Hall, president, Bond Club
of Washington; Edward A. Locke,
National Defense Counsel; Edwin r.
Williams, Chase National Bank; D.
j. Needham, A. B. A. general coun-
sci, and j. o. Brott, assistant, and
Edward M. Blaiklock, president,
Washington Chapter, American In
stitute of Banking.
Treasurer Albert S. Galley, vice
president of the Lincoln National
Bank, reported the association S
finances in fine condition.
Deceased Bankers Honored.
Resolutions in tribute to three de-
ceased members of the association
were adopted. A resolution in trib-
ute to Robert N. Harper, a past
president of the association, was
presented by Joshua Evans, jr.;
chairman of a special committee.
The other members of this commit
tee were j. Thilman Hendrick and
Barnum L. Cotton.
A resolution in tribute to John
Poole, past president of the asso-
citation, was presented by John A.
Reilly, chairman of special COM
mittee The other members of this
committee were Frank j. Stryker
and L. P. McLachlen. A resolution
in tribute to James A. Soper, late
vice president and cashier of the
Lincoln National Bank, was pre-
sented by Robert H. Lacey, chair
man of a special committee. The
other members of this committee
were I. j. Roberts and George M
Fisher.
John A. Reilly, second vice presi-
dent of the association and presi.
dent of the Second National Bank
was in charge of arrangements fol
the meeting. A buffet supper wa'
served.
Today's Trading on Exchange.
On the Washington Stock Ex
change today so shares of Julius
Garfinckel common stock sold at II
against one other sale this year OF
only 10 shares at 1ll2.
Other issues were neglected; BIZ
and asked prices firm.