Evening star., 1942-05-26
Constantine Brown
Tells Bankers War
Will Be Long One
Convention Also Hears
Toxotion Expert of
US. Commerce Chamber
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Constantine Brown, foreign COM
mentator OF The Evening Star, told
more than zoo Washington bankers
at the Columbia Country Club today
that the war will be long one and
will be prolonged If the United
Nations try to cover too much ter
ritory in their fighting.
He declared that the Allies must
concentrate on single front and
win the conflict there. No nations
can win the war by fighting on too
many fronts, regardless of the size
of the armies. History proves this
he added.
MI. Browns address aroused spe-
cial interest because of the accuracy
OF his predictions regarding the
approach Of the war, while address,
ing the association three years ago
at Hot Springs, Va.
John A. Reilly, first vice president
Of the association, presided at to-
days session, the program including
special addresses, annual reports
greeting Of honor guests The at
tendance again made record.
Discusses Taxation.
Ellsworth c. Alvord, Washington
attorney, chairman of the Commit
tee Of Federal Finance of the United
States Chamber of Commerce. spoke
on Taxation" He is an authority
on the subject and discussed phases
Of taxation Of special concern to
the banking fraternity.
Preston Delano, controller of the
currency, was a guest of honor. He
was introduced, spoke briefly and
was given a cordial welcome by the
Washington financiers.
Another special guest was D. j
Needham, general counsel of the
American Bankers Association.
Asked for a few remarks, he paid
tribute to Francis G. Addison, jr.,
chairman Of the Law and Legislative
Committee Of the District Bankers
Association. In appearing at many
congressional hearings during the
past year, he has rendered most
valuable service to the banking
interests Of the whole country, Mr..
Needham said.
j. Wesley Clampitt, tr., chairman
Of the associations fiduciaries sec
ton, an assistant trust officer and
assistant secretary of the Union
Trust Co., presented his annual
report.
Officers Nominated.
Following adjournment of yester-
days session, the National Bank,
Savings, State Bank and Trust Di-
visions of the American Bankers
Association held brief sessions to
nominate officers to represent the
local association next year. The
nominations will be reported tomor-
row.
The chairman Of the national
bank division is H. T. Bisselle, Riggs
National Bank; savings division, S.
Wilson Earnshaw. East Washington
Savings Bank; State bank, w. l.
KoontZ, Anacostia Bank, and trust
division, G. H. Pope, Munsey Trust
Co.
Ernest E. Herren and L. Bert Nye
we're introduced by President T.
Stanley Holland as having attended
every one of the "a conventions. Mr..
and Mrs. Albert S. Galley have
missed but one. All were vigorously
applauded. It might be added that
Eliot H. Thompson and Mr.. Addison
hold almost as exceptional records.
Two other guests greeted at to-
days session were Harold Stonier,
executive manager Of the American
Bankers Association and former
executive head of the American In
stitute Of Banking, and George H.
Keesee, cashier of the Federal Re-
serve Bank of Richmond, who has
attended nearly all previous con-
ventions. He is representing Hugh
Leach. president of the Reserve
bank in this district.
Eccles' Speech Praised.
Capital bankers were commenting
enthusiastically today on the ad-
dress OF Mariner S. Eccles, chair
man OF the Federal Reserve Board
His views on imitation drew special
attention.
At one point Chairman Eccles OBJ
served, You cannot have s86 900 :
100000 in buying power competing
Tor $4,000, 100000 of civilian goods
without inf1ationary consequences "
These billions must be drawn off
the civilian markets, partly in taxes
and partly In the purchase of War
bonds and in repayment of debts. he
said. He put it this way:
NOW, when employment and ma
tlonal income are at au-time high
peaks, Is the time to get out of debt
ana 10 save. If we cannot pav off
or pare down our debts In such times
IL we cannot save against the time
when war jobs end-then there
never will be time.
VIC uauSI SCHOOL ourselves to re-
,raln from buying what we do not
absolutely need, putting every sur
plus dollar into paying of debts and
investing In War savings bonds. This
action must come from all of lis
1T Is Just common sense not tn
trade more and more dollars for
1ewer and fewer goods" MIR. Eccles
observed.
Family Dinner" Tomorrow
Today's sports program included
two contests for women, one for the
Eleanor Patterson Golf Cup and a
putting contest.
The mems card included the Hibbs
Cup golf tournament, Karl Corbv
tournament, further playing for the
Norris N. Wright and Haitian Guns
and the annual horseshoe pitching
contest for the Gruver Cup.
Election Of officers will be one of
the highights of tomorrow,s busi-
ness session. Tomorrow evening the
annual family dinner" will be held
the program to include announces
ment Of the winners in all sports
events and the awarding of cups
and other prizes.