Evening star., 1943-06-05
0ffutt Elected
New Head Of
D. {. Bankers
ToIioferro, Baird,
Willis Named
Vice Presidents
By EDWARD C. STONE.

BY EDWARD C. STONE.
A. Scott Offutt. vice president OF
the City Bank, was elected president
Of the District Bankers Association
at the 25th annual convention at the
Mayflower Hotel today, succeeding
John A. Reilly.
Sidney F. Taliaferro, trust officer
of the Riggs National Bank, was
named first vice president; Bruce
Baird, president National Savings &
Trust Co.. second vice president, and
Stanley D. Willis, trust officer, Ma
tional Metropolitan Bank, third vice
president. Albert S. Galley, vice
president. Lincoln National, treas
urer for 80 years. was reelected.
Elected to the Council of Admin
1stration were w. T. Vandoren Lib
erty National: Francis G.. Addison,
jr.. Security Savings e. Commercial;
A, M. McLachlen, McLachlen Bank,
and Thomas j. Groom. Bank of
Commerce & Savings. Charles H.
Doing, who represents the associa-
tion on the Executive Council of the
ABA, and John A. Reilly. retiring
president, are also members of the
council
DIR. Cadman Speaks
The convention last night heard
DR.. Paul F. Cadman. economist of
the American Bankers Associa ton.
warn that the United States must be
willing to participate and co Operate
in the effort to establish some degree
of stability in international relations
after this war, or be prepared to
fight a hundred billion dollar war
three or four times in every century.
Speaking on the subject, Post
war international Finance Calls for
Candor,'' DR.. Cadman declared the
United States Treasury is not in
exhaustible, adding that the device
of Federally controlled bank reserves
is both ingenious and useful. but it's
limitations are precisely the same
as those which govern the issue of
printing press money. The needs
OF humanity can best be served if
the United States maintains a SOL
vent economy, he said, declaring
that when millions are asking for
bread, this Nations contribution to
world recovery can be made only if
production is maintained.
Bankers Aid Cited.
John A. Reilly, president of the
District Bankers Association. called
the 25th annual meeting to order
and referred briefly to the brilliant
part bankers have taken in helping
solve the wartime financial problems
OF the past year. the most useful
service being in War bond financing,
ration banking and in assisting busi-
nessmen with problems which they
had never previously faced. They
have also cleared checks in unlim-
tied numbers and have backed the
war program with huge loans, MIR.
Reilly said.
Preston Delano. controller of the
currency, and Hugh Leach. presi-
dent OF the Federal Reserve Bank
of Richmond. special guests, were
introduced and spoke briefly.
In his forecast of postwar condi-
tions, Mr.. Cadman declared that
England and the United States alone
have succeeded in salvaging that
degree of confidence which makes
the pound and the dollar the only
two currencies of immediate signifi-
cance, placing an immense respon-
Sibility on these two nations in the
earlV postwar wears
DR.. Cadman analyzed the So
called Keyes Plan and the White
Plan. better known as the Morgen-
thau Plan.
Choice for Trade.
For the second time in a quarter
of century, DR.. Cadman added, we
are faced with the fact that our
debtors can meet their obligations
only in a type of payment which we
DO not want, or which. at least, we
think we do not want. We are going
TO be extensive exporters, even
though we send as little as 10 per
cent of our total product abroad. and
some way must be found to achieve
stability in foreign
exchange, he said.
The difficult thing that America
has to appraise, he continued. is
whether or not she would rather
enjoy short postwar boom oriented
on future war. or make the trade
concessions necessary to a long time
peace. The painful moment has
come. he said, adding it is particu-
larly painful TO a lifelong Repub-
lican, but it is here. We must so
arrange our tariffs that the nations
whom we want to help will be able
to send lis a considerable portion of
their goods. he asserted
History probably will recognize
a very large debt to Secretary Hull,
not only for his foresight, but for
his humanity, in working out tariff
agreements which not only hurt us
very little as individual producers.
but which benefited us very greatly
as a Nation. he said.
The recovery of prosperity will
come by production and accumu-
lation. DR. Cauman continued. Our
task of internal reorganization will
call for sacrifices, for frugality
which we have alr'nst forgotten in
a decade of devot -. at the shrine
of spending.
Urges Gospel Of Solvency.
Production is our hope. but mar
kets are no less vital. he said, adding
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