Evening star., 1943-09-13

DBlllS Dd1lk ~,' AI' iNi' Visshs.
president in Hartsville. S. C.
AS chairman of the ABA Commit
tee on Federal Legislation, Mr. Wig
gins has spent a great deal of time
in the National Capital during the
last year. He has an unusual num-
ber of close personal friends among
financiers here, both in the financial
district and in Government circles.
BY ability and hard work he has
earned the honor of being advanced
to the presidency of the ABA, his
associates assert.
The election of two other officers
Is also gripping the attention of
Capital financiers. Without opposi-
ton, the election of Wilmer J. WAL
Ter, vice president and cashier of the
Hamilton National Bank of Wash
ington, as national ABA treasurer is
held to be certain, while w. Ran
dolph Burgess, vice president of the
National City Bank, is the uncon-
tested candidate for vice president
Weeks ago he was rendered the full
support of the District Bankers As
sociation, as was Mr.. Waller.
Postwar Planning Urged.
In the first important report of
the convention. the ABA Economic
Policy Commission today urged that
postwar economic planning be un-
dertaken at once, with mo backing
away from international response
bilities."
Initiative and enterprise must be
revived, international currencies
stabilized, permanent peace estab-
lished. The changing value of money
ranks close to the hazard of war, the
report said, various proposals being
analyzed including the Keynes and
White plans
Basically, the Commission con-
cluded, stable money is possible only
with stable national economies. The
first requisite is a dollar free of all
restrictions, dollar in which the
world has full confidence Another
step should be the establishing of
definite rates between the dollar and
the pound sterling-currencies in
which the major part of world trade
has been conducted for the last
century.
"It should again be emphasized
that the United States cannot sue
ceSsfully promote international
monetary stability without balanc-
ing the budget and checking intla-
tionary influences" the report
added. coincidence in the dollar
would be further enhanced by a
clear-cut policy making the dollar
with no deviation from the present
value"
The Commission called for action
toward seven objectives: Relief for
ravaged nations to avert starvation
and help restart industry; prompt
peace adjustments; collective secu-
rity in the way of guarantees
against war; monetary stability;
lower trade barriers to broaden in
ternational commerce; reducing of
business cycle swings; and making
available ample credit and capital.
Delano Attends Conference.
Preston Delano, controller of the
currency, is at the ABA conference,
as is Ronald Ransom, Federal Re-
serve Board governor.
The Washington delegation has
been increased by the arrival of
Arthur w. Crawford and John J.
O'Connor, United States Chamber
of Commerce: Clarence F. Burton,
president, City Bank; James Fahay,
commissioner, Home Loan Bank
System; Col. Francis V. Keesling,
Selective Service System, and Mar
shall r. Diggs, attorney,
ID. c. Store Sales Slump.
Sales in Washington department
stores for the week ended Saturday
September 4, were 3 per cent lower
than in the corresponding week a
year ago, the Federal Reserve Bank
CT Richmond reported today. Sales
in the whole fifth district were the
same as last year.
Sales III the Capital were 81 per
cent ahead of the previous week this
year, the report showed. were up %
per cent in the fifth district and 10
per cent in group Of cities. Balti-
more sales were up | per cent.