Evening star., 1944-09-17

federal Lending
Seen as Threat
10 Banking
Fleming Challenges
Private Institutions
To Maintain Leud
By HAROLD B. ROGERS.

ernment lending agencies and par
TALLY guarantee loans was a cause
of grave concern" Robert v. Flem-
ing Of this city, president of the
Association of Reserve City Bankers,
last night challenged bankers to
maintain their leadership by max
ing every effort to supply credit
needed both during reconversion
and in the postwar period.
Mr. Flemings message went out to
all members Of the association IN
his report which reviewed activities
of the organization, and pointed to
the present needs of banking
throughout the country. His report
carried weight not only in his ca
pacity as president of the associa-
ton, but also as former president
of the American Bankers Associa-
ton. He is president and chairman
of the board of Riggs National Bank.
Expresses Grave Concern.
While praising banks of the coun-
try for their wartime efforts in War
Bond sales, credit control ration
bank accounts and other work, Mr..
Fleming warned that ION the other
hand the war effort has brought for
ward tendencies and suggestions
that are bound to cause us grave
concern" An example of this he said
was the desire in some quarters for
the creation Of all types of direct
Government lending agencies, In ad-
dition to the partial guarantee Of
loans which were made necessary
by the war effort.
IF banking is to maintain its lead
ership and place as the main sup
plier of credit in the postwar era"
he challenged, I'VE must leave no
stone unturned in our effort to sup
|ply the new and needed types of
credit that must be made available
In both the reconversion period as
well as the postwar era. Withal we
must always bear in mind that the
banker has the solemn duty of pro-
tecting his depositors, providing ade-
quate credit to those who are worthy
borrows, and preserving the interest
of his stockholders and his en-
ployes."
Points to Vital Role.
Banking" Mr. Fleming said, nov
has been recognized as essential to
the economy of the Nation" Both
commercial and savings banks had
been included, he said, among the
II industries which could be classi-
fed by the area directors of the
War Manpower Commission as 90
cally needed"
Mr.. Fleming announced appoint
ment of five committees headed by
the following chairmen: Federal
fiscal policy, w. L. Hemingway, St.
Louis; bank credit, George w.
champion, New York; public rela-
tions, Arthur w. Kincade, Wichita:
bank supervision, William Taylor,
milwaukee: Federal legislation, Har-
old V. Amberg, Chicago.
| ABA Farley Scheduled.
Plans are being completed by
group of Washington bankers to
leave late this week for the second
war service meeting of the hmeri-
can Bankers Association, September
"a to 81, at the Stevens Hotel, Chi
Iclgo
Washingtonians occupy some i'm
portant posts in the ABA and will
participate in preliminary sessions
next Sunday. prior to official OPEN
ing of the sessions Monday. John A.
Reilly, president of Second National
Bank, is the ABA vice president fo-
the District of Columbia Francis G.
Addison, jr.. president of Security
Savings & Commercial Bank. chair
man of the ABA Federal Legislation
Committee. will participate in dis
cussions over this vital subject.
Wilmer j. Waller. president of
Hamilton National Bank, who was
recently named chairman of the
lDistict of Columbia War Finance
Committee succeeding Mr.. Reilly.
will attend in his capacity as treas
urer of the ABA.
Groom Is Committeeman.
Thomas j. Groom. president Of
the Bank of Commerce & Savings.
will participate in his capacity as
the new District of Columbia ma
tional executive committeeman, sue
ceeding Charles H. Doing of Wash
ington Loan & Trust Co.
President Fleming OF Riggs Ma
tional Bank, and former national
president of ABA will attend as
usual.
The Washington staff Of the ABA
will be represented by D. j. Need
ham. general counsel ABA, and j. o.
Brott, assistant general counsel.
Other Washington bankers who
plan to go include: A. Scott Offutt.
vice president Morris Plan Bank; T.
Stanley Holland, vice president and
trust officer American Security g.
Trust Co.; r. j. Dooley, vice presi-
dent and cashier, National Bank OF
Washington; Nelson B. ONeal. vice
president Riggs National Bank: S.
William Miller, and L. Clark Brown,
vice president of Union Trust Co.
The gathering known as a war
service meeting" will accent postwar
plans for banking service to business
and agriculture. There will be
notable group of speakers. including
William M, Jeffers, president of Un-
Ion Pacific Railroad. former United
States rubber administrator; Ed
ward D. Odum, solicitor Of the
United States Veterans Administra-
ton, both well known here.
Chester c. Davis, former member
Of the Board of Governors Of the
Federal Reserve System, now presi-
dent Of the Federal Reserve Bank
of st. Louis, will address the after
noon session Tuesday to be devoted
in its entirety to the problems of
country banks.
Gas Sales Increase. <
Washington Gas Light Co. sales
continued to increase both during
the month of August and during the
year 1914 to date, it was announced.
Sales of gas by thousands of cubic
feet increased from 847,835 "mcf" in
August, 1943, to 883,295 in August,
1914, gain Of 4.18 per cent. For the
year to date the gain from 1943 to
1914 was from IL $50 ,345 to 12,618 O69.
or 2.33 per cent.
Store Volumes Higher.
Department store sales in wash-
ington increased 16 per cent dur
ing the week ended September 8
compared with the week ended Sep
tember H., 1943, according to the
Federal Reserve Bank Of Richmond.
During the same period the gain in
co1oC fsor0srnha1,f fhA rsfxr.