Evening star. [volume] (Washington, D.C.) 1854-1972, 1946-06-15
ID, T.. Bankers Elect
5. William Miller
To Head Association
BY Edword c. Stone
Star Sfoff Correspondent

HOT SPRINGS, Va, June 15.-s.
Miller, president Of the
Union Trust Co., was elected presi-
dent of the District Bankers Asso-
ciation, succeeding Bruce Baird, at
the closing business session Of the
18th annual convention here today.
Richard A. Norris, executive vice
president of the Lincoln National
Bank, was elected first vice presi.
dent; Robert H. Lacey, vice presi-
dent, National Metropolitan, second
vice president, and Albert s. Cat
ey, vice president, Lincoln National,
treasurer.
Nelson B. Harrison will continue
Is the associations general counsel
and Eldridge D. Kendrick as perna-
nent secretary. Robert v. Fleming
was chairman Of the Nominating
Committee.
Final Session Today.
Richard A. Norris, second vice
presided at today's final
session, the program opening with
\ report by Thomas j. Norris, presi-
dent of Washington Chapter, Ameri-
IAN Institute of Banking, on the
past years activities. The chapter
IS sponsored by the bankers as.
ISOLATION.
Albert S. Galley drew vigorous
applause at the conclusion of his
33d annual treasurer report, which
showed he had not only balanced
the budget, but had a reserve fund
on hand. The report of Secretary
D. Kendrick reflected an
busy year.
Preston Delano, controller Of the
currency, declared that in extri-
eating themselves from the unset
tied condition Of war, people are
finding the way back to normal
thinking hard. Since the war con-
ditions were wholly out Of proper
ton to anything that ever occurred
before, the Nations f1nanciers are
going to have to do a great deal
of original and different thinking
along banking and economic lines,
he said.
Problem Of Deposits.
The huge rise in banking deposits
means problems to meet entirely
outside of former experience, he
said, with old remedies no longer
workable.
Chairman Miller also introduced
Maple T. Harl, chairman of the
Federal Deposit Insurance Corp;
Hugh Leach, president of the Fed
eral Reserve Bank of Richmond,
and George H. Keesee, who recently
retired from the Richmond Reserve
Bank after 80 years service.
A message of greeting was read
from Frank j. Rathje, president of
the American Bankers Association.
Presented by Charles H. Doing,
resolutions were adopted to the
memory of William H. Baden, late
vice president and trust officer of
the Washington Loan g. Trust Co.
Offered by the presiding officer.
Mr.. Miller, similar resolutions paid
tribute to the memory of George E.
Hamilton, for many years service
as vice president and trust officer
of the Union Trust Co.
In yesterdays discussion of Gov
eminent bonds and interest rates,
Daniel w. Bell lauded the Govern
ment's handling of war financing, a
program in which war expenses were
financed on an average of tx per
cent interest against ~ per cent
in the World War.
Warren r. Forster predicted very
little change in Government rates
for long time. -.
Stresses Housing for Rent.
Raymond H. Foley, commissioner
of the Federal Housing Administra-
ton, speaking on lending duties in
veterans housing" declared that
much more emphasis must be placed
upon housing for rent even though
it is inevitable that high costs will
result in higher than normal rentals.
A young veteran can better afford
to pay somewhat too much rent
temporarily than be bound for Is
years to too great debt because of
a too high sales price.
I'VE shall put forth every effort
and offer every practicable induce
ment to increase substantially the
ratio of rental housing produced,
Mr.. Foley asserted. There are very
definite investments and lending at
fractions in that field the speaker
said, as he urged bankers to turn
their attention to it.
The ample supply of money and
the sharply inadequate supply of
housing and materials for the pro-
duction of houses create the most
serious problem confronting us in
the home building and financing
field" Mr.. Foley continued.
THE cost of housing remains too
high and more discouraging still
is the trend of costs which continue
upward. If this situation continues,
1t will mean that we will be unable
to provide housing within the rea-
sonable ability of the average home
seeker to acquire quarters at .
rental price within that ability.
Private Enterprise Can Meet Need.
II am convinced that the great
bulk of the housing need, can and
ought to be met by private enter
prise. am also convinced that
private enterprise will fail to meet
this responsibility unless we are
able to check and reverse the pres
ent trend in housing cost" Mr..
Foley declared.
Unless the upward trend in build
ing costs is reversed, Mr.. Foley add
ed, there may be recurrence of the
collapse of the residential building
market which occurred after World
War I, buyers strike"
Many of the present facts Of
costs are temporary and should dis
appear with an adequate flow Of
materials (. In this market lending
practices must be based on the bor-
rowers ability to pay. Veterans
should be protected so they will not
later lose their homes when unable
to meet too high payments" Mr..
Foley said.
Apartment House Tenants