Evening star. [volume] (Washington, D.C.) 1854-1972, 1946-06-14
Abbott Tells Bankers
Full Employment
will Be Doubtful
By Edword c. Stone
Sfor Stoff Correspondent

HOT SPRINGS, Va, June IA
Prof. Charles G. Abbott of the Har-
ward Graduate School of Business
Administration told Washington
financiers at the 18th convention of
the District Bankers Associa ton
here today it is doubtful at this
time whether non-financial business
corporations have sufficient assets
to finance a volume OF production
that will give full employment
under normal peacetime conditions.
It cannot be assumed, he said,
that because full employment was
attained during the war 1t can
be obtained under conditions now
prevailing. Prof. Abbott said ma
tional income of $4,000, 900 900
might provide a satisfactory volume
of employment, but he was doubtful
if a national income of such magni-
tude would be attained
Prof. Abbott declared the present
financial situation is fundamentally
different from that of the 1930s or
the 1920s. An error of the first
magnitude, the mistakes and bad
decisions that result from this type
of thinking are every day more ap-
parent, he said. Vital economic fac
tors today are not the same as those
that dominated the 1930s, he said.
Gen. Bradley Speaks.
Gen. Omar N. Bradley, director of
the Veterans Administration, was
introduced to the convention and
spoke briefly.
In his tribute to Washington
financiers In the service, the Right
Rev. Angus Dun, Episcopal Bishop
of Washington. said 600 employees
Of Capital banks entered the armed
services and per cent gave their
lives.
Chester c. Davis, Chicago banker,
noted that about 5000, 600 war vet
Grams are returning to civilian life.
Chief aids to veterans by the banks
involve the element Of time, SYM
pathetic treatment, help to the right
job and most of all a home or place
to live. In this impairment new
field of service, the banks are help
ing themselves as well as the vet
Grams, he asserted.
Banks Cited on Bond Sales.
Wilmer J. Waller, chairman of the
District War Bond and Savings
Bond Campaigns, and Thomas j.
Groom, representative of the Amer
lean Bankers Association in Wash
ington bond sales, presented every
bank in the city with a citation of
merit from the Treasury for past
bond service and the pledge of
further aid in the present cam
paign to stimulate E bond sales to
the public. Hugh Lynch Of the
Treasury Bond Division was lauded
for his great service to Capital bank
ers and bond buyers.
S. William Miller, vice president
Of the association, presided at to-
days session. The program fea-
tured a panel discussion of Govern
ment bonds and interest rates.
The fiscal viewpoint was presented
by Daniel w. Bell, president of the
American Security e. Trust Co. and
former Undersecretary of the Treas
ury; economic viewpoint, by DR.
Charles c. Abbott of Harvard, and
the bankers viewpoint, by Warren
r. Forster, vice president Hamilton
National Bank of Washington.
Keesee is Special Guest.
One of the associations special
guests Is George H. Keesee, who re-
Gently retired from the Federal Re-
serve Bank of Richmond after serv-
ing the institution for more than sc
years or ever since 1t was estab-
lished. He is here with Hugh Lynch
president of the Richmond Reserve
Bank.
Two other guests, Ernest E. Her.
rell and L. Bert Nye, have attended
every one of the 28 out-of-town
conventions. Francis G. Addison
jr., president of the Security Savings
g. Commercial Bank, and a former
president of the District Bankers
Association, holds the same record
Tomorrow's program includes the
election Of officers and an address
by Raymond M. Foley of the Federal
Housing Administration. Members
of the District association who arc
members of the American Bankers
Association will elect their ABA
representatives for the coming year
A. Scott Offutt presiding.