Evening star., 1948-06-03

/ y
ris cited these figures to show that
the impressive growth of the Capt.
tails banks has not been the re-
suit of the temporary stimulation
of war and its aftermath"
| Noting that Washington's popula-
ton in 1900 was only 278,000, he
pointed to a recent estimate placing
the city's present population at
861 900, with more than 100000
living in the Metropolitan Area.
Tells of Job Survey.
A Government survey indicates
employment in the District will con-
tinue at extremely high levels for
some time to come, Mr.. Norris said.
Federal employment is approaching
wartime peaks again and no reduc-
ton in private employment is. in
sight, the banker declared.
Mortgage lending has remained
sound, he said. despite housing
shortage of serious proportions and
increased demands for mortgage.
loans. District banks have taken
an active part in the American
Bankers Associations effort to re-
strain credit as check on imitation,
| Mr.. Norris asserted.
Referring to the proposals to in
crease bank reserves as another
step against imitation, Mr.. Norris
said the banking industry is in
debted to Robert V. Fleming for
| the opposition which he voiced in
behalf of the advisory council OF
the Federal Reserve Board in con-
gressional hearings on this meas
ure.
The increase in bank reserves was
urged vigorously by Mariner S.
Eccles, a member of the Federal
Reserve Board, who Is a guest at
| this convention.
New Associate Members.
| Mr.. Norris reported the Seat
Pleasant Bank and the Bank OF
Bowie have become associate mem
bers Of the District Association.
| The Bankers Association, now
located in the American Security
Building, is looking for larger head
quarters, Mr.. Norris said. The
American Institute of Banking
shares the present quarters.
| Theodore P. Cowgirl, president OF
Washington Chapter. American In
stitute of Banking, reported attend
ance at educational classes had
reached an all-time peak during
the year.
Speaking on Fiscal Policies and
the Economic Outlook" George B.
Roberts, vice president of the Ma
tional City Bank of New York, de-
clared control of the budget is, one
of the most critical issues facing
America. 80 Z
Must Begin With U. S. Spending.
"If we are to avoid adding now
to inflationary pressures, the place
to begin is with the biggest spender
of them all, the Federal Govern
ment." he said.
THE question" Mr.. Roberts
added, "is not merely one OF battling
imitation. but involves also the long
range effect on our people and our
economy of the Federal, State and
municRal governments spending
one-quarter of the national income,
with the heavy tax load that goes
with it."
Mr.. Roberts praised the efforts OF
the Appropriations Committees of
Congress to hold down Federal out
lays, and urged the need for leader
ship by the executive in striving
for economy.
Today's program opened with an
invocation by the Rev. Craig E.
Eder, rector of st. Thomas Church,
here. The attendance of 325 men,
bers and guests is the largest on
record.
Frederick P. H. Siddons, vice pres
ident of the American Security &
Trust Co, was appointed chairman
of the Resolutions Committee, and
Mr.. Fleming, head of Riggs Ma
tional. chairman of the Nominating
Committee.
A three-day sports program was
to start this afternoon.