Evening star., 1951-06-10

Els ASSOCIATION
at the Home Mr.. Harl
stead here today.
The 19 institutions have around
81 of nonrisk or liquid assets for
every 81 of risk assets. despite an
increase of 177.7 per cent in
loans and discounts in five years
ended last December 80, he said.
Total assets of $1.246. 1853, 900
were up Ill per cent from five
years earlier, with nonrisk assets
representing 66.4 per cent of the
total, and risk assets representing
1876 per cent. Another healthy
development was 32.5 per cent
increase in capital accounts, he
added. They ended 1850 at
SIG, ,509,0 900.
The Federal Deposit Insurance
Corp. has made something of a
record, itself. and upon the final
interest payment of $40 million to
the Treasury on June 30, will not
have a dime of the Government
money with which it
started on January /, 1884, Mr..
Harl declared.
Mr.. Harl spoke in the place of
Senator Dirksen, Republican, of
who was forced to cancel a
scheduled address at today's ses-
sion because of adverse flying con-
ditions.
A major feature of the final ses-
sion was the annual election Of
new officers by a unanimous vote.
and their installation by the out
going president, Hubert T. Bis
selle. senior vice president of Riggs
National Bank. Walton L. San
derson, vice president of Hamilton
National Bank, became the asso-
ciation's 50th president.
Bankers Pledge Support.
George A. Didden, jr., president
of the National Capital Bank, who
presided at the final session, be-
came first vice president, and
Robert C. Baker, executive vice
president of the American Secur-
ity Trust Co., who was this years
general convention chairman, was
elected second vice president.
Albert S. Galley. vice president
OF the Lincoln National Bank, re-
ceived an ovation. and was re-
elected treasurer for his 39th con-
secutive term. Elected to the
council of administration were
Robert H. Lacey, vice president Of
National Metropolitan Bank; Rich
ard A. Norris, executive vice presi-
dent. Lincoln National Bank:
Francis E. Robey, vice president of
the Bank of Commerce & Savings,
and Ralph Endicott, vice president
OF Washington Loan & Trust Co.
Nominations were presented by
Robert v. Fleming, chairman of
the nominating committee.
The bankers pledged themselves
to make every effort to assist
our great Nation in remaining
sound and preserving our free en-
terpriSe system" and approved
resolutions drafted by a commit
tee headed by Francis G. Addison,
jr., president of the Security Bank.
They also went on record as advo-
eating:
Drastic curtailment of every
non-essential Government expen-
diture and subsidy, that the peo-
pies funds may be concentrated
on the war effort.
Maintenance of a pay-as-you-
go policy by the exaction of special
taxes, fairly distributed, as will
offset the extra expenditures oc-
casioned by military requirements.
Full utilization of powers of
the Federal Reserve Board de-
signed to check imitation and re-
strain excess use of credit.
"Sparing use of controls where,
and only as long as, these may be
necessary.
"As little Government interfer-
ence as possible in operating free
markets in the traditional Ameri-
can way.
Maintaining the purchasing
power of the dollar by every
means at our command, thus keep.
ing faith with our people whose
thrift is represented by life insur-
ance. savings accounts and bond
investments.
Bond Program Backed.
Full support of the Govern
ment's program for widespread
of Government bonds
by the public to aid the war effort,
with more emphasis on the VOL
ume of such purchases as an in
flationary check and less immedi-
ate effort to restrict the debt serv-
ice to a minimum.
Continued support of the saw
ings bonds program of the Treas
ury Department and to urge mem
ber banks, their officers and en-
ployes to promote in every way
possible the new series E Bond
Extension Plan"
Mr.. Addison and Ernest E. Her
rell, director of National Capt.
tai Bank, were introduced as the
only delegates present, who had
every annual convention
Of the association.
Hugh Darling of Riggs National
Bank. who represented Washing
ton Chapter. American Institute
Of Banking. and placed third in
the National ALB public speak,
Ing contest at Pittsburgh. repeated
FOR the bankers his prize winning
speech.