Evening star., 1953-06-14
District Bankers
.|ndorse City's'
Works Plans
Convention Urges
More Equitable
Federal Payment
By DonoId B. HodIey
Financial Editor of The SSoP

rinonelot eoItoH OF Inc Sfof
ATLANTIC CITY, N. j., June
13.-The District Bankers AS
sociation today Endorsed the
city's 1885 million public works
program, and urged nationwide
support for a more equitable
Federal payment to the National
Capital.
In another strongly-worded re-
solution at its final business ses-
sion here, the association gave
unanimous support to the Eisen-
hover administrations, money
policies. It said progress has
been made toward balancing the
budget and expressed a belief
the administration is doing its
best to follow a moderate pol
icy" Of credit restraint"
Although such a policy will
require some major readjust-
ments (for bankS), it is undoubt-
edly in the national interest, -
the resolution declared.
Highlighting resolutions on the
Districts knotty fiscal problems
was a pledge to support legisla-
ton authorizing the vast city
improvement program. Legisla-
tion for the six-year plan, al
ready discussed with Capitol Hill
leaders, is expected to be intro
duced soon.
Advisory Group Praised.
The resolution commended
Francis G. Addison, jr., an asso-
citation leader, for his service as
head of a citizens advisory COM
mittee which drew up basic pro-
posalS for the public works plan,
The association called on citi-
zens from coast to coast to recog-
nize the inequity of current Fed
eral contributions to Washing
tons expenses. It urged them to
bring their influence to bear for
a greater recognition of Con-
gress's responsibility toward the
Federal City.
A serious gap between senior
and junior officers of Washington
banks and need for education
and training of younger staff
members to step into the higher
jobs was described in another
resolution.
Seen as Result of Two Wars.
This abnormal gap, amounting
to a full generation, was de-
scribed as a by-product of two
wars. The resolution praised the
work Of Washington Chapter,
American Institute Of Banking,
and the Graduate School of
Banking at Rutgers University,
in this direction, and pledged
support to further improve these
facilities.
The resolutions were presented
by Richard A. Norris, president
Of the Lincoln National Bank
and chairman Of the resolutions
committee. Other committee
members were Daniel w. Bell,
president, American Security and
Trust Co.; Clarence F.. Burton,
president, City Bank; Alfred H.
Lawson, PRESIDENT Washington
Loan and Trust Co.
Following his induction into
Office at the final business ses-
sion this morning, the associa-
tion's new president, Robert C.
Baker. said the association faces
a big job September 1923 as
hosts to the annual convention
of the American Bankers Asso-
citation in Washington. Between
1000 and 5000 persons will at
tend. he said.
Cites 1884 Convention.
Mr.. Baker, who has been
named general chairman for the
ABA meeting, said the antici-
pated attendance contrasts with
1928 at the last Washington ABA
convention in 1884.
For his induction, Mr.. Baker
was introduced as the bachelor
vice president" instead of exc
cutive president of the American
Security and Trust Co. He was
escorted to the rostrum by Mrs.
Bell, wife Of the institutions S
president.
At the annual meeting of
Washington ABA members, HUI
bert T. Bisselle, senior vice presi-
dent of the Riggs National Bank,
was elected for a three-year term
on the Executive Council of the
ABA. He succeeds Bruce Baird,
president of the National Saw
lngS q Trust Co.
Thomas j. Groom, president
of the Bank of Commerce &
Savings, was elected a member
of the ABA nominating commit
tee, and President Norris, of the
Lincoln National, was elected
alternate member.
A group of Washington in
vestment dealers showed up at
the convention last night and
brought news that the recent
offering of 852,840 common
shares of Potomac Electric Power
Co., had been over-subscribed
by a comfortable margin OF
more than 1000 shares.
Stockholders took 73 per cent
of the offering and it was under
stood that several large insti-
tutional investors were substan-
tial buyers.
President Addison, Of the Sc
curity Bank, and Ernest E. Her
rell, director of the National
Capital Bank, were introduced
at the final session as the only
ones present who had attended
every District Bankers. Associa-
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