Evening Star Newspaper, June 6, 1930, Page 26

B—-10 = - " THE EVENING STAR. WASHINGTON, D. C.. FRIDAY, JUNE 6, 1930. PANIC PROTECTION | ment has more than doubled in 10|E. Purnell, Riggs National, and third, years. by Miss Catherine M. Krieg, Riggs Na- in Following his complete report of all|tional. The three papers showed great | 5 the activities of the institute, the win- | care in preparation, and the authors, ning essays in the contest conducted by |read them in a pleasing manner. A! | the District Bankers' Association were | fourth paper was read by John C. Fran- | read to the convention. First prize was | zoni, Federal-American National, who | won by Miss Frances M. Pearce, Fed-' was given honorable mention by the FOR BANKS URGED Washington Body’s Work Is Pictured at District Group Conclave. BY EDWARD C. STONE, 8taft Correspondent of The Star. ASHEVILLE. N. C,, June 6.—An ad- dress on “The Stock Market Panic of 1929 and Its Lessons” by Robert V. Fleming, president of the Riggs National Bank, and an address on “Economic Restraint,” by Oscar Wells, former president of the American Bankers' As- ssociation, were among the highlights of the District of Columbia Bankers' | Association convention at the second day’s session at the Grove Park Imi here. The work of Washingion Chap- r, American Institute of Banking, was so pictured during today's program. ‘Lanier P. McLachlen, first vice presi- | dent, presided, and prayer was offered by Rev. Louis J. Bour, pastor of St. Lawrence Catholic Church, Asheville. Mr. Fleming made a powerful plea for the better protection of banks and their customers in times of panics. He viewed the conditions leading up to the ash of last November, considering | “financial indigestion” of an enormous | number of new_ securities one of the chief causés. He noted the rise in brokers’ loans to something around | $8,500,000,000 and the increase in stock | trading until it reached the climax with | fading 15,410,030 shares in a single ay. “During this period,” Mr. Fleming continued, “the splendid support and co- | operation of the Federal Reserve System made 1t possible for member banks to take care not only of their own clients, but, in turn, allowed many State insti- tutions dealing with member banks to care for their clients. The Federal Re- serve System stood the acid test and the officials should receive the highest praiss. Without this support I hesitate to predict what would have happened. The country was also most fortunate in having as its President during this crisis a man who thoroughly understood eco- nomic conditions.” Lessons Banks Should Learn. “As to the lessons we should learn from whai we have passcd through, | cons.der the outstanding one is the need for the banker af all times to keep his institution liquid'to maet the un- | expected demands arising from causes and conditions beyond his control, for the banker has a definite duty to his community; he must be the buiwark of safety and yet be liberal enough to stimulate the growth of his community. “With respect to collateral loans, I think we should require diversification and markeiability in the collateral | taken nd insist also upon a wide mar- gin of safety. In determining this margin of safety, the banker is a better judg: than the customer. Such a policy is best for the bank and best for the customer, but can only be sustained | through the full co-operation of the: banks in the community. | “As to the question of liquidity, let me stress the desirability of every bank building a proper secondary reserve. Whether_the bank be a member of the Federal Reserve System or a non-mem- | ber State institution; it would be well, in my judgment, to build up an ade- uate secondary reserve of Government bonds, commercial paper eligible for re- | discount and a well selected list of high- grade bonds of short maturity, “Another lesson is the necessity of | making a study of the character and || form of the note which the banks have | been using in making collateral loans | ‘The form of these notes should be such as to give the most liberal course of action to the bank in case the customer either disregards the requests for more margin or is unable to meet the legiti- | mate demands of the bank. The com- mittees of this assoctation are giving careful study to this matter, and I feel sure that their deliberations will result in a form of note which will embody all the necessary principles for the pro- tection of both the bank and the cus- tomer. Customer’s Character Held Vital. “I think experience has taught us the desirability of looking carefully into the diversification of our investments, both as to loans and securities. A close study of general conditions in our own com- munity as well as those throughout the country is very desirable and will put the banker in a position to'recognize the clouds that may be gathering. “In making a loan the character of the individual or members of the cor- poration to whom you are lending should be of the firsi consideration. The banker should not be swayed by an abundance of collateral, if the in- tegrity of the borrower is not of the highest.” “While T believe that officers should be given a pretty wide latitude in the granting of loans, in order that they themselves may develop and the bank give prompt service to its clients, I recommend that larger loans be passed on by a committee; likewise that a periodical review be made of loans pre- viously made by-the committee, with & careful check-up during the life of the loan by a well developed credit depart- ment. “Scrutinize every loan. If it s an unsecured one. be certain that it is not for capital purposes, which’makes the Cle: A Wi M f CANNOT LEAVE ARING Feminine Hygiene The First Step to Health and Charm RAR ey L oz Avtanst (B oA R e e L e e e R A One or two teaspoonfuls e e s el Ma’rv" @ soothing, bemeficial s > Key's Astringent Powder Safe—Reliable—Pleasant to Use daintiness and ca; 4 2 charm. S0¢ AT ALL GOOD DRUG STORES TIRED Eyes are OLD Eyes" O one looks her best when her eyes are inflamed or tired. Drooping muscles at the corner of the eye develop into crowsfeet and wrnkles. A healthy eye asparkles with youth. Iris keeps your eyes clear and young. When. they are inflamed or smart from strain or after smoking or motor- ing try Iris. In two sizes in sterile flasks with eye cup, 50c and $1.00. Lett, Robert V. Fleming, president of Riggs National Bank, and, right, Oscar | Wells, former president of the American Bankers' Association. repayment of the loan. contingent upon ‘W, B. Hibbs & Co., retiring president the successful outcome of the business |of Washington Chapter, American In- for which the money is borrowed | stitute of Banking. announced that “I believe it would be well, wherever | there were 819 members this year, com- | possible, to adopt a general policy of | pared with 760 last. a gain of 8 per requiring commercial borrowers to clean | cent. The membership now represents | up their obligations at stated intervals, | praciically 40 per cent of all officers preferably at least once a year. | and employes in the city's financial in- | In his annual report A. Henze of stitutions, Mr. Henze said. The enroll- | eral-American Bank: second, by Louis judges. | e g "See Etz and See Detter's PERSONAL EFFICIENCY One of the most important factors contributing to health is GOOD VISION. Eye Strain affects the nerves, the digestion, as well as one’s poise. The Correction is readily obtainable in Proper Glasses. Wear them—have your eyes EXAMINED EVERY TWO YEARS. 1217 G St N.W. 1217 G St. N.W. 1217 G Street~ |7-DaY JUNE BARGAIN SALE Satisfaction Since 1859 $2.25Crepe Silk Hose Dull Finish, Sheer and Serviceable The fashion hit in hos- jery—all-silk crepe hose, full fashioned, with picoted tops. Much =% Dresses in Sizes 12 to 20, 36 to 42,44 to 50 DRESSES OF: Plain and Flowered Chiffon ‘Washable Flat Crepe Non-Shrinkable Silks Printed Silks Embroidered Georgette Cool Tub Silks Parfum Prints Shantung Silk w All the fashionable colors. Second Floor. semi-tailored effects. | ] . . | Men’s Quality Shirts | Worth $1.50, $2.00 and $2.50 | —~Collar : / Attached —Separate Collar —Neckband Sizes 13 to 17 Fresh purchase of the fa- mous squehanna” shirts’ to sell deeply under price. White, plain colors, stripes and figures. Every shirt perfect. Tailored of plain and fancy broadcloth, woven madras, jac- quard madras, jacquard broad- cloth and rayon-stripe broad- cloth, Street Floor. Boys’ $1.50 Wash Knickers Cool, serviceable golf knickers, tailored of white $ duck, plaid crash and heaty khaki coléred fabrics. Made with wide bands, belt loops, hip and watch | pockets. Sizes 7 to 18. WASH SUITS, worth 79c and $1.00. Popular Summer styles in crash, WASH SUITS worth $1.50 and $2.00. Of linen, pongee silk, rayon, broad- beach cloth, broadcloth and cham- cloth, jean and beach cloth, White, plain’ “colors, . prints an 48c Do stions, ‘Sen s a0 $1.00 Street Floor Plain colors and fancy Sizes 2 to 8 bray. patterns. $1.50 Imported French Perfume 550 —and a Box of Face Powder FREE With Every Bottle! An Introductory Sale of Sweet Pea PERFUME Like the Living Flowers of Springtime Product of Chibe et Cie, Paris—an exquisite odeur to delight every woman. Limited sup- ply—come tomorraw for yours. And. re- member vou get a box of high-grade face pow- der absolutely FREE | with every bottle of || perfume. Btreet Floor. Cool, éharming New ~Silk Dresses and Silk Su SUITS OF: hable Flat Crepe Smart Rough Silks Styles blithely in step with the spirit of the outdoor season. Dresses in new silhouette, jacket and ensemble styles, suits.in jaunty \ shearer, wear better. Slight irregulars. Also full-fashioned all-silk in- grain and lace-clocked silk hose with picoted tops. Slight ir- regulars. —= $1.50 PERFECT SILK HOSE — Full-fashioned, silk- to-the-top _chiffon hose and lisle-top service weight [ lts in ‘the !uhionlbllle 95C colors ...... " $1.50 RUNPROOF CHAR- ° DONIZE UNDERWEAR and rayon underwear in regular and extra sizes, some in double extra sizes. Tailored and lace - trimmec gowns, chemises, bloomers, panties, step-ins. dance sets; combinations princess slips Children’s 50c and 75¢ Socks Purchase of a famous brand of beautiful lisle and rayon 3% socks and “whoopee” socks, seamless and full- fashioned kinds: also boys' fancy golf hose. Perfects and irregulars. CHILDREN'S 25¢ & 35¢c SOCKS— Half-socks, % and ‘“whoopee” socks in lisle and rayon mixtures of all colors, also boys’ 75 golf hose. Per- fects and irregulars. (e Tel Street Floor Lovely Summer Hats Smart medium and wide brims, pokes and off-the-face hats—in lacy straws, toyos, hairs, perle viscas, panamas, bakou braids and white 250t . $2.77 and pastel felts. $2.00, $2.50 and $3.00 Hats ..... $1.39 & Swimming Suits That Cut a Dash in the Splash! Women’s & Misses’ All-Wool Suits | $2.98 to $6.98 Heavy quallty swimming suits in one and two plece models. ~Solid colors with contrast trim- | mings, stripes, combination colors and conservative shades. Sizes 34 to 44. Women's Extrd Size Bathing Suits, 100% pure wool. es 46 to 52. BATHING SHOES—The Viking Sandal and Strap Style with Heel......... £ R ILE =S Smart Bathing Caps e 25¢c to $1.00 Cretonne Beach Coats. Medium and Large Sizes....$1.98 Children’s Bathing Suits WOOL SUITS in two-plece ALL - WOOL BATHING effect, appliqued in rooster, g - 1 e e o g dog SUITS, two-plece effect, sizes and ~Chinese ~girl $3.95 $1.00 and ventilated backs, sizes 24 to 28 Second Floor $1.98 Smart “Nipped-In” Waistline Models in New R&G Foundations R&G CORSELETTES made of fine broche combined with heavy knitted elastic, well boned in back and over abdomen. Swami top. Ad- justable shoulder st Sizes 34 to 44, 53.00 R&G GIRDLES, side-fastened style. Made of hroche combined with heavy surgical elastic, boned in back and front. Princess lines that make the fashionable foundation for Summer frocks. Sizes 28 to 36. 33.00 AT W °€ 30 to 34; also sunback style | 7th, 8th and E Sts—FAMOUS FOR QUALITY SINCE 1860—National 9800 BASEMEN ale! 600 Smart New Silk Dresses | More . men Washable! Georgettes Silk Piques Flat Crepes Printed Crepes ”~ New Styles! New Colors! New Prints! New Fabrics! ' Refreshing, sumniery, unusual to say the least at $6.90! There are lovely georgettes, flat crepes, silk piques, and new printed crepes including plenty of cool summery florals and smart polka dots! Frocks for afternoon, street, busi- ness and sports, with crisp lingerie touches, flattering capes, puff sleeves and exquisite details! Plenty of WHITE and soft pastels! Sizes 14 to 20 and 36 to 50. Summer Shoes For All Occasions 250 Better Hats Reduced for 1 ‘95 : : Tomorrow Sport Felts Stitched Silks Shiny Straws Sheer Hair Braids A sale worth while. 250 Smart Summer : Hats—taken from our higher-priced lines and reduced for tomorrow’s selling! Hats with floppy brims, halo brims, scoop brims, peek-a- boo brims and off-the-face brims! Styles for every type and age! In white, pastels, navy and black. For Afternoon, blonde kid pump with satin bow. $3.95. For Street, patent leather one-strap; kid trim. $3.95. For Sports, brown and white oxford; sport h $3.95. Don’t Forget These! - Beach Shoes for every- body, all rubber with crepe rubber soles. All Sgc colors .... Beach Shoes, of rub- ber with fancy designs on toes ey Bathing C. heavy rubber; helm = with under-chia strap . 39¢ New Swimming Suits 2.95 - $3.95 It’s not often you can find new swimming suits at these low prices right at the beginning of the season! One and two piece models, most of them with sun tan backs—and all 1009, wool! Maize, green, orchid, melon, blue, red, sun tan, turquoise, navy and black. Sizes 30 to 54.