Evening Star Newspaper, May 31, 1935, Page 5

THE EVENING STAR, 1935. #rp A_S year. About 6,000 individuals, he WASHINGTON., D. €. FRIDAY, MAY 31, stated, have joined co-operative credit | LABOR HELD READY |gmvs e s, s = | GREDIT UNIONS GROW |, 2, ot | ir‘anrl:m ions eac] w‘nr | | ican Youth Congress at the Friends FOR me STRIK | Meeting House: Filene Thinks Co-operative Plan - “I represent a district composed of Eventually to Control. Harness—Saddlery—Trunks— L ge—| Marcantonio Says Industry Will Norkingmen and I know what labor | NEW YORK, May 31 (%) —Pointing Sehaee, Rirneinag of | thinks. | All Leather Good: Not Be Successful in Cut- S Deitile whattthe loaderarip imay | ool Pl spcead o ered i rions ; - 2 e R N e e s i wiay | throughout the country, Edward A.!| G-W-King,Jr,511 11th St.N.W. ing Wages. — are going to be cut generally, labor's | Filene, Boston department store owner, | T | o Not Neglect answer is going ‘w be the general| yesterday said he expects to see ms»i R,r “ “'g‘e in Amr"mm ] | day when the Nation's credit will be RITIS ccasion for the meeting Was a| controlled by co-operative credit or- Thousands suffering from arth United Youth day demonstration gunizations h:‘i"‘[nl:nd"rtllff = Mn‘unh '\"- it o = | . eral Water direct fro ot Springs. against war and fascism. |~ Filene, speaking at the annual con- | Arkansas. Mildiy aikaline. Deeply satists- The fiery young legislator advocated | vention of the Eastern States Co-| imf Naturally corrective. = Endorsed by s : hysicians. for ever ! high taxes as “the only way we can operative League, said credit unions| booklet, > o °'" 3¢ vears. Fhone for hit those who intend to take advan- bave been established on an average - ; THi< Gf inis ecisioatio expiflt labor' | 5f fout & da smnce the fict of this | aiai=_ Valley s Minssal (Watsr Rioters VITAL ROLE SEEN FOR BANK STAFFS Personnel Is Supreme Fac- | I P - ; . : A 1 strik labor's retali- | tor, Stokes Declares at | ) Sl eits (haloutaing D. C. Convention. of N. R. A. as an excuse for cutting | wages and raising working hours was | BY EDWARD C. STONE, forecast last night by Representative Vito Marcantonio, Republican, of New | 8pecial Correspondent of The Star. | HOT SPRINGS, Va., May 31.—Hor- York. Marcantonio, protege of Mayor La ace F. Stokes, assistant cashier of the National Metropolitan Bank, Wash- ington, and a former national bank examiner for 14 years, declared that | personnel is the supreme factor in suc- | cessful bank management in an ad- dress before the second day's session of the District of Columbia Bankers Association. being held at the Home- stead Hotel. Charles H. Doing, first vice president. presided at today's pro- ceedings. Marriner C. Eccles. gov- ernor of the Federal Reserve Board, and Frank M. Perley were other | speake: After noting the present difficulties in obtaining desirable investments by | the banks, the prospects of additional costs for social security. deposit insur- ance and probable increases in taxes. | Mr. Stokes asserted “There is no patented formula for successful bank management. We have tried various types—the unit banks, the branch banks. the group banks and the chain banks—and in all cases some have succeeded and some have failed. And this has occerred not only in the small towns and in the medium-sized communities, but also in the large cities. It is also true that small banks and large banks have had the same experience—some have suc- ceeded and some have failed “Going further. we can find that capital structure had little or nothing to do with it, for banks with very small capital have been successful and also have failed and banks with large capital structures have likewise been successful and have also failed. And we have also seen that. despite crop failures and like catastrophes in widely separated sections of our country, it has been possible for some bankers operate continuously and still be in existence today with a good bank. Stresses Need for Training. “The conciusion Is Inescapable that successful bank management depends simply upon personnel. Such ma- | terial as we have which appears worth the effort to cultivate must be given | the opportunity of obtaining all the education and information which it can absorb concerning the multi- plicity of details concerning banking on which I shall not elaborate. If such material does not exist within the confines of the institution. then prompt steps should be taken to enlist in the organization material that can be developed for future needs. “While we may have had overpro- duction of agricultural and other com- modities, we have suffered more from an underproduction of good. level- headed, conservative men who would be capable of assuming the responsi- bility of handling the funds of the people of our communities. Our future lies entirely within our hands.” Eccles Summarizes Bill. The association heard an informal address by Gov. Eccles in which he gave a brilliant summary of the ob- Jectives of the proposed banking bill of 1935. also known as the “Eccles bill." He devoted his remarks especially to title II and reiterated views he has presented before Congress and over the radio to the effect that the Re- serve Board must be given sufficient power in the way of money and credit control to prevent inflation and check deflation Gov Eccles called attention to the | gervice rendered by the Government at the time of the banking crisis and added that the Government has loaned more than $7.000.000.000 in relieving the financial interests. with direct and indirect help to the banks. This has included loans to the banks and also the taking over of slow paper. He de- clared that many of the criticisms against the proposed banking act have been made by persons who never read the act or at least were unfamiliar with its most important provisions. His talk was given great applause. many of the financiers most opposed to certain provisions of the banking | act being impressed by his arguments. | Mr. Perley, trust investment of- ficer of the American Security & | Trust Co. addressed the convention on “Supervision of Trust Invest- ments.” Experience has shown that it is very hard to accumulate wealth, but it is even harder to keep it. Out | of every six people who are wealthy at the age of 35 only one is able to maintain this wealth up to 65, said Mr. Perley, adding that the main Job in maintaining an estate is not ' to cut coupons. but to cut coupons that will be paid. Twenty years ago changes in the values of securities were very narrow, almost never violent. Today new fac- | tors are continually disturbing the market, the Government attitude | toward utility regulation and its bear- | ing on securities being an excellent | 1llustration. Close Watch Necessary. ‘There are two main points, said Mr. Perley, to keep in mind. First, it is difficult to make investment: eecond, all the factors that are | first considered must be continually | watched for any changes, all this information being_applied to indi- | vidual accounts. The speaker added: “It is interesting to note a few | examples of the manner it which in- | creasing importance nas been placed upon the publication of financial in- ! formation. The Washington Evening Star in 1900 only gave about 1!; | colums a day to financial news. where- | as today they devote on an average of between 18 and 19 :olumns. Around 1900 they carried daily quotations on | 15 leading stocks, while now they give | quotations on between eight and nine | hundred issues. One New York City | newspaper last year published more | than 15,000,000 words about financial | news. “The largest statistical organiza- | tion, which now has aiound 1,200 em- ployes, in 1909 oniy employed 35 people. COne statistical service alone now reports facts regarding 30,000 corporation and securities.” How a bank can keep up with the changes in the status of an almost countless number of securities was pictured by Mr. Perley. He explained & card index system in use in his bank, spoke of additional saljeguards, and devoted Lis closing remarks to the efforts of the Securities and Exchange Commmission to furnish further pro- tection for investors. Starting with 20 people last Fall the organization now has 525 employes and is plan- ning to issue a semi-monthly bulletin soon which will coniain investment information very difficult to obtain elsewhere. Walton L. Sanderson, retiring presi- dent of Washington Chapter, Ameri- can Institute of Banking, gave & most interesting resume of the activities of the last year. The annual report of the fiduciaries section of the bankers' association was presented by Sidney F. Taliaferro, Dr. George W. Truett and Dr.| | Rufus W the Federal Reserve Bank of Rich- | sociation by the council of adminis- chairman, trust officer of the Riggs National Bank. while R. Earle Ha: ki me institution rej Several heads were clubbed yesterday when police used nightsticks on a group that attempted to gain entrance to the Department of Welfare Offices, at New York. Policeman is shown driving rioters from the building. VANDERLIP URGES BAPTISTS TO HONOR RULE BY STATES | HELD MAIN ISSUE 2 ALLIéNf:E }_EADERsi "BY ROOSEVELT o5 | __ (Continued From First Page) J. H. Rushbrooke Will Be Guests | at Meeting Tonight. ccurt’s decision against N. R A | His pending bill would substitute a -hour week under the codes. The substitute merely would set up the <hort work period with no mention of codes. In his diccussion of N. R. A. code Dr. George W. Truett of Dallas, Tex., president of the Baptist World Alliance, and Dr. J. H. Rushbrooke of London. England. executive secretary | ¢florts. the President related how "loss of the alliance, will be guests of honor leaders” in chain stores and big de- at a mass meeting of members of Partment stores \.\(;‘Hlél‘.nm‘x;lpd i local Baptist churches tonight in :)L‘;d:l:l“:"'m to aid the small inde- Calvary Baptist Church. g i At “We feel that this is an event of | _He asked if 48 different States could i take action fo accomplish this one unusual significance in the life of e s " objective, and reminded that in only Baptists in Washington.” said Dr. |, ey giates has any legislation been Waver, jexecutive. sccretary enacted ll'P"«ll;'KA: Y.XL\In stores. of the Columbia Association of Baptist e Churches, in announcing tonights Liberal Ruling Cited. meeting. “Dr. Rushbrooke reports | Ay of this was done. he explained. that the Baptists of the world pecause it was felt the legislation re- now have a membership exceeding lated to goods that were In interstate that of any other of the free churches. Since 1869 the Baptists within the | pointediv, he also said the hie United States have increased from | court had held much more liberally in 1.000.000 to 10.000.000." labor mining cases, granting injunc- Dr. Truett will speak on “Baptists tions on the gro the coal was going and World Affairs.” Dr. Rushbrooke into interstate commerce. will describe the persecutions of Bap- | However, he continued. the court tists in countries where religious ' has now directly reversed itself with liberty is not enjoved as a right. the shoe on the other foot, where an RN | attempt was being made to protect | wages and working conditions of REPORT NEARLY READY |miners. The latest ruling. as con- | structed by him, that coal is | purely local Senator Robinson, Democratic leader who heard the President’s statement 10 the press, commented on his return to the Capitol. It emphasized the difficulty that grows out of thc de- cision and mak-s lear an issuc that 1s likely to become almost all absorb- ing.” commerce. was The Senate Education and Labor Subcommittee, which last year in- vestigated complainis regarding en- forcement of the prevailing wage law on Government building projects here and elsewhere. expects to have its re- port ready for submission to the Sen- ate within a week Senator Walsh. Democrat. of Massa- chusetts, who had charge of the inquiry, said the report will not be made public until it is presented to the Senate. Nye Sees “Long Wait.” Senator Nye, Repuolican, of North Dakota, long a foe of N. R. A, com- mented the admimistration * would f waii a long while before it gets a ! strong sentiment for & renew.i of N R. A. under suca administratios as it had while it was still thriving. * He predicted tii»re was little chance for a constitutional amendment to dg what the Supreme Court sad Con- gress could not .o Senator Costigan, Democrat, of Colorado, who has proposed a consti- tutional amendment to permit Federal regulation to cross State lines, told newspaper men he thought a con- = | stitutional convention might be & good on the work of the aucitors’ section. | idea to make the Federal charter The annual report also was presented | conform to changing economic con- for the association's Committee on |ditions. | Commercial Trade Activities, W.| Secretary Wallace withheld com- Frank D. Herron, Union Trust Co.. Ment on the President’s remarks con- chairman, cerning the A. A. A. pending a cabinet At vesterday's meeting this afternoon. ilddon: appoml;d” me C‘fedtenlxa‘l; A. A. A. Will Proceed. S e o ans rancis G Addy, _ However. other Agriculture officials o ‘j, Arcmbaid Mcuchlén and said privately the statement by Mr. PR Roosevelt had been recognized for Ord Preston. : | several days by the department and The Committee on Nominations in- | PR, (V% v thE CeRIELIEnG, ars s C. H. . chai : Howard :L‘('::;CREI):::’W‘, c’l',_,"]:,';l'::'; l;?flfl:“ were taken to the courts the farm 2} Addison, J. Frank White and Vic- | ddministration might be ruled out. o BEDaYRT Meanwhile the A. A. A. will pro- The Recolutions Committee is com- | C€€d With the present program as long posed of Wilmer J. Waller, chairman: R4 a8 far as possible S ) Corcoran Thom., H. h. McKee and _ Nove of 3"‘;7‘“”“"‘[ ‘h‘}““‘,"“‘““"’-{ o 3 senberg. The Com- “8s immediatcly available for com- Maurice D, R ey, sy ment. It was recalled, however, that made up of Thomas J. Groom, chair. ® {€W days ago S. E. C. officials indi- an: Charles H. Doing, Karl W, cated they aid not believe the decision Coiby andle 1 Mok * would materially affect their activi- ties f s expressing the associa- ' ‘imrf:eiiig“r;;rftem,erg their absence | 1he President’s statement confused [rorn. the convention have been dis- S°™€ subordinate officials. They had patched to Gov. George J. Seay of | believed S. E. C. was in no danger. C. U. TO OFFER SUMMER COURSE IN SOCIAL WORK Will Begin June 28 and Continue Through August 8. BEEREE ~% i Man Found Dying in Chair. Hallock McCormick. 42. was found unconscious seated on a chair in his room at 805 Mount Vernon place about 3:20 this morning by William F. Dailey, another occupant of the house. He was treated by a physician from Emergency Hospital, who pro- nounced him dead an hour later. Death is believed to have resuited from an attack of heart disease. session President mond: H. H. McKee, president of the National Capital Bank and chairman of the Washington Clearing House Association, and John M. Riordon, vice president of the Bank of Com- merce and Savings, who is now on the sick list. Donald W. W. Larson has been elected assistant secretary of the | Session tration and is slated to be made sec- | atholic University's School of So- retary shortly. He will have charge | cig) work will offer courses this Sum- of the Washington headquarters un- | yep in case work, child welfare. men- der supervision of the third vice presi- | (o] hygiene, parcle, recreational and E(;m- He was formerly secretary to | peaith programs, community organi- presentative Knutson of Minnesota. g4tion and the administration of so- In the first sports event of the | a1 work. ! convention the “Pop Fleming” Golf | ““ne Summer session will begin | Cup presented to the association by | yyne 28 and run through August 8. the late I. A. Fleming, for many qpe courses are designed for men years connected with the Washington | and women actively engaged in so- Star. was won by Robert V. Fleming, | oja] work. for priests, sisters and president of the Riggs National Bank. | oiper religious persons who conduct The banker's golf ability is indi- | Gatholic charitable work fnd for full- cated by the fact that his name has time students in the School of So- already been engraved three times on Jcial Work. the same cup, having captured the| The Summer faculty will include trophy in 1929, 1930 and 1932. Rev. Dr. John O'Grady, dean: Mrs. Morrell Wins Cup. ‘w Dr. John M. Cooper, Rev. Dr. Paul H. The Eleanor Patterson Cup in the | Furfey, Elwood Street, G. A. Briefs, | Mrs. Chester Morrell, wife of the sec- | Frederick A. Moran. retary of the Federal Reserve Bonrd.’ Mrs. Charlotte Colladay took second honors, being followed by Mrs. Rob- | ertsC. iones and Mrs. F. G. Awalt. | peaking for the Federal Housing Administration J. K. Gilchrist urged (ps,_'EHl:,E.‘:,,rf,l,‘s ‘5,';’5 C;,,f ‘3‘;;*“‘2!,,‘,?‘ the assembled bankers to be more | world War veteran, plunged to his | active in handling housing adminis- | death from the fifth floor of the | tration insured mortgage loans. In | soldierss Home Hospital vesterd: the discussion following his address it | after overpowering Lwop Bn.enXam,.s. = was brought out that “Government | — Home officials said Wise was men- red tape” has been one factor caus- 'tally unbalanced. He was admitted | ing the banks to hold aloof from |io the hospital Wednesday from Or- this more general mortgage participa- |lando. Wise was a member of the tion. Mr. Gilchrist stated taat re- | San Jose D. A. V. Chapter. | quirements are to be changed materi- | | ally in the next 10 days. e | BUSES NORTH QUT! EAST WEST HOSPITAL LEAP FATAL { FRAMES puone DIST. o BUS CENTER o ‘ o = (' hen's (L& - BANK BILL CHANGE Calls It Unconstitutional in Present Form—Asks Spec- ifying of Aims. 1 By the Associated Press Contending the omnibus bill was unconstitutional in passes to a political body executive powers of currency manage- ment and the policy as well.” Frank Vanderlip, New York financier, to- day urged & Senate commiltee to re- write the measure to specify the ob- jectives in regulating the currency. “Congress cannot delegate policy, 1t can only delegate the executive ad- ministration of a policy.” said Van- derlip, recalling the R. A. decision of the Supreme Court “Inevitably,” he added. before the Senate Banking Subcommittee con- sidering the bill. “this means that the only true measure of value, a price index, should be adopted by Congress as a guide, and a dollar having stable value measured by a definite price level should be the objective. “By this means you can create an efleclive barrier against runaway in- flation, ana without danger of run- away inflation you can raise prices to A level where it is possible to meet iebts that were created at a higher price level “The Supreme Court having declared a general tarm mortgage moratorium uncenstitutional, there is no other way left except through currency action to meet the situation of the beleagured mortgaged farmer.” Taking issue with a proposal by Owen D. Young. chairman of General Electric, that a commission be named to study the banking situation and that Congress adjourn, Vanderlip said: “Congress has already shown signs enough of abdicating. The Consti- tution has put specific obligation upon Congress. The Supreme Court has clearly reminded Congress that it can- not delegate its epligations. “It is time for Congress to buckle Gown to business and pass. not a bili that some one else has written for it but & measure it will devise out of its cwn understanding.” HONOR FOUNDER Takoma Park Citizens Make Pil- grimage to Gilbert's Grave. banking that “it both the Officers and members of the Ta- koma Park Citizens' Association made a pilgrimage to Cedar Hill Cemetery yesterday at noon and paid tribute at the grave of Benjamin Franklin Gilbert. founder of Takoma Park and its first mayor, and also at the grave of Wilmer G. Platt. also a former mayor and for several vears president of the citizens’ association. The delegation also visited Rock Creek Cemetery where a similar trio- ute was made at the grave of Mrs Alcena Lamond. for 16 years vice president of the association, and Rev Edwin R. Palmer, for many years a member. FOR RO MOTORISTS T0Cige MOTOR OIL ) QRenmnsybrania Finest- BAYERSON OILgt’V’{gRKS SOV UMAL A 1ds The Home of M i ) zuaranteed to rid the ') home of roaches. Get a can now. Worry no more with these dis- ease-carrying pests. ROACH DEATH Rev. || Headquarters for GRADUATION and Popular JUNE BRIDE GIFTS In lovely, Enduring JEWELRY For 54 years, the firm of Salvatore Desio has been the mecca for gift- seekers who seek the quality that only eur reputation can guarantee. 926 F ST. N.W. Callout the reserves Bonds Birthday Pa has 3 PSS NS = /i SN\ i & AN CLIMAX of our exciting Birthday Party. 25 TWO TROUSERS * You'll find it most convenient to “charge it" with our popular TEN PAYMENT PLAN. Simply pay $5 when you buy, ond split the rest over ten weeks. No extra charge for his service. THE RESERVES - superb Dunrobin Worsteds & Shetlands DRAFTED for these last 3 days from the more expensive lines of America’s ace weavers. _ . ANER N N NP included with every suit EN = you certainly have an appetite for good thingsl It's been one hungry crowd we've entertained during our Birthday Celebration. Course after course of enticing value has disappeared as quickly as we could serve it. So that now, with three more days to go, we're forced to dip into our reserves. And this gives our last minute guests a decided edge ® o For this climax, we're going to serve a double helping of finer s g — Dunrobin Worsteds and Sedan Shetlands. These magnificent woolens give you crisp, smart style and pedigreed wearing quality, flavored with a liberal dash of hand-neediework always reserved for more expensive clothes. They're good to look at, a joy to wear. And during the next 3 days, easy to buy. For $25, with 2 trousers, is an astounding price for so much quality ® o If you've that restless “new-suit-feeling”, put on your hat and head for the “dessert course” of our Birthday Party. You'll like it! A hond-picked group of Double-Tex Twists *30 with two trovsers They can “toke if*, no matter how hord you penish them—and still hold their press. Dovble-weaving does the trickl Ezi-Swing Sportsters with two trousers *25 “We make the clothes we sell™ D CLOTHES 1335 F N.W Famous super-quality Spartan Worsteds *35 with two torusers These blve-bloods embody every- thing you'd expect to find in the most luxurious, bench-tailored suits —except o foncy pricel