The New York herald., 1922-10-04

the association to offer their views as
to what legislation was necessary to
regulate evils which he claimed grew out
of the operations of building and loan
associations. A summary of this refer
endum, he said. shows the following res
forms were advisable:
II. That, permission be refused to
building and loan associations to use
professional organizers.
"2. That these organizations be char
tered under the same safeguards that
surrounud banks.
'3. That the associations be required
to keep adequate reserves, as do banks.
a. That their operations be controlled
to differ from that of savings banks.
"5. That loans on real estate by these
organizations be restricted to within
fifty miles Of their home office.
IS. That these associations be put
under the supervision Of the banking
regulations In the States.
~. That the associations be forbidden
to use false and misleading advertising.
Doctor Warns on Health.
Pointing out to the bankers their re-
sponsibility as the leaders of their COM
munities to see that the health of their
communities is protected. Dr. George E.
Vincent. president of the Rockefeller
Foundation. appealed to them to take
more interest in public health matters
and to use their traditional hard head
edness' in determining whether what
ever protection afforded at present is
efficient.
DR.. Vincent's address was replete with
humorous illusions to and comparisons
with the business of banking and drew
the interest of his audience from the
start
In the report of the savings bank
division. President Raymond r. Fraz-
ier, president Of the Washington Mutual
Savings Bank, of Seattle. said I'VE set
out this year to get a little more JOY
out of thrift, as the long faced preach
ers and sour countenanced teachers kept
telling us that only 100 out of every
1000 Of the people in this country have
savings accounts. To refute this we
made a careful study of the figures,
and found as a matter of fact that 250
out of every 1000 have savings ac-
counts. including those kept in trust
companies and banks other than saw
ings banks"
Mr.. Frazier pointed out that instead
of the total amount of money repre-
sented by the savings of the people be-
ing $1,000 900, 900 as popularity believed,
II actually amounted to $4,000. 900, 900,
and represented 40 per cent. Of all the
money deposited in the banks of the
country.
After the morning session the execu-
tive council of the association was en-
tertained by the committee of one hun
dred at luncheon at the Waldorf-As-
toria.
The savings bank division of the as
ISOLATION met in the afternoon. 1t ere
ated an innovation by having its ses-
sion opened by the singing Of America.
Raymond Frazier. president Of the divi-
sion and also of the Washington Mu-
tual Savings Bank of Seattle. delivered
his address, In which he emphasized the
expansion that had been achieved in
schools savings banking.
Other speakers were George f. Brock
OF Boston, president of the National AS
sociation of Mutual Savings Banks !:
Jarvie Hicks. secretary treasurer of the
Long Island Savings Bank; Victor A.
Lersner president of the Savings Bank
Association of New York. and Alvin
p Howard. vice-president Of the Hiber-
MIA Bank and Trust Company of New
Orleans.