Evening star., 1924-01-13
District Bankers Il Association Aims
To Make Fraud More Difficult
Information Regarding Questionable
Characters Viii Be Kept ON File. !
Legislative Program, announced.

Washington bankers are evlncing
considerable interest in the credit in
formation bureau, the conduct OF
which is reputed to be one of the
duties of Miss Grace Bromley, re-
Gently appointed assistant secretary
of the District Bankers Association,
who takes up her new functions to-
morrow morning.
That much of this interest is con-
demnatory. Is entirely due to a lack
Of understanding on the part of
majority of the banking element as
TO the real purpose of the bureau.
The movement which led tC the ap-
pointment of Miss Bromley was the
work of the executive council of the
association, and up to the present
time the association has not been
called together to have explained to
the members the feal motive or the
bureau-when it begins functioning.
Ihis council acted in the interests of
every member bank. and is putting
into operation very constructive
measure which fills a long felt need.
it Is believed.
The credit information bureau"
according to Harry V. Haynes, presi-
dent of the association and prime
factor in the movement. will not be
an office where all information con-
,erning the financial standing OF
every banks customers Will be avail
able. but on the other hand Will CON
fine its activities to gathering. in
: folma ton on the undesirable who
infest Washington as well as all
ether cities.
In other words. when crook
makes his advent into a local bank
with Il scheme to defraud. either by
worthless check. by forgery, or by
concerning the principal and his mode
OF operation Will be made note of
and this information forwarded 10
the office of the assistant secretary
to be filed. 1t will then be avail
able to member banks who are con-
fronted with questionable customers
and schemes. Its success is. or
course, dependent on co-operation.
Under no circumstances VIII the
bureau attempt to secure information
from member banks on customers in
good standing. Data of this sort. Mr.
Haynes feels. is confidence invested
only with the depositary. and should
be treated as such. .-----...
carry out the beneficial sugge stions
of the weekly bankers luncheons
The sep is unanimously agreed 10
pe the most constructive movement
il Washington banking circles In
several years.
Miss Bromley will have head
,uarters in the Farmers and Me-
chanics' National Bank until the thrift
committee vacates the bankers quar-
ters in the Masonic Temple January 23.
Heavy Demand for Bonds.
Investment houses report big de-
nand for bonds both from Individual
investors and institutions. Banks are
buying more heavily of bonds than
. ceiving large orders from banks who
have not appeared on their list of
customers for probably two years.
With the large supply of funds avail
able for loaning in the market In
excess of the demand. further heavy
buying of bonds by banks is looked
for.
The big flow of new issues pre-
licted for January. and which has
been slow to appear in the early days
of the months. seems to have gotten
under way. From s200.00O.00o to
$3.50, 100000 bonds and loans are now
under active negotiation. though all
of them may not make their appear
ance on the market during the cur
rent month. These include the ex-
pected issue Of s50,o00.00o Federal
Land Bank farm loan bonds. which
are likely to bear a 4$i per cent
coupon.
The demand for new issues is we'll
shown by the ease with which the
$4,000. 900 of Lehigh Valley Terminal
IS were disposed Of Monday on $50
basis. so per cent of which was taken
firm by participating houses: the
quick subscription of the s13,000,000
Market Street Railway per cent
bonds at par and the prompt absorp-
tion of the s14.000,000 st. Paul per
cent 10-year secured bond issue, four
to five times oversubscribed on a 61a
per cent basis Friday.
Bankers Legislative Program.
The program of state legislation for
1924 of the American Bankers Asso-
.,ntt Il to L1- y ,.s,I
sci Thomas B. Patton, presents tWen-
ry-four subjects in criminal and civil
statutory laws in which changes are
recommended to give banking better