The Washington times., 1926-03-22
BANKERS Gall
CONFERENCE
By RICHARD HATT0N

The FrankIfn National Bank has
just taken q progressive step by
installing in It's bookkeeping de-
partment the latest and. in fact. an
ultra-modern development Of one
OF the many mechanical bank APP
planes which are doing so much
to increase accuracy and efficiency
and to- eliminate the human posi-
bilities OF error in accounting.
This new Franklin National Bank
achievement is seen in the new
Burroughs bookkeeping machine
which greatly simplifies the work
OF the bookkeeping department be-
sides saving q great deal Of time
and energy of the employees.
It Is of especial interest in Wash
lngton to note that the develop
ment Of this machine is the result
Of cooperation between officials OF
the Franklin National Bank and
the engineers Of the Burroughs
company.
In seeking to improve their equip
nsant. Vice President Thomas 2.
Hickman, OF the Franklin, and
Cashier Samuel NJ. Thrift, Of the
same institution, hit upon the basic
idea OF the new machine. This
was, later, worked out successfully
by the Burroughs experts.
The Franklin National claims the
distinction of being the first bank
to adopt the new machines and to
change its stationary from the large. |
cumbersome ledger and statement |
sheets to the smaller sized sheets |
required by the new device.
Ledger sheets used In the new
machines are 81 by inches in
S ss&ers9 - I 11xg fVaR11as a. xvnYso ff1.a /
old sheets. Although the machines
are the same size as the older ones
they do considerably more work.
For example, the new machine |
carries tape which gives every |
balance and q total, the difficulty In |
locating errors Is eliminated and |
only about three machines are re-
quired to every million dollars in |
deposits.
Each machine, it is claimed, saves |
two hours q day on each bookkeep.
er's time. In bank employing ten
ho6kkeepers. for instance, this saw
Ing would be considerable.
Officials of the Franklin National
Bank express themselves as highly |
gratified with the result OF their |
worked out by the Burroughs.
engineers.
w. w. spaid, general chairman
Of the convention committee of the |
District Of Columbia Bankers As
soeiation,- has called meeting off
the general committee for Wednes-
day afternoon at 4:30 in the rooms |
of the association.
1t Is expected that, at this time, |
q decision viii be made as TO the |
nj. ~ 11N1Gfva.s i
ciationss annual convention for 1925. |
Chairmen of the several sub |
committees have been named az
follows: Program, Lanfer r. Mel
LacElIen, president McLachIen hank
ing Corporation; entertainment, Ed
ward j. McQuade, vice president 1
Liberty National Bank: hotels, John /
n. Riordan. cashier Bank OF Com
meree and Savings: transportation,
Hilleary G. HosIkinson, wee presi- /
dent Riggs National Bank; publicity, i
Frederick r. n. Siddions. secretary /
American Security and Trust Com /
pany; sports. Charles II. Doing. vice
president Washington Loan and |
Trust Company, and ladies commit /
tee, Mrs. Francis G. Addison, wife |
of the president OF the District Of |
Columbia Bankers Association. |
The board OF directors OF the /
American Security and Trust Com
pany has declared the regular |
quarterly dividend of 3 per cent to-
stockholders Of record March 81, |
1925, The dividend is payable on
April 10.
The first annual report of In |
dustriai Acceptance Corporation, |
which was formed about a year |
ago to operate the automobile |
financing division of Industrial |
Finance Corporation, shows net
earnings for the year ended De-
cember 81. last, Of $1,055,97S.
The Washington Chapter of the
American Institute of Banking il |
arranging for its members to in /
spect the Bureau OF Engraving and
Printing on Saturday, March %. |
The visit Of the bankers Is planned |
IN order that they may become |
familiar with the Governments |
method of producing the currency
which those connected with the
financial institutions handle in such
large quantities,