Evening star., 1926-06-08
|. I. SAVAGE Wins
ESSAY CONTEST
F. M. PerIey, Also of Ameri-
can Security, Takes Second
Place in Awards.
BY EDWARD G.. STONE.


Francis G. Addison. jr., president
of the District Bankers Association.
today announced the winners in the
essay contest conducted by Wash ing
ton Chapter, American Institute of
Banking, first honors being carried off
by l.. r. Savage of the American Sc
curity and Trust Co. second place
going TO Frank NJ. Perley, also em!
ployed by the American Security and
Trust Co, while third prize was
awarded to r. d. Calvo, employed bt
the Liberty National Bank
The judges We're George o. Watson
president Liberty National Bank
Maurice Otterback. president Bank OF
Anacostia, and G.. Fl. Pope. vice presi-
dent and treasurer of the Munsey
Trust 60. 1t is the first time that two
contestants from the same bank or
trust company have been among the
winners.
The awards were made by numbers,
and the judges had no idea who had
won the honors when they sent their
report early today to the head of tho
bankers association.
The reward accorded the winners n
q free trip to the Bankers Association
annual convention at Hot Springs
Their expenses are paid by the banks
by which they are employed. There
We're between 90 and % contestants
this year. and they wrote under tbs
brief title, Suggestions for lmprov-
ing Systems of Practices i'll Any De
partment Of a Bank or Trust Com
pany." The essays We're limited -
1000 words. The judges reported thai
the ESSAYS were SO uniformly good
that they had hard work in selecting
the three best ones. The essays VIII
be read at the convention after re-
port by X. Jesse Chaney on the other
accomplishments of the institute dur
ing the paSp year They viii then be
accorded the distinction of an open
discussion.
Court Review Is Refused.
The right of Federal Reserve ba MS
to require member banks TO remit a.
par for checks drawn upon them. a~
raised by the Pascagoula NatlonaI
Bank Of Moss Point and PasCagoula,
Miss, will not be reviewed by the
Supreme Court.
The PaScag goula National Bank con
tended. without success in the lower
/ Federal courts, that il had the l1Ght
TO charge exchange for its services III
caShing checks drawn upon II. even
though the checks were sent for COZ
lection through d Federal Reserve
bank. 1t insisted that il should De
compensated for remittinS the none
by exchange To the Federal Reserve
Bank at Atlanta.
Involved IN the case also was the
claim Of the Pascasoula Bank ina
the Atlanta Federal Reserve Bans
must give it immediate credit III l'N
] ,k,ir iTf1T g.
use, for. the amount of all checks sen.
it for collection drawn upon other
member banks without regard TO the
time required in obtaining remittanCes
from such member banks on the
checks. That question was also dc
cded against it in the lower courts
Special Reports Big Feature.
Committee reports will be a very
important as well as interesting fea
ture of the bankers convention al
Hot Springs. The association has
been very active along many lines
during the past year. The special
committees to make reports and the
chairmen OF these committees are a.
follows:
Auditing. John NJ Riordon chair
man: commercial activities. Victor B
Deyber. chairman: fraudulent seCuri-
ties, Eugene f.. Thompson, chairman;
law and legislation. Corcoran Thom
chairman; Improbable business john
, Poole. chairman; standardized bank
ing forms, +. j. MCQuade. chairman.
standardized banking insurance How
ard Moran. chairman: relations with
| Treasury Department. Robert V
| Fleming. chairman: advertising. Eliot
JI. Thomson, chairman. Harry Y.
Haynes will also make committee
report.
These reports will be made al the
third business session, which will he
presided over by w W. Spaid. All
the business sessions are 10 begin at
! $50 in the forenoon and be concluded
around 1880. This will leave the dele
gates free to enjoy the other features
of the convention in the afternoon
Among the outdoor features plan
ned is the tennis tournament. which
| takes place Thursday afternoon The
preliminarieS are 10 start at 2:3O. and
| this event is open TO every one attend
ing the convention The silver CtIp
donated by Coleman Jennings will be
the reward for the winner and the
king of the courts will also have his
name engraved on the cup and hold
| the same in his possession for year
Ihen III ne WINS 1t two years more IN
succession he Will be allowed 10 make
it a permanent household ornament.
$3O,000.000 Concern Organized.
The Yellow Truck and Coach Manu-
featuring Co. of which John ID. Hertz
is chairman. announces the formation
of a new $30,O00.O0O transportatio,.
enterprise TO be placed "on IA chain
store plan of operation" The new
concern is to be known as the Hertz
Drivurself Corporation. The Original
Hertz company has long had stations
in operation in Washington. and the
officials have strongly urged renting
of cars without hiring drivers.