Evening star., 1926-06-19

1887 he became identified with the
drug business. then conducted by DR..
Alfred ii. Wells at Hyattsville. when
young man Of 20 he felt drawn to-
ward the banking business and on
June Il. 1891, he entered the service
OF the Union Savings Bank Of Wash
ington which had just been formed.
Mr.. Moran remained with this bank
until Nav. 1895, when he Joined the
staff of the Traders National Bank Of
Washington, where he remained for
three years. resigning to help organ
i2e the Home Savings Ba nix, which was
started In the Fall of 1899. MIR. Moran
became assistant trea slIrer, treasurer
and then vice president, remaining
with this bank until It's merger with
the American Security & Trust Co.
on April 19, 1919. When the Home
Savings Bank was taken over he was
made a vice president In the American
Security G. Trust Co. and has held
this position up to the present time
In his church Affiliations the asso-
cia tons new head is an Episcopalian.
He belongs to several clubs, among
them being the University Club, Con
gressional Country Club and the
National Press Club. Mr.. Moran il
also closely connected with the bust
ness life of Washington, being a direc-
tor in the Board of Trade, member of
the board of trustees of the Better
Business Bureau. and a member of
its executive committee, member Of the
Columbia Historical Society, Asaocia.
ton of Oldest Inha bita nts, and the
District of Columbia Bankers Associa.
tion., He Is also a director Of the
Peoples Drug Stores, Inc. as well as
being member of the legislative
executive committee of the eastern
divihion OF the National Association of
Credit Men.
He is serving on the national com
mittee OF the Congress of American
Industry, which meets in Philadelphia
In September,
Finance Companies Reviewed.
Fernand Petit. In his report for the
committee on finance and mortgage
companies, stated that commercial
bankers feel, and experience has
proved. that finance and mortgage
companies are doing a safe and con.
servative business. AS in the case Of
banks. the personnel making up the
management Is vital point. During
the past year a marked improvement
in those companies engaged in han.
ding commercial receivables has been
noted. The report continues:
THE experience of some of our
local companies accepting automobile
paper proved rather Improbable and
the investigat ton made by your COM
mittee would indicate that our local
companies are now restricting this
class of business to a very narrow
margin and are extremely cautious
and selective. The practice now IL
to insist on a liberal down payment
with terms of not more than 12'
monthly payments. 1t is noteworthy
that the bulk of this class Of business
In being handled by large outside COM
panies.
Mortgage companies. engaged In
the purchasing of first and second
trust notes and making Of construc-
ton loans have for the past two years
enjoyed an xtraordinary volume of
business. 1t has required an enor-
nous amount Of money to finance
building operations in this city and
nearby suburbs, embracing both Mary
land and Virginia"
The committee completed its report
by urging serious consideration OF the
tee offered at last years convention.
the recommends tions calling for the
submission at regular periods of re-
ports by certified public accountants
showing in detail the, status of the
business being conducted. The com
nnittee al-o urged the companies to
keep on hand proper and SUFFICIENT
reserves to take care of any losses
that may from time to time be gus
tanned. 49,