The Washington times., 1927-03-10
BANK SERVICE
EXPL AIMED
D. RICHARD HATTON

By RICHARD HATTON.
The service the collection depart
n1ent Of a bank renders depositors Il
8. Young Tyrec, assistant cashier 81
the State Planters Bank and Trus
Company Of Richmond, Va.,{ tolC
members OF Washington Chapter
4 American Institute OF Bankinga 81
the third OF the series Of forum din
ners Of the Organization Of the City
Cub last night.
Mr.. Tyree spoke on "The Unprof
itablencss Of the Collection Depart
naent. About $50 members OF the
local A. /. B. were present at the
dinner, at which Harold w. Burn
side, chairman of tho forum com
nlittee, presided.
In opening the meeting President
e. Hunton Leith, of the Washington
Chapter, congratulated the organiza
t1on upon the success which the
forum dinners have achieved, and
announcement was made that there
would be one more dinner meeting
held in addition to the three origi.
nally planned.
One point especially stressed by
W1Lc
that there was ample justification
for the imposition OF a charge by
banks for collections upon the same
grounds that a service charge for
improbable accounts IS justified.
Mr.. Tyree outlined the great growth
Of collection departments in recent
years, with the consequent con.
stantly increasing cost TO banks for
maintaining this service.
He estimated that collection costs
ran from 10 TO IA cents per item as
q general rule.
A majority OF local bankers are
now engaged upon g survey OF bust
ness costs with view to ascertain.
ang Just what the service rendered
the public costs the bank and the
revelations made by Mr.. Tyree, who
IS recognized as an authority mon
the subject, having recently con
Quoted the three-day conference
upon collections" at the Dallas
convention of the Al. i. b. were
followed with the, deepest inter-
More than usual interest has
been created in financial and bust.
ness circles in the new office
building just completed and occu.
pied by the firm of Shannon &
Luchs, at 1875 K st. N. w.
The move of this firm from its
former location at TIA Fourteenth
81. N. W., to the new location.
marks another shift toward the
northwest section on the part of one
Of the established business houses
Of Washington.
The new building, which has Just
been completed for Shannon &
JLuchs Is considered one of the
finest real estate offices in the
country, and Is another evidence
Of the growing business DEVELOPMENT
or the National Capital.
It also establishes another definite
milestone in the constructive prog.
fess of this firm Of comparatively
young men who, visioning a greater
and better Washington, went into
the real estate business In 1906 at
fO4 Thirteenth st. N. w.
1t was q singular coincidence. and
IS considered an omen of propitious
portent that, on the opening day
OF the new offices just 1906 visitors
inspected the new quarters, the
number coinciding with the birth.
day year Of the firm.
Inc first floor of the new offices
as used as the main business lobby
and is the last in efficient and
artistic office construction and
decoration.
The general tone of the walls and
ceiling Is soft brown, which Is
artistically complimented by shade
or quiet green In graceful pilasters
and the leather of the furniture.
The whole is softly but adequately
lighted by cluster chandeliers. which
carry out the predominating motif
Of the decorations.
Bias relief medallions at the tops
of the pilasters depict the business
Of the firm in symbolic designs.
A feature Of the new offices is
the library which occupies a superb.
~ furnished mezzanine overlooking
the main lobby.
Here the decorative scheme : Is
renaissance and is carried, also, in
the furniture. The offices Of the
members Of the firm are at the rear
OF the main lobby with other de.
partments Of the business occupying
tbs floors above.
New financing through public Of
ferings of bonds and notes during
February, as shown by the monthly
compilation of Lawrence Stern and
Company, Chicago vestmen t
bankers. totaled $676,717, $50.
This compares with $482, 567 $50
a. year ago.. an increase Of $194, 200.
900, or more than 40 per cent. The
total for January Of this year, by
. far the largest on record, was $780,.
S94, 450.
The February total brings new
financing for the first two months
OF this year up to Stats, 112,03
This. compares with $1,000, 414, $40
for the first two months OF 1926
and shows an increase Of II per
GENT.