The Washington times., 1927-07-13
TRUST NOTESTO
. Be CERTIFIED
Ry RICHARD HATTON

The District of Columbia Bankers
Association at a special meeting
called by President w. w. Spaid
late yesterday, passed resolutions
bearing upon the certification of
real estate notes by responsible
title companies which will have a
far.reaching effect. The special
meeting grew out OF the report
made at the last annual convention
OF the association. held at Hot
Springs. and was called in order
to consider all angles of the com.
prehensive report submitted by Vice
President Francis G.. Addison, of
the Security Savings and CONNER.
ciaa Bank. At the close of the dis
cussion in the rooms of the Bank.
ers' Association. the following reso.
buttons were passed:
THAT it is the sense of the mem.
bers of the District Bankers Asso-
citation that all first trust real
estate notes hereafter issued should
be identified on the notes them
selves or by one of the recognized
title companies, or the member
banks will not look with favor
upon their purchase or acceptance
as collateral for a loan.
That it is the sense of the mem
bers of the District Bankers Asso-
citation that all real estate notes
other than first liens should be
identified and certified to by the
title companies. or at least
notary public, and complete papers,
including title certificate, insurance
policy and recorders receipt for the
deed Of trust, should be furnished
in every instance where leans are
requested against said notes as col.
lateral"
It is expected that the present
action of the District Bankers Asso.
citation will result in a more com.
plete cooperation between the
banks. real estate brokers and build.
ers to the end that certain losses
which have occurred in the past
through fraud or other Irregular.
ties In real estate notes will be elm.
mated and that the value of genu.
inc real estate notes will be
increased.
Tuesdays meeting was one of the
most important sessions arising
from the discussions at the annual
convention at Hot Springs and is
in Lille with the progressive policy
OF business betterment which is one
of the objects of the District Of
Columbia Bankers Association.
Eyes Of members of the Wash
lngton Chapter, American Institute
OF Banking, are today turned to-,
ward Detroit where some % mem.
bers OF the local chapter. including
some Of the most prominent of the
younger bank employees of this city,
are attending the annual conven-
ton Of the national organization.
Yesterday afternoon members Of
the Washington delegation took
part in several conferences and
group meetings covering the sub
jects Of accounting, bank admins
tration, and business DEVELOPMENT.
Frederick p. H. Siddons, secretary
of the American Security and Trust
Company of this city, nationally
recognized authority upon business
development, took an active part
In the discussion Of this subject.
Tuesday evening the Washington
delegates attended a heated debate
between the Detroit and New York
chapters of the institute on the
subject: Resolved that building
and loan associations, finance cor
porations and similar institutions
which are virtually doing a bank
ing business, should be subjected
to the same governmental regula-
tions and restrictions as State
banks in the States in which they
operate"
Reporting from Detroit upon the
etopover made b the Washington
delegation in Pittsburgh as the
guests of the Pittsburgh chapter
of the institute a member Of the
local party wires to The Times
that almost 200 delegates were en-.
tertained in the Pennsylvania city
on Sunday and that Pittsburgh's
welcome was wonderful.
The Government bond market at
present appears to have arrived
at levels measured by prices which
may be characterized as the half
way station or cross road of it's
career, according to C. E. Childs
& Co. in their quarterly bulletin.
Low yields lessen the selective pop.
ularity of Government bonds with.
out changing their attractiveness
for special purposes.
Distributors of hardware, report.
ing from leading market centers,
predict a banner third quarter for
the sale of hardware and related
lines. Current daily volumes are
ahead of records from last year,
Hardware Age will say tomorrow
in It's weekly hardware market
summary. Early orders on fall
merchandise have been very light,
which emphasizes the healthy con-
dition of present hardware activity.