The Washington times., 1928-10-01
BANKERS PLAN.
THREE NEW
SECTIONS
BY HARRY GUSACK
Financial Editor

~0 oppAONSu TIE pTOpOSSu OAPe'h
sion of the organization by the adj
dition of three new sections, it was
announced today by Robert V.
Fleming. president. The new plan
calls for the formation of a fidu-
ciary or trust section, a safe de-
posit section and an auditors and
controllers section.
Trust. Section Desired
The fiduciary section was gen
orally. favored at the last eonven-
ton. of the District bankers and
was turned over to the incoming
administration for investiga ton and
recommendations. According to the
council there is a need for such a
section as a result of. the McFad-
den act which gives national banks
the right to have trust departments
having to do with the handling of
estates.
1t is the opinion of the admins
tration that a special section can
be of great help to all the bankers.
The handling of estates is such
vital problem that it is no longer
sideline with the banks. The new
section will naturally apply expert
knowledge to any puzzling questions
that may arise and prevent their
findings to the membership of the
association.
The second section, covering safe
deposits. may be patterned along
the lines of similar organizations in
New York and Chicago. In the
handling of estates the safe deposit
departments work in close co-opera-
ton with the trust departments in
the banks. Investigation has con-
WINGED local bankers that stich a
section can be. made OF great value
to the association.
Separate Organization
The auditors and controllers sec
ton also has its own field. There
is an organization of this kind al
ready in existence here which is now
affiliated with the American Bank
ers Association, J. Damn Faber, of
the American Security and Trust
Company being president of it.
With the permission of the Ameri-
can Bankers Association this organi-
zations viii no doubt become con-
nected with the District of Columbia
Bankers Association.
Mr.. Fleming would keep each of
these Organizations separate rather
than add them to the standing
committees of the association. The
head of each section will, of course,
be an expert in his work; will be-
invitsd to the bankers luncheons
and be ready totdiseHss many minor
questions extemporaneously and
taken others before his own sec
ton for review. :.
To Amend Bylaws :.
While President Fleming and an
khe council members believe the
new sections will prove of great
benefit. TO the association, the by
laws must be changed to permit
the adoption of the plan.
Letters were received today by
all member banks outlining the pro-
posals and asking for approval
Very general acceptance of the idea
il expected. The fact that. the
officers and the other council mem
bers are so enthusiastic means
much for the early adoption of the
new recommendations.
The next meeting Of the whole
association takes place on the eve
ming Of October Is. 1t was voted
to have 1t at night in order to give
more time for discussion. The same
a
The Capitol Title and Guarantee
Company opened it's offices in the
new Chandler Building at 1929
! st. this morning.
The opening marks consummation
Of preparations under way for three
years and organizers of the new
company believe they will be able
to render real service to the dis
trict in which it will operate. This
will include adjacent counties as
well as the District of Columbia.
In addition TO issuance Of the
usual certificates of title and con-
limitations of title, the company
offers an index service giving
minute information of trust, liens
and other papers of record affect
ing real property and will also
render reports on judgments,
1unacy, bankruptcy and probate
proceedings and any liens affecting
property Another feature IS gen.
eral ownership reports. showing the
number of properties in any one
name.
The feature of its service which
seems TO be attracting the widest
attention is title insurance. In
many large cities few transactions
involving the sale of real estate
are made without such insurance.
Officers Of the Capitol Title and
Guarantee Company are: John Paul
Earnest, president; Ezra Gould, vice
president: Eliot II. Thompson, treas
-urer, and George r. SpringstOn, Soc
rotary. The directors include the
officers and F. Charles La Sale
Byant, Mark F. Finley. /. s. Lips
comb. William b. Parks, Luke G.
Strlder and William c. Taylor.
The capitalization of the company
is $3.50. 900 of per cent cumulative
oiVldend preferred stock and Is 900
shares Of common nn.nar stuck