Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-06-22
WALLER TO HEAD
DISTRICT BANKERS
Elected Association President
at Convention Held at
Montauk Beach.
BY EDwARD c. STONE,
Nv a Rtaff Cnrresnondent Of The Star

N. Y, June 22--At the cOncluolng &eS-
sion Of the District Of Columbia Bank
ers' Association here today Wilmer J..
Waller, vice president of the Federal
American National Bank. was elected
president, succeeding Robert v. Fleming;
lanier P. McLachlen Of the Mc1,achlen
Banking Corporation was named FIRST
vice president; Edward J. McQuade,
vice president of the Liberty National
Bank was chosen second vice president:
Albert s. Galley, vice president, Lincoln
National Bank. treasurer. and c. H.
Pope, vice president MunSey Trust Co.,
Most of today's session was given over
to important reports covering the work
Of the association during the past year
Mr.. McLaclllen presided. Among the
reports heard were those on auditing,
Edward L. Hillyer. chairman: fraudu-
lent securities, Eugene e. Thompson
chairman; commercial trade activities,
r. P. H. Siddons: law and legislation,
Francis G. Addison. ir.; protective,
Howard Moran; standardized banking
firms. Frederick H. Cox: standardized
banking insurance. Charles H. Doing;
treasury relations; w j. Waller; az, adVer-
II, Mckee. and publicity, George o.
Vass, chairman.
Has Had Busy Year.
The advertising committee composed
Of IL members representing every type
Of banking institution IN washington,
has had o particularly busy year. MT
Thomson reported a gain OF 4,52S in
the number of members In the Christ.
mas Savings Clubs and gain OF well
toward 100000 In the amount OF
money deposited. There were 2s banks
in the campaign.
Reference was made In this report
- 4xFAY -
which the committee favors tnaugu-
rating In the washington newspapers
and over the radio to show the cd.
yaYtases Of banking connections ano
make more clear the services which the
ranks offer. The plan would take up
every feature, from savings 70 safe de-
post. from trust to travel service from
service free. ..
It was q decidedly interesting report
presented by the publicity committee.
The efforts of the newspaper to pro-
mote the good Of the association were
fully appreciated. The monthly bul.
letin was enlarged during the year eno
more information published ano tne
the demands for increased space the
COMMITTEES recommended that the bull
letin be increased permanently 70 SIX
Ia his 1iduciaries section report MI.
Siddons recommended that the COM
rnittee on life insurance trusts be pro-
vided with some place where lectures
may be held for the co-operation WIFI
life underwriters. 1t Is further sug-
eested that the trust law and legtsla.
ton committee, taxation committee and
Standardization committees, by virtue
of their ONCE, be made members OF
the association committees dealing with
these matters. Another Recommendation
urged the more complete study OF the
community trust foundation By the
fiduciartes section.
Marked Progress shown.
Mr.. Hove's report showed marked
progress during the first year Of Its
existence by the safe deposit section,
and the report Of the newly established
auditors section revealed the same en-
tirusiasn and practical results. This
report was presented by Raymond d.
Marx for ]. Damn Faber., Who was un-
able to be present.
Frederick II. Cox presented report
for the standardized forms committee.
which showed further search for the
latest forms In banking. The commit.
tee recommended that an the forms
adopted by the association In the pest
three or four years be placed under
one cover for the use Of members.
The report Of the committee on taxa
ton mentioned as the greatest accom-
plishment for the year the relief OBJ
tanned by local banks from paying
taxes on the income from Government
securities The test case made by the
Riggs National Bank and conducted by
Attorney Frank J. Hogan relieved all
the banks In washington from further
payment Of these taxes.
The decision Affects all banks ana
trust companies favorably which own
any of the following mentioned securi-
ties: Bonds and other securities issued
by the United States Government,
bonds and other securities issued by
any Federal tnstrumentalities, bonds
and other securities issued by any
political subdivision of the United
States and stock Of the Federal Re.
serve Banks.
Chairman. Mckee stated that the
subject Of taxation Of banks through
out the United States is now receiving
a great deal Of attention due to the
tax commissioners Of several States to
have Congress amend section 5219 Of
the Revised Statutes, which forbids
States to tax national banks at higher
rate than they tax competing noneyed
C3Qlt8l EllC IlA1lQB Ol 11lu1VtuudlS.
It Is claimed that the tax law passed in
the District Of Columbia In 1902 violates
the spirit Of section 5219. which throws
protection around the national banks
in the States.
Insurance Increased.
In the report Of the insurance COM
called attention to the fact that the
IS different kinds Of insurance carried
In 1924 have now been increased by
the workmen's compensation insurance
and one or two other new items. The
committee feels that most Of the In
surance rates are too high.
The committee on automotive trade
and finance, Charles D. Boyer. chair
man, found that the automobile con-
dition In Washington Is little better
than it was compared with the year
Just passed. There has been q general
increase of per cent In the number
of registrations In this country during
1928 against 1927, and 1t is believed
that registrations will run 5 per cent
greater during 1929 than in 1928.
The total number Of motor vehicles
Is 24.4s3,l24. OF this number there
are 124,3l4 cars registered in Washing
ton; l1l,0Ss being pleasure cars and
1925 trucks and light deliveries. It Is
estimated that Of the twenty-four mil
lion registered In the United States In
1928, 1872 per cent were purchased for
cash and sos per cent on the partial
payment plan.
The number of cars sold monthly in
the District of Columbia has averaged
1926 from July /. 1925 to May l, 1929
While the committee was unable to
ascertain the number of cars sold In
the District Of Columbia for cash and
the number sold on the partial payment
ftm t,efN
third cash and the balance spread over
n 12-mOnth period,