Evening star., 1930-06-15
BY I. A. FLEMING.

The Credit Bureau of the District
Bankers Association Is working in good
condition, with a fairly large number
of banks reporting loans from q mini
mum Of $1,000 up.
At the start reports came In slowly,
but as the conservative bankers OBJ
served other officials giving support to
the movement they have aided, until
now reports on over 10000 borrowers
are on file.
One of the chief benefits expected
from the bureaus efforts has been the
uncovering of duplicate borrowing. 1t
is known that number of borrowers
Of this character have been uncovered,
but it Is part of the bureaus work that
Is not made public. Every day about a
score of inquiries are made at the bu-
reau, and about an equal number Of re-
ports are filed from banks. Miss
Bromly, assistant secretary Of the asso-
citation, has practically done all Of the
work in connection with the conduct of
the bureau, being unable to leave her
desk during business hours since the
bureau was started, in May, 1929.
A Florida Tornado.
Another tornado hit Miami the other
day, when the National Bank Of Bay
stitution, with three subsidiaries, closed
its doors. This was the first bank or
ganized in Miami, had deposits of $780,
100000 and was considered invulner-
able.
1t Is hardly probable that the an
Swer of the president to a query as to
the cause of the Suspension-"too heavy
Withdrawals tells the whole story. 1t
is much more likely that the cause can
be traced back to the explosion of the
great land boom that has given Flor
ida such a serious setback that 1t will
not be forgotten for scores of years to
come. Although national banks are
greatly restricted in making loans on
realty, it may have been the only Sc
curity the bank could get from debtors.
Runs on other banks in that section
started Immediately and further suspen-
sionS are likely, despite the aggressive
assistance offered by the Atlanta Federal
Reserve Bank.
A law enacted by the Florida Legisla-
ture adds to the nervousness of de-
positors on the slightest sign OF
suspension of bank in which they
have funds. The law referred to gives
the bank the right to freeze the de-
posits in the closed institution for four
years. During this period the bank may
pay whatever dividends the directors
can on the frozen assets.
National banks in the South have
heretofore given good accounts Of opera
tions and the Miami failure is deeply
regretted by Fforida's well wtshers.
Gives Them Credit
The State Of New York has been in
veStigating by QUESTIONABLE the invest
ment trust corporations of New York, to
discover, If possible, whether or not
these investment companies have or
have not been selling their own securi-
ties short.
So far, 25 out of some 800 companies
have reported a clean record. A severe
penalty has been fixed for refusal Of
any corporation to make return.
Convention Efficiency.
Guests end delegates to the recent
convention of the District Bankers
Association were informed before they
left their homes as to the number of
their seats, the time they would be
expected to enter the dining car and
the seat they were expected to occupy
and the number of the hotel room to
which they were assigned.
Never before has there been anything
like this efficiency attempted and it was
greatly appreciated, many compliments
Delng nanQeQ 10 MI. WOODWARD, C1alr-
man of train service, and Luther
Schriner, chairman of hotel assignments
In point of numbers, 1t was the larg-
est convention of the IL that have
passed into history. Two special trains
were needed, and everything from start
to finish passed as smoothly as clock
work.
The family dinner" one of the fea-
lures of these gatherings, was ac-
claimed by the guests, who listened to
the wit and sense as enunciated by sew
eral important men in the financial
world.
w. w. Spaid, chairman Of the enter
tainment committee, presented a pro-
gram in harmony with the general
excellence of the convention. Mrs
Marie Sidennius Zwndt, one of Chi
cago's leading sopranos, carried OF the
honors, surprising her hearers by the
depth and purity of her voice.
Music by the orchestra of Duke Col
lege, composed of a fine group of young
men, won generous applause.
Asheville welcomed the convention
with open arms. Bankers and guests
were rushed to their hotel in automo-
biles. without the slightest delay, q re-
cepo8bn committee greeting the arrivals
cheerly. The Chamber Of Commerce