Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
'LACHLEN NAMED
D. c. BANKERS HEAD.
Blaine Mortgage Foreclosure
Bill Is Opposed by
Association.
BY EDWARD C. STONE.

Special Correspondent of The Star.
ASHEVILLE, N. c., June AT the
closing business session OF the District
of Columbia Bankers Association here
today Lanier P. McLachlen, president
of the McLachlen Banking Corporation,
was elected president for the coming
year, succeeding Wilmer ]. Waller.
E. j. McQuade, vice president OF the
Liberty National Bank, was chosen first
vice president; c. H. Pope, vice .presi-
dent of the Munsey Trust Co., was made
second vice president, and Albert S.
Galley, vice president of the Lincoln
National Bank, was reelected treasurer
for the twenty-sixth time.
The association elected George o.
Vass, a vice president and cashier of
the Riggs National Bank, secretary, sue
ceeding Mr.. Pope This action means
that Mr. Vass Will be president of the
association four years from now, as 1t
is customary to advance the officials
one step each year.
IL Committee Reports Made.
In addition to the election of officers,
the climax of the convention, IL 1mpor-
tant reports were presented this fore
noon, summarizing the years work OF
the standing committees. According TO
custom, the second vice president OF the
association, Edward J. McQuade, pre-
sided up to the time of election OF
officers.
Edison B. olds, treasurer of the Union
Trust Co., chairman Of the auditing
committee, made his report.
Francis G. Addison, jr., vice president
of the Security Savings & Commercial
Bank, summed up the activities of the
law and legislative committee, of which
he is chairman. The chairman an
nounced that the association is opposed
to Senator Blaine's bill, No. 3489, Ito
regulate the foreclosure of mortgages
and deeds of trust in the District of
Columbia, and for other purposes" and
favors Senator Cappers fraud bill, No
1882, in preference to another bill of a
similar nature offered by Senator Blaine
Chairman Lanier P. McLachlen of
the committee on Treasury relations re-
ported most harmonious relations be-
tween Washington banks and the
United States Treasury during the IL
months.
Safeguards for Banks Urged.
Frederick P. H. Siddons, secretary of
the American Security & Trust Co.,
chairman of the insurance committee
made a most complete report. Insur-
ance bills before Congress were given
close attention. 1t was found that
many banks are shifting too much re-
sponsibility upon bonding houses con-
Sidering that 1t is the business of the
bonding house to make all necessary
Investigations regarding new employees,
ETC., without any assistance.
The insurance committee suggested
IL safeguards for banks and recon-
mended them to the association for
adoption. These recommendations in
Guided:
'Insistence on the part of the bank
of a thorough investigation by the
surety company of each new employe
LAS much care to be exercised as II
the institution carried no insurance.
Frequent and thorough audits.
Interchange of employees from one
department to another.
Continual supervision of any market
transactions of any employees.
Checking home life and outside
habits of individuals.
"Giving more attention to former
employers recommendations than to
so-called character references in appli-
cation blanks"
WashingtOnians Boost Savings.
Eliot H. Thomson chairman of the
advertising committee, reported on the
sixth annual Christmas savings CAM
paign. During the six weeks drive
total membership increased 4,496 10
new high of 92,197, while the amount
subscribed increased 1913, 044.50, MAX
ing an aggregate OF 1888, l2S .oO-an
average of $S5 per member. H. F.
Rawli, president of the Christmas Saw
ings Corporation, states that this Is
the highest average In the United
States. Thirty-one Washington banks
took part in the campaign.
The committee believes this record
is due to the fact that the advertising
has been keyed particularly to empha-
size the use of this systematic method
of saving for many other purposes than
the original idea of having money for
Christmas gifts. 1t has been aoopteo
hv' many Neutrality-suspicious. of large in
comes. The first club in 1924 had
1885 members, so that the member
shin has nearly double in the six years,
and the amount set aside has more
than doubled.
During the convention of the Finan-
cial Advertisers Association, A. Earle
Brvson. the president, declared that the
time is ripe for financial advertising
and that banking institutions are pc
ginning to appreciate that advertising
Is good business insurance. Inc pubic
has learned to conserve resources and
maintain suitable reserves In nanks, ne
said. The committee closed It's report
by favoring a cooperative advertising
campaign BY the District of Columbia
Bankers Association to develop savings
and the maintenance of compensating
balances in checking accounts.
other reports presented include com
mercial trade activities in washington
by the chairman, George o. Vass Mr.
Vass very briefly summed up the trace
situation, the high spots Of which nave
appeared in the newspapers during the
The committee on standing banking
forms Frederick H. Cox, chairman, Of
tered many new forms for adoption by
the banks. The protective committee
renortgd through the chairman, E. J.
McQuade; the taxation report, II. n.
Mckee. chairman. was followed by the
publicity committee report. L. u.
Schreiner, chairman, and the credlt
bureau report, H. g. Hoskinson, cnalr.
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