Evening star., 1931-06-22
BANK CONVENTION
DELEGATES RETURN
More Than 200 D. C. Finan.
CierS Back Home From
Hot Springs.
BY EDWARD G. STONE.

their special al-Pullman train, the
more than 200 delegates and guests
reached Union Station early today and
the thirteenth annual convention OF the
District Bankers Association became
history. It was one of the best con-
ventionS the association ever held,
great enthusiasm being manifested by
all present. The brilliant success of
the affair is particularly noteworthy
this year because of the strained busi-
ness and economic conditions which
naturally placed an extra burden on
the committees.
Between the three morning business
sessions the bankers found time to win
the following cups and other trophies
in the sports events which We'd with
the more serious phases of the conven-
tion for a place In the sun, Chairman
Hoskinson making the awards:
Pop Fleming Golf Trophy won by
Francis G. Addison, jr.; second, Horace
G.. Smithy; third, Charles T. Claggett;
fourth, I. E. Shoemaker.
Edward B. Mclean Top-spinning
Cup-Edwin c. Steffe.
Hibbs Golf Cup won by M. E. Hor-
ton; second, Charles H. Doing; third,
G. H. Pope; fourth, F. H. Cox.
Horseshoe pitching contest-First, B.
II. Gruver; second, B. I. Boudren.
Coleman Jennings tennis tournament
First, Thomas j. Mangan, jr.; second,
Carroll Morgan.
Ladies outdoor putting contest
First, Mrs. Herbert T. Shannon; Sec
ond, Mrs. John Poole.
Shannon golf tournament - First,
James M. Johnston; second, Norman B.
Frost third, George Keesee; fourth,
Ralph Barnard.
McLachlen golf tournament-F1rSt, s.
W. Bogeley; second, Haywood Boyce;
third, Frank M. Perley; fourth, Carter
Talman.
Richard Hatton Golf Cup-Roger J.
Whiteford.
Tom Thumb golf tounament-First
prize winner, Mrs. John Poole, Mrs.
Henry w. Offutt, Mrs. A. G.. Lanston,
Frank M. Perley, !. E. Shoemaker, F.
q. Await.
Traffic Signs for Bankers.
The Resolution Committee stated that
people generally should look forward
with courage and confidence to the fu-
ture. One Of the resolutions laid down
the following seven principles as the
best possible aid to sound banking in
the District of Columbia:
The need Of a closer study OF oper-
ating costs and the reduction Of ex-
penses, including the acquisition Of de-
poSitS through the payment Of interest.
Lie COIlLl1luc0 encouragement Va
thrift, through systematic savings, to
create a sounder purchasing power and
surplus capital for future development.
The wise and constructive use of
commercial credit for shcrt-time, self
liquidating loans to producers and mer-
chants, who are creating and selling
goods consumed under a wholesome
standard of living.
The continued orderly and reasonable
liquidation Of debts created in the past,
which might be classified as slow loans.
The encouragement of bank loans
for capital or personal use, the repay
ment Of which is solely dependent upon
future earnings.
A united effort, through the ma
chinery of this association, to improve
the standard OF investments made by
the members thereof of their surplus
funds in income-bearing securities.
The requirement that all prospective
borrowers of unsecured credit shall
submit their true financial condition
by means of a carefully prepared state
ment in detail of their assets and la
bilities and their operating profits.
Echoes of Convention HighspOts.
The retiring president, Lanier P. Nc
Lachlen, was honored by election as
vice president for the District Of Co
lumbi, of the American Bankers Asso-
citation. He was also presented hand
some watch at the family dinner.
A near tragedy was averted at the
opening of the convention when the
delegates arose to sing America The
key was lost. It was the key to the
piano, however, and E. j. McQuade
furnished another key with his fine
voice. so that the proceedings were not
delayed.
w Espey Albig told the delegates that
| people are becoming very much more
Interest minded" than ever before.
Economists say that the drop in stock
prices means only paper losses, but we
all know" Mr.. Albig added, that vast
amounts Of capital have been wiped out
and that the great cut in buying power
is one of the biggest factors in this
depression"
The fiduciaries section plans to
change the bylaws so that the at
tendance can be greatly increased at
the meetings. The plan Is to permit
attendance by as many members 1rGm
each bank as are interested in the
subjects under discussion. 1t is con-
sidered that the move will extensively
enlarge the usefulness Of the section.
Among the many kilograms received
were messages from John M. Riordon,
Howard Moran and Wilmer j. Waller,
who have rarely missed a convention
in recent years.
Ernest Z. Herrell, president, Inter
national Finance Corporation, and L.
Bert Nye had the distinction OF being
the only persons present who had at
tended every one Of the 13 meetings.
In his report, Eliot H. Thomson
stated that the average per capita
savings in Christmas clubs is $86 in
Washington, against an average Of
only $50 for the rest Of the country.
It was explained at the family
party that many local bankers wear
gloves during banking hours because
they handle so many frozen loans.
News in Financial District.
Life insurance sales in Washington
in May were IL per cent under the same
month year ago, Hartford reports said
today. virginia sales were of the same
percentage, West Virginia business down
IL per cent and Maryland reported drop
of Is per cent. The average decline
for the whole country was also 16 per
cent.
The Quota Club International is hav-
ing its annual convention at the May
flower. starting tomorrow. Miss Catha-
rine Olney, manager Of the womanS
department OF the Worcester County
National Bank, Worcester, Mass, is
president Of the association. She Is the
niece of Richard Olney, former secre-
tary Of state.
Bonds were in good demand on the
Washington Stock Exchange today. In
the stock division "a shares of Com
mercia1 National sold at 215 and nine
shares of Riggs National sold at 370H,
while i've more brought 371.
.--Aus-nn=n.r Rus .nAun-