Evening star., 1931-06-19
CUT IN INTEREST
HELD JUSTIFIED
Philadelphia Banker UphoIdS
Action in Address Before
D. C. Convention.
Continued From Second Page. /,

Continued From Second Page.)
dend on this surplus to the owners whe
are all depositors, which, plus the inv
terest, yields a total rate TO them Of
4 per cent.
Splendid Year for Institute.
This was a gala day for the Wash.
ington Chapter, the convention program
calling for the annual report of the re-
firing president. Frank M. Perley of
the American Security g. Trust Co.,
covering the work done during the year.
Mr.. Perley's report revealed great ac-
tivity on the part of the chapter during
the past IL months, the number of
banking students having been unusually
large and the number of junior bankers
failing IL continue their courses TO the
end Of the year being exceptionally
small
Mr.. Perley reported that two special
courses were added during the year, one,
problems in personal efficiency and the
other in real estate. The chapter
added new members to its faculty,
making total number Of II.
Awards totaling $3.50 in cash were
made to students attaining high grades
in educational work The donors of
these prizes were D. c. Clearing House
Association, Charles j. Bell Trust Fund,
w. j. Flather, Robert v. Fleming, John
Poole, I. J. Roberts, James A. Soper,
T. Hunton Leith, w. w. Spaid, George
w. White. Lanier p McLachlen and the
Bank Women's Club.
Essays Read at Convention.
Following the annual report Of the
president, the winners of the recent es-
say contest sponsored by the bankers
association read their papers.
Papers written by Bernard l. Boudren
of the Riggs National Bank, winner Of
first prize: Miss Catherine M Krieg,
also of Riggs National. who captured
second honors, and Miss Eugene j.
Horak of the Bank Of Brightwood, who
carried of third honors. were read. The
subject this year was THE Functions
of Modern Bank and the Services It
Should Render"
The annual report on the work OF
the associations safe deposit section,
presented by the chairman, Frederick
H. Cox, concluded the morning session.
Death Calls Delegates Home.
General Convention Chairman Fred
erick P. H. Siddons was called home
early today on account Of the death
of his father, Justice Siddons. S. w.
Miller, Union Trust Co.. has been
called to Washington by the death Of
his mother. kilograms regretting the
absence of former association guests
have been sent to Controller of the
Currency John w. Pole. Gov. Roy A.
Young of the Boston Federal Reserve
Bank, President Rome c. Stephenson
OF the American Bankers Association
and j. w. Mcintosh, former controller
of the currency.
Honors in the first major sports event
were captured by Charles T. Claggett,
general manager of the Chesapeake &
Potomac Telephone Co., who won the
Pop" Fleming golf trophy.
The report of the Committee on Law
and Legislation by Francis G. Addison
discussed progress of legislation to con-
troll the sale of securities in Washing
ton, pointing out the eSential differ
ences between the Capper bill and the
Blaine bill The committee objects to
the Blaine bill and doubts If the Capper
will ever be passed. For these reasons
it favors employment of counsel by the
search of the laws in force in the
various States and prepare a new bill
that would give the District Of Colum-
bia a satisfactory securities law.
Discuss Foreclosure Bill.
Chairman Addison also discussed the
Senate bill relating to the foreclosure of
property in the District of Columbia,
the association being opposed to the
measure as ambiguous and fraught
with danger to both the borrower and
the lender"
The Washington Real Estate Board
has employed counsel to digest the va
rious laws in the country on the subject
and draft a law for the consideration OF
Washington realtors, which will also be
presented to the Bankers Association
for comments.
Pending the time when legislation
can be enacted the committee recon-
mends that Washington banks and real
tors act together to eliminate certain
abuses that have developed. The rec
concentrations:
/. That title should be ordered for
any and all kinds of real property being
purchased.
2. Any property bling sold should
be with the recommendation by the
seller that the purchaser have the title
examined.
3. All real estate loans that are to
be offered for sale or hypothecated
should be settled through title COM
pany.
T. All real estate sales should be
s1ttled through a title company.
S. All first trust real estate notes
should be certified by title company.
g. Title papers should be required by
banks where loans are made or bought
with rSal estate notes as security, even
if the real estate notes are junior liens
and are left primarily with the bank
for collection, and afterward used as a
basis for credit
z. More care should be exercised in
the selection of trustees.
8. All lenders on real estate security
should perfect a system for more
prompt and effective method of keeping
track of delinquent taxes.