Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-31
State Convention to Meet
at Old Point Comfort
June 11-13.
EXPERTS WILL DISCUSS
NEW FINANCIAL PHASES
D. c. Clearing House Association
Moves to Standardize In.
terest Rates.
BY EDWARD c. STONE.

Interesting, instructive. construc-
tive Is the way in which officers of
the Virginia Bankers Association de-
scribe the program for their annual
convention which meets this year at
Old Point Comfort on June IL, II and
Is, just one week before the District
of Columbia Bankers Association meets
1T Hot Springs.
This will be the thirty-eighth annual
meeting The order of the program
differs from that of the Washington
bankers IN that the first day includes
many important yearly reports. Presi-
dent c. c. Bsrk;ide. vice president OF
the Morris Plan Bank of Virginia, opens
the session with his annual address,
followed by the report of the secretary,
C. W. Beerbower. assistant cashier,
First National Exchsnge Bank,
Roanoke.
Other Important Reports.
Other reports will be presented by
the treasurer. T. D. Neal, Richmond,
and the associations attorney, T. w.
Ozlin. Kenbrioge The taxation report
will be made by Chairman r. L. Burke,
president Bank of AppomatoX; sgricul-
ture. Chairman w. T. Daniel. cashier,
Bank of Waverly; State legislst ton.
Chairman S. w. Keys. cashier, Bank of
Glade Spring; Federal legislation.
Chairman T. B. McAdams, Richmond;
hank protection. Chairman e. A. Lcske.
president. Eopewell Bank g. Trust Co.:
banking education. CHI irman J. P. Nc
Connell, president. Farmers & Mer-
chants National Bank, East Radford:
county organizations. Chairman v. II.
Vaughn, cashier, First National Bank,
Ashland; groups, Chairman Giles H.
Miller, jr, cashier Culpepcr National
Bank: trusts, Chairman C. E. Tiffany,
president. Farquier National B2nk,
Warrsnton: research. Chairman T. C.
Boushall, Morris Plan Bank, Richmond
z. S. Shields. president, Planters Bank
IL Trust Co.. Farmville, will report on
service charges and interest rates, and
H. p. Davis. cashier. National Bank OF
Manassas. will report as chairman OF
one OF the six groups.
Large Attendance Expected.
During the convention special ad-
dresses will be given by F. G.. Await,
deputy controller of the currency: o.
Howard Wolfe, cashier, Philadelphia
National Bank, on Profit Producing
Policies: Thomas B. McAdams, Rich
mond, on Blink Bank Bunk; J. B.
posts; John M. Miller, jr,, Richmond.
We Must Become Better Bankers"
Other speakers include T. c. Boushall
and Haynes McFa6den, secretary of the
Georgia Bankers Association.
Much has been provided in the way
OF entertainment, both at the Chamber
lin md on the golf links It will be
the associations sixteenth convention at
Old Point Owing to the popularity Of
the place. the transition through which
business is now passing. the new prob
lens facing the banking profession, and
the interesting discussions certain to
develop. Secretary Beerbower expects
. large attendance, Including several
bankers from Washington. visiting
financiers always being Welcomed at
these meetings.
Interest Rates on Savings.
One Of the most important announce
ments during the week came from H. H.
Mckee. chairman of the Washington
4 Clearing House Association, the asso-
S1ation having adopted a rule that after
June 1, tomorrow, not over per cent
shall be paid on any new savings ac-
counts. Very few of the banks are pay
ing more than per cent now, but an
effort is being made to make the rate
uniform among all the banks.
Mr.. Mckee. who Is also president
Of the National Capital Bank gave it as
his personal opinion that the local
banks will not reduce the rate lower
than 3 per cent. His views are of spe-
cial interest considering the independ-
ent action taken by some of the banks
IN New York on savings, the Chase Ma
donal, the worlds biggest bank, having
cut the rate to 2 per cent.
Other local bankers said yesterday
that they agreed with Mr.. Mckee that
the banks here are not likely to at
tempt any reduction below 3 per cent.
AArl~R 10 49, IT.,
most careful consideration. Competition
with other financial institutions han
ding savings is expected to keep the
rate up in spite of low money rates in
New York and all over the country.
Seek to Guard Investors.
Plans for safeguarding American in
NestorS In foreign securities were pre-
sented by Allan M. Pope, First National
Old Colony Corporation and Ralph A.
Stephenson. Guaranty Co. of New York,
at the annual May meeting of the gov
errors Of the Investment Bankers Asso-
citation OF America at White Sulphur
w. Va. These include proposals by
Chairman Rope of the associations For
eign Securities Committee, that the as
ISOLATION develop further means of OBJ
tanning and disseminating information
on foreign countries in which Americans
now have $17,500 600, 900 invested, ex-
elusive of war debts.
For more than a year, says the re-
port. foreign governments and forsign
bankers have been accumulating foreign
bonds from American investors at ad-
VantageouS prices because of the ig-
norance or fear of foreign conditions in
the minds of American investors. The
report also says that the American in
Vesting public has made little use of the
Institute of International Finance which
tbs association established five years
ago.
ut Is an obvious result of financial
difficulties besetting the world in gen.
eral in the last year and half, which
have resulted in several cases in gov
ernmental changes and in a very small
number of cases in actual temporary
defaults, that confidence in general in
foreign securities will be shaken to a
certain degree. There Is no question,
however, but that as whole the Amer
lean people have in the main exagger-
ated the adverse conditions, undoubtc dly
due largely to lack Of information, and
it Is equally certain that If this eXag-
gerated lack of confidence continues, the
almost universal depr- ssion at the pres
ent time will be greatly retarded In its
recovery"
HILLARY c. Hoskinson. chairman of
the Sports Committee for the coming
convention Of the District Bankers AS
~ TIE