Evening star., 1932-10-23
Regional Conference Dele
oates Vote to Hold an
Annual Meeting.
EDITOR MAKES ADDRESS
ON ECONOMIC PROBLEMS
Branch Bank Auditing Talk by
Baltimorean Proves a Feature
of Business Session.
BY EDWARD c. STONE.

More than $50 bank auditors, con-
trollers and their guests wound up their
two-day Eastern Regional Conference,
With banquet at the Willard last night.
The initial conference was so successful
that it was voted to make the confer
ence an annual event and plans are
already being laid for next years meet
ing. The president of the National As
sociation of Auditors and Controllers
is expected to preside at the regional
conference so it was not necessary for
the convention to elect any officers.
At last nights dinner John Poole,
president of the Federal al-American Ma
tional Bank, presided and David Law
renee, editor of the United States Daily,
made the chief address Mr.. Lawrence
discussed Current Economic Problems"
in his usual forceful manner, taking a
hopeful view of the long-term outlook.
He discussed factors which are retard-
ing economic recovery and also the
factors which are helping the situa-
tion along.
In addition to his address, several
other features were presented. The
majority of the delegates at the dinner
were from Washington, Baltimore.
Philadelphia and New York, these four
cities being special sponsors to the con-
ference.
Branch Bank Auditing Debated.
One of the most interesting discus
sions during the session took place
at the business session yesterday after
noon, following the address of H. Stadt-
ler Nolan of the Baltimore Trust Co.
and his remarks led to a flood of ques-
tions on a topic in which the auditors
are particularly interested.
Another forenoon speaker was Arthur
x. Schultz, assistant controller of the
Chase National Bank, New York. "Ob-
servations on Research in Banking" was
his subject. He displayed an amaz-
ing familiarity with banking details.
The last speech at the business ses-
sion was made by Charles D. Hamel
of this city, former chairman of the
Board of Tax Appeals. The attorney
spoke on THE Bank as a Tax Advisor. F"
Several pertinent questions followed his
discourse.
During the morning session Chairman
Russell F. Thomes, president of the ma
tional organization, introe uced F. G..
Await, now acting controller of the
currency, and w. P. Folger, chief ma
tional bank examiner who dropped
around to greet the visiting bankers.
Check Tax Arouses Interest.
It developed during the convention
that the new 2-cent tax on bank checks
may not yield the Government more
than half the revenue that was expected
when it was passed by Congress
One of the opening day speakers was
James H. Douglas, Assistant Secretary
of the Treasury At the time the bill
was before Congress it was estimated
that the 2-cent tax on checks would
yield the Government from $4,000, 900
to as high as S90,0O0,000 year. In
reply to a question from the bank audi
tors, Assistant Secretary Douglas re-
ported what the monthly receipts had
been since this tax went into effect.
These monthly returns show that the
yearly revenue will fall far short of the
original estimates. The bankers eX-
pressed little surprise over the probable
smaller revenues from this source, as
all have noted the tremendous falling
off in the number of checks drawn
since the new law went into effect.
Local Bankers Highly Praised.
Assistant secretary Douglas gave
many most interesting figures on the
increase in the cost of Government,
Treasury estimates for revenues, income
tax returns, Treasury financing and the
standing of Treasury bonds.
Local bankers were highly praised
for the success of the two-day meeting
The advance arrangements were made
by Raymond G. Marx, Arthur j. Linn,
w. M. Harris, Leo E. Madigan, James
C. Elgin and j. Damn Faber.
William M. Harris, chairman of the
auditors section of the District Bankers
Association, opened the convention and
served as chairman of the Hotel Com
mittee. He was assisted by Leo E.
Madigan and A. E. Yeatman, also
officers in the local auditors section.
R. F. Thomes, head of the national
organization, is assistant vice president
of the Central Hanover Bank & Trust
Co., New York. He MADE an excellent
presiding officer and at the close pre-
sented a most interesting summary Of
the high spots in the convention
addresses.