Evening star., 1933-07-02
Heads of Various Committees
Are Appointed by Asso-
citation President.
AMICK is IN CHARGE
OF SAFE DEPOSIT UNIT
Change in Interest Rates Is An.
nounced by the Washington
Clearing House.
BY EDWARD C. STONE.

tant standing committees which will
carry forward the organizations work
ing during the ensuing year. They in
olude many of the leading bankers in
Washington. and are as follows:
Credit bureau-C. F.. Jacobsen, CASH
Ter. National Metropolitan Bank
Law and egislation-Francis G. Ad-
Olsen, jr., president, Security Savings
& Commercial Bank.
Taxation-Henry H. Mckee, presi-
dent. National Capital Bank.
Protective-Thomas ]. Groom. vice
president and cashier, Bank of Com
merce and Savings.
Standardized Banking Forms - S.
William Miller. assistant treasurer,
Union Trust Co.
Advertising - Eliot H. Thomson,
Washington Loan & Trust Co.
PUBLICITY J. Roberts. assistant
cashier, the Riggs National Bank.
Auditing-Frank R. Ullmer. treas
urer. National Savings & Trust Co.
Budget p H. Siddons, secretary.
American Security g. Trust Co.
Insurance - Archibald McLachlen.
ton.
Public Relations-w. W. spaid, W.
B. Hibbs e. Co.
Treasury Relations -Hilleary G. Hos
kinson, vice president. the Riggs Ma
tional Bank.
1t is understood the chairmen Of the
various committees will proceed to Sc
1ect the members of their committees
in the near future.
Section Chairmen Also Chosen.
President Vass also announced that
two of the special sections Of the
District Bankers Association have also
been organized for the year. The Safe
Deposit Section will be in charge Of
these bankers: Earl M. Amick, the
Riggs National Bank. chairman: Will
liam H. Harper, washington Loan &
Trust Co., vice chairman; Richard E.
Co., secretary. Council, John M. Bote-
Ter. National Savings & Trust Co.
At the organizations of the
Auditors Section, held early In the
week, these officers were elected for
the coming year: Albert E. Yeatman,
Columbia National Bank, chairman;
r. Earle Haycock, the Riggs National
Bank, vice chairman; j. D. Barrett,
American Security & Trust Co., secre-
tary Council A. ]. Bitterly, Munsey
Trust Co., and w. M. Harris, Lincoln
National Bank.
Mr. Vass stated that the Fiduciary
Section will be organized at a later
date. A glance at the list Of the
standing committee chairmen shows
that all have been active and efficient
In the association work for years.
Francis G. Addison was chairman Of
the Law and Legislation Committee
last year. Other chairmen, serving last
year and many longer, include: H. H.
Mckee, Taxation; Eliot H. Thomson,
Advertising; w. w. Spaid, Public Re-
Int nd n JacH
Treasury Relations. The whole list in
dicates that the work of the associa-
tien will be in most capable hands
during the next IL months.
Clearing House Fixes Interest.
The Washington Clearing House As
sociation, H. H. Mckee, chairman, has
adopted resolution pertaining to in
tsrest rates paid by Washington banks,
the statement being called for by the
passage of the banking act Of 1888. The
Clearing House establishes the rates,
the rate on savings accounts being left
unchanged at 3 per cent. The resolu-
ton says:
Resolved, that from and after July
], 1888, the members and associate
members of the Washington, D. c.,
Clearing House Association shall not
pay interest at higher rate than 1a
OF l per cent per annum on time de-
posits having a maturity Of not less
than 60 days, nor more than per cent
per annum on time deposits having
maturity of not less than four months,
nor more than p per annum on time
deposits having a maturity of not less
than six months. Provided. however,
that nothing herein contained shall be
construed to change the rate Of per
cent per annum which members and
associate members Of the Clearing
House are permitted to pay on savings
deposits. Provided, further. that the
definitions of time and savings depOS-
It's and the rates of interest to be paid
ON each class of deposit under the rules
established by the Clearing House are
subject to change If and when regu-
lations are issued by the Federal Re-
serve Board that would make the
Clearing House rules inconsistent with
and contrary to said regulations"
Banking Terms Defined.
This very important ruling went into
effect yesterday. At the same meet
ing the association defined time de-
posits"' and savings deposits" for the
purpose of computation and payment
Of interest, as follows:
"A time deposit is a deposit which,
by mutual agreement between the bank
and the depositors. has a definite ma
turity of not less than 81 days, and
which cannot be paid before its ma
turity.
"A savings deposit is deposit eW-
dOced by the issuance Of savings
paEbook containing provision that
Q notice of not less than 80 days may
be required by the bank Of the deposit
tors intention to withdraw"
The main point for the public to
remember is that these rulings do not
change interest on savings deposits.