Evening star., 1934-05-06
LASALLE DIVIDEND
COMING THIS WEEK,
RECEIVERS REPORT
Six Months Interest Ready
for 500 Apartment House
Investors.
THORPE WILL ADDRESS
D. C. BANKERS PARLEY
Chamber of Commerce Pleads for
Changes in Present Bank
ing Regulations.
BY EDWARD c. STONE.

BY EDNAkD L. SIONE.
Receivers for the La Sale apartment
house will pay six months interest,
amounting to $4,000, to between 450
and 500 note holders of the 100000
trust on portion of the building dur
ing the coming week. or as soon as
holders of the notes present their
claims. The first instalment of six
months interest was paid six months
ago.
The present payment of a half years
interest at s per cent was authorized
by Justice ODonoghue of the District
Supreme Court last Friday. and notices
to holders were mailed Yesterday The
receivers report that gross income on
the south section of the La Sale
apartments has increased 25 per cent
since the receivers were appointed in
1892 and the property now is ap-
proximately 90 per cent filled. They
hope to be able to continue the pay
mentS regularly in the future
The La Sale is enc Of the properties
built by Harry Wardman and financed
by Swartzell, Rheem & Hensey, real
estate investment firm which plunged
into bankruptcy in one of the most
memorable financial crashes ever eX-
perienced in Washington. The pay
ments to be made this week are on
what are designated as the Harry
A. Miller notes" They cover the south
section Of the building. which includes
1T apartments and stores. The whole
building contains 276 apartments.
The payments will be made at the
apartment house. Connecticut avenua
and l street. The receivers are Paul
B. Cromelin. former assistant United
States attorney, and John Walsh.
brother Of the late Senator Walsh of
Montana. The amounts invested in
the notes vary from small sums to
$4,000
Thorpe to Address Bankers.
"The State of the Nation" will be
the subject discussed by Merle Thorpe
editor Nations Business, at the COM
ing convention of the District of
Columbia Bankers Association. which
Will be held during the last week of
May at White Sulphur Springs Other
topics of immediate and practical
value to all bankers have been select
ed, including such matters as bank
legislation, requisites in financial state
ments, methods of analysis. regula-
tlons and determination of savings
deposits and consideration of the
operation of the varied activities of
the banks in their several depart
ments
Speakers have been selected who are
specially qualified to present the topics
assigned and who are considered au-
thorities upon their subject. 1t is ex-
pected that there will be at least one
session additional to the fixed program
for general discussion Of matters that
are pressing for determination re-
garding matters of detail in bank
operation and organization.
The various sections of the asso-
citation will also hold meetings for
the national banks. savings banks.
State banks and trust companies, and
Robert H. Lacey. president of the
Washington Chapter American Insti-
tute of Banking, will give a resume
of the chapter activities during the
current year.
To avoid consuming time for rou-
tine reports. the Program Committee
has decided to have them presented
for record, leaving the committee
chairman an opportunity, if desired.
to emphasize any particular phase of
their activities. At the final session
on Decoration day officers for the
ensuing year will be elected and
installed
The Program Committee, of which
Wilmer J. Waller. vice president,
Hamilton National Bank, is chairman,
announces that all topics have been
assigned and acceptances received
will enable the committee very shortly
to publish the complete program.
Barnum L. Cotton. chairman of the
Transportation Committee. is gratifed
by the large number of early regis
trations he has received.
Temporary Insurance Urged.
The Resolutions Committee of the
United States Chamber of Commerce
in the score of resolutions which were
adopted by the convention urged i'm
mediate passage of legislation which
will extend the operation of the tenn
porary plan for the insurance of bank
deposits under which more than 95
per cent of the depositors in insured
banks now receive full protection upon
their accounts" The permanent plan
should be repealed. the committee
said, calling it unSound and deStruc-
tive in character
The chamber wants bank affiliateS,
over which there has been so much
bitter controversy, permitted to re-
main in business by modification of
recent legislation. The committee also
said that present requirements for
the submission and publication Of
unnecessary reports of affiliates should
be modified"
In order that men of integrity and
sound business judgment may not be
compelled to relinquish positions in
institutions where their counsel Is
needed. the Federal Reserve Board
should be given authority to permit,
in its discretion, an officer or director
to act as such in both a bank and
business enterprise which may in con-
nection with its normal business oper-
ations have occasion to make some
loans. said another resolution.
Provisions for cumulative voting by
shareholders of a national bank should
be repealed in the interest of equitable
and orderly procedure, and such a
bank should be permitted to vote
shares of its own stock held by it as
trustee. In order that all bank stock
may carry the same liability. there
should be legislation to eliminate dou-
BILE liability upon all shares of ma
tional bank stock and State govern
ments should consider similar action
with respect to all shares of State
banks, the committee asserted.