Evening star., 1934-06-13
Neglect to Provide Better
Protection Criticized by
Institute Speaker.
554 BANDIT ATTACKS
RECORDED DURING 1882
Newark Man Is Nominated for
Observation-Disclosures Leader
on Program.

Americas bankers were criticized
today for neglect to protect financial
institutions from bandits.
Robert B. McGaw, chairman of the
Protection Committee of the Savings
Banks Association of Massachusetts,,
told the American Institute of Bank
ing that the growing class of crime
in which We as bankers are particu-
larry interested may be vastly reduced
in volume by using scientific methods
Of defense"
Bank banditry in the last decade
has increased 800 per cent and has
so increased despite the fact Of o
marked decrease in the number OF
banks in operation" McGaw said.
From 129 attacks in 1928 We have
jumped the record to 554 daylight
robberies in 1892"
Relates Survey Results.
He said a survey of Massachusetts,
conducted by his association had re-
vealed gross carelessneSs on the part
of bank officials in safeguarding their
institutions against robbery and that
in some instances banks had been
found wide open at 7:30 am, with
no guard on duty. McGaw stressed
the importance particularly of ade-
quate time locks on vault doors and
proper physical protection of bank
buildings.
THE Attorney General Of the
United States says there are as many
criminals under arms as represented
by the combined forces of the Army
and Navy of the United States" Nc
Cav stated. This statement is prob
ably reasonably true and it brings a
direct challenge to the forces of law
and order in every possible way.
Therefore in protecting our individual
banks and our employees against bandit
attack, we are doing our small share
in holding the battle line between
law and order on one side and crime
on the other"
Ellery Is Nominated.
Last night the name of Charles F.
Ellery of Fidelity Union Trust Co.,
Newark, N. j., was placed in nomina-
ton for president of the A. I. B.
Other officers nominated included:
For vice president: Herbert H. Gard
ner. Manufacturers National Bank,
Highland Park, Mich; Maynard w. e
Park, Federal Reserve Bank, Kansas
City. For Executive Council: J. Fred
Brewer, jr., Wachovia Bank a. Trust
Co., Winston-Salem, N. c.; ]. B.
Haslamb, Birmingham Trust & Saw
ings Co., Birmingham, Ala: Earl v.
Newton, the Cievelan1 Trust Co,
Cleveland, Ohio: Harry R. Smith,
Bank of America, National Trust &
Savings Association, San Francisco:
G. K. Strickland. Federal Reserve
Bank, Memphis, Tenn.
Elections will be held at the closing
session Of the institute tomorrow aft
ernoon.
Robertson Griswold. vice president
of the Maryland Trust Co., Baltimore,
addressed the convention this after
noon on the subject of trust and saw
ings problems and told the bankers
that in the vast majority of cases
trust departments carried on success
fully through the darkest days and
came through with an unsullied
record"
Cites Three Criticisms.
He dealt with three criticisms which
he said had been directed toward cor
porate fiduciaries-the practice of
selling their own trust securities to
their trust estates, that securities held
in trust are generally commingled
with the banks own securities and
that banks regard their trust GUS
toners impersonally and unsympathet.
ically. He pointed out In the first in
stance rule of common law prohibits
trustees from 'exacting profit from
trust estates; that well regulated
banks always earmark the securities
of each trust they hold and place
them separately, and in the third case
no reputable bank or banker would
knowingly jeopardize his own future
or the future of his institution by
alternating the friendship of his bene-
ficiaries.
David M. Sweet, assistant vice presi-
dent of the City National Bank &
Trust Co.. of Chicago, discussed the
current status of installment credits
in another afternoon address, and A.
w. Converse, vice president of the
First National Bank of Chicago, de-
livered an address on Savings Bank
ing in the Present Decade"