Evening star., 1934-10-22
D.C bANKERSBUSY.
AS SESSION OPENS.
Main Committees Rushed.
Convention Throng PourS
Into Washington.
BY EDWARD C. STONE.

attending the opening session of the
sixtieth annual convention OF the
American Bankers Association, which
opened here today. good many
had no chance to attend meetings, as
they were chairmen or members OF
the important committees which ar
ranged for the big four-day gathering
and were sWamped with work as the
financiers poured into Washington.
H. H. Mckee, general convention
chairman; Lanier P. McLachlen,
chairman of the Hotel Committee;
Charles H. Doing, chairman of regis
tration; C. H. Pope, golf chairman,
and F. P. H. Siddons, president Of
the District Bankers Association,
which is entertaining the visitors, were
all on hand early. Their assistants
were equally energetic. Robert v.
Fleming, second vice president OF the
national association, had several i'm
portant conferences with A. B. A.
leaders.
Several Washington bankers are
members of this years A. B. A. COM
mittees, which are now completing
their years work Mr.. Fleming is an
ex-officio member of the Executive
Council. Mr.. Mckee is on the same
council as representative OF the
District Bankers Association. George
o. Vass is a member of the A. B. A.
Code Committee. G. H. Pope is one
of the State vice presidents, repre-
senting the local association.
Other Bankers Take Part.
Victor B. Deyber is member Of the
National Bank Divisions Legislative
Committee, also member Of the
same divisions Committee on Rela-
tions with the Federal Reserve Sys-
TEN, as well as being one of the State
vice presidents for the same section.
Francis G.. Addison, jr., is active
in the savings division, being vice
president for the District of Columbia.
Lanier P. McLachlen is a State vice
president for the District in the State
bank division, while Ord Preston is
the representative of the District
Bankers Association as a State vice
president in the trust division.
Local bankers expressed keen inter-
est today in the optimistic statements
made by President Francis M. Law
Just before the business sessions
opened. He declares the time has
come for bankers to show more conf
dence in the business future. The
public cannot be forced to borrow
money, but the fact that plenty OF
money is available for all sound loans
can be stressed more than it has been
in recent months, he says.
Law Praises U. S. Bonds.
Mr.. Law gave it as his opinion that
bankers generally feel that the Sc
curities of the United States Govern
ment "are the best investment on the
face of the earth" He declared today
that bankers from other parts of the
country who have arrived for the con-
vention have reported that sentiment
and business have improved markedly
during the past month. Personally,
he feels that private banking system
can best develop the country's busi-
ness interests and is opposed to any
kind of a Government controlled CEN
tral bank.
He points with pride to the debt
payments which have been made dur
ing the past five years. Most of these
were speculative debts, he says. It is
up to the business men to decide
whether they wish to use the vast
amount of bank credit now available
for expansion purposes. Mr.. Law
made many other pre-convention OBJ
servations, which were heartily re-
ceived by Washington's financial
leaders. Both idle men and idle
money must be put to work, he says.
Bankers here found personal friends
from all parts of the country in the
lobbies of the hotels. 1t was like
a big old home week today.
Baltz on Convention Board.
E. c. Baltz, secretary of the Per-
petual Building Association, has been
appointed a member Of the Resolu-
tions Committee for the convention
of the United States Building and
Loan League in New Orleans, october
"a, Is and 20. Announcement of the
appointment came today from Philip
Lieber of Shreveport, president of the
league.
The committee Is expected to deal
with some of the more important
phases of 1885 home-lending policy
in the final resolutions presented to
the convention. 1t will also have its
say on matters of home taxation.
Mr.. Baltz is the director of the
league in district S, which includes
the 13 States south of Pennsylvania
and the Ohio River and east of the
Mississippi.
Credit Union Checks Exempt.
The Treasury Departments ruling
exempting Credit Union checks in the
District of Columbia from taxation
will increase dividends of the larger
unions as much as 10 per cent in the
opinion of Edgar Graham of Treasury
Union No. 262.
Mr.. Graham also enviSaged con-
siderable savings to the smaller credit
unions in the District, where there
now are "a. many of which were
sponsored by the District federation.
The exemption was made possible
through the Cooperative Credit
League, of which Mr.. Graham is pres
ident. He pointed out that the ruling
affects only those unions organized
under District of Columbia laws.
Bank Starts Second Payment.
Norman R. Hamilton, receiver for
the Northeast Savings Bank today
started distribution of an additional
Is per cent dividend to 6,458 de-
positors, involving $263,448 This will
bring the payments up to rs per cent.
Notices were sent to depositors
telling them when to appear at the
bank at Eighth and H streets north
east to get their money, such action
being necessary to prevent too much
of jam at one time.
The Northeast Savings Bank is now
a branch of the Hamilton National
Bank, daily carrying on 100 per cent
banking operations The bank is
being kept open from $50 to S pm.
for the payment of the checks
Today's Trading on Exchange.
The Washington Stock Exchange
must have been overcome by the con-
vention of the American Bankers As
sociation today. Business was practi-
cally at a standstill Trading was