Evening star., 1938-06-12
BANKERS INSTALL
NEW OFFICERS At
CLOSING SESSION
Hoskinson Succeeds Groom
as President of D. c.
Association.
WELLER is ELECTED
COUNCIL OF A. B. A.
Hamilton National Executive Is
Given High Honor-Will
Succeed George Vass.
BY EDWARD c. STONE.

trict Bankers Association convention
here today the newly-elected officer
were installed, representatives of thu
association were elected to Offices ir
the American Bankers Association
resolutions and a score of committee
reports were adopted and an address
was delivered by DR.. Marcus Nadler
New York University professor, OF
Investments and Money Rates" Th,
family dinner" took place tonight.
Officers for the coming year Art
Hilleary G. Hoskinson, Riggs Nationa
Bank, president; Ord Preston, Unior
Trust Co.. first vice president; A. M
McLachlen, McLachen Banking Corp.
second vice president; T. Stanley
Holland, American Security & Trus
Co, third vice president; Albert S
Galley, Lincoln National Bank, treas
urer.
= Frank j. Hogan was requested t.
continue as the associations genera
counsel, and Donald w. Larson, tn,
associations permanent secretary, re.
mains in Office.
Waller Is Honored.
Wilmer j. Waller, Hamilton Ma
tional Bank, was chosen to represen.
the association for a three-year term
as member of the executive council
OF the American Bankers Association
one of the highest honors in the gift
Of the District organization He sue
ceeds George o. Vass.
Thomas j. Groom was elected as
District vice president for the A. B. A.
and Frederick p H. Siddons, American
Security g. Trust Co., was elected a
member of the A. B. A. Nominating
Committee, with M. H Calnan, Lib
erty National Bank, alternate.
District vice presidents were elected
to represent the local association this
- year: National bank division. Albert
S. Galley, Lincoln National Bank;
savings bank division. Francis e.
Robey, Bank Of Commerce g. Savings;
State bank division, Guy D. Cowl;
trust company division, Bruce Baird,
National Savings g. Trust Co.
Named to Council.
Members elected to the District as
sociation's council of administration
included Robert H. Lacey, Columbia
National Bank; Francis G. Addison
jr., Security Savings & Commercial
Bank; A. Scott Offutt, City Bank, and
William B. Willard, National Savings
& Trust Co.
Resolutions adopted call for the con-
tinued extending of all possible credit
as the banks contribution to recovery
and stressed the importance of con-
slant care in making only loans
which are certain to be repaid.
Another resolution expressed the
gratitude of the association for the
work OF Chairman Addison of the Law
and Legislation Committee and COM
plimented him on his recent election
as president of the Washington Board
Of Trade.
At the annual dinner tonight Roger
j. Whiteford acted as master of cere-
monies. The party returns to Wash
tngton late tomorrow.
Active in Association.
The new president, Mr.. Hoskinson.
succeeds Thomas j. Groom, Bank of
Commerce g. Savings, who has been
In charge of the association for nearly
two years. Mr.. Hoskinson was vice
president last year and has been ac-
tive In association affairs for the past
eight years.
One of Washington's leading bank
ers, he started his career with Riggs
as messenger. working up rapidly
to his present position as vice presi-
dent and member of the board of di-
rectors. Born and educated in WASH
1ngton, he served for three years as
a page in the United States Senate,
later being employed In the Library
OF Congress. Now in charge of the
credit department at Riggs National.
he Is director in several important
Washington corporations.
Albert S. Galley has Just COM
pleted 26 years as treasurer of the
association and T. Stanley Holland.
the new third vice president, was gen.
eral chairman of the present conven.
tlon. His election today, according to
precedent, means he will be at the
head of the organization four wears
hence.
Low Rates to Hold,
speaking on Investments and
Money Rates." DR.. Nader predicted
that interest rates in the United
states will remain at their present
levels for some time. The professor
OF finance said that the slow demand
Tor commercial loans makes investing
IN securities by banks all the more
important.
The entire problem of money rates
now hinges on the attitude of the
Government as the Treasury and the
governors Of the Federal Reserve Sys-
TEN dominate the money market, by
increasing or reducing excess reserve
balances" he declared.
The Federal Treasury is confronted
with refunding large amounts OF Gov
ernment obligations which mature
during the next few years, and the
Government, like any other borrower,
would like to obtain its funds at as
low rates as possible. This is par
ticularly important at the present
time when the total debt Of the Gov
sernment is large and continually in
ereasing.
"A change in interest rates could
take place only when business condi-
tions are substantially better than they
are today, when bank loans increase
and medium brade bonds appreciate
materially" the economist declared.