Evening star., 1939-06-11
Officers |nducted
By District Bankers
As Convention Ends
Family Dinner Is Held
By Association at
Hot Springs, Va.
BY EDWARD c. STONE.
Special Correspondent of The Star.

Gals OF the District Bankers ASSO-
citation, election of representatives
In the American Bankers AsSocia-
ton, review of the Washington
real estate situation and the fam
lily dinner" were among the closing
features of the 2lst annual conven-
tion which ended here tonight.
Earlier in the day, Ord Preston,
president of the Union Trust Co.,
was elected president of the District
Bankers Association for the COM
ing year, succeeding Hilleary G..
Hoskinson. Mr.. Preston had been
first vice president.
Other officers elected are A. M.
McLachlen. treasurer, McLachlen
Banking Corp, first vice president;
T. Stanley Holland, trust officer,
American Security & Trust Co., sec
ond vice president and John A.
Reilly, president, Second National
Bank, third vice president.
Gatley's 28th Election.
Albert S. Galley, vice president
Lincoln National Bank, was elected
treasurer of the association for the
2Sth time, and Donald w. Larson
was again made secretary.
John A. Reilly, who was general
convention chairman this year, is
the newest addition to the official
staff. AS third vice president, he
starts up the ladder to the preSi-
dency.
The new president, Mr.. Preston,
has been at the head of the Union
Trust Co. since the death of E. J.
Stellwagen, having previously been
director and member of the EX-
ecutive Committee. For several
years he was president of the Wash
ington Gas Light Co.
Born in California, he came East,
fitted for college at Andover Acad-
envy. graduated from Yale and was
in Wall Street for a time before
coming to Washington. At present
he is active in many of Washington S
civic organizations, as director or
financial adviser.
Tonight's annual banquet was en-
livened by the presentation of the
golf prizes for which there has been
keen competition for the last three
days. A home talent show, arranged
by Thomas w. Brahany, added much
to the gayety Of the occasion.
Lusk Addresses Convention.
Rufus S. Lusk, publisher of the
Business Review, addressing the con-
vention today, issued warning
against overbuilding of houses and
apartments in the Capital. He said:
Nineteen hundred and thirty
nine will prove to be the greatest
residential building year in the his
tory of Metropolitan Washington
Based on past experience. it is prob
able that over 1000 housing units
will be started in Washington and
nearby Maryland and Virginia this
year. These new houses and apart
ments will accommodate some 10000
people.
Despite the unprecedented growth
of the city since 1880, there has been
enough housing erected-some As
600 units-to accommodate all this
population increase.
More housing units are coming on
the market during the next four
months than in any similar period
in the citys history Approximately
5000 house and apartment units will
be completed in the metropolitan
area between now and october /.
These will house considerably more
than the normal growth of the
whole area for year.
See Trouble Ahead.
"Since the market for houses and
apartments cannot be expanded be-
yond the point where there are as
many housing units as there are
families, it follows that the erection
of houses in excess of the population
needs will always result in trouble
That point has been reached and
unless the rate Of building slows up
perceptibly, there is trouble ahead
for the local industry"
Mr.. Lusk presented many other
figures to support his views on the
building situation, also charts which
showed construction lines have been
trending upward very steadily for
several years.
Hilleary G.. Hoskinson, retiring
president, was elected to serve the
American Bankers Association for
the coming year as vice president
for the District of Columbia.
Fleming Is Named.
Robert V. Fleming, president of
Riggs National, was elected a men,
Der of the A. B. A. Nominating Com
mittee, Charles H. Doing, vice presi-
dent Washington Loan & Trust Co.,
being named alternate.
Edwin c. Graham. president of
the Hamilton National Bank, was
elected to represent the District
Bankers Association as vice presi-
dent of the national bank division
of the American Bankers Associa-
ton. Fred Mckee, vice president,
Security Savings & Commercial
Bank, was named vice president of
the savings division; Clarence F.
Burton, president City Bank, vice
president State bank division, and
William B Willard, vice president
National Savings & Trust Co., vice
president trust company division.
Four Others Elected.
Four members were elected to the
District Associations Council of Ad
ministration: Francis G.. Addison
jr.. member Of the council this
year; Stanley D. Willis, trust officer,
National Metropolitan Bank: w. T..
Vandoren. vice president and cashier,
Liberty National Bank, and George
M. Fisher, vice president and treas
urer, Washington Loan & Trust Co.
Mariner S. Eccles. chairman OF
the Federal Reserve Systems Board
of Governors, addressed the conven-
ton at todays session, his remarks
being informal.
The convention adopted resolutions
urging repeal of the District in
tangible property tax. TT is hard
ship on persons of modest means and
frequently results in conflscation of
capital and savings" the resolution
..;l ~ r,oe f,,rther cla inod thot {le