Evening star., 1940-04-25

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''''''''''''~ ''''s~ &s''asasF case of the Col
Cyril B. Upham. or ado National
Bank of Denver vs. Bradford, affirms
the position, which has been taken
consistently by the controller of the
currency. The opinion upheld the
validity of Colorado statute levy
ing tax on users of safe deposit
boxes.
The experience of the controllers
office in dealing with safe deposit
facilities in closed banks, Mr.. Upham
added, shows that the safe deposit
unit is usually about as we'll man.
aged as the rest of the bank. One
that has been poorly managed can
be the source of great trouble, and
even litigation and expense, to the
receiver
Weak Points Noted.
The more common ailments found
were enumerated as:
Poorly kept records, sometimes on
a cheap record book. with poorly
organized Identification OF box
holders.
Contracts carelessly drawn, or in
sufficient for the purpose, or leaving
the bank wide open to fraudulent
claim.
Boxes rented to persons under as
sumed names
Boxes rented to two or more
patrons as joint tenants without
having properly established such
status
insufficient records, or provision
IN the contract, for entry by per-
sons other than the holder.
Poor records or none at all of
previous entry into the box by the
holder or other persons.
A considerable proportion of locked
boxes for which no contracts can
be found or which have not been
opened by the holders for years, or
upon which no rent has been paid
for years, or as to which former
holders have ceased to respond to
notices.
Lincoln Addresses Bankers.
G. Gould Lincoln, member of the
editorial staff of The Evening Star
and nationally known political
writer, addressed the fiduciaries
section of the District Bankers As
sociation at the April dinner meet
ing at the Columbia Country Club
last evening. Mr.. Lincoln. discussed
many of the high lights of the pres
ent political situation and made
some most interesting remarks on
the forthcoming political campaign.
In discussing the national conven-
tions, Mr.. Lincoln gave President
Roosevelt the leading role on the
Democratic side and Thomas E.
Dewey top position on the Repub-
llcan side. He said the belief is
growing that the foreign situation
will play an important part in the
coming campaign.
Aubrey Carter, national bank ex-
aminer OF the Trust Division, was
among the guests.
Council Sessions Praised.
Washington bankers, back from
the A. B. A. Council meeting at Hot
Springs, report the largest attend
ance on record, more than go
being present. Francis G. Addison.
jr president Security Savings g.
Commercial Bank; George O. Vass,
vice president and cashier Riggs
National; Wilmer j. Waller, vice
president and cashier Hamilton Ma
tional; D. j. Needham, general coun-
sci of the A. B. A., and his assistant,
j. O. Brott, were at their desks
today. They said the various. ses-
sions were intensely interesting.
Robert V. Fleming, only other
Capital banker at the meeting, re-
mained at Hot Springs to attend
the coming meeting of Reserve City
Bankers.
Accountants at Baltimore.
Washington Chapter, National As
soclation of Cost Accountants. send
40 members to Baltimore today to
attend the joint meeting with Balti-
more and York chapters. The
program started with inspection of
the plant of Mccormick & Co. Late
this afternoon an address was to be
made at the Emerson Hotel by C..
Milton Clark, treasurer of the Cen
trail Bank for Co-operatives of the
Farm Credit Administration, on
Financial Budgets"
A. B. Gunnarson of Washington,
national director, will be master of
ceremonies at the annual banquet.
C. Howard Knapp, national presi-
dent, and Stuart G. Mcleod, ma
tional secretary, will be the chief
speakers. John l.. Mitchell, presi-
dent of Washington Chapter, will be
an honored guest.
ID. C. Store Collections Lag.
Washingtonians did not pay their
bills in department stores in March
quite as fast as shoppers did else
where in the fifth reserve district
The Richmond bank reported today
that 27.5 per cent of receivables due
March l were paid during the
month in the Capital, 80 per cent
in Richmond and Baltimore and
29.8 per cent in the whole fifth dis
trict.
inventories were in good shape
Stocks of goods on hand in Wash
ington stores on March 81 were 4
per cent higher than on the same
date year ago and 4.8 per cent
higher than at the end of February
this year. The percentages were
practically the same as averages
for the whole fifth district.
AS already noted, department
store sales in Washington in March
were 3.6 per cent ahead of March
1889, and up per cent in the first
quarter. 1t should be mentioned
that all Easter buying this veal
was in March.
Mergenthaler Sells at II.
Mergenthaler Linotype sold at Il
on the Washington Stock Exchange
today on a turnover of 1873 shares
This was the highest price in years
Washington Gas common was II
lively demand at 261a. Capita
Traction IS were again strong, sell.