Evening star., 1941-06-16
Washington Bankers
Commence Graduate
Work al Rutgers
Federal Reserve Stoff
Is Also Represented
In Banking School
By EDWARD c. STONE.


University.
They include Frank M Perley
and Paul j. Seltzer, American
Security e. Trust Co; John E. Monk
and Francis E. Robey, Bank OF Com
merce e. Savings; Raymond j.
Collier, John F. English, John E.
Horbett and Frederic Solomon,
Federal Reserve System; Kenneth
o. HulSe and William J. Ricciardi,
Hamilton National; Roland T. Carr,
Robert Mellefont, Edwin B. Shaw
and Corcoran Thorn. jr., Riggs Ma
tional: Joseph R. Fitzpatrick,
Second National; Bernard L. Amiss
and George o. SchWeinhaut, WASH
ington Loan & Trust Co.
Among the 500 students enrolled
are three from Maryland seven
from Virginia and six from West
Virginia. Among the speakers will
be William R. White, New York
superintendent of banks; Paul F.
Cadman. of the A. B. A: A. L. M.
Virgins. banker; Mark sullivan, U.
V Wilcox and the Rev. Edmund j.
Walsh, all of Washington.
Chancellor O. c. Carmichael, OF
Vanderbilt University will give the
commencement address on June %.
New PAYDAY Hours Granted.
As noted elsewhere in todays
Star. H. H. Mckee. chairman OF the
Washington Clearing House Asso-
citation and president of the Ma
tional Capital Bank, has announced
that all banks in the Capital have
been granted the right to remain
open until $50 pm. on the 9th and
23d days of each month. on account
OF the new staggered Government
paydays.
The Clearing House changed its
rules to meet the new conditions.
The regulations apply to all banks
and their branches. Each bank and
trust company will be allowed TO
work out its own problem to meet
the requirements Of depositors and
customers, Mr.. McKee's statement
said.
Banks located close to Govern
ment departments which will adopt
the new paydays next month, Will
probably remain open late on those
days, bankers said today On the
other hand, some banks may be able
10 continue their present hours.
The prompt action by the Clearing
House Association will be highly
appreciated by both the banks and
their customers.
Record Report Praised.
The auditors section Of the Dis
trict Bankers Association has just
made a most comprehensive report
relating to the destruction and pres
ervation of old records. The report
goes INTO detail on all the reports
held in bank, stating which may
be destroyed and which must be
retained and for how long. The
report has received unstinted praise.
Record destruction has been
great problem for all banks. 1t is
interesting to note that the Wash
ington report is very similar to one
just published by the Illinois
Bankers Association. and includes
many important suggestions from
the A. B. A. Every bank in the
city is certain to make great use
of the outline which shows what
records are permanent and what
may be destroyed in one, three, six
or perhaps 10 years.
Banks, which are greatly over
crowded with records, can act at
once in a safe program of destruc-
ton. as outlined by the committee.
R. Earle HayCock, chairman, has
worked several years on the prob
lem. The other members are Ralph
Endicott. H. Norman Glasco. Millard
s Yeatman and w. B. Mahler. jr.
Maryland. Virginia and several
other States have recently passed
legislation according Photographic
records of documents the same
status as the original record The
committee believes this practice is
worthy Of consideration by the
bankers association. Adoption
would require change in District
statutes. 1t is said, however, that
the films will last as long as other
record media now in use.
District Bankers Honored.
Roland T. Carr, assistant cashier
of Riggs National, was appointed to
the National Public Speaking Com
mittee at the annual convention of
the American Institute of Banking
in San Francisco. and Walton L.
Sanderson, assistant cashier, Hamil-
ton National, was named to the
National Publicity Committee, it was
learned here today.
John NJ Christie, president of
Washington Chapter, American In
stitute of Banking, and I. j. Roberts,
a past president, both connected
with Riggs National, we're back at
their desks today after attending
the West Coast COnClaVe. They re-
ported an intensely interesting pro-
gram which covered all the latest
problems in bank management.
Mr. Christie was a member OF an
investment panel and spoke on the
subjects. Trust and Custodian In
vestments" and Bank Investment
Portfolio.
Bond Interest Declared.
The Board of Directors of WASH
ington Properties, Inc, meeting to-
day. declared interest for the six
months fiscal period ended April 80,
1941, at the rate of 4 per cent on
the s9070 500 principal amount of
the company's General Mortgage
Income Bonds outstanding on that
date.
Checks will be mailed on August
!, by the Central Hanover Bank &
Trust Co. of New York, paying
agent. to the bondholders of record
at the close of business July 10.
Humphrey Lloyd, secretary, an
nounced
Today's Trading on Exchange.
Riggs National Bank common
stock sold 275l2 on the Washing
ton Stock Exchange today, up half
a point from the last sale.
Capital Transit appeared on the
board in a 10-share sale at 151s,
off Is from last weeks close.