Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-10

TO important washington deVel
Association charged today.
In a resolution adopted al
convention at The Homestead
responsible agencies to co-op- |
crate more fully with each
other and potential developers
in order to expedite admins
trative decisions and give as
surance to future developers
they will not be faced with a |
long and difficult struggle to
build in the national Capital.
The association pointed to
the much publicized case of
the $50 million Watergate
Towne development, for which
the sponsors have endeavored
to obtain the necessary ap-
proval for more than a year.
"In pursuit Of their goal,
they have submitted plans
three times to the Fine Arts
Commission, eight times to the
National Capital Planning
Commission. and three times
to the District Zoning Com
mission" the resolution said.
If this situation is permitted
to continue, it will discourage
sponsoring of future building
projects and viii seriously limit
the future growth and progress
Of Washington, it declared.
Douglas Bill Opposed
Another resolution expressed
strong opposition to the Doug
las bill, Senate 174O, to regulate |
disclosure Of charges in extern
sion Of installment credit.
The proposed legislation was
declared unnecessary, unjusti-
fled and impractical. Associa-
ton members were requested to
continue to disclose full infor-
nation concerning their charges |
on installment loans and to ex-
press the cost of such borrow
ings in terms Of dollars and the
rate Of charge in terms Of 1
dollars per hundred.
Objection Oyerruled
For the first time in many |
years, a strong objection was
raised to another Of the reso-
buttons supporting a contro-
versial proposal for legislation
to set up trade areas" for
banking in urban centers to /
permit all banks to compete 4
equally by operating within the |
economic or trading area with ]
out limitation by political {
boundaries. {
Walter L. Green Of Hyatts- l
vile. Nd, a representative Of {
Suburban Trust Co, voiced the s
objection Of suburban Mary
land and Virginia banks to L
legislation which would permit {
Washington banks to invade I
the suburbs. He urged that the
resolution be tabled and a +
special meeting be called to +
permit suburban banks, which "a
are associate members Of the t
association, to voice their views. Y
In the interest Of harmony {
he urged that some Washington
banker move that it be tabled
and Frank A. Gunther, presi-
dent of Security Bank. made
such q motion and it was sec
onded.
However, Robert c. Baker,
president Of American Security
and Trust Co., chairman of the
resolutions committee, de-
Tended the resolution and
called for its approval. The
motion for tabling it was re-
jected by a majority of the
voting District of Columbia
member banks and the original
resolution was adopted along
with the others.
In part, it read James j.
Saxon, Controller of the Cur
rency, has set forth in recent |
merger decisions convincing |
arguments against outdated
legal restrictions on urban COM
petition and has supported q |
relaxation Of political boun-
diaries in and around American
cities to allow banks to follow
with customers into learaby
areas, thereby sharpening COM
petition, improving customer
services. and promoting bank
growth"
Larger U. S. Sum Urged
legislation to make the Fed
eral payment to the District
government automatic, and
somewhat above the present
amount, received strong in
dorsement of the bankers.
The proposal has been intro
duced by Senator Bible, Demo-