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.G, BANKERS NAME M'QUADE PRESIDENT Atwood, in Address, Urges Refusal of Charters for Weak Institutions. BY EDWARD C. STONE, Btaff Correspondent of The Star. HOT SPRINGS, Va. June 20.—At the closing business session of the Dis- triet of Columbia Zankers' Assoclation convention here today Edward J. Mc- Quade, president of the Liberty Na- tional Bank, Washington, was elected resident for the coming year, succeed- ing Lanier P. McLachlen. C. H. Pope, vice president of the ‘Munsey Trust Co., was elected first vic> president; George O. Vass, vice presi- dent and cashier of Riggs National Bank, was named second vice president, and Prederick P. H. Siddons, secretary of the American Security & Trust Co., was elected association secretary. \dent of the Albert 8. Gatley, vice president of |inz and business adjustments at to- Lincoln National Bank, was re-elected treasurer, and Frank J. Hogan con- tinues as general counsel. Previous to the election of officers an address by Albert W. Atwood, edi- torial and financial writer of the Saturday Evening Post, featured the business session. Mr. Atwood presented 2 gripping address on “The Reform of Banking and Business,” going right to the root of the great number of bank failures in recent years, declaring that the trouble should be stopped at its source by the refusal of charters to weak banks so that such institutions can never open their doors. In his ad- dress he also scored “antiquated trust laws,” and too extensive borrowing. Urges Needed Bank Reforms. “Because of the heavy toll of failures in the’ past few years,” Mr. Atwood argued, “it goes without saying that banking, as & whole, needs reform, and w2 all know the general line which this should take. Banking must become more professional and less circum- stantial in its origins. We have had too many banks formed for inadequate and extraneous reasons: any kind of ' an institution has been able to call itself a bank, and this must stop. The banking structure must sift and settl> down. This it is doing rapidly and naturally at the present time, and whether it needs any further legal help through changes of laws extending branch or other multiple forms of banking, or providing for different types of organization or jurisdiction from ‘what we now have, such, for example, as Mr. Pole’s trade-area idea, I am not wise enough to say. “It may be that we need some vast. all at once reorganization of banking form and structure, but I am more in- clined to believe that if laws are to b changed the place to reform them is in the granting of charters. Why not stop the trouble at the source? Why think of grand and elaborate reorganizations for the protection of banks after we have allowed weak and unsound ones to start? In the same way people dis- cuss interminably the industrial or power trust and monopoly problems, while the States go on merrily com- peting with one another in granting charters to any sort of a careless or even vicious holding company, with every conceivable privilege tacked on that the mind of clever and not always too over ethical lawyers can think of. ‘Why lock the stable door after the horse is stolen? The banking reform we need is far more severe restriction, both in Jaw and public opinion, upon the for- mation of banks. Orgies of Speculation Scored. “The reform of both banking and industry must come, not through any simple and easy formula or ism, but by patient work, trial and ertor, conference, study and accommodation. Let us learn to govern ourselves ip small things before we attempt world reo tions. How can in learn to co-operate and co-ordinate to prevent depressions and booms while we have antiquated anti-trust laws? How can‘we make vast ‘master plans’ for industry as Jong as we allow our cupidity to run us into great orgies of speculation or our passions to carry us into the even greater disturber, war itself? Many people are suggesting the establish- ment of a Peace Industries Board or a Supreme Economic Council, and the idea is not wholly & bad one. “but what could such a board or council do as‘ong as people borrow and spend more money than they should? “I may be entirely mistaken, but I for one do not view the future with the dire apprehension which- is s0_common these days. As Chancellor Brown of New York University recently said, “The future just now is beset with vicissitudes, as every future always is.' ‘The existing order is full of defects, but what order has ever been free from them? We certainly have made prog- ress in reforming it, in improving it here in this country. - Unemployment used to be regarded as almost normal: now it is abnormal. Surely it is better to have a country in which, unfortunate as the situation may be, some people because of unemployment, cannot buy enough or more than is needed than to have a country which never has enough to go around, for employed as well as ‘unemployed. ‘‘“Moreover,” Mr. Atwood continued, “every sensible man knows that the present depression is ‘serving, if past SPECIAL NOTICES. TNVALID ROLLING CHAIRS, FOR RENT OR sale; compiete Jine of new and used chairs: all “sizes. styles and adfustments; reduced Drices. Also folding_chairs, ‘wood"or metal. STATES STORAGE CO.. 418 10th St. N.W. Met._ia43. IF FURNITURE LEFT AT 337 10th ST. S.E. 1sn't called for within 30 days, same will ‘be sold for storage. . DON'T PERMIT YQUR LIVING ROOM {Ukflml AND R%gfl to be destroved Y n’ Dl’ooL MOTH! Let us Mo them for you Srilent in sour own home by tne Konate . which carries INSURED protection for 3 vears. Now is the time. - Reduced UNITED STATES STORAGE CO. _ 418 10th St _N.W. MEiro. D. C. _1012 35t N 1 WILL NOT RESPONSIBLE FOR ANY debts other than those contracted by myself. BENJAMIN A. ELLIN. Jr. 1531 Isherwood St. N.E. " ALLIED VAN LINE C Irom NEW YORK. une 22nd YORK. NEW To DETROIT. [ Y To_ CHICAGO. % Lo Jui Regular weekiy ‘service for part loads to and “from ~Washington, Baltimore, Phila- deiphia and New York. STATES STORAGE CO.. INC.. 418 _10th St. N.W. Met. 1845, PRINTING IDEAS —for - merchants and business men. Put a dent in depression by creating an impression with our printing. The National Capital Press 1210 D St _Nat. 0850 LONG DI¢ - MOVING. ‘A return load rate to or irom any point, GREYHOUND VANS. . _______ADAMS e010. ROOF WORK _of any nature promptly and capably looked atter by fi-eueflw roorers. Gail us o, d Company ___ District Wi NEW _YO! L% HIA, H £ Ju —whether it be lsrse or small, ean e e lve Tou s prio Budsel Pivments Arfansed. 1 v St NW 2 e SR - Talks Reforms ALBERT W. ATWOOD, Nationally known editorial and finan- cial writer, who ussed needed bank- day's convention session of the District of Columbia bankers at Hot Springs, Va. One of his leading suggestions is the withholding of charters from all tutions can ever get started. experience means anything, as a period of convalescence, from overproduction, overselling and the abuse of credit. are we to get back into 'equilibrium without going down painfully far? Te mistake the natural and normal effort of the financial and industrial organism | to right iteelf and regain its poise as either the end of the world or as oc- | casion to adopt every clap trap panacea ! seems to me either childish or hysteri- cal. But this is not the first time the | drunkard thought he was going to die ion the cold gray dawn of the mornmi after. We are in a depression, but tha | is when the stout-hearted lay the foun- | dations of success; it is when the | quality of eredit is improved and when | people pay their debts. . ! “Iam amazed,” he said in conclusion, at the pessimism of utterance by many of our prominent men. They foresee | the breakdown of almost evi 3 ibut I am confident the chief break- {down is in their own perspective and common sense. They must have fallen i for the ‘new era’ stuff a couple of years ago, and were evidently living in a i fool's paradise. As long as the great mass of the people carry on their daily tasks with faith and loyalty and courage we need not fear. It is true that many further reforms are needed, although many have been and constantly are being made. But let us tackle some of the thousands of tasks at home before | we bay the moon. Howe an we rule 1in great things until we begin to rule | ourselves in little?” Important Reports Presented. Prolonged applause greeted Mr. At- | wood’s picturing of remedies to wipe out the clouds on the economic horizon, after which many important annual reports were presented. Ralph Endi- cott of the Washington Loan & Trust Co., chairman of the auditors' section. reported much progress by that division of the association. Other reports covered auditing, J. Frank White, cashier, National Bank of Washington, chairman; standard bank- ing forms, Thomas J. Groom, cashier, Bank of Commerce & Savings, chair- man: insurance, Frederick K H. Cox, cashier, Commercial National Bank, chairman; Treasury relations, Hillea: G. Hoskinsen, vice president, Riggs Na- tional Bank, chairman; advertising, Eliot H. Thomson, Washington Laan & Trust | Co., chairman; taxation, H. H. McKee, president, National Capital Bank, chair- man: publicity, Claude H. Woodward, president, Mount Vernon Savings Bank, chairman: credit bureau, C. F. Jacob- sen, ' cashier, National M Bank, chairman. During the forenoon the national bank; savings bank, State bank and trust_company divisions of the Ameri- can Bankers’ Association met to elect vice presidents for the District of Co- lumbia for the coming year. During the past year J. Frank White, J. Ezta Troth, J. T. Exnicious and Charles E. Doing have been the representative vice presi- dents of these four divisions. Today's main convention session was presided over by C. H. Pope. Small Savings Study Urged. President Joshua Evans, jr. of the District National Bank presented the annual report of the Protective Com- mittee, The association adopted a recom- mendation by a special committee that a careful study be made of small sav- ings accounts in Washington banks. The aim being to require 2 minimum | deposit of $5 befcre interest is paid. It was revealed that there are now more than 6.900 savings accounts in Capital banks which average less than $2 each. It ‘was also recommended that member banks place a service charge on very active savings accounts or insist that these funds be transferred to checking accounts. The surprising fact was re- ported that hundreds of savings ac- counts are almost as active as check- e Tonwing b been e following inkers have elected to the executive council of the fiduciaries section: Kenneth F. Brooks, Riggs National: T. Stanley Holland, American Security & Trust Co.; Wil- {llam Howard, National Bank of Wash- ington; Leonard Marbury, Washington Loan & Trust Co., and Ralph T. Quin- url.“ Comfrcm National, a ly exciting - test on the homeaw‘d' mmml‘d::’l‘d C. FEteffe, Federal-American National Bank & Trust Co., won the E. B. Mc- Lean Cup, making one of the little hummers hum for 79 seconds. James C. Dulin, jr., American Security & Trust Co,, tied for first place, forcing a spin- off in which his top got tired four sec- onds sooner than the Steffe speedster. B. F. Gruver captured the horseshoe- pitching contest, B. I. Boudren, winner of the essay contest, finishing a close second. All other sports be decided late today. Atlo:l'l:;ufil'lk?“ J. Hogan will preside at the dinner tonight and the party vm‘nr:.“c.l: Washington Monday morning. ONCE PENNILESS RECLUSE DIES A MULTIMILLIONAIRE Resident of Shanghai Expires at 84 After Amassing $25,000,000 in Real Estate Ventures. By the Associated Press. SHANGHAI, June 20.—Silas Aaron Hardoon, who came here almost penni- less from his birthplace at Bagdad 50 years ago, when Shanghal was a vil- lage, died yesterday of heart disease, a multi-millionaire at the age of 84. Through fortunate real estate specu- lation, while Shanghai was becoming one of the world’s greatest cities, Har- doon amassed a fortune ly esti- mated at $25,000,000 5 . For many years Hardoon lived the life of a recluse, breaking his Hardoon L They had no children, but adopted 10 boys ‘and girls of various nationalities. They are expected to inherit his wealth. Hardoon was popularly believed to_be the richest foreigner in Cbf there are several other foreign . in Shenzhai and Southern China which a: - i We went uphill much too far, and how | hart, FRANKLIN U. CLASS OF 113 GRADUATED Homer St. Clair- Pace Talks to Group at Annual Com- n_:ggb_omom. ! weak banks, s> that only strong insti- | pf 3 Anna Dodd, Louis E. Vern Eilis, Frane 915 G St. N.W., in the heart of Retail Shopping District. 20x80 ft., will remodel, to suit. Rent, $250. Apply Mr. Gibson 917 G St. NW. 1. | Murphy, Nathanson, Henry T. Norson, STAR, WASHINGTO 'W. Gonnerman, R ot Jasen W Henderson, ', James 0 , S ldretn, Julla Benton Hop- Freeman F. Murry, Fine corner “property, upper 14th Street, first commercial zone. Property must be sold at ence. Submit your best offer. Apply to B. G. McGinniss 1407 H Street N.W. O:|U. 8 Students to Serve Three ‘Months. in" Arctic Misaions. " “Ponmm, Me., June 19 (#).—With .Seigel, | 30 students from colleges ai - v prepar- George B. Cluett of the Dr. Wilfred I. Grenfell Expedition, salled - yesterday .| for St. Anthony, Northern Newfound- R. Walsh, | land, and Labrador. 5 . 4 ymond 8./ The boys t] . John R.| months as assistants in medieal mis- D. Werner, | sions at little-known 2 - THE SILVER STAR HOME SELECTED AND SPONSORED ° BY Whe Foening Flar. IN THE 5 FOREST SECTION OF CHEVY CHASE Is one of the many remarkable homes built and to be built in this naturally beautiful section that is permanently protected from those elements that mar the pleasure and comfort of living, and destroy value. - Priced from $13.450 to $30.000, they reflect today's new scale of values in the fullest measure. Open Daily and Sunday, 9 AM. 109 PM. TO INSPECT: Drive out Conn. Ave. to Chevy Chase Club (Bradley Lane), turn LEFT two squares to Maple Ave., then follow our signs. The Laboratery Home will also be open. YOU MAY FINISH THIS HOME EXACTLY AS YOU WANT 1200 CHATHAM ROAD, CHEVY CHASE $13,500 To find the perféct home, ard then to discover that the wall paper or the electric fixtures or some other detail of finish simply doesn't suit your taste, or clashes with the period or de- sign cf your own furnishings, is truly discouraging. But that can't pen to you here in Meadowbrook. For, in selecting one of the several perfect. homes now under construction, if you purchase now, you may choose exactly those things that you want in: Color and design of wall paper electrie fiztures and de- Price Range from $13,500 to $18,500 Monroe and Ben S. Warren, Jr. Ouwners and Developers Drive out Connecticut Avenue to Columbia Coun- try Club, turn left on West Cypress _Street (Bethesda- Sitver Spring Highway). two blocks to Ezhibit Home. OPEN DAILY UNTIL 9 PM. Ve KENNEDY~WARREN Washington's First - Air Cooled Apariment ina, but tes | URROUNDED on three sides by Government parks, The Kennedy-Warren, Washington's newest and largest apart- ment building, is located on Connecticut Avenue at Klingle Road, in one of the most important residential sections of the city. The exterior of the building, with its classic lines, is most impressive. It is constructed of a warm shade of-gray face brick with limestone ormamentation. The architectural style received the approval and commendation of the Fine Arts Commission. R In planning The Kennedy-Warren, owners and builders had one thought uppermost. in mind: To erect an apartment building for. those who réquire the type of service and the facilities to be had only in a large ultra-modern build- ing: and then to so operate. and maintain .the establishment that each family will desire to. remain permanently. To this end itis necessarythat the managementobserve the highest standards in the selection of tenants who will aid in; maintaining the character of the property. The permanence of these policies is assured by the fact that The Kennedy-Warren has been planned, designed and built, and will be managed and retained by the Owners; AS AN INVESTMENT. The Kennedy-Warren is’ most imposing, by reason. of its great size, rising eight stories on Connecticut Avenue, and "eleven stories and three basement floors on the park side. Due to the sharp drop from Connecticut Avenue, all floors below Connecticut Avenue are actually above ground level. The structure fronts 478 feet on Connecticut Avenne, with a maximum depth of over 330 feet, and contains over 8,000,000 cubic feet. | _ When completed, The Kennedy-Warren will contain over 2,000 rooms and 600" baths, comprising. apartments of one " room and bath to six rooms and three baths. - There will also be-a spacious two-story main lobby with a mezzanine floor, four smaller lobbies at subordinate entrances, promenades, lounges and parlors, a large dining room, and completely equipped kitchen, assembly room, news stand, and space for a drug store—all on the lobby floor. On the floor below will be the ball room, a large recreation room, and space for a - beauty parlor, barber shop, grocery store, laundry agency\ valet service, ete. special interestis the cool-air circulat- ing system. : g READY FOR OCCUPANCY OCTOBER 1st—RESERVATIONS NOW BEING MADE Electric Refrigeration, Electric Current, and Gas for Gooking are all included ‘Epcar 8. Kxwwrpy, President - - 3133 Connecticut Avenue—Telephone Adams. 9600 X s the very reasonable rentals. : 4 3 el Mownor Wannzw, Secretary-Treasurer 7 'Réntal Office on Property Open Until 9 PM. B | 23 2, EispaEiie tE] frsoa = LEdaw’ Aiaiaa