Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-01-15
WILL ENTER THE
FEDERAL SYSTEM
Continental Trust Co. Decides
Advantages Offered Are
Sufficient Inducement.
MANY CORPORATIONS
REFLECT OFFICIALS
Equitable Life to Reduce Arlington
Hotel Loan Rate to S Per Cent.
Local Securities.
BY I. A. FLEMING,

b Z !. "A. ELEM,1NG.
AT meeting of the directors of the
Continental Trust Company held yester-
day afternoon the question OF joining the
| federal reserve system was taken up for
discussion and considered in all its
phases. The result was that the Cont
mental Trust Company decided to join
the system, making the second trust COM
pany in the District to reach this con-
cluSion.
The Munsey Trust Company decided
some time ago that it would join the
system.
These are the only two of the six trust
corporations that will avail themselves
of the opportunity offered. The other
four. making loans only on collateral Sc
curity and confident that they will be
able to make more money by remaining
out of the system than in it, have prac-
tcal.y decided to stay out. They have
no commercial paper to rediscount; the
new measure does not permit rediscount
Of collateral loans, and 1t does demand
that member banks shall carry l5 per
cent reserve on demand and s per cent
on time deposits, a reserve which trust
companies are today in the habit Of car
rying in national banks or other trust
companies at or per cent interest.
Every national bank in the city has
long since signifed Its intention Of be-
coming member Of the federal reserve
system.
In taking this action they have been
preceded or followed by 1923 national
banks of the 1900 institutions in the sys-
TEN.
The list of entrees in the new banking
system includes ia banks In New EQg-
land, 435 in the eastern states, 2S6 in the
southern. 522 in the middle states, 1e5
in the western and 81 In the Pacific
states.
Frank a Vanderlip, president Of the
National City Bank. the largest Of the
New York concerns, sailed for Europe
yesterday. One story Is that he goes to
consult with James A. Stillman regard
ing the National City's entrance into the
federal reserve system; the other that he
has in mind further extension OF the
banks sphere Of influence In Europe.
year ago the directors of the Wash
ington Loan and Trust Company decided
to continue the payment OF per cent en
proviso that should business warrant 1t,
they would vote a . per cent dividend
at the expiration of the year.
Yesterday the board of directors voted
2 per cent extra dividend making the
payments for the year 10 per cent, while
at the same time they declared the regu-
ar per cent dividend. The latter was
by the trust company to its sharehold-
ers Both dividends are payable Febru-
airy 1, 1914.
In the advertisement OF the forthcom-
ing sale Of the Arlington Hotel prop
erty under foreclosure by the Equi-
table Life Assurance Society. it is in
teresting to note that the big insur-
ance company. owner OF the mortgage.
demands but 100000 payment. and is
willing that the balance due, 100000.
or any part thereof. may remain until
January 1, 1917, on mortgage at per
cent
This indicates decidedly easier con-
dition in the money market. as the
original loan, which is being fore
closed, was at per cent and had some
five years to run.
The election Of officers at the Union
Savings Bank yesterday afternoon result
ed as follows: President, Wade II. Coop
er; vice president, A. G. Chaplain: cashier,
c. L. Bowman; assistant cashier. w. r.
Lewis. The meeting of the directors de-
veloped nothing but harmony and dis
position to pull together in the interest
Of the oldest savings bank.
The Douglass Mining Company held
it's annual stockholders meeting yester-
lay, January IA. in the parlors Of the
New Willard Hotel.
The following officers and directors were
elected: II. P. Pears. president; Judge
Reynolds Hit. secretary-treasurer: Ben
jamin Carter, f. L. Petit, Mrs. Mercer
Watson, Asa P. Childs. C. Z. Fink and
Kate F. OConnor, directors.
The following were elected directors of
the Capital City Savings Bank: H. D.
lock. Henry E: Brundage, Frank J.
Maddox. T. Q; PRODIGY; Arthur Foraker.
William r. Ballard. Vernon E West.
Fulton R. Gordon. A. B. Gordon. George
b. Fraser, Charles A. Rossiter. Charles
w. Semmes, S. A. Kendall and A. P.
Crenshaw.
The directors elected the following off,
GERS:
H. D. Gordon president
Edw A. Garlock. first vice president
and treasurer.
fulton R. Gordon, second vice president
A. B. Gordon. secretary
A. P. Crenshaw, cashier.
Capt. G. " Scott Of the Continental
Trust Company, and a director in a
number of other institutions, leaves with
trip in search of health. He expects to
be gone about two weeks.
The American National Bank today re-
elected the following officers:
w. T. Galliher. president; c. H. Living
stone. first vice president: Davis Elkins,
second vice president; William selby.
cashier; assistant cashiers. A c. West,
E. T, Love and ]. w. Williams.
Tho Equitable Life Insurance Company
of the District of Columbia elected the
following board of directors: William A.
Bennett. George j. Bessler. Henry p.
Blair. August Burgdorf. Allen C. Clark,
A. P. Clark. jr.. W. Gwynn Gardiner.
Edward E. Rapley. William H Rapley,
NJ. D. Rosenberg. Joseph Sanders, N. H.
Shea. L. c. Strider. ]. s. Swormstedt
and Henry K. Willard.
Of1cers elected as follows: Henry P.
Blair, president: Joseph Sanders. first
vice president; William A. Bennett. Sec
ond vice president: Allen c. Clark. secre-
tary. NJ. D. Rosenberg, counsel, and G.
A. Clark, actuary.