Evening star., 1920-01-07
BANKERS DISCUSS
INTEREST RATES
Opinions Embodied in Resolu.
ton Adopted at Conference.
Other Announcements.

AT the executive session of the
bankers representing clearing house
associations of the country, held at
the Interior Department yesterday y
afternoon Immediately following the
address of Gov. Harding of the fed
cral reserve board on Rates and De
pOsitS. a resolution was adopted Civ
ing the following propositions as
the opinions" OF the conference:
That the present sliding scale for
advancing or reducing interest rates
is not satisfactory.
That existing regulations should
not be abrogated until more satisfac-
tory regulations are adopted govern
ing rates of interest paid on deposits.
THAT the Federal Reserve Board
should always be free to establish the
rate of discount without reference
To any clearing house regulat tions as
to the payment of interest.
That payment of high rates of in
is unsound and is bad banking. and
that every effort should be made to
avoid such practice"
Conferences Decided On.
Final action on the question of in
tereSt rates on bank deposits was not
taken, but it was decided to hold
another conference. at which it is eN-
pected an agreement may be reach I'd
to put a stop to competitive bidding
for out-of-town deposits.
At the request of the bankers the
Federal Reserve Board last night is
sued call for a second conference at
Chicago January 23, to be attended
by three representative from each
stated by resolution adopted by the
bankers, will be Ito consider the
whole question of interest on bal
ances in order that some basis may be
agreed upon that will be mutually
satisfactory. conducive to conserva-
tive banking. and benefit the entire
business and banking community"
L. e. Spear to Lecture.
The first of a series of special lee
lures on existing revenue law will be
given tonight before members of
Washington Chapter of the American
Institute of Banking by l.. E. Spear.
formerly deputy commissioner of Of
be held in the chapter hall. 1914 F
street. Mr.. Spear will review the
present rulings under the income tax
law. Victor b. Beyber. president of
the chapter, will preside. There will
be other lectures on income taxes on
Wednesday evenings throughout the
present month. The lectures are
designed to meet the needs of the
bank employees of Washington who
will be called upon during the next
InTee mOntnS TO assist Dank patrons
in making out their income taxes.
H. H. Mckee, president of the Ma
tional Capital Bank addressed the
class in elementary banking last night
on the functions of the clearing house.
Several changes in the personnel
of the firm of Middaugh & Shannon,
Inc. were made at the annual meet
ing of the company when the follow
ing officers were elected: William +.
Shannon, president; Charles A. Clu-
net, associated with the firm for the
past twelve years. becomes vice presi-
dent and treasurer; Thomas E. Nc
Hale, formerly connected with James
+. Shea, secretary; Capt. Walter
Vaughn. late of the United States
Army, superintendent of construction !;
Mcdonald Ripley. U. S. N, sales man
ager, and G. Percy McGlue, attorney.
The firm was incorporated in 1899 by
Ray E. MMiddaugh and William E.
Shannon.