The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-11-23
DISTRICT BANKERS
TOAMEND BYLAWS
AT EARLY MEETING
Provision for Additional
Assessments Will Proba-
bly, Be Drawn Up.
OTHER LOCAL NOTES
Farran Made Vice President.
A. B. A. to Be rendered Re-
ception by D.C.Assn.

A special meeting of the District
Of Columbia Bankers Association,
for the purpose Of considering some
amendments to the constitution
and bylaws. will be held Thurs
day, December 1, at the Cosmos
Club at p. m. according to an
nouncements made by Victor B.
Deyber, secretary of the associa-
ton. yesterday. Notices of the
meeting are being mailed today.
Probably the question of most
Importance scheduled to come up at
this meeting will be the matter of
membership dues. Heretofore, the
annual fee requested amounted to
$50 per year, which sum was en-
tlrely inadequate to meet the needs
OF the association, necessitating an
additional assessment Of each menu
could be met. At recent meeting
OF the association a special com
mlttee consisting Of Secretary Dey-
\ Der and Treasurer Galley was ap-
pointed to go into the matter and
make recommendations as to a fair
assessment, in their opinion. These
communications will be offered at
me pending meeting. and II adopted
VIII probably provide for an as
Sessment in excess of the one now
IN vogue.
An amendment to the constitu-
ton of the association providing
for an addition of the secretary,
treasurer and the member of the
executive councils of the American
Bankers Association in this district
{" the council of administration
VIII also, in all probability, be
wade. As the constitution now
stands. the council consists of the
president. the vice presidents and
four elected members.
Farran Made Vice President.
John w, Farran. proprietor of
Farran's Transfer Service. has been
elected a vice president OF the
american Commercial and Savings
Hank. according to President voigt
Yesterday. Mr.. NOigt added that
the banks progress to date had
heen sreately In excess of expecta-
tions.
Personal.
Clarence +. Norment. president
IF the National Bank of Washing
ton. who has been sojourning at
atlantic City for the past several
weeks. viii return to the city next
Saturday.
A. II. A. Convention.
The executive council Of the
American Bankers Association.
which convenes in Washington De-
cember IL. II and IS. will be ten
dered a reception by the local as
ISOLATION some time during their
stay in the ciTI George Q. Watson
q member of the executive council,
has been named by President Lar
ner to head the reception commit
tee.
Local Securities.
Prices suffered slightly In in
creased trade on the Washington
stock Exchange yesterday. Po-
tomac Electric general mortgage rs
sold at 1929, with a limited num-
her of Railway As changing hands
at 511z. both slight concessions.
Stocks retained all of their recent
firmness, Railway preferred selling
at IS. Gas Light at 579s and Az.
and Capital Traction at 91%. Merg-
enthaIer had odd-lot sales at 1881.
a slight gain over the previous
close.
Lending banks asked per cent
for call funds, brokers bidding s.
Lower Rediscount Rates.
In their current midmonth review
of business the Irving National
Bank has the following to say under
the above caption:
During the first week of Sovem-
her all of the Federal Reserve banks
reduced their rediscount rates. The
kschedule now in effect for all class
IS of paper at reserve banks is as
kollows: Boston, New York and Phil
delphia, Az per cent; Cleveland,
hicago. ST. Louis, Kansas City and
Fan Francisco, per cent; Rich
Inond, Atlanta, Minneapolis and Dali
flas, 5h per cent The Bank of
England reduced it's minimum rate
10 per cent on November 3.
"On June the total of the redis-
counts of the Minneapolis, Dallas,
Richmond and Atlanta banks with
the other Reserve institutions was
s95 -oOO. 900. Each week, with two
exceptions, this figure increased I'M
nil IL reached s71.O0O,00 on Septem-
Ter IA. But on November 9 there
were only three borrowing banks
Richmond, Atlanta, and Dallas-and
the fnter-Reserve loans totaled only
s2I,163,O00. A year ago the figure
was 2OO,1s3,000; New York was
then at the top of the list of Dor
rowers ana at the bottom in reserve
ratio. At present 1t has the high
est ratio, but Boston is supplying
more than half the small accom-
modations needed by other Reserve
banks.
The combined Federal Reserve
ratio on November 9 was ia per
cent, the highest in four years. The
rising ratio is due in part to a very
heavy inflow of gold from abroad.
The net gain from gold imports in
Aten months amounted to s5Ss,221,-
kSO5. The total gold resources of
be system amounted to S2.S16,2es,-
DO. or more than SS0O,O00.OO0 in ex-
ss of a year ago"
METAL, MARKET