Evening star., 1921-04-15
lRUST STCOMPAN|ES
i, SEEK ADMISSION
Mould Join Clearing House
] Association ~ Lanston
Shares Go to 78 3-4.
By L 4. FLEMING.

BIZ L 4. FLEMING.
The Warrington Clearing House
Association Is composed entirely OF
the national banks Of the city. These
banks are all. of necessity, as well
probably as Of choice. members of the
federal reserve system. Because OF
the necessity of a daily clearance OF
checks between banks by the use OF
their balances with the Federal Re-
serve Bank of Richmo nd as q basis OF
0afiy settlement of debts and credits
it 10 obligatory that these banks carry
their reserves with the Richmond
bank:
The trust companies of the city
have. like the savings banks, used the
national banks for their daily clear
ances, the national banks carrying sufi-
cient reserves with their correspondent
bank in order to fully justify their act
ing as agents for the trust companies.
There has been. at various times.
some agitation on the proposition OF
the trust companies being admitted to
the clearing house association.
:. Every banker. recognizes the impor-
their large capital, heavy surplus and
deposits, coupled with their great
Importance from the standpoint OF
trusts imposed on them and the vol
AihS VI wealth. lHSSe represent
A few days ago John B. Larner.
president of the Washington Loan
and Trust Company, addressed a COM
Dnunication to H. H Mckee, chairman
suggesting that the trust companies
I be admitted to membership in the
association, citing their Importance.
their large resources and their mu-
tuaI interest with the national banks
IN all banking matters
Mr.. Mckee agreed that the matter
would be taken up in the near future.
One national bank official pointed
. out the necessity of the trust COM
panies joining the federal reserve in
house. in order that their checks
might be cleared, as national bank
checks are cleared. via their balances
with Richmond.
However, Mr.. Larner In his COM
munication stated that he believed
that the trust companies were salts
ned with existing arrangements as to
clearances and preferred to continue
them in force for the time being at
least.
the Clearing House Association.
What the members of the associa-
tion will do with the request remains
To be seen. There are SO many inter-
ests and not a few cross currents in
the banking business in Washington
questions the importance of the trust
companies in financial Washington.
while there are many who believe
that this Importance should give them
q voice in the management of rules
and regulations other than those re-
Sulting from national laws.
Proposed Amendment.
It is proposed to amend the by
laws Of the District of Columbia Bank
Apaep s,A% g. II
bef hank to have four delegates at
2 meeting of the organization, each
to have one vote
Congratulated Shareholders.
The Riggs National Bank, success
sor to Riggs & Co., established 1886.
sent out dividend checks last night
ITO reach shareholders today, and
with each check inclosed letter of
congratulation on the long record of
4uccessful operations and an appeal
Tor effort in aid Of deposits
me letter was signed by Charles
e Glover. and announced a special
erlve FOR new accounts through the
direct efforts of stockholders and en-
ployes. 1t said: THE minimum Of ac-
compnshment has been set at one a
month-either chacking or sayines-for
each shareholder and employe.
Eishty-nve years of unsurpassed
service to clients the world over have
built up for your bank a good win
perhaps unequaled. The field for ex-
pansion has never been so fertile nor
the opportunity for effective eo-opera-
tive effort SO timely.
The officers are anxious that prom
Sr credit for individual efforts NAV be
fecorded and kindly request that you
tnform Mr.. Evans, the vice president
IN charge of the department, of the
aames OF all new depositors obtained
VINO may not be introduced person
ally or by letter as well as the names
OF the prospects who should be ap-
preached by an Official of the bank"
Lanston shares "a 81.
Lanston monotype shares were the
the the local stock market. The street
believes that there will be either
stock dividend or a cash dividend az.
ira, declared after the annual meet.
ing.
The stock opened at 76H and sold
Up little until after call, when IL
moved up sharply to 7s%
Much OF the buying was from ont
eide sources. apparently more or less
shIoImea as to conditions. In all,
ninety shares sold at 7S%
There was good strength in Raj,u,v
3re1erred: 60h being bid, with s1E
asked: The street is a little mora "a
vorabiy inclined to the merger theory
and looks for results from the confer
ences going on.
Mergenthaler was sfsa4v .r,,,,,-s ,,o~
% 119 o1i'u ii'S
Potomac General S. brought -
Advertising for Bias.
The Columbia Graphophone Conn
pany VIII invest the sinking fund in |
preferred stock, as per provisions Of
the .IatteFs iszue Ard ID eS,n-ISS. -.