Evening star., 1921-11-29
TRUST CO. JOINS
CLEARING HOUSE
Each Individual Applicant a
Separate Case-0thers
May Apply-Notes.
ny I. A. FLEMING


Yesterday afternoon the Washing
ton Clearing House Association ad-
mitted to fun membership the
Washington Loan & Trust Company.
Heretofore the membership of the
association has been confined ex-
clusively to national banks, 30 that
the a,lmittance of a trust company Is
a decided innovation.
The action taken yesterday does
not mean that heiIceforth trust COM
panies are eligible to membersnip,
but 1T does mean that, all thinss
being favorable and the most recent
bank-examination report satisfactory
an applicant may be reasonably GER
tain of securing admission.
Membership in the federal reserve
system was not made a condition OF
axlmittance of the Washington Loan
&: Trust Company. although IT Is un-
derstood that the latter hao unoer
contemplation such action.
The new member will continue TO
clear through it's sponsor. the Co
lumbia National Bank, as formerly.
but otherwise it has all the rights
The election of the first trust COM
many member of the Washington
Clearing House Association was by
unanimous vote of the organisation.
1t will probably be followed by the
application and admission of other
trust companies.
Washington Chapter Tonight.
F. G. Addison, jr.. vice president OF
the Security Savings and Commerclai
Bank, will lecture to the elementary
class of Washington Chapter, Amer
lean Institute of Banking. this even
ing.
His subject will be Interest and
0xpp arSbin rartificafesn
E. j. McQuade. cashier Of the Lib
erty National Bank, will quiz the,
class on 'Promissory Notes and Dis
counts. Collateral and Mortgage
e Loans"
Average attendance at these classes
is nearly 200, and the chapter now
has 1000 members, many OF them
senior bank officers who are sustain
ing members"
For Christmas l9:: Spending.
The Security Savings and CONNER
cial Bank will start four classes or
Christmas savings clubs Monday
morning, December IL. In order to-
secure interest periodical payments
must be made as agreed to the enc
of the year. when distribution plus )
per cent will be made.
Class No. 1 calls for payments OF
SO cents week for fifty weeks and
repayS S25. plus interest; No. calls
fer weekly payments or ~ ana re-
pays $50. plus interest: No provides
for S2 a week and repays 100 plus
interest; No. 5. weekly payments OF
SIS week for so weeks, and returns
$3.50, plus interest.
Local Securities. S.f
Local securities were trifie less
active and possibly j shade lower,
but nothing more.
Sales were made at 91A to 92 for
Capital Traction shares, 84X for small
lots Washington Gas 5s. 91a for Cap
ital Traction 5s and 103A for the Re-
funding Is of the Potomac Electric
Company.
Bid and asked prices for Mergen-
thaler were 135 bid, 1S7s asked.
Richmond Heavy Borrower.
The Richmond Federal Reserve
Bank reported borrowings from other
reserve banks this week Of 10000, ,000.
or 100 per cent increase. and Dallas
more than doubled it's obi cations to
other banks I
Evidently credit conditions down
south arc still suffering.
Calls for Cash.
Secretary Mellon made another
draft this morning on the proceeds
of the November / certificate sale,
asking for about sra, 900 to be paid
in to Richmond on Thursday of this
week.
National Bank Statistics.
Resources of the s.155 national
banks in the country at the close OF
business September 6, the date of the
latest call by the controller Of the
currency. were s19.o14,102.e00. No
vember Is, 1920, the resources of S,123
national banks totaled s22, ,0S1 ,913, 900.
and there has been a gradual de-
crease, most of the loss coming In the
last two months of 1920.
The loss. in deposits, from s1S,961.-
702, 900 in November of last year to
s14,560.S52,000 September 6. 1921, may
be safely said. to represent invested
money
Liabilities for rediscounts. including
those with the federal reserve banks,
decreased from S1,453, ,2O7. 900 to $685.
07S,000, representing, in the strongest
kind of language, the extent OF liqui-
dation, plus the lessening liabilities
of merchants in the depressed period.
Individual demand deposits in
Washington September were $751;
$4,000.