The Washington herald., 1921-01-01
RESERVE BOARD
GIVES APPROVAL
TO BANKING BODY
Federal international Co.
With S7,OOO,OOO Capital
Becomes Reality.
NEW GROUP NAMED
Natl Bank of Wash. Cuts
Melon-A. l. B. Notes-Wil-
lard Sends Greetings.
NEW GROUP NAMED

Oncials of the Federal Reserve
Board here yesterday announced
that on Wednesday, December %,
that body approved the articles Of
association and organization certifi-
cate Of the Federal International
Eainking Company, a corporation
organized under the provisions OF
saetion Is (a) of the Federal Re-
serve act, commonly known as the
-Edgs act" The capital Of this
( eorporation is s7.OOO.OOO and its
home once is in New Orleans, La
The Federal International Bank
faE Company is incorporated for
The purpose Of engaging in the
business Of international or foreign
bar king or other international or
foraign financial operations. Pend
inE the issue Of a final permit to
cor mence business, the corporation
has authority to exercise only those
poWers which are incidental and
preliminary to its organization.
Trading on the Washington Stock
Exchange yesterday morning slip
ped back into the well-known rut.
There was no trading to lessen in
come tax payments, consequently
the session was devoid of anything
interesting except in the case Of
Potomac Electric Power Gen. Mtge.
per cent bonds which fluCtuated
between 90 3-4 and 80 IA. The
opening sale of $1,000 Of this Sc
curity was recorded at ga, follow
ed by a like sale at IA. to be fol-
lowed by still another $1,000 sale,
this time at 80 SIS.
The stock list was moderately ac-
tive as compared with the paucity
OF bond transactions, prices failing
to show any material change. Con-
tinental Trust held steady at 10,
Col. Graphophone common at IA,
Railway preferred at 5Ol2, Wash
ington Gas at 3S, and Capital Trac-
tion at 81 ga.
There will be no session today.
Col. Robert n. Harper. presi-
dent of the Washington Bankers
Association, has appointed the fol-
lowing committee to be known as
lstion: H. H. Mckee, chairman,
National Capital Bank; John B.
Larner, Washington Loan & Trust
Company; B. A. Bowles, Potomac
Savings; Wade H. Cooper, Union
Savings Bank; CUnO H. Rudolph.
Second National; Charles J. Bell,
American Security & Trust and H.
L. -OTUtt, jr.. District National
e. Bank.
The functions of this committee.
in short, will be to keep a keen
watch for any new legislation,
either good or bad, doing all in
their power to discourage passage
of bills detrimental to local bank
ing interests, and eXpediting the op-
posites-
Charles D. Boyer, president of the
Washington Chapter. American In
stitute of Banking is N receipt of
a letter from New York headquar-
= ters advising that the nineteenth
annual convention Of the Institute
will be held July 10 to %, inclu-
sive, at Minneapolis, MINI.
At a meeting OF the Board of
e. Directors Of the National Bank OF
81 Washington held yesterday, a semi
annual dividend of six per cent was
declared to all stockholders, pay
able January 3 to holders of record,
December 81.
. This office is in receipt OF a let
ter from Daniel Willard. president
of the Baltimore & Ohio railroad
system, in which best wishes for
. the New Year were extended. In
t teidentally, Mr.. Willard states that
: To me the future seems bright and
full Of promise, provided only we
return to the habits Of thrift. econ
omy and well-ordered industry
which in the past have made us
great as nation, and happy as in
dividuals."
!. Chairman Paul NJ warburg has
called a meeting OF the Economic
Policy Commission Of the American
{ Bankers Association at the general
offices Of the association in New
York, January -.