Evening star. [volume] (Washington, D.C.) 1854-1972, 1921-01-06
RAILWAY COMPANY ,
I ELECTS DIRECTORS
Bates Warren and Emory L.
|! CobIentz Named to
~ Vacancies.

At a meeting of the directors of
the Washington Railway and Electric
Railway Company. held yesterday
afternoon. two directors were elected
to fill vacancies on the board.
Bates Warren, vice president of the
Continental Trust Company. was
chosen to succeed the late Guy l.
Scott.
Emory l. Coblentz was named as a
Successor to Allan G. Hoyt Of New
York. resigned
Mr.. Coblentz is one OF the leaHinE
bankers and utility officials OF Fred-
erick, Md. He is thoroughly posted
on matters in connection with street
railways and with electric lighting
and power
The Washington Railway and Elec-
trio Company owns probably nfty
miles of railroad in Maryland, ana
state on its board of directors before
Paid Out $4,000 Interest.
During the year 1920. the American
per cent on checking accounts and
per cent on savings deposits. paid
out in interest the sum of $4,000.
Matter OF Service Charge.
Washington bankers expressed con-
siderable surprise this morning over
the severe criticism by some members
of the House of Representatives yes
terday of the small service charges
made by some banks in the District
of Columbia.
r. N Harper, president of the Dis
trict National Bank and also of the
District Bankers Association, COM
menting on the matter said:
In all the larger cities of the coun-
try, so far as / know, service
charge is made on active checking
accounts that run below a certain
amount stipulated by the bank. But
checking accounts for as small
amounts as the banks Of this city are
in the habit of doing. In many of
the larger cities they demand a min
in opening accounts, and if the ac-
count is q live one, this minimum
must be maintained.
THE American Bankers Association
Endorses the service charge and hun
dreds Of banks have been enforcing It
for years.
1.-THE service charge is a new prep
osition in this city. We have no hard
and fast rule, each bank follows its
own choice in the matter and I know
that in very many cases the elimina-
ton Of the account would be much
preferable. from the bankers stand
point. to the service charge. 1t costs
money to keep the records Of a bank
and the checking account of few
dollars involves as much clerical
effort as one of respectable proper
..The banks of Washington have
give,a service to the government and
to the people of Washington freely.
mounting at q fast pace. the legal
rate of interest remained the same,
s per cent. plus service in large de-
gree. Moreover. wages and other
charges increased materially.
"A charge of l per cent on deposits
as suggested by some of our states
men. would be charge on the thrift
and prosperity of the country. and
would cause Withdrawals to strong
boxes and other boarding places of
millions of dollars.
ITO Washington depositors alone II
would mean an annual charge of ST.
$4,000, provided deposits were per-
mitted to remain in banks, or increase
the present high taxes Of banks by
that amount, if our lawmakers
banks, in addition to our tax on real
estate, on circulation, on gross profits
and force US to keep our reserves
with the federal reserve regional bank,
ever"
Another banker expressed surprise
that service charge. SO moderate.
so necessary and 40 common in the
banking business all over the coun-
try, on Improbable accounts, should
be the cause of criticism from men
who are looked up to as being un-
usually we'll informed.
second National Extra Dividend.
Directors Of the Second National
Bank yesterday declared the regular
semi-annual dividend of per cent
and an extra distribution of I per
cent payable January to sharehold-
erB OF record December 81
Doubling Capital Stock.
The Northeast Savings Bank is pro-
crossing so satisfactorily in its com
munity that the directors have agreed
to incre ase the capital stock of the
bank from $4,000 to 100000. The
shareholders will vote on this propo-
isition on the occasion of the annual
giving sanction to the Increase.
Z s@ War Finance Corporation.
Under date of September 80. 1920.
the Treasury Department issued
statement Of the foreign securities
owned by the government. $s.466,2s3,-
510; the amount of foreign obligations
Geceived by the Secretary Of War on
account of the sale OF supplies, $685.
o32. 900. and the amount received from
the American Relief Association for
relief extended. $s4.0s3.sS3.
The statement also made reference
10 the SoVV,oVV,VVV cdpltaI STOCK OF the
War Finance Corporation. less $685.
6s2,S16 cash deposited with the treas
urer to the credit of the War Finance
Corporation"
The corporation was not such an
expensive aid to business as some
other adjuncts of the government.
and. II this cash is still heG to the
order of the Secretary of the Treas
ury. the restoration Of the CORPORA
tion would be a relatively easy mat
ter-if its speedy functioning IL de-
sired.
Firemens Insurance Organisation.
The directors of the Firemen's In
surance Company organized with the
election of William II. Hoffman as
president: George w. Morse. vice
president: Albert W. Howald. secre-
tary, and James N. Fitzpatrick, as
sistant secretary.
Allen Z. Walker. who has been
president for some years. retired from
the presidency.