Evening star., 1922-05-15
A. B. A. QUARTERS
MAY LOCATE HERE
President McAdams Presses
Advantage on. Council.
Local Shares Firm.
BY I. A. FLEMING.

IA.
tive council of the American Bankers
Association, Thomas B. McAdams, pres.
ident Of the association, won ecomium,
through his conduct Of the meeting and
the clearness of his program for nation.
al effort.
Washingtonians will probably he
more interested in that part of the
presidents report In which the advan.
tages of Washington as Headquarters
for the American Bankers Association
were advanced.
In advocating the movement to Wash.
ington he said: 1T cannot be urged
that il our headquarters are there
We are there for the specific purpose Of
advocating some bills and opposing
others: they are there the year around;
they form part of the life of the Ma
tional Capital and their suggestions,
their assistance. their willingness to
help are appreciated by all those in.
terested in the upbuilding of our coun-
try.
The establishment of the federal re
serve system is another reason WHY
our headquarters should be in close
touch with this basal element of our
financial machinery. The War Finance
and the Farm Loan Board furnish
added reasons why We should keep in
daily contact, to say nothing of the
Treasury Department and the office of
the controller of the currency"
In like manner Mr.. McAdams point
ed to other reasons for locating the
headquarters here, citing the various
departments of government. in their
direct bearing upon banking, and
closed his reference to the matter as
follows:
Il am sure you will agree with me
that the only motive which should
actuate this council. in this or anv
other question, is it's effect upon our
associations ability to agrgessively
and intelligently serve its members
and broaden its field in behalf of the
public good
with this thought in mind, 1 have
after mature deliberation, reached the
conclusion that the movement of our
headquarters to. Washington is the
greatest single contribution that this
council will have the privilege Of
making to financial America"
A committee of TWENTY-FIVE mem
phases OF the situation and to report
at the annual meeting of the A. B. A
Railway Preferred 20.
Railway. preferred was decidedly
strong today, making recovery to 7e
practically the high point of the year.
At that price the stock moved quite
freely. The common shares of the
same corporation brought 39A, also
a toppy price.
Capital Traction sold at 97N and a
few shares at 97A.
Lanston attracted some attention,
selling up to II.
Potomac General Refunding and I'm
provement rs, which have not moved
freely Of late. repeated their high in
transactions at 1861. Debenture IS
OF tie same company were firm at par.
Chesapeake and Potomac 5s of Vir-
ginia sold at co.
Real Estate Title Insurance shares
firm at los.
On RedeeminG Victory 43-4s.
Secretary Mellon announces the ex-
tension of time for the purchase of
~ per cent victory notes at par from
May Is to June Is, purchases to be
made direct from holders. Checks for
interest due June Is will be issued In
the regular course of business MAY
Is. All 3A per cent notes have been
called for final redemption June Is.
In the case of registered AZ notes
presented after May Is 1t will be
necessary for the holder to pay in
terest to June Is.
Postal Savings Increase.
Deposits with postal savings insti-
tutions are on the increase as well as
in the banks. During the month of
March there was gain of 100000.
New York showing a total of Sac
$4,000, Brooklyn, S14,0SS: Chicago.
Sc, 100000, and Boston, $6,000,000.
Getting Acquainted.
Officers and directors of the South
ern Maryland Trust Company of Seat
Pleasant will entertain informally
al WASHINGTON
evening.
Officers and directors of the Mount
Vernon Savings Bank will celebrate
the second anniversary of this sue
cessful institution at the Harrington
tonight.
E, voight. jr., president of the
American Commercial and Savings
Bank, will entertain the directors at
dinner at the cabinet room of the
New Willard.