Evening star., 1923-06-27
PUSH PLANS TO AID
BANK INSTITUTE
Bankers Unite to Boost Local
Chapter-Tfading Quiet
-
on Exchange-Notes.

Plans for the most tfar-reaching and
Instructive campaign yet undertaken
by the Washington Chapter, American
Institute of Banking, will assume
definiteness Friday, when the various
, hanks in the city will each name 4
| member :of their PERSONNEL as CON
sui" of the chapter representing the
! respective bank. Their duties. as
such, will be ito keep their. employing
Institution in the. closest possible
touch with the banking school, pro-
mote membership in the body. secure
better. attendance; In fact, aid the
American Institute of Banking i'll
every. possible way. &.
This step marks the first official act
| Of the institutes new president'James
great benefits being derived by it's
| schooling and visualizes even greater
possibilities. It's membership is grow
ing steadily year by. year. and at the
present time q great majority Of
Junior bank officers as we'll as many
senior officers in Washington's lead
| ing banks, are graduates of the chap
ter.
Tomorrow. the chapter delegates 70
| the annual convention. to be held in
Cleveland the. first of next month.
will get. together and receive final
| instructions for the trip.
+ New Reserve Board Railing.
The Federal Reserve Board has
| withdrawn the right 1t gave to men-
| Der banks of the reserve system in
1921, to act agents i'll rediscounting
+ for non-member banks, it Was stated
| at the Treasury last night. The board
| further anpounced that hereafter
| this, privilege shall be allowed only
upon application. of the non member
bank concerned. and the approval
thereof by the Federal Reserve
Although no reason was assigned in
the official statement for the reyeca-
! tion of the privilege indirectly ac-
| corded non member banks. individual
members of the board indicated that
| they felt the need for extension or
| the privilege no longer existed NoH-
member banks, they said, are now In
a position to cope with demands
made upon them without recourse 10
trediscounting through member bank $.
The stringency existing in l92l,
which was the direct basis for tue.
boards extension of the rediscbunt-
ling privilege, continued as strain
on many smaller banks for soIue
months after general business began
to revive, but, according to board
l.records, the arrangement. has been
| little used in the last few months.
BOnu issue frGctlcShy sOHtu'
/. The issue of 100000 Potomac
Electric Power s per cent thirty-year
bonds, foated on April /, 1928. by the
National City Company i'll Conjunc-
| tion with Harris. Forbes & Co, is
practically closed, only a few thou
sands representing the unsubscribed
portion
l. :. Treasury issues Call.
! The Treasury Department has serv-
,lAny han -
| the Federal Reserve System to pay
| into their regional members. tnmo--
row 20. per cent of the outstanding
! proceeds of tile' May Is sale of Treas
| ury certificates.
THE. call viii constitute a drain {
| s4S.902,s0 on the banks of the couh-
| try. -
Tax Blanks Being. Mailed.
! The 1924 federal capital stock tax
| returns blanks are being mailed TO
all corporations of record by Galen
L: TAFT. collector Of internal revenus.
| turn, with the collector of internal
| revenue at Baltimore on or before
July. 81. 1923; in order to avoid a
penalty; Check or or money order 9tiarE for
I by the return should accompany the
| return. when filed. From the total
| fair average value of the capital
| stock the sum Of $4,000 is deductible
L
| each full $1,000 of any balance.
Market Company Dividend.
| Added to the list of Washington
lconcerns making dividend disburse-
| ments this month is the Washing
| ton. Market Company. which will. on
! June 80, pay out $4,000 in semi
| annual dividends to stockholders Of
| record as of June %.
! New Virginia Bank.
4 The Potomac Trust Company Of
| Potomac Arlington county, Va. iS
| the latest to join the ranks of neigh
! borhood banks.
\ The charter for the institution was
granted two weeks ago: and provides
| for maximum capitalization of $50
| 600 .apd minimum of s25,000. The
| stock is of a par value of $50. sell
ling for $25. the difference being placed
| to the surplus. account 1t will begin
| operations with the minimum capitai
| Quiet Day on Exchange.
| Trading on the Washington Stock
! Exchange continues listless. In this
! mornings session transactions were
\ restricted to the minimum. at un-
changed prices. Wardman Park Hotel
| IS. heretofore highly inactive, sold
| to the extent of $4,000 at 90. and
Capital Traction 5s. aggregating 81
| 900 face value, sold at 961z.
[ On the. stock list" Railway pre-
| ferred. sold at 72ss, Lanston at 75ig,
Riggs sold at $50 and Washington Loan
and Trust at $50.