Evening star., 1923-05-22
CUBA BRANCH BANK
PUzzL|NG PROBLEM
Reserve Board Fears to
Make Precedent-Gas
Light Earnings.

The nght between the Boston and
Atlanta Federal Reserve banks for
the right to establish branch bank
in Havana, Cuba, is still to be de-
cided by the Federal Reserve Boards
advisory council now in session here.
At the opening meeting OF the fed
eral reserve system yesterday this
question sidetracked subjects of
credit and general economic condi-
tions.
Applications of the Boston and At
lanta reserve banks for permission
TO place agencies in Havana, Cuba,
penoing for some time before the
reserve board, have opened up the
broader question as to whether the
precedent that would be established
by favorable action on either appii.
cation would be proper 1t was made
clear that the council members were
not concerned with the merits of the
two applications which have caused
near-controversy and that their dis
cussion dealt entirely with the sub
Ject in the abstract sense
Some of the council members fear
that precedent would be established
in granting an application for Cuban
agency that could not but apply to
branch banking in other foreign cour-
reserve banks for the privilege
Most of the council members, as in
dfviduals and bankers themselves, are
represented as opposing the policy
tute extension Of government com
petition to private banks and would
embark the reserve board on a policy
the end of which cannot now be fore
seen. AS officials of the government,
however, their attitude generally Is
said to be favorable to a large de-
gree to the proposal for an agency In
Cuba which has steadily increasing
trade relations with the United States
These trade requirements. 1t Is held
generally, should have their banking
facilities satisfied.
Georgetown Gas Light Company.
The Georgetown Gas Light Com
pany was operated at a net corporate
income of $5.92S during the pas:
month, as compared with $685. the
corresponding month OF last year, and
with S4.5sS earned in March this
year.
A relatively large gain in operat-
ing revenues with proportionate
falling off in expense is responsible
for the increased profits, the report
shows. The company had operating
revenues Of s43,742. with expenses Gt
s53.sa9. last month. in contrast with
s35.soS and s27,571. respectively, the
same month last year.
buTlnS tne perlod the reduction for
taxes was made to the amount Sl,5l7.
| Other income of the company totaled
$51S. and miscellaneous deductions
aggregated $5,53s, classified as fol-
lows: Miscellaneous rents, $500. In
| terest deductions, $3,433, and arnorti.
cation Of debt, discount and expenses,
500.
Bankers Convention,
Much interest is being displayed By
local bankers in the Forthcoming an
nual convention of the District of CO.
| iumbia Bankers Association to be
held at Hot Springs next month. An
elaborate program is being arranged,
| and 1t Is understood that s. Parker
Gilbert, undersecretary of the Treas
| ury, will probably be one of the prin-
cipal speakers.
Fernand Petit. cashier of the Citi-
zens Savings Bank, who is chairman
OF the hotel and transportation COM
mfttee. urges all bankers who have
not already done so to mail in their
reservations as early as possible.
Local Exchange Closes June s.
The announcement was made again
today that the Washington Stock Ex-
change will be closed on Tuesday,
June o, on account of the big events
planned for that date In connection
with the Shriners' convention Many
Washington bankers are planning to
take a very active part in the con-
| vention.