Evening star., 1924-01-18
new RULE PLACED
ON BRANCH BANKS
Federal Reserve Board to
Deny Blanket Authority.
Other Financial News.

District member banks of ,be ped.
eral reserve system were TODAY al
vised by their regional member tba,
blanket authority to establish
Dranches Will no longer be granted.
On the other hand. each application
must be presented to the board sep
arately and in regular form and man
ner. subject to the approval of the
state banking authorities and
recommendation of the federal re
serve bank of the district
The ruling is the outgrowth of
resolution recently adopted by the
Federal Reserve Board after giving
consideration to applications received
from three state members located in
one Of the federal reserve districts
Tor permission to establish from time
TO time during the course of the next
several months number of branches
In designated cities or areas, in ac-
cordance with programs of branch
oank development contemplated by
| the applicant banks
| Ihe Richmond institution also ad-
| Nlsed that any application to estab-
lish a branch or branches indefinitely
! named places or locations in territory
| non-contlguous to the city of the
nome ONCE, which is made in good
faith and filed prior to February 1. 1924.
may be considered by the board az to
ary l. 1924
The Federal Reserve Board re-
serves to itself the right to pass upon
act accordingly.
IL was also announced that Charles
n. wyatt. who has been cashier OF
the Baltimore branch of the Rich
mona institution since its establish
ment, has rendered his resignation.
| enectlve February 29, and Eugene G
Grady has been appointed to the
eashiership, to become effective
| Mr.. Grady has been with the head
once at Richmond since January ].
1919. He was auditor of the bank and
later became on officer with the title
iof controller of accounts During
part of the past year he acted as as
slstant manager of the Baltimore
branch.
Lincoln Bank Rumors Denied.
! Rumors of increased or doubled
capitalization, huge stock dividend.
IconVersion into trust company, etc
coincident with the recent advance in
price of stock Of the Lincoln National
| Bank were spiked" this morning hv
Floyd E. Davis. president of the in
stitution. who declared they were en-
tIrely without foundation.
| In the opinion of Mr.. Davis. the in
crease is attributable to a block OF
ioV snares, representing part of an
estate, which has been made ayaflabIe
by local broker
The book value of Lincoln Ma
tional Bank stock is approximately
isponsible for it's strong trading no
sition. '
Banks 1923 Earnings.
Net profits of the National Sayfnes
and Trust Company amounted fo
is272.64S.90 in 1923, stockholders will
be told at their annual meeting Mon
uay, next cross earnings amounted
I$327,509.95.
On the capitalization of $1,000. 900
the net return was slightly in excess
or 27A per cent.
Two Promotions Announced.
fernando Cuniberti and Miss J
hraus were promoted to the re-
spective offices of vice presidant .na
assistant cashier of the Internationai
Exchange Bank at the annual meat-
ing or stockholders of that institu-
uon yesterday.
Joseph sehiavone, organizer and
president OF the bank, was renamed
head for the ensuing wear. and NJ
Milton II. Prospect reelected vice
president. wee
Harris Assistant Treasurer
hlchard f. Harris has been elected
tahl treasurer of the southwest
pranch OF the American Security and
u[ust company Omission of Mr.
darrls name in previous issue was
tinadvertent.
Moody's Market Review,
John Moody. in his letter. out This
fmorning. states as follows: What
ieVer the present stock market NAV
40. IT is reasonable to believe that its
!oglcai action from now until some
time in February or March should be
to show a sagging tendency.
| rms would be natural response
| to the winter reaction in general
trade, and, besides, we shall soon be-
gin to experience disappointment as
and other favorable development in
| Washington. Admittedly, there Is no
| economic reason for a major move
! ment in stocks in either direction AT
present, but prices might settle back
pretty close to the levels of last Octo-
Der without even changing the tech
nical position of the stock market or
getting 1t out of the rut.'
Trading on Local Exchange.
Railway preferred stock continued
its advance on the Washington Stock
:, Exchange today. fifteen shares selling
at 751s, its highest level recently.
Common was quiet at 70A, with ten
shares selling after cali at 694.
American Security and Trust Com
pany was firm at 305, and National
Union Fire Insurance Company was
active for the first time this year,
seven shares selling at 9k.
Bonds were quiet. small sales being
made in favorite local utilities.
Attcpding Bankers Meeting.
4 Eugene E. Thompson, vice president
of the Investment Bankers AsSocia-
tfon of America, is attending two
day meeting of the advisory council
at Louisville.