Evening star., 1925-09-17
BRANCH BANK FOES
TO HOLD MEETING
Will Assemble at Atlantic
City Prior to Bankers
Convention.
BY CHAS. p. SHAEFFTR.


A committee comprising the oppo-
nents OF branch banking. numbering
In Its representation officials of bank
Ing institutions from all parts of the
United States, has issued a call to all
bankers opposed to branch banking to
assemble at Atlantic City on Septem-
Der 27, the day before the opening of
this years annual convention of
the American Bankers Association
Charles H. Segerstrom. president of
the California League of Independent
Bankers. is temporarily chairman of
the committee. whose contemplated &C
tion Is not being made public.
Opposition to branch banking. which
has manifested itself strongly on sew
eral occasions, and particularly at the
annual conclave in New York in 1922,
has been growing rapidly in some
parts Of the country. Generally, the
smaller banks opposed it. but owing
to their numerical strength, they were
unable to put over a resolution at the
New York convention condemniny the
practice.
Foes of branch banking make the
assertion that 1t often ties up credit
at a time when it is most needed in
the territory served. This question
is expected to be thoroughly aired by
Congress at its next session. when it
proposes changes in the Federal Re
serve System.
Francis NJ. Savage, president of the
Central Savings Bank, who has led the
local fight against branch banking,
will attend the session. Mr.. Savage
holds membership in the American
Bankers Association, though does not
belong to the local body.
Interest Rates Lower i'm East.
Interest rates of farm credits are
much lower in the East and Central
West than in the South and West,
the Department of Agriculture de
clares in review. Rates in different
States in 1928, the review said, varied
from b3 per cent in New Hampshire
to SO per cent in New Mexico, with
the average of 6.S9 per cent on first
mortgage farm loans made by com
mercial banks.
I'm general" the review stated, ''in-
terest rates appear to vary with the
risk that the lender takes and with
the local supply of loanable funds"
while climatic conditions, the type of
soil and topography and the adequacy
of banking facilities also have an in
f1uence.
IAN excessive number OF small
banks, each with a small clientele, 1t
declared. means an abnormally high
overhead cost per unit of business.
There is also a greater risk on loans
heavily concentrated in limited areas
and not backed by adequate banking
resources Such conditions are nat
uraIly translated into higher interest
rates.
Although the agricultural depres-
sion of the last few years undoubted-
ly contributed to the failure of many
such banks, the failures were also in
no small degree due to unsound bank
ing conditions and inefficient banking
methods"
Woman Bankers to Dine.
Catherine Kreig, chairman Of the
women's committee of the local chap
ter, American Institute of Banking,
announces a dinner for feminine en-
ployes of Washington banks, to be
held at the Womens City Club on Sep
tember 25, from to pm.
The purpose of the dinner is to pro-
mote interest among women in the
banking institute. To this end. Judge
Kathryn Sellers of the District Juve-
nile Court will occupy the chief guests
chair, while Clara l.. Dombey, man.
ager of the women's service depart
ment of the Union Trust Co. of Cleve-
| land will be the principal speaker.
The local women's committee this
wear is composed of, in addition TO
| Miss Krieg, the following: Harriet NJ.
| Barrett, S. Winifred Burwell, Eleanor
| Dankmeyer, Loretto Ennis, Lillian
| Mitchell, Frances Orrison, Ida S. Par
| ker, Theoria D. Roberts, Rose L.
| Royce, Mary Jane Winfree and Anna
| Vernon.
| Trading OIL Local Board.
| Active securities on the Washing
| ton Stock Exchange were very strong
| in today's session.
| Riggs National Bank, which ad
| vanced 10 points yesterday, continued
| it's ascendancy by selling at 401, and
| Railway common changed hands TO
| the extent of 100 shares at 160. This
/ stock eased off fractionally following
| the initial sale, but recovered on later
transactions. Railway preferred firmed
| up to S6S on sales of SO shares, this
| figure, however, representing a frac-
tional loss from the days opening.
| Lanston Monotype was stronger at
| IS, as was Mergenthaler at 1862. Lib
| erty National Bank doubled its par on
| a sale of shares, and Capital Trac-
| ton sold ex-dividend at 9915.
Washington Gas 6s of 1923 over
| shadowed all other bond issues, to-
| tai of SIT, 800 recording a net advance
| of a quarter point to 102H althopsk
| the majority of the selling was al
l02S and 104. @