Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-01-18
MEETING BIG MARCH TAX DRAIN
CALLS FOR MUCH PREPARATION
District Bankers Association Resolution
Asks Congress to Pass McFadden
Bill Without More Delay.

! Of The Federal Reserve system depend
in large degree upon the passage of
this bill by the present Congress.
Action on this bill" the resolution
continues. has been seriously de-
layed by the inability of the Senate
and House 10 reach an agreement on
one of the provisions of the bill known
as the Hull amendments. The as.
Sociation then goes on record III favor
of the bill, as follows:
First, that the McI'adden bill is
matter Of such vital Importance 10
the industrial and commercial in
terests of the United States that it
should be enacted without delay.
Early Passage Demanded.
Second, that the Hull amendments,
which would oeny TO national and
State bank members of the Federal
reserve system located in 2G States
the same privilege that is to be given
to national and State bank members
OF the Federal reserve system in %
States, would tend TO prevent uni
formity in banking practice, weaken
the Federal reserve system by caus-
ing many national banks TO seek
State charters and will not, in the
the purpose for which it is intended
Third, that this association earnest
~ recommends and urges that Con!
gress pass the McFadden bill without
the Hull amendments, without fur
ther delay"
Important Committee Report.
Reports were given form the diff
ferent committees OF the associations
Protective, Harry ". Haynes, chair
man; Improbable accounts and bust
ness, John Poole, chairman; law and
legislation. Francis q. Addison, jr.,
chairman; standardized banking in
surance, l.. T. McLachlen, chairman:
standardized banking forms, l.. L. Nc
| Quade, chairman: commercial activi.
ties, Victor b. Deyber, chairman; pub
LEFTY, Frederick p. H. Siddons, chair.
man; fraudulent securities, Eugene T..
Thompson, chairman; taxation. Robert
V. Fleming, chairman: treasury rela-
tons. Robert V Fleming, chairman;
insignia, John Poole, chairman; con-
stitutiOn and bylaws. Maurice D.
Rosenberg, chairman; special commit
tee on recorders Office building, John
E. Larner, chairman.
Before adjourning the association
passed a resolution OF regret on the
recent death OF Bernard L. Grove,
vice president OF the North Capitol
Savings Bank.
Mr.. Moran also asked the co-opcra-
ton Of all the banks in the Thrift
week program, Victor r. Deyber, presi-
dent of the Second National Bank be-
ing general chairman OF the local com
mittee.
American Security Directors.
| At the annual meeting of the stock
| holders of the American Security &
Trust Co early this afternoon the fol-
| lowing directors were reelected:
C.. A. Aspinwall, Charles j. Bell,
Harry *. Boss, John c. Boyd, George
w. Brown. William NJ. Coates, Will
liam S. Corby, William w. Everett
William j. Father, jr.; NJ G.. Gibbs.
Cary r. Grayson, James VI. Green,
James T.. Hood, Joseph Letter, G..
Percy McGlue. Edward r. Mclean,
Howard Moran, Clarence F. Norment.
Newbold Eoyes, Howard $. Reside,
| 3. r. Saul. William E. Shannon.
James +. Shea, Charles a. Spaldlng,
Corcoran Thorn and John +. Wilkins.
An analysis of the annual reports
shows that the net profits for the year
were $500, 1922, which is in excess of
1925, showing a return of 2012 per
cent on the capital, of which Is per
cent, totaling $4,000. was distrib-
uted in dividends, and the sum of
SIS6,322, amounting 10 so per cent,
was added to the undivided profits. The
greatest growth of the company was
shown in the trust department, where
| the amounts held in trust investments
and cash totaled $98,214 ,304.21, an in
| crease of $7,227.352.90 for the year.
! The report Of the banking depart
ment shows that 1907 ,456 was paid in
| interest TO depositors. During the
; wear $500 900 was transferred from
undivided profits to surplus, making
a total surplus of S3,000,000 and, with
| a capital of $4,000 900 and undivided
+, profits of $370,S58.50, makes com
! bined total of $6.T70.83S.57.
National Savings Elections.
/ The annual meeting of the National
! Savings and Trust Co. was held late
Yesterday, these directors being elect
! ed for the year:
{! James j Becker, Woodbury. Blair.
! William A H. Church, Walter Z.
=, Clephane, II. Rozier Dulany, Jr.; VIII
liam E. Edmonston, Franklin II. Ellis,
II. Prescott Galley, William d. Hoov'
err. Waiter Is. Howe, Reginald s. Hui
! IL
/ u. Rheem, Frank Stetson, Frank W.
] stone, William II. Walker and Will
liam e. Willard.
| The newly elected board of directors
met and elected the following officers:
/. William u. Hoover, president; Wood
| bury Blair, first vice president: Frank
/ w. Stone, second vice president;
| Frank Stetson, trust officer; Charles
;C. Lamborn, treasurer; Il. Percival
! Wilson, secretary; Frank r. Ullmer,
| assistant treasurer; Bruce Baird, as
/ sistant trust officer; David Bornet, as
| sistant trust officer; John w. Calvert,
assistant treasurer; w. Hiles Pardoe
| assistant treasurer; A. j. FAINT, as.
sistant secretary; John M. Boteler,
assistant secretary, and Audley A. +,
Savage, auditor.
! The directors declared the regular
/! quarterly dividend of per cent and
| an extra Of per cent, making the
; total disbursement for the year II
per cent
i Broad Trading on Exchange.
| Peoples Drug Stores preferred touch.
| ed Ill. new high, on the local eX.
!, change today; Capital Traction sold at
+; 104, Lanston at 81, Potomac Electric
| Power preferred at 1854 and Railway
!; & Electric preferred at 901a at the
close Merchants Transfer 6 Storage
| preferred sold at 101, and Federal
Storage preferred at the same figure.
( Continental Trust changed hands at
| 106. Merchants Bank & Trust at 1521a
and two shares of Federal National
! sold at 313 Bonds were firm.
Record Forum Attendance.
/ Chairman FL. w. Burnside reported