The Washington times., 1928-01-28
RICHMOND RATE
ADVANCES
By RICHARD HATTON

i r
| 3 y per cent recently prevailing.
Treasury officials said that the
action at Richmond was presumably
taken because much the same con-
ditions prevail in the Fifth district
that caused the Chicago bank to
raise the rate there.
Business during the week ended
January 81. as indicated by figures
covering check payments. was con.
slderably higher than in the cor
responding week OF 1927, but
showed a decline from the preced-
ing week, according to the weekly
statement Of the Department of
Commerce. The general level of
wholesale prices advanced over the
previous week. but was still below
the level OF last year.
Loans and discounts OF Federal
reserve member banks again receded
from the preceding week. but were
stiH considerably larger than in the
same period a year earlier The
Federal reserve ratio averaged
higher than in the previous week
but was lower than a year ago.
Prices of stocks and bonds showed
little change from the previous
week but were higher than last
year. Interest rates on call loans
averaged lower than in either prior
period. while time money rates were
higher than in the previous week,
reaching the level which prevailed
IN the corresponding period q year
earlier. Business failures were less
numerous than in either the pre-
vious week or the same week Of
1927.
Directors Elected
The board OF directors Of the
District National Bank has elected
Barnilm Z. Cotton trust officer.
according to an announcement made
by President Robert N. Harper.
Mr.. Cotton is one Of the best
equipped and most popular OF the
younger bank officials in Wash
ington and has earned his pro-
motion through consistent service.
He has been for some time assistant
trust officer Of the District Ma
tionai Bank and has many friends
in Washington, having been born
and educated here before taking up
a banking career. He has been
with the District National for four,
years before which he was con-
nected with the trust department
of the American Security and Trust
Co. His scholastic education was
received at Emerson Institute. and
he was graduated from Georgetown
University. with the degree of LIB.
in the class of 1921, is q member
Of the District Bar. and a graduate
Of Washington Chapter, American
Institute of Banking.
"A - II. = 4 r.
local offices of the First National,
Company yesterday that M. GidIin
of the Standard Co. and former
fiscal agent for the North American
Title Guaranty Company and the
had become associated with the
Baltimore company as a special
agent in Washington. The local
offices of the company are under
the management of Col. G.. w.
Pratt. In addition to his duties
as special agent in Washington, Mr..
Gidlin viii be exclusive agent in
New York State and sections Of
Pennsylvania.
The First National Co. is en-
gagged in the business Of first
mortgage banking in principal cities
and is managed by a group of
prominent bankers and business men
headed by T. Garland Tinsley. presi.
dent. The statement as of Decem-
Der 81, 1927, shows capital. sur
plus and reserve of more than
$2,4OO, 900 with total resources at
$685. 900.
The Savings Club
A substantial increase in the
total amount which will be deposited
in local Christmas savings accounts
in 1928 was indicated at a meeting
of the District of Columbia Bank
ers Association special committee
on the Christmas Savings Club cam
paign held yesterday. Last year
the total deposited in these &C.
counts reached 81, 1894, 900, and it is
predicted that this year the amount
will be over $1,000, 0C0 or consider
ably more than a million over last
years figures. There are approx
mately 5000 more depositors in the
Christmas savings clubs maintained
by 80 local banks than were regis
tered last year.
The popularity of the Christmas
Savings Club as a means of pro-
viding for seasonal expenditures or
for accommodating the nucleus of a
savings dCCOunL Is gaining EdpFuly
in Washington as well as in other !.
localities. and much of the success
of this splendid thrift effort is
attributed to the excellent quality
of the advertising matter used and
the special publicity given through
the efforts of the committee in
charge.
An extra dividend Of per cent
has been declared by the directors
of the Lincoln National Bank. The
dividend is payable on February l
to stockholders of record January
81, according to an announcement
yesterday by Floyd e. Davis.
The annual report of f.. /. du
Pont de Nemours & Co. for the
year 1927. issued yesterday. shows
income OF 41.11S, $685. sc, or $15.45 a |
share, applicable to the no par com
mon stock outstandir at the end
of the year. This compares with
$37 1879 ,164.45, or $1S9S a share in
1926.
10 IL, TIL CN11eLL