Evening star., 1928-04-14
.lM'KEE CHAIRMAN
OF BANKING GROUP
Nv. ]. Waller Also Honored at
Annual Session of Reserve
Bank Stockholders.
BY EDWARD c. STONE.

II. II. Mckee. president of the Ma
tional Capital Bank. was elected chair
man Of the advisory committee at tn
annual meeting of the Stockholders AS
Socistion OF the Federal Reserve Banl
az Richmond. yesterday at Richmond
Mr.. Mckee has one more year to Serv,
on this committee. AT the same timl
W. J. Waller, vice president of tht
Federal American National was made {
member Of the committee in place O
Robert Y. Fleming president of tht
Rigs National Bank, whose term eH'
pired.
{. E. Tiffany. president Of the Fau'
cuier National Bank OF Warrenton. Va.
MAS elected president and Waldo New
conner. vice president of the Baltimore
Trust Co vice president. George II
EceSne. known as "the perfect secre-
tary." was returned TO office.
Hoxton Welcomes Delegates,
W. ". Hoxton. chairman of the board
welcomed the delegates; w. l.. Glover
reported for the advisory committee;
Georvemor George J. Seay reported on
the operations of the past year: II. Is.
Lewis of Charleston. w. Va, discussed
''Federal Reserve Membership ano
Charles A. Peple. deputy governor OF
Richmond Reserve Board. took up the
question Of Eligible Paper" An espe-
cially lively discussion followed the latter
paper.
John Poole. the retiring president,
presented a colored chart, which ne hao
carefully worked out. showing the per-
( centage Of various groups, OF expenses,
net losses and net profits 10 gross earn :
incS. His figures covered the FeoeFaI
Reserve system as a whole Tor SIX
wears. then similar figures for the ma
tfonal banks in Fifth Federal Reserve
District. The items covered interest
paid on deposits, interest paid on oor-
rowe6 funds. salaries and wages. taxes
paid. other expenses, net losses charged
of. and net profits.
Space was left on the chart so that
each bank can flll in its own figures ana
see exactly how il stands with the sVS-
TEN SIS whole and with the banks IN
this territory. The chart proved highly
interesting and informative.
of for Spring Bank Council.
Z. Z. Mountjoy. deputy manager of
the national bank division Of the Amer
lean Bankers Association. and Mrs.
Nountioy leave here this afternoon TO
attend the Spring meeting Of the exec
utive council OF the association TO open
at Augusta, Ga. Monday. They VIII
return hv way of Chattanooga, Tenn,
where an important trust conference is
70 be held the latter part Of next week.
Howard Moran. vice president OF the
American Security G. Trust Co., and
HarTv v HAYNES. president Of the
Farmers & Mechanics National Bank.
viii also journey Southwark. Both are
members of important committees.
Very important reports are to be
made on agriculture. education taxa
ton. insurance commerce Federal leg
fsIst;on and the fiftieth anniversary. as
rell as from the clearing house COM
nittee and the committee considering
the reorganization Of the association.
Reser1 Bank Borrowings Grow.
Increasing resort by member banks
10 the Federal Reserve system is fndicat-
= in this weeks bank statement In
ths local fifth Federal reserve district
the situation was the same Redis-
counts rose TO s3l 0O8 .0oo from s28.-
7s3. 600 a week previously The volume
Of discounts in this district was not
high, however, compared with active
periods in the past. The ratio Of the
Richmond Bank stood at 66 % per
cent, compared with q ratio Of 7l.6 per
cert for the system as whole. In
both cases there vas but small change
IN the ratio compared with the pre-
vioug week.
Fifth District Credit Conditions.
Measuring the actual credit extended
20 member banks during 1927. the fol-
lowing table shows by States the average
amount Of paper under discount at the
T nond Eank compared with 1926: