Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-01-27
RICHMOND RESERVE
! BANK RATE HIGHER
Fifth District Follows Chi
cago Lead in Matter
of RediSCountS.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
The Federal Reserve Bank of Rich
r,ond has followed the lead taken by
CHICAGO and raised its rediScount rate
20 per cent on all classes of papers
of all maturitieS effective today, This
is the second bank TO break away from
the uniform ST. per cent recently pre-
railing. Gov George J. SeaN mace mo
statement AT Richmond regarding the
meaning Of the advance, but the I'M
preston prevailed III financial circles III
Richmond that the unexpected increase
Nas in line with the Federal Reserve
Board in Washington 10 check Specu-
lation on the New York stock market
which micht result i'll inflated values.
Treasury officials said here today that
The action at Richmond was presum-
ably taken because much the same CON
6itions prevail III the fifth district that
caused the Chicago bank 10 raise the
rate there The officials added sthat
while there is no law requiring the
reserve banks 10 have uniform rates.
there is at the same time tendency
for the other banks TO come into line
once the movement is started.
The Kansas City Bank. which took
the lead last Summer IN cutting us
rate 10 81, per cent. left the rate UNI
changed at its meeting yesterday.
Christmas Savings Funds Soar.
At a meeting of the District Bankers
Association special committee on the
Christmas savings club campaign today.
Il was reported that the number OF
members of these clubs has jumped to
S3i7S, compared with a membership
last year Of 7S,l4o.
= II was also reported that the total
funds placed in these clubs this year
will reach the surprising total OF
sT.o46.s97. as compared with last year
high record OF s5,994.o0o.
Thirty local banks made the reports
which figured up 10 the above total. the
highest amount since the Christmas
club plan was started.
Two New Listinss on Exchange.
The governors of the Washington
Stock Exchange today listed two new
issues. the first in 1928.
The first listing covered sl.400 900
Washington Arcade Co. first mortgage.
So per cent sinking fund gold bonds,
dated April /, 1927, and due April l.
1912.
The board also listed $4,000 Wash
mgton Consolidated Title Co, 25-year,
per cent collateral trust gold bonds,
and also 1000 shares Of the.Washington
Consolidated Title Co. Z per cent cum
nulatiye preferred stock, par value $50.
Capital Traction Goes Higher.
Trading was unusually heavy on the
Washington Exchange today. Capital
fraction going up to ia. another new
high mark Railway & Electric sold at
to3 Three bank stocks were out, Union
Trust, American Security & Trust and
Federal-A,nerican selling at high levels.
Bonds we're also strong and active.
Lincoln Directors Vote Extra.
The directors of the Lincoln National
Bank declared an extra dividend yes
terday OF per cent. The extra Is
PAYABLE on February ] on stock OF
record, January 81. the president, Floyd
e. Davis. announces.
Federal Storage Officers.
The directors of the Federal Storage
Co. have elected the following officers
for the ensuing year: z. K. Morris,
president: Robert B. Hall, vice preS!-
dent and general manager; Harold N.
Marsh, vice president and counsel;
James NJ. Johnston. Secretary-treas-
secretary treasurer: S. Webster Adams,
superintendent: II. Randolph Barbee.
ONCE manager: Henry B. Hall. mana
ger shipping department; Fred L. Muse.
manager rug department.
Cotton Elected Trust Officer.
Barnum l. Cotton was elected trust
oficer of the District National Bank
at a meeting Of the directors late yes
terday. President Robert n. Harper
announces Al the same time Ralph b:
Barnard, member Of the law firm OF
Barnard d. johnson, who are at
tOrneys for the bank. was MADE counSe!
Of the trust department.
Mr.. Cotton has been assistant trust
oficer and has made a special study OF
trust functions. He joined the District
National staff four years after being
connected with the trust department OF
the American Security 81 Trust Co. He
Is n member Of the District Bar. having
graduated from the Georgetown Law
School In the class Of 1921, and also
from Washington Chapter, American
Institute OF Banking. Mr. Cotton, who
is a native Of this city, received his
earlier scholastic training In the Emer-
son Institute. Promotion Of such a
young man brought him many hearty
congratulations today.
International Bank Officers.
The stockholders Of the International
Bank, 0. which Joseph Schiavone Is
president. have held their annual meet
current year:
z. Joseph Anon. Hugh W. Barr,
Peter Eorras. Domenico del Vecchio
DR.. Salvatore Floria. Prank T. Fuller
Gustayo Grifoni. Joseph z. Hefron. j
Edward Lewis. Frank Lozupone. Jerry
Naiatico, o. Harvey Miller. r l., Eeu-
beck. Hilieary l.. Offutt II: DR.. M. II
Prospect. Joseph Scniavone, Alfonso
Tana and John vaccaro.
Ar. SchiaVone reported 10 the stock
holders that the year ended December
81. 1927, had been one Of substantial
progress for the bank.
Ran Earnings Reported Today.
December net operating income Of tbs
Baltimore IL Ohio dropped " SLIT. 49,
from 81 e51 .572 a year ago. and for 1921
W tS4Si7.2 27. from $50 1880 IN 1925
December gross revenues were nearl1
"a 900 900 less than In December. 1928
For the IL months ended Decen1bel
81. 1927. the Chesapeake IL Ohio Rail.
way ca shows gross revenues Of sI3J
s3i 722. q decrease Of 81 .22S 3si: operat'
ing expenses were $50 3sz 7s5, a de
crease u 81 1913 005: nst railway operat'
ing income was $50. 800 900 decreas1
~ $7z0,53z The net income after al
charges Is s2s47y,2l2. a decrease u
tsbS ZgS compared with corresponding
perioc ~ 1870 The operating ratio 10
the f,erioc IL Ga PR cent decrease o
g per cent oyer the same period
@E1Y zga