The Washington times., 1928-01-13
NJ FADDEN A c I
BANK AID
By RICHARD HATTON

While he finds the period Of oper
alton OF the McF'adden act has
been too short to demonstrate the
full effects OF the legislation, Comp
troller of the Currency j. w. McIn
tosh, in an intensely interesting re-
view published in the current issue
of the American Bankers Associa'
ton Journal, points out the new
and tremendous advantages to
banking in general and to business
1--WE have now had early q year
of operation of the national bank
ing system under the McFadden
act" states the Comptroller. The
time has been too short to demons
strate the full effects Of the act
but not too short to indicate the
tremendous advantages of this legis'
lation, both to the national banks
and to the business communities
which they serve, and, indeed, also
to the entire banking business. Ma
tional banks have been given elbow
room to do for their customers
what needs to be done, to grow az
business i conditions require that
they must grow, and to have that
permanence and solidity which re-
act beneficially on the entire bust
ness structure of the country.
1.-THE past year has been the be-
ginning OF new epoch for bank.
ing, far more important than Is
probably recognized by either bank
ers or other business men. Great
banks have consolidated and have
entered the national banking sys-
tom. New branches have been es.
tablished. The national systems
strength, as measured by total re-
sources, has definitely turned up-
ward.
"These are the spectacular phe.
nomena attendant upon the ec.
adjustment Of a. new liberalized
policy toward national banks. An
even more important. but less evi.
dent, result has been the freeing
of national banks from a multi
tude OF old restrictions and the
Iegalizing OF logical and inevitable
practices which were not fully es-
tablished in the letter OF the
former antiQuated national bank
ing law. The effect Of this feel
ing OF freedom is becoming evil
dent as bankers work along under
the new law.
"The gain of national banks Is
not at the expense of State sys-
TENS, broadly speaking. 1T will
be demonstrated in time that the
strength given the backbone Of
our banking mechanism-the ma.
tional banks-aIso will extend in
varying degrees to the multitude OF
State banking systems. AL in.
terests are benefited" .
Officers Elected
At the organization meeting OF
the Washington Loan and Trust
Company following the annual meet.
ing Of stockholders the following
officers were reelected: John B.
Larner. president; Andrew Parker
Harry G. Meem and Arthur Pc
ter. vice presidents: and the latter
and general counsel, Charles H:
Doing, vice president in charge OF
branch; Charles r. Grant, treas
urer; William H. Baden. trust OF
ficer: Alfred III. Lawson, real es-
tate officer; James "a. Mason.
George M. Fisher and Herbert
w. Primnn, assistant treasurers, and
Leonard Marbury. assistant trust
officer.
The regular quarterly dividend
of 3 per cent was declared ann
an extra dividend of 2 per cent
was voted. payable on February
/ to stockholders OF record jan
uary "a. 1928.
The New York Life Insurance
Company has announced its total
Of new business paid-for In 1877,
exclusive OF dividend and all other
additions. was $927,000,000. This
is the largest record of new bust.
ness obtained in any year in the
company's history Of SO years.
and is $27,000,000 in excess OF
the total new business in 1926.
At a meeting of the board OF
directors of the Washington Gas
Light Company held yesterday, Ed
ward ]. Stellwagen, president OF
the Union Trust Company. was
elected director to fill the va
cancy on the board caused by the
death Of DR.. Guy F. Whiting.
At the organization meeting yes
terday Of the board of directors
of the Lincoln National Bank the
following were elected officers
r. e. Davis, president; Albert >.
Galley executive vice president;
John w. Brawner. w. NICK StoWeil
and H. T. Offterdinger, vice presi-
dents: James A. Soper. cashier;
H. e. Wilson, J. Everett Baird
and J. Frank Rice, assistant
cashiers.
Haynes Made President
Harry v. Haynes was reelected
10 oO6 MAs
charics National Bank at the meet
ing OF the board Of directors held
Yesterday. The following were also
named as officers Rooert -
Weaver, vice president: g. L. Nlcol'
son, vice president; Harry L. seloy;
cashier; Henry w. Sohon: counsel
and trust officer; Harold w. Burn
side. G. Howele Young and Edmund
w. Freeman, assistant cashiers. ana
l.. w. Hopkins. auditor:
The following have been elected
directors of the Potomac Joint
stock Land Bank: George A. Har:
ris, John I. Cassidy, A. Mitchell
palmer Arthur Peter, John O.
Cochran, Marshall Mckibbin'
Thomas P. Hickman. Of Washing
ton. Vernon GOWN, Vienna, Va,
Charles Edward billiard. Hagers'
town, Md; Carroll Pierce, Alex
andria, Va; Joseph A. Wilmer, La
plata. Md; N. r. Shumate, Char
iottesvilIe. Va; j. T. c. Hopkins,
ir.. Port Deposit, Nd: Shirley Car
ter, winchester, Va; Harry Footer,
Cumberland, Md; F. G. Bedinger,
Roydton, Va: J. M. Hooker. Stuart,
va: George G. Grattan, jr., Har-
risonburg. Va; J. p. Saul, Jr.,
salem, Va. and G. Thomas sum-