Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-10
s=BANK PAYS TRIBUTE
dWCHAREES ]. BELL
Washington Loan & Trust Co.
directors Adopt ResoIu-
III tionS on Death.
BY EDWARD C. STONE.

John B. Larner suggested the passag
OF Suitable resolutions on the death 9
Charles j. Bell The following resolu
tons were adopted:
1.-THE directors Of the washington
Loan g. Trust Co. have heard will
deep regret of the death of Mr.. Charlie
i. Bell, formerly president and at thu
ume of his decease chairman of TIT
board of the American Security &
'Mr. Bell had always been an out
Standing figure in the banking bust
fiess of Washington and his loss will bt
keenly felt, not only by his associates
but by the entire community.
1--WE desire that the directors OF the
American Security & Trust Co., as
wen as Mrs. Bell and the family be adj
vised of this action, and our sympathy
extended to them in their great loss"
Unusual Action by Rival Bank.
The action is notable and unusual in
that it was taken by the directors OF q
rival bank Washington Loan g. Trust
and American Security & Trust have
been competitors for 40 years. The two
banks are almost the same age. While
they have been rivals. yet the most cor
dial relations have always existed be-
tween them. They have had many
problems in common to face in the
two local institutions have often held
conferences on vital financial matters.
President Larner and Mr.. Bell not
only had business relations for some
four decades, but were also close per-
sonal friends. For that reason Mr..
Larner told his directors that he con-
sidered Mr.. Bells death a great per-
sonal loss, as we'll as loss to the
community at large. The chairman of
the board, John Joy Edison, and other
members shared the same personal feel
ings.
During yesterdays meeting the board
voted the regular quarterly dividend OF
3 per cent, payable on November l. AS
an extra dividend of 2 per cent was
declared last February. the trust COM
pany is paying Ia per cent for the year.
A similar payment has been made for
the past four years. The books will be
closed from october "a to November
], inclusive.
Bank Mergers Mentioned.
Mr.. Larner gave a brief summary of
the views on Mergers, Branch Bank
ing, Chain Banking and the Unit
Bank" which were presented by George
w. Dawson, president of the Central
Bank g. Trust Co. of New York. at a
convention of the American Bankers,
Association. It was one Of the outA
standing addresses made at San Fran
cisco.
In his address the New York banker
expressed his belief in bank mergers up
to the point where they are not re-
strictive of interbank competition and
up to the point where independence can
be retained and relations with customers
not become mechanical or Stereotyped.
IT believe in branch banking" Mr.
Dawson added, lin limited local areas
where the closest kind of contact can
be kept with the main Office and, of
much greater importance, where the
main office has close and exact knowl-
edge of local business conditions and
the local people,
Regarding it solely as an expert
mental form Of branch banking shall
not argue against the endeavor to weld
banks into chains moored to holding
companies which are in turn subsidiary
to or allied with institutional banks. l
believe that America has the best bank
ing system in the world and the most
flexible. And the prime. characteristic
OF American banking has been its in
tense ipdividualism. The branch man.
ager OF the English banks would not be
acceptable to the American citizen, who
wishes always to deal in banking with
one whom he regards as having greater
special knowledge but is his equal In
other respects"
Mr.. Dawson discussed holding COM
panieS, correspondent banking versus
branch banking widening the scope of
correspondent relations, and concluded
his remarks by the claim that the indie
pendent local banker cannot be re-
placed. THE individual banker can save
his individual freedom of initiative only
by furnishing the most complete and
best possible banking service to his
community in accordance with sound
banking principles and wise banking
policies" he asserted.
Retail Sales Average Higher.
Department store sales for Septem-
Der were 2 per cent larger than in the
corresponding month year ago, ac-
cording to preliminary reports made to
the Federal Reserve system by 529
stores. Increases in total sales were re-
ported by 224 stores and decreases by
505 stores.
The change in sales varied consider
ably for different parts Of the country,
ranging from an increase of 6 per cent
In the Kansas City Federal Reserve dis
trtct to decrease Of per cent in the
Minneapolis district.
The Richmond Federal Reserve dis
trict, Which includes business done in
the Washington stores, reported a gain
of As Fer cent in sales. Twenty-Five
increases In sales, which were sufficient
~ large to Offset declines In 80 others.
The gain OF per cent in the coun-
try as whole Is far behind the 5h per
cent sales advance In the fifth district.
The month had the same number of
business days this year as last.
Exchange TO Close Saturday.
The governors of the Washington
Stock Exchange voted today to close
the exchange next Saturday, Columbus
day.
Trading on the exchange today was
decidedly active. Bonds were in the
best demand for a long time. There
were many $4,000. $4,000 and 81 900
transactions in most of the leading
issues, with quotations around recent
levels.
Mergenthaler was one of the most
active stocks on the board, the days
turnover reaching 100 shares. The
stock opened at 1881 and closed at
1O3h. There was also turnover of
ITO shares in Capital Traction, all sales
being made at IS.
District National, Federa1-American
and National Bank of Washington bank
stocks appeared on the board at recent
quotations.
Heard In Financial District.
Edison B. Olds, treasurer of the Union
Trust Co., Is taking a short vacation.
Harry L. Selby, manager of the
Farmers and Mechanics Branch OF
Riggs National, is on motor trip III
North Carolina.
LOANS ON SECURITIES.
BY the Associated Press.
A. A..