Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-25
WASHINGTON LEADS
IN RAISING MONEY
FOR BANK CREDITS
District Is First Large City
! to Announce Full Quota
Raised.
TOTAL SUBSCRIPTIONS
/ ARE NEARLY 100000
local Unit Will Soon Be Ready to
Act on Loan Applica-
tions.
BY EDWARD c. STONE.

Local bankers were elated yesterday
over reports that the unit of the Ma
tional Credit Corporation formed here
Friday night was the first large city
association in the country to announce
400 per cent subscription to the huge
credit pool being raised to strengthen
the banking situation in sections where
credits can be thawed out. Not only
did every bank in the Capital join in
the national movement, but each one
subscribed as large a sum as permitted
by law.
Washington banks subscribed almost
$4,000, 900 to the cause, to be exact
&3,939.262. Such quick action is bound
ITO have a stimulating effect on other
sections of the country now organizing
their associations. 1t is also considered
worth more than passing comment that
while the full quotas were subscribed
yet the Capital will probably make less
use of the national fund than any
other city in the country. The big
fund raised here will be almost wholly
borrowed elsewhere.
In a few days the local unit of the
National Credit Corporation will be
ready to receive and act upon applica-
tions for funds. The nine local bank
presidents composing the Loan Com
mittee of the association, have already
organized by the election of President
II. H. Mckee of the National Capital
Bank as chairman. He Is also chair
man of the Clearing House Association,
which in joint session with the District
Bankers Association, organized the
District of Columbia Unit. after much
hard preliminary work by Robert V.
Fleming.
It was intimated yesterday that such
9ine progress Is being made elsewhere
in the nth reserve district that the
District as whole may also be ahead
al the other IL in completing all unit
organizations.
Auditors Section Opens Season.
The auditors section of the District
Bankers Association held its first din
ner meeting of the year at the Press
Club Thursday evening, with Arthur j..
linn, controller Of the Federal-Ameri-
can National Bank & Trust Co., pre-
siding as the new chairman. The
chairman outlined the plans for the
gears work and announced tentative
program. John N Higgins, of the Fed
eral- American Banks auditing depart
ment presented a paper on The Ma
Vional Credit Corporation" which
proved highly informative.
II has been arranged so that more
employees Of the auditing departments
of the local banks may attend the
section meetings this year II they care
10 do so. The attendance at the first
meeting indicated that many more
bankers are planning to take part in
the sections activities during the COM
ing months.
Trust Shareholders Increase.
The quarterly report of Massachusetts
Investment Trust has been received by
A S. Goulden & Co, investment bank
ers. II shows that the number Of share
holders and shares outstanding nave
continued TO grow ever since the de-
preston started two years ago.
On october 20, when the last quar-
terry dividend was paid, there was also
ANNOUNCED by Massachusetts, Investors
4 Trust the absorption Of another trust,
with assets of about $4,60000O, so per
icent of which was in cash. This alb
sorption will therefore give Massachu-
sets Investors Trust an outstanding
paid-in capital of about S30,000,000.
The report states that, aside from
small current bills, the trust has no
debts or liabilities The securities in the
portfolio are paid for and no money
has been borrowed.
Miller Orders at New Peak.
The Board of Directors of the Miller
Train Control Corporation held regu-
lar meeting in the companyS once at
stanton, Va, Friday.
Vice President and General Manager
Miller reported unusually good business
1or the past quarter
It was reported that the signal lights
at Massachusetts, and Wisconsin ave-
nues, in Washington, have been COM
pleted and are giving satisfaction. This
is the second installation in Washing
ton the other being at Wisconsin ave-
rue and Macomb street.
Heard in Financial District.
Probably no person was more shocked
over the tragic death of Harrison Mes
bit. the Pittsburgh banker killed the
other day on his way TO Laurel, than
Peter A. Drury, former president Of the
Merchants Bank & Trust Co They
were the closest of friends, and when
Mr. Harrison was connected with the
Treasury Department as a bank exam
iner, they lived in the same block. Mr.
Harrison made a wonderful record IT
building up the Bank of Pittsburgh, only
10 lose il in the crash which claimed Sc
many other banks
The Federal Reserve Board announce:
that the Kansas City Reserve Bank ha'
raised its rediscount rate from 3 TO l.;
per cent. The Richmond Banks pei
cent rate is still the highest in this
country.
It is believed that the higher reds
count rate now prevailing in most al
the Federal Reserve districts will bene,
fit the banks and at the same timt
place no extra burden on business.
Yesterdays Exchange Session.
On the Washington Stock Exchang,
Yesterday Potomac Electric Consolidated
as were in the best demand in the bono
division Stocks were quiet, selling
around recent levels. The days sales
National Mtge & Inv. pfd-lOo at 4
Peoples Drug Stores pfd.-3 at 90,
Ianston eMonotype-I at 76.
Washington Gas IS "B"-sl 900 q
1924.
Washington Gas SIS "A"-$1 900 a
Mergenthaler Linotype-5 at 65. S at IS
American Security g. Trust CO. a
gel.
Washington Railway & Elec pfd.-2 a
o.
Potomac Electric Sc pfd.--3 at 1882.
Potomac Electric Cons. SSH 900 a
IOl, $1,000 at l0l, $1,000 at l0l
81 900 at 10l.
The unlisted securities were called oi
during the session, but no price change
Of importance were noted
washington Clearing House hgure
a@A 40