Evening star., 1937-03-01
CUT |N|NTEREST
RATES EFFECTIVE
Clearing House Starts New
Policy on D. c. Savings
Accounts.
BY EDWARD c. STONE.

member and associate member banks
reducing maximum interest from 2l2
per cent to 2 per cent on all savings
accounts. The 2 per cent interest rate
will be paid on accounts showing
balance of So, 500 or less.
On accounts that show balance OF
more than $250O, 2 per cent on $4,000
and l per cent on the remainder.
These rates shall apply to all ac-
counts in existence March l, 1887, and
to all new accounts opened after that
date.
The rates that are now paid on
certificates of deposit having def
mite maturity are left unchanged.
They are:
One-half of l per cent on certlf1-
Gates having maturity OF not less
than go days.
One per cent on certificates having
a maturity of not less than four
months.
One and one-half per cent on GER
tificates having a maturity OF not less
than six months.
The Clearing House reason for the
reduction in interest is that with the
present demand for loans greatly
limited, banks cannot invest their saw
ings funds at a rate sufficiently high
to pay the 2l2 per cent interest to
depoSitors.
Bankers to Attend Council.
An important delegation OF WASH
ington bankers has already arranged
to attend the annual Spring meeting
of the Executive Council of the Amer
lean Bankers Association at Hot
Springs, Ark, April 1921. Aside
from the Fall convention, this is the
most important bank meeting OF the
year.
Among the Capitals bankers ex-
pecting to attend the four-day Ses-
sions are Robert " Fleming, preSi-
dent of the Riggs National Bank and
head of the A. B. A. last year, who
Is a member of the Executive Coun-
Gil; Francis G. Addison, jr., presl-
dent of the Security Savings g. Com
mercial Bank; C. H. Pope. vice presi-
dent of the Munsey Trust Co.; George
o. Vass, vice president and cashier
Of the Riggs National and member
of the council; Wilmer J. Waller, vice
president and cashier of the Hamil-
ton National Bank, and E. E. Mount
Joy, Washington representative OF
the A. B. A.
1t is possible that other Capital
bankers may take the trip, but the
attendance at the meeting is limited
to members of the council and men,
bers of important national A. B. A.
committees, resulting in a very select
gathering.
1000 Credit Unions Chartered.
Charters for more than 1000 Fed
eral credit unions were issued by the
Farm Credit Administration up to
February Is, Gov w. I. Myers re-
ported to officials of these unions in
conference here.
Gov Myers said the idea that
working people can organize their
own cooperative savings institutions.
as written into the Federal credit
union act of 1884, has become more
than a reality. Over 100000 men and
women. mostly industrial wage earn
ers, have become members and have
savings of more than s8,o0O0 900 in the
1000 Federal credit unions now in
operation.
NO Federal Government money
whatsoever has been used to capital
ize or make loans to these voluntary
self-help savings and loan institu-
tions." the farm credit governor de-
clared.
Chapman Back From Mexico.
G. Bowie Chapman, manager of the
Washington Office of Laidlaw & Co.,
New York Stock Exchange firm, was
back in the financial district today
after a months trip to Mexico City.
He found Mexico City and surround
1ngs most interesting to visit and en-
joyed the trip thoroughly.
He reports an amazing number of
American tourists in Mexico City at
present; in fact, so many that the
hotel accommodation are very much
overcroWded. The tourist business has
grown much faster than the facilities
for handling so many visitors have
been enlarged.
Asked about the Wall Street out
look, Mr.. Chapman said that he con-
sidered the present situation as calling
for caution in the selection of stocks.
Washington Collections Lag.
In Washington department stores in
January 276 per cent of receivables
due we're collected during the month,
the Federal Reserve Bank of Rich
nond reports. The average for the
whole fifth district was 30.4 per cent,
In Baltimore. 33 per cent.
The North American Co. has filed
notification of registration with the
Securities Exchange Commission as a
holding company under the public
utility act of 1885. Filing of the noti-
fication constitutes registration and
preliminary to the filing within 80 days
of complete form or registration.
The notification includes about 140
subsidiaries.
Sales and earnings for the National
Dairy Products Corp, which has two
units in Washington, in January this
year were at the highest level in recent
years While earnings in the initial
months are seasonally small, results
In January, 1887, were considerably
ahead Of the corresponding period a
year ago.
Firm Adds Two New Partners.
The New York Stock Exchange firm
OF Hartman g. Keech announced
today that two general partners joined
the staff at the opening of business
this morning. They are George A.
Maven and Malcolm S. McConihe, jr
Io OIL bn Ma
York Office, it was stated at the Wash
ington Office.
The dollar value of sales on all reg
istered stock exchanges in January,
1887, rose to the highest total since
the Securities and Exchange Commis-
sion began compilation of the trading
data in October, 1874, The January
total was s2,972 ,598,078, up Ill per
cent over December, and 81 per cent
over january 1Q36