Evening star., 1921-10-21
GROUP NO. | WILL
ELECT DIRECTORS
For Richmond Reserve Bank.
To Banquet A. B. A. Presi-
dent-LocaI Stocks.
BY 1. A. FLEMING.

BY l. A. FLEMlN6s
Members Of the federal reserve sys-
tenn in Washington In group have been
asked to vote, November II next. for two
directors Of the fifth federal reserve dis
trict. vacancies occurring December
81. in class A, through the expiration
of the term for which Charles e. Rie-
man was elected. and for vacancy In
class B. caused by the expiration OF
the term for which Edmund Strud-
wick was elected.
AS these directors were elected by
group !. only banks banks In his griouPI PIrc,ndes Ms
all banks having capital anu sur
plus In excess of s59s,0OQ.
Most of the national banks OF tne
mental Trust. Company, a member Oh
the system, for this election.
So far as known no candldates
have been considered, locally: as YET.
washingtonian.
1t is necessary for each bank to pre-,
sent an authorization from its board
of directors to an officer OF me tns', ms
director. Glass A directors are rep
Tesentatives Of stockholding banks:
An officer or director of any memSsr
bank is eligible for election. Cnder
cannor he an officer, employe or di-
rector of any bank. and at the time oI
his election must be actively engag
ed In commerce, agriculture VI soihe
industrial pursuit.
washington bankers should agree
on candidates for these offices.
VIII Banquet #. b. McAdams.
The Bankers Club of Richmond will
give a banquet in honor of Col. InomaS
Branch McAdams. the recently elected
Of ha IN
sociation.
The banquet will be given at the JEFF
ferson Hotel on Monday evening the
18th instant.
invited and will be present as the guests
Of the Richmond Bankers Club.
Opening of New Home.
The Federal Reserve Bank of Rich
rnond will move into its splendid new
home on Monday of next week. me
new bank is said to be one of the
handsomest banking houses in the
country.
Will Push Protection.
President McAdams of the American
Bankers Association announces that
..ths administrative committee has
largely increased the appropriation to
carry on the work OF the protective de-
r,artment of the American Bankers AS
sociation. This was done to offset the
increase in crime against banks which
has been in evidence in recent months,
and it is the purpose of the association
20 adequately protect its members from
the attacks of highwaymen. craftsmen,
forgers, check raisers ana other crini-
nails"
The report of the protective COM
Inittee in the protective department
for the twelve months ended August
81, 1921, showed total arrests of 6o'
and cases not disposed of before Sep
tember 1. 1920, amounting to l61,
making a total of 16S cases handled
Ivy the department. OF this number
343 were convicted, while 169 was
the total of criminals who were re-
leased, escaped. died or became in
sane during the same period. while
ut the end of the year 256 cases were
awaiting trial. Since the inaugura-
tion of the protective feature OF the
association there have been 1859 re-
ported burslarieS ana attempted
burglaries on non-member banks. en-
failing a loss of over S3.S11,000. while
those against member banks were
1861 in number, entailinS loss or
.S7S1,Si6, a difference of 9ls In num-
Der and more than 100000 in losses.
Potomac Electric Mortgage.
The new open" mortgage under
which the Potomac Electric Company
proposes to issue and sell S2,2oV,ooo
per cent twentyyear bonds. as re-
ported in this column yesterday aft
ernoon, will be the medium for al!
refunding operations that the cor
poration will undertake from time to
time.
The mortgage enables the company to
cut its garment accordlng 10 lts neeos
and the prevailing conditions In the
money market, making a rate with rela-
ton thereto and for a long or short term
of years. as the situation seems to war
rant.
II is thoroughly open, it is elastic as
to the amount of an issue and every
thins. connected Herewith, all these es-
seutials being arranged as desired Tor
each specific issue and fully covered by
the mortgage.
1t is believed by investment bankers
that these bonds will sell readily when
authorized by the Utilities Commission.
Washington Gns 1-2 Notes.
The approval of the Utilities Commits
sion yesterday of an issue of $4,000
Washington Gas 71a per cent notes.
dated January 1, as published In this
paper yesterday afternoon, does not
mean that these bonds will be placed
on the market in the near future.
1t is understood that the company will
retain the notes in it's treasury and
use them as collateral from time to time.
Local Securities.
Capital Traction shares displayed
more activity than for some time,
while the advance from 87A to 81
marked the full recovery of the latest
dividend payment. TIE closing sale
was at the high price of the day.
Railway common stock was also
firmer, selling at 26.
4 few shares of Lanston sold at 72,
but otherwise the share market was
slow.
Railway As were firm, at 595s. and
the Washington Gas 7h notes brought
1O3 and 1O3k.
The federal reserve system shows a.
ratio of reserve to liability of 1913
per cent, the highest since 1917.
Richmond. Atlanta, Dallas and Min
neapolis have the lowest reserves in
The system, 44.7 to 1913 per cent, and
their condition materially reduces the
average of the other eight institu-
1ions New York has the highest re-
serve percentage. SO, and Boston Sec
ond, with 70 per cent reserve.