The Washington herald., 1922-01-21
RESERVE RATIO
HIGHESTSINCE
SEPTEMBER, 1917
Cash Reserves Exceed
Legal Requirements by
Over $500, 100000.
OTHER LOCAL NOTES
District Market DullEBank
To Introduce Innovation.
Citizens Savings Dinner.
OTHER LOCAL NOTES

The reserve ratio for the COM
bIned Federal reserve system stands
at IS per cent compared with 74.7
Dor cent a week ago and 4S.5 per
cent a year ago, according to an
nouncement made yesterday. This
is the highest reserve ratio since
September 2s, 1917.
The total cash reserves increased
approximately s1o,0o0.000 during
the week and now amount to s3,-
o51,5o3.oo0.
The surplus reserves above legal
requirements are the largest in the
history OF the Federal reserve sys-
tenn, there being an excess of ST.
SIS, 900 in lawful money. In
other words, more than half of this
money may be considered idle.
Total bills were again heavily re-
duced. The amount now held Is
s1,00s, ,7s6,000. which compares with
s1.o74,24s.000 a week. ago and ST.
s5o, $4,000 a year ago.
The weeks total deposits in
creased about $4,000. .Oo0. 900.
Federal reserve notes were re-
duced s6I.0O0,000 during the week,
and at present are about $1,000, ,oo0.-
900 below the high record.
Local Securities.
A huge difference In price opin.
ion between buyers and sellers was
responsible for one of the dullest
sessions of the year on the Wash
ington Stock Exchange yesterday.
In practically all the recent mar
ket features this difference ranged
from IL to points.
Old Dutch Market preferred again
broke into the sales column, 100
shares changing hands at 8. Wash
ington Railway and Electric pre-
ferred was dealt In to the extent
Of twenty-three shares at 65h.
after call. following an earlier sale
of FIVE shares at 66.
Potomac Electric general mort
gage IS were sold to the amount
of 500 at 90.
banking Innovation.
When the Merchants Bank and
Trust Company begins to function,
the twenty-five directors will hold
one-fourth of the $1,000 900 capital
stock. according to announcement
by President Peter A. Drury yes
terday.
This Is a decided innovation in
bank practices. II Is pointed out.
and the first time in the history
OF Washington's fiscal institution,
where II was necessary to hold nos
less than 100 shares of stock to be
eligible for a seat on the board of
directors There has been a big
demand for stock in the Merchants
Bank and Trust Company, and
President Drury declares there will
not be one share unsold when the
new charter is issued January 26.
Citizens Savings Dinner.
The officers. directors and em-
ployes of the Citizens Savings
Bank and those connected with the
Institutions new mutual savings,
and insurance department were en-
tertained by l. E. Breuninger.
president of the institution. at the
City Club Thursday night Mr..
Breuninger presided and during the
evening William Mather Lewis
spoke OF thrift activities now being
conducted throughout the country.
1 Mr.. Lewis referred to the splen-
did saving proclivities of the Amer
lean people during the recent war.
but said that ii was evident from
present conditions that the ma
jority only deprived themselves be-
cause they were working for q
purpose. He attributed hard times
to the extravaganza of many OF
those who were so frugal when
forced to be, and declared that it
was the duty of every loyal Ameri-
can to appreciate the necessity OF
saving at. this time. when the
country returns to the same frugal
itY II displayed during the war"
he said. then. and not until then,
will prosperity come back"
Other speakers on the new saw
ings-insurance plan inaugurated by
the Citizens Bank were Judge John
w. Price, counsel, and Roy Neu-
hauser. director OF the company; Ed
Callow, temporary head of the
new insurance department.: Fernand
Petit. cashier of the bank. and
Vincent A. Hughes. of the Hughes
Financial Corporation. All were
enthusiastic over the success OF the
movement. y
Personals.
Rolfe E. Boiling. until recently
president of the Commercial Ma
tional Bank and now vice presi-
dent of the Chatham Phoenix Bank.
Of New York City. was visiting in
the financial district yesterday.
James Cahill. formerly a vice
president of the Commercial Ma
fional Bank. yesterday sailed for
Miami. Fla. for several months
vacation.
I Charles r. Alley, local manager
of A. A. Housman and Company.
stock brokers, is back at his desk
after an absence of two weeks on
account of Illness