Evening star., 1923-09-25
STOCKS co. HIGHER /.
IN LOCAL TRADING
All Issues. But w. R. & {.
Are Firmer-Reserve Banks
Reduce Holdings.

All issues. with the single excep-
tion OF preferred stock of the Wash
ington Railway and Electric Com
pany, were decidedly firmer in to-
days trading on the local stock ex-
change.
Conspicuous among favorite is
sues was Washington Railway and
Electric common, which sold at g..
price of one point higher being asked
for the stock as the session closed.
The company's preferred stock was
easy ct 7O14, but Riggs National
Bank rights climbed to 94A, while
Lanston Monotype was strong at IS.
Gas stock sold in odd lots at 4SL
and 4Sh
Well varied trade, embracing prac-
tically all favorite issues, prevailed
in the bond department. Washing
ton Gas 5s were strong at 80, with
the IS of the company selling at
l00k. Traction 5s brought %. and
District of Columbia Paper IS sold at
80. Railway As changed hands at
711s, and Potomac Electric consoli-
dated 5s were traded in at 81.
Reserve Bank Holdings Drop.
All federal reserve banks have re-
duced their investment holdings DUR {.
ing the last year. The biggest reduc-
tfon has been effected by New York
approximately s118,000 000 while the
smallest has been consummated by
Richmond, the local territory with
S3,360,000 A year ago New York's
investment holdings more than dou-
fnf nd frH
second at that time. At present New
YorkS holdings are exceeded by FIVE
other banks. Total investments
owned by all federal reserve banks
aggregate S35.000,000 less than New
iork's holdings year ago.
Through the sale of securities some
federal reserve banks have been able
to increase their ratios during the
last year. Others, on the other hand,
show reduced ratios, despite this. In
the meantime many of the banks have
disposed of practically all of their
holdlngs. Richmond now owns only
Sl,341 900, compared with S4,74l, 900 a
year ago. while its reserve ratio has
correspondingly diminished by 23.7
points.
Commercial loans of leading mem
Der banks have increased sharply in
the last two months, but member
banks are following the course of
their regional members and selling
investments to get funds to meet the
demands of their clients. Should this
practice continue, it is not likely that
federal reserve banks will be called
on for assistance in connection with
fall business.
Favors Branch Banking.
]. A. Long, manager of the Upper
VILE branch of the Peoples National
Bank of Leesburg, Va, comes for
ward with a convincing argument in
favor of branch banking, moot topic
in the District
! ''on April 1s. 1922" says Mr.. Long.
"the Farquier- -Loudoun Bank. state
bank located in Upperville. Va. was
taken over by the Peoples National
of the strongest banks in northern
Virginia The Farquier Loudoun
Bank had been in operation FIVE
years. during which period it had not
paid dividend to it's stockholders.
During the short period in which
this bank has been operated as
branch of the Peoples National Bank
of Leesburg the deposits have in
tween the last two calls tabout Two
and one-half months) the deposits
have increased $4,000. .-
This rapid growth in deposits Is
due largely te the fact that the farm
ers and business men of this sec
tion can get any accommodation they
need without having to go to a city
bank. as a branch is entitled to loan
as much money to any Individual or
partne chip as the home Office. This
extension of credit was not possible
| in the case of the Farquier-Loudoun
Bank. as it was only capitalized at
$4,000, and there are times when a
farmer needs to borrow a great deal
more to finance his cattle and crops
than they, could legally loan"
Opens Insurance once Hero.
The Sun Life Assurance Company
of Canada today opened local Office
in suite 524 of the new Transporta-'
tion building.
The District establishment will be
under the management of Orville B..
Drown. y
Six District bank presidents, eleven
vice presidents, four cashiers and fif-
teen assistant cashiers and treasurers
are graduates of the Washington
chapter American Institute of Bank
ing, 1t is stated in a current circular
campaigning for membership in the
. local association. Likewise. ]. H.
Puelicher, president of the American
Bankers Association. received his
training in the institute.
That Mr.. Puelicher is convinced OF
the institutes value Is evidenced by
his following statement: Il shall
cease to be enthusiastically interested
In the institute when | shall have
ceased to have an interest in any
thing"