Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-02-18
FEDERAL-AMER|CAN'
ADDS TO SURPLUS
100000 Put on Account.
New Member of Local
Exchange. !


Bank has voted an additional 100000
to the surplus account, making this
Iitem s650,000, it was announced b,
bank officials this morning.
This recent action of the board
together, with it's action OF last
June, when the annual dividend was
Increased from to 10 per cent, gives
substantial proof of the wisdom OF
the amalgamation some time agv
which resulted in the Federal-Amer-
/ lean National. The fact that this
Increased disbursement would still
iallow for the transfer of so material
sum TO surplus quite readily states
the institutions financial standing 4
| The capital OF the bank is sf-
100000, the second largest in the
city, Earnings arc heavily in OK
cess of dividend requirements. ap-
tproNimately 20 per cent being shown
for the year 1928. Undivided profits
lnow total $14SOOO
| Under present conditions it is pos
slbie for the Federal American t.
lend $4,000 to single customer
| Admitted to Local Exchange.
c. j. Gockeler. vice president of the
District National Bank, was today ad-
!
| ton Stock Exchange.
! Some time ii go Mr.. Gockeler was in.
! Eited tn purchase tho membership,
held by Frank 6. wilkins This Wa
Idone and his name posted for mem.
thcrSh1p ten days ago, as REQUIRED bv.
law. The governing COMMITTEES Of tho
ieXchange approved the application
following today's business meeting
after seeing. that Mr.. Gockelcr had
met all requirements.
| with the District National Bank for
labout twelve years, and is ono of tn.
most popular bankers in the city FL
is member of the Washington Boar6
Blue Ridge Rod and Gun Club. Ma
;tional Press Club and the Columbi:
iCountry Club
He succeeded James O'Donnell -
the cub" of the local exchange. ara
will get his first taste of fire at t..
morrow's session. n
Washington Banks Invited.
Tho Security Savings and Comme:
ciai Bank has taken over and guaralI-
| teed the deposit liabilities of tn.
| American Commercial and Saving
| Bank, 9Th and O. streets northwest.
/ 1t was announced this morning H.
Francis q. Addison. vice president y
| the Security. The change went mt5
| effect today.
Deposits of the American Comnle,-
ciaS and Savings, amounting to ap-
proximately s337, 900, are absorbed
OF hte close Of business last Sati.
day.
| Government Expenses Drop.
| Total ordinary expenses, incident to
| operating the government, amounted
| to $l90,S23,5s0 during January, 1924.
| the Treasury Department announced
| this morning. This is a decrease OF
approximately $65.000,o00 over De5
| cember.
During the month public debt re-
tirements chargeable against ordi-
nary receipts amounted to $64,94,30e
bringing total expenditures against
ordinary receipts to S260.764,690. or
approximately l40,0OO,0O0 less than
the previous month.
LeSsened operating costs are chare-
cable to decreased expenditures III
the War, Navy 1ntrior and Agr1cul-
tural departments; public debt inter
est payments, smaller refunds on In
ternal revenue receipts, and pared
payments to the railroads. and war
i Finance Corporation.
| Trading Today on Exchange.
| Strength in the preferred issue Of
Washington Railway and Electric CONT
1 pany featured trading OF the Washing
ton Stock Exchange this morning.
total of ninety shares sold at al, the
high level on the present movement
! Mergenthaler Linotype was firm at
| 1856. thirty-two shares changing hands,
and ten shares of Norfolk and Wash
ington Steamboat Company sold at 2at.
! Ten shares of Washington Gas at 80.
as of last Saturdays trade, was record
| ed on today's record of transactions
! Important Bank Ruling.
| Federal reserve banks acting as
/ collecting banks must require non
member banks to pay in cash or its
| equivalent checks drawn upon them
/ or accept liability in case other forms
of settlement prove worthless, the
| Supreme Court ruled today in a case
! brought by the Federal Reserve Bank
| of Richmond, Va, against Mallo!
! Bros.
upon the bank of Lumber Bridge, \. c..
1 in favor of Malloy Bros, was presented
! for payment by the Federal Reserv 4
Bank at Richmond, which was givef5
| a draft upon the Atlantic Banking and
! Trust Company of Greensboro. n. c.
/ When presented for payment the
Greensboro bank wired the Federal Re-
serve Bank that the draft was 10 good.
| Before the Federal Reserve Bank
could collect from the Bank of Lum-
| Der Bridge that bank went into hands
| of receivers.
| The federal courts of North Caro-
| lima held that the Federal Reserve
exchange draft. but should have in
| sisted upon currency, and therefore
must stand the loss. That decision
was affirmed by the Supreme Court
today.