Evening star., 1924-06-18

IotaI resources of S1,772,234.17 is
shown for the first year of opera
tion of the Potomac Joint Stock Land
Bank in its initial financial state
ment to stockholders of the institu--
ton, mailed this morning. The state
ment is dated at the close of bust
ness, June IA, 1924.
The complete statement follows:
RESOURCES
Net mortgage loans ......... 81 Ala, ,0J2 81
Accrued interest mortgage loans Is, IO1. 81
U. 5. bonds pledged with registrar IL. 500 90
Deposlts IN banks ............... 1J9, ,302 %
Reserve for farm loan bond inter-
Farm loan bonds hand .... 7s,5 600
Furniture and fixtures ........... .47264
Accounts receivable ........... 1.S2S1I
All other assets ..........,...... 426I. 20
Site 23417
LIABILITIES.
Farm loan bonds issued ......... 81 400 OO0 90
T. ). bonds borrowed ............ II s00.G
Interest coupons due June /. not
yet presented for payment 80. 9,717.50
bonds not due ................. 15,416s7
Accounts payable ............... 2iO.n
Capital and surplus ............. 21J.OoO.b
s1.772284l7
George A. Harris. who heads tn
institution, states total OF 633 ap-
plications. amounting to $4,69O,s4'
have been received since organiZd-,
ton. OF this number 5S3 We're ap-
praised and approved to the extent OF
700 by the executive com
mittee of the bank. 1t was explained
by Mr. Harris that many Of thes"
approved loans were not granted as
the amount approved was not accept
able to the applicant
The first loan was closed by the
bank on June Is, 1928, and from thai
time the institutions functions have
steadily increased monthly. 1t is eX
pected that total loans closed by the
end Of 1924 will approximate
$4,000, 900.
An additional issue of 100000 of :,
per cent bonds, approved at the last
meeting of the directorate, will b.
offered the public in the next fe"
days, Mr.. Harris said.
Allows RediScount Rate Boost.
The Federal Reserve Board TO-DAY
approved the application of the Al
lanta Federal Reserve Bank to re
duce it's rediscount rate from !. tn
per cent The action is in line with
moves made by four other reserve in
stitutions in reducing their discount
charges.
The change is effective tomorrow.
Personal Mention.
w. T Galliher, chairman of th~
board of the Federal-American Ma
tional Bank, is in Asheville, N. c., on
business trip.
John Poole, president Of the in
stitution, is attending the annu"i
convention of Rotary international
at Toronto, Canada. Mr.. Poole lS "
past president of the natioral OF
ganiZation.
Regular Dividend Voted.
Directors of the Merchants Tran~
fer and Storage Company yesterda
declared at their annual meeting IN.
regular semi-annual dividend o.
per cent payable June 80 to STOCK
holders of record June %. This dis
bursement is applicable TO the ne"
$3.50. 600 of stock issued last February
Earnings of the company are ap-
proximately on par with those
last year, it was declared by John /.
Newbold, president.
The following directors have been
B. Buck. Alexander Britton. George
Dunlop. w. ]. Eynon, w. f. Ham.
John L. Newbold, Ben L. Prince "a an"
clude John L. New bold, presideni
Ben Prince, vice president; c. B. Buck
secretary treasurer, and DAVID /
Smith. assistant secretary treasure
Trading on Local Exchange.
CAPITAL Traction stock sold off in III"
early stages of today's trade on tn
Washington Stock Exchange, but re
covered to 90, its prevailing level. i
later transactions, which totaled -
shares Railway preferred stock COS
tinued to show strength. closing al
a gain of about two points in the Wee"
thus far.
Lanston Monotype was unchanged
72L, with Gas fractionally Stroncer
4s5s National Mortgage and lnve-'
ment preferred was unchanged at s.
Bonds were dull and unchanged.
cR.v< s<n PROyISIOSS