Evening star., 1924-09-12
RESERVE
REDUCES HOLIDAYS
Banks in This District Under
New ScheduIe-LocaI Ex.
change Quiet.
BY CHAs. r. SHAEFEER

federal reserve banks of the fifth
oistrict VIII no longer close on all
ol the legal holidays observed In
me conhnes of the region in which
10y are located, but will observe
oii!y the following general HOLIDAYS:
NeW year day Washington's Birth
oaY, independence day, Labor dar
thanksgiving day and Chrjstmss re
any of these days fall upon Sunday
.ne Monday following will be oh
served
oh all other holidays all Federal
.esvrfe ,, banks and their branches
".i remain open for the transaction
business as on other DAYS. Mem
banks collateral notes PAYABLE
d. me federal Reserve Bank of Rich
~ VI its Baltimore branch will
b.r 10 the accounts of mem
BANKS, checks drawn bv member
banks against their reserve .ccount
i ne PAID if presented and ma
.urins cash letters will be charged
20 the reserve accounts of memb.r
pahhs on any day that this Federal
reserve Bank or it's Baltimore branch
Is open, regardless of whether or
no. such day is a legal holiday in
the State where the Richmond NAV,
Der or its Baltimore hranch -.
business. Likewise, credit win 10
given for cash letters sent ms h,
ineH1oer banks becoming available
on such holidays.
vacation Clubs for I9o5.
Vacation clubs for 1925 arc heinz
reopened in District bankfng circia.
me FRANKLIN National Bank which
ihaueurated this system of savinge
sno winch has followed it successfully
-, years. announced the largest en-
oiiiheht ~. In its history. While prof
as US from such procedure arc.
OF course, small" said Thomas y
hickman. vice president of the E,.a,l
I'm this morning. "our increased mem
oership shows the spirit of thrift and
asihss Is gradually becoming more
al aho more lnculcated in the minds of
Issue OverSuhscribed.
The issue of Treasury certiticat.s ~
Indebtedness. dated September *
gearing "a per cent interest and ma
III ing IN one year, has been over
subscribed and the books closed. Sub-
scrlptlons totaling s596, 900. 900 have
peen reported. of which s126.OoO. 600
represented tenders of Treasury notes
ma ne 'urihs on the date of issue The
on erlng was for approximately $3.50.
100000
BELL Telephone Income.
CpeidtihS income of the American
Ie'ephone & Telegraph Co. in the
nrst seven months of 1924 was s17
o'o'oi2' decrease of s434,534 under
the corresponding period of last year.
The gross income was s42,9I7,40s. a
gain of s1,300,577.
Local Exchange Quiet.
With issues retaining their nrevf-
Gus strength, trading eased off to
lssser volume on the Washington
STOCK Exchange this morning. Rail
way preferred was stronger at 76A
put sold only to the extent of 10
shares Lanston brought 7Ss and Mer-
senthaler Linotype 1561a
twenty shares of National Mort
gage ana investment. preferred, sold
at 9%s and.Gas was traded in at 50as
Cnion Trust Co. was UNCHANGED ar
100 as was Departmental Bank. IN
the unlisted section, at y
Railway 6s were firm on the in
Vestment side of the market. seIltnr
at ss B, with Gas 6s of 1929 seII1ng
at points above par
Bank Plans Approved.
Directors of the Anacostia Rapl
held a meeting yesteday evening
and approved plans for the bangs
new nome. submitted by Architects
MLburn Heister. Bids for the
construction will be opened within a
Few days. President Otterback said
this morning.