Evening star., 1925-03-27
FRANCIS NJ. SAVAGE
WILL Be RELIEVED
Riggs Directors Meet Today
to Reofganize Acquired
Institution.
BY CHAs. p. SHAEFFER.


Directors of the Riggs National
Bank Will hold a special meeting this
afternoon for the purpose of reor-
ganizing the Northwest Savings
Bank, control of which was recently
purchased by the former institution.
- FRANCIS NJ Savage, president of the
northwest, VIII be released from that
once, In Difference to his request, and
a successor appointed. The reorgani-
zatfon will also include the removal
OF Two inactive vice presidents and
treasurer, these places to be filed by
Riggs men. James A Bean and
Frank II. Bright, the vice presidents
OF the savings institution affected, to-
gether with DIR. G. c. Birdsall, treas
urer' Will. however, remain on the
Doaru OF directors in the reorganiza-
terests.
George 0. Vass, vice president Of
riggs, In charge OF the Washington
rieishts Office, is the logical choice for
vice president in charge of the North
west. Hilleary G. Hoskinson. also a
wee president of Riggs, is understood
70 De slated TO assume a vice pres
IueIicy. Inc treasurership will go to
assistant Cashier O'Neai of Riggs.
Gregg C. Burns, vice president and
casnler or the Northwest, and Charles
U. hubbard, assistant cashier. will be
re.alned in the same capacities.
me directorate Of the Northwest is
due Tor considerable shake-up II
consists Of 21 members, 10 of whom
VIII De retained, the remaining va
cancles TO be filled by Riggs interests
- good response has been accorded
RIGGS on their offer to purchase
minority stock at the same figure
palo majority stockholders. less than
ooV shares, exclusive of that owned
oy directors who are scheduled TO re-
tam their seats on the board. being
accounted for
Trading on Local Board
Sales of Riggs National Bank stock
featured today's local stock exchange.
IL sold to the extent of so shares.
opening at 353&4, easing off subse-
quently to 353la and later to $50, at
"hlch 1t closed. American Security
and Trust Co. established a gain TO
81 =, being traded in to an amount
of . shares.
Gas stock was easy at 5SA. as was
Merchants Bank and Trust Co at 134
Capital Traction was unchanged
at 81.
The bond list was neglected, 500
! washington Gas 6s of 1888 at 1Ol 3,
pelhs the only transaction.
Bank Ratio Declines.
Inc ratio or total reserves to deposit
and note liabilities of the Federal
reserve Bank of Richmond declined
from 7I14 to 70.52 at the close of
business March 25 as compared with
| the previous week. The change re-
! fleets the Spring agricultural de-
mands
Rediscounts decreased slightly from
s35,344.00o to $34.372, 900. but bills
| bought in the open market increased
| S1.366,000 to s12,S34, 900.
AS result chiefly of a decline of
Sll4SOoO in gold reserves, total r.
serve position declined from s1O1
/ 100000 to 500, ,255 900
/ Traffic Efficiency Improves.
| Railroads of the country handled
| the freight traffic offered them FL
| January more expeditiously than in
| any January on record. reports filed
today with the Bureau of Railway
Economics say.
The daily average movement per
freight car during the month was
265 miles. This exceeded by seven
tenth of mile the best previous
average for that month.
In computing the average move
| ment per day account is taken of
| all freight cars in service, including
| cars in transit, cars in process of
! being loaded and unloaded, cars ur-
| dergoing repairs and also cars on
| sidetracks for which no load is i'm
| mediately available.
| The average load per car in Janu-
| airy was IS tons, three-tenths of A
! ton greater than the average 70.
/ the same month last year, but one
/ ton less than in January. 1929.