Evening star., 1925-02-09
STATE HOLIDAYS
TO DECIDE CLOSING
Richmond Reserve Bank
Adopts New p!an-Gas
Light Directors Meet.
BY CHAs. p. sHAEFFER.


The Federal Reserve Bank of Rich
mond and it's Baltimore branch will
in future close on all legal holidays
In their respective States, member
banks have been advised. The new
ruling thus revokes last September's
edict, which shut down the regional
bank and Its branch only on specified
holidays common practically to all
the States
The new ruling was advocated by
counsel of the Richmond member, ow-
ing to the legal aspects of the situa-
tion aHecting the collection of checks,
and to complications of accounting
between Reserve banks themselves
and between Reserve banks and their
members, when the Government institu-
tlons remain open, while members in
their own cities and elsewhere in the
district are closed. The Federal Re
serve Board has already granted au-
thority for such action.
Memt er banks will be notified as
heretofore of holidays to be observed
by the Richmond bank and it's Balti-
more branch, as well as legal holt
days In other Fed eraI reserve dis
tricts. on which days transfers to
member banks in such other districts
cannot be made.
Gas Directors Organize.
The Organization meeting of direc-
tors Of the Washington Gas Light
Company was held shortly after noon
today, resulting in unanimous re
election of all existing officers for
the ensuing year, as follows: Ord
Preston, president; Robert D. Weave
vice president; William 3. Orme, sec
retary; George NJ Whitwell. assistart
secretary; Sanford y. WhitwelI, con
tro1ler; c. Clay Bayly. assistant cor
troller; Lawrence Townsend, tresS-
urer, and Rawlins Hume. assistan
treasurer.
Routine matters will occupy the r.
nlainder OF the afternoon.
Bankers Back From Dinner
John L. Edwards and ABB.
Madeira of John l.. Edwards & e..
were active in the local financial dis
trict this morning after a week ell
in New York City, where they attend
ed the stock exchange dinner at tie
Roosevelt Hotel last Friday night.
H. t. Ridenour, well known In.
Washington stock brokerage circles
is now attached to the local branca
ONCE of Orvis Brothers 6; Co in the
! capacity of assistant to Manager #
Russell White, recently of the CON
pany's New York Office
s0Optc0.
Stock shares of all German banEs
and industrial firms. having been put
on gold basis, must now be forward
ed to Germany for exchange into new
shares. Some corporations will onlv
stamp the stock certificates with tr..
now value in reichmark In man
cases time limit has been placed OF
the exchange and therefore Ger
tihcates should be sent immediatel,
aithough American owners will PROD.
ably be granted sufficient time.
Program at Institute.
The weeks EDUCATIONAL program 81
the local chapter, American institute
| of Banking, is announced as follows
Monday, lecture on "Agricultural
Loans" by F. J. Donohue before
standard banking class; Tuesday, ac-
counting class lecture by Joseph h
Meyer on Partnership Dissolution
Wedne sday r. B. Dickey will lecture
on Form and interpretation before
the negotiable instruments class
Thursday, Bank Bookkeeping" BY
Eliot II. Thomson before the ele-
! mentary banking class, and Rufus
Lusk will conduct the class in publ
speaking and debate to be held in the
! Washington Stock Exchange rooms
| Friday, F. j. Donohue will lecture o.
Revenue Systems in the United
! States" before the standard economic
| class, while the class in credits vii
| hear F. Gordon Finney on "Merchan-
| disc Loans
! H. w Burnside, president, has called
a meeting of the board of governor
| for Wednesday evening, o'clock, a
the chapters rooms.
Local Exchange Quiet.
Todays market on the Washington
Stock Exchange was uninterestins
with trading restricted. 4 few shares
of Railway preferred sold upward to
| 81 II, and IN odd lot of Gas changed
| hands at 5S1.. but, aside from these
the favorite stocks were neglected
Ten shares of Liberty National Bank
brought ia, and $50 shares of Ma
tional Mortgage and Investment pre-
ferred advanced fractionally on the
| day to 917.
| Bond trading was restricted TO
| utilities without price changes