Evening star., 1928-10-13

counsel of the aSSo- pT Sohro,r.r
citation. The meet
ing is expected to be one of the best ii
! years. Among the social events is
cruise, which will include a visit t,
| Chesapeake Bay, with stops at Oh
Point Comfort, Norfolk and Yorktown.
Bankers on Advisory Board.
Eight prominent Washington bankers
have been asked to serve on the advisor!
board of the local chapter, American
Institute of Banking, by the president
James A. Soper The bankers art
Francis G. Addison, jr.; Victor B. Dey.
Der, Robert V. Fleming, Howard Moran
E. j. McQua lie. John Poole, I. j. Robert!
and William w. Spaid. All these finan.
clers have shown special interest in thu
institute in the past and their service:
will be of great value.
Curtis Stock Being Purchased.
Eastman, Dillon & Co. are negotiat.
ing with the large stockholders of tn;
Curtis Manufacturing Co., pioneers ii
the pneumatic machinery field to &C.
quire one-third of the 100000 shares o.
the company's capital stock now out.
standing. If negotiations are con.
summated the public will be Offered
shares in company which has beer
privately owned for rs years Much o.
stock is now held by the Steedmar
family OF st. Louis. Application viii
be made to list the stock on the Chi.
cago Exchange.
Schreiner Pushing Bank Forward.
Raymond L. Sehreiner, Washington
youngest bank president, has met with
marked success since he became CHIEF
executive, as well as cashier. of the
Bank OF Brightwood. Elected head oi
tne institution in 1924, he was reported
at That time to be the most yoiIthful
oank president anywhere in the country
Inc pank was started in 1922 and has
gained 100000 in deposits since Il
opened. ~
Mr.. Schreiner reports that the pres.
ent year has been unusually favorable
10 tne institutions progress. The bank
mas increased its total deposits to $729..
of9'o4 since the controllers call o.
June 80: again of $88.97416. It woulc
appear that the steady growth of the
bL5gntWood section is being constantly
Eenecteo In the banks development.
Richmond Rediscounts Volume Up.
The volume of rediscounts held bv
the Federal Reserve Bank of Richmond
rose from $50, AZ, 900 on August Is tc
S58,371 900 on September IS. and this
circulation of Federal reserve NOTES
turned upward, rising from $53.544. .O0O
IN August to 60,406,000 in September
Iotal earning assets of the Federal Re-
serve Bank Of Richmond rose in about
the same amount as the increase in
redtScountS, totaling $64.51IOOO on
August Is and $40, 900 on Septem-
Der Is.
Member bank reserve deposits in
creased between the middle of August
and the middle of September from
S67'69O,000 to $7l,958,0
d. C. Bank Report Stirs Comment.
Local bankers were commenting today
with great satisfaction over the compi-
latlon in yesterdays Star, showing a
gain of over nine and one-half millions
IN deposits in local banks since the call
OF June 80. The most interesting fact
however, was the revelation that the
local banks have added more than S24,-
10000 to their deposits during the first
10 months of this year. After reading
the figures one banker exclaimed:
Where did all the money come from
TO bring about such surprising in
creaSes?"
Bankers Monthly Bulletin Appears.
The Monthly Bulletin of the District
Bankers Association reached the desks
of the members today. It stresses par
ticularly the regular October meeting
of the association next Monday night
and the matters to come up at that
time. The association has also ar
ranged for new service to be offered
the banks relative to stock dividends
and stock split-ups, which often result
in material reduction in the value OF
stocks held as collateral to secure loans
Information regarding any such changes
in values is now available to the mem
berS.
Cleaned in Financial District.
The Interstate Commerce Commission
has denied petition of Chesapeake &,
Ohio Railway asking it to reconsider its
order authorizing the Virginian anC
Norfolk & Western to construct addi.
tional coal-carrying railroad facilities ir
the Guacandotte Valley of West Vir-
ginia.
Fred N. Shepherd, widely known amone
Washington bankers, has been re-elect.
ed executive manager of the American
Bankers Association. Judge Thomas B
Patton will again serve as general coun'
sci.
Stockholders Of Safeway Stores, Inc.
| will vote Monday on the plan to spill
| up the outstanding common stock on {
| five-for-one basis and increase the au
| thorized issue from $4,000 to 1,500, ,00(
of no par value. This is the concerr
which is soon to unite with Sanitar!
! Grocery, Inc.
Walter P. Chrysler, president o
Chrysler Corp, has asked Interstate
! Commerce Commission for authority Il
serve on the board of directors of tn
Erie Railroad while at the same tim
serving on the board of the Chicago
Milwaukee, st. Paul & Pacific and tn
| Ann Arbor Railroads