Evening star., 1928-04-04
RICHMOND RESERVE.
RED|SCOUNTS UP.
Increase Partially Due to Bor-
rowing incident to FertiIiz-
er Buying.
BY EDWARD c. STONE.


during March. rising from $25,3l9,000
on February Is, To $26,93l.Ooo on
March Is. the increase being partly due
! TO agricultural borrowing incident TO
fertilizer purchasing and partially due
| TO commercial borrowing to discount
bills for Spring merchandise. The
monthly review adds that in spite of
the increase in rediScountS. amounting
| 10 $1,6l2.00o. the total earning assets of
the Richmond bank declined from $SS,-
! $4,000 TO $47,S37 900 during the month.
/ the decrease being due to reductions
( Of S6600.0o in bills purchased in open
/ market and about $4,000. 600 in holdings
| in Government securities. The report
/ further says:
Continuing the seasonal decline. the
volume Of Federal Reserve notes in ac-
! tUsi circulation dropped from S66.l76.-
/ 600 on February IS TO $50. .401 900 on
! March Is and member bank reserve de-
/ positS declined from $T2 $4,000 to $7l,-
! $4,000 between the same dates.
Cash Reserve Raised.
The changes enumerated raised the
cash reserves of the bank from Se2,-
S7o000 at the middle of February TO
| $96.SlS,000 at the middle Of March. and
brought the ratio of cash reserves to
note and deposit liabilities combined up
from 6496 per cent to 7l4l per cent.
Between March Is. 1927, and March
Is of this year the volume OF rediS-
counts held by the bank rose approxi-
mately IS per cent, increasing from 500
$4,000 year ago TO S26.93l 900 on the
1928 date
Total earning assets Of the bank in
creased so per cent. rising from $36,-
/ 725o00 on March IS last year TO S47,-
SS7 600 on the same date last year. On
the other hand. the circulation of Fed
eral Reserve notes declined from sra
$40 900 last year to $50. .4o7, 900 this year.
Member bank reserve deposits increased
from S68.o20.00o on March Is. 1927.
to S7l.464,o0o on the corresponding
1928 date.
Bankers Honor I. A. Fleming.
The members OF the District Bank
ers' Association who compose the So
called luncheon group and dine every
/ Wednesday at the Willard have just
taken special notice of the illness of
1. A. Fleming, the veteran financial
editor and writer, who is noN at Mel
bourne. Fla.
The bankers have forwarded to Mr.
Fleming a special letter OF greetings,
signed by every member of the group.
president Of the District of Columbia
association. and was filed with humor
rs well as sincere wishes for Pops"
earlv return TO good health.
Mr.. Fleming left Washington on
January / and has passed the time
since at Hotel Indialantic. which is
now closing for the season. He will
remain in an apartment at Melbourne
until the weather IS more settled here.
Financiers OF for Conference.
Washington bankers are leaving here
this afternoon for the Southern re-
gional conference which opens tomor-
row at the Jefferson Hotel in Richmond.
The American Security g. Trus. Co.
will send the largest delegation. among
them being Howard Moran, who will
attend the second days session: p
H Siddons, r. L. Father and Edward
E. Swan.
Others going from here are H. @.
| HoSkinson. vice president of Riggs Ma
| tional Bank; Hilleary l.. Offutt, vice
| president and cashier of the District
National. and Francis @. Addison. jr.,
vice president Of the Security Savings e.
| Commercial With John Poole from
/ the Federal-American will be Charles
D. Boyer. the cashier. and A. j. Linn,
4 4.
resent the Washington Loan &. Trust
! Co. 1t is expected 800 bankers will
attend from IL States and the District
Of Columbia.
Takes Position In Paris.
Maj. Sanford Grifith. who has often
given lectures in Washington and has
many personal friends here, has be-
come associated with Dillon, Read g.
/ Co., investment bankers, and will be
/ in charge Of the company's newly
T opened Paris office. From headquarters
/ there he will also direct other business
I on the continent. During the war Mr..
Grifith was member Of the armistice
| commission. For a time after the war
4 ne was correspondent from Rome and
Berlin for the New York Herald
! Tribune and later represented the Wall
/ Street Journal in London.
Trading Rushing on Exchange.
Trading was the heaviest in many
months on the Washington Stock Ex-
/ change today, some stocks selling higher
and others lower. Capital Traction was
| the first stock out, opening at l0oss
| and closing at i097s. Potomac Electric
Power 5l2 per cent preferred sold at
( l03i<. while the per cent issue again
moved at the high OF l13 Washington
Railway & Electric preferred sold al
1929. off fractionally from yesterdays
! close, the turnover being light.
Washington Gas Light came out al
| 80. Barber 81 Ross common opened
with 25-share sale at "a, IS shares
then selling at 23 IS more at %, and
| IS more closing at %. Chevy Chase
Dairy preferred registered l06. Co
lumbia Sand & Gravel opened at 100
advanced 10 l00is and closed at l0012
sales amounting 10 SIS shares.
Both type stocks were traded in
Lanston opening at lO844 dropping u
- and then closing at q on sales oi
10 shares. Mergenthaier came out al
i0i and closed at i0i %s. sales totaiini
50 shares. Merchants Transfer &
Storage preferred recorded two-shart
sale al l06 and so shares Of Federal.
American Co. common moved at 38R
Gas 6s series A. sold at 1887. Gas 81
at i0534 and Barber a. Ross 6lzs al
9slz.
Heard In Financial District.
w w Epaid, president Of the Dis
trict of Columbia Bankers Association
has been drawn for jury duty and IL
now giving his time and best judgment
70 the proper settlement Of variety o!
complicated court cases.
campaign committee Of leading To-
cal bankers has Dfen organized 10 push
the candidacy Of r. Hunton Leith for
membership in the executive council oi
the American institute OF Banking I he
local boosters win meet late this after
noon for the first time.
President l. j. Roberts Of Washington
Chapter, A. J. b. announces that there
viii De no classes On Good Friday eve
ming
Representative Louis r McFsdden
author ~ the McFadden banking act
viii speak on The inaugural radio pro
gram W be- presented by Halsey, Stuarl
~ co over u stations tomorrow.
PAYS 10 PER CENT EXTRA.