Evening star., 1928-12-10
BANK LOANS LOWER.
IN FIFTH DISTRICT.
Bankers to Form Auditors
SeCtion-BusinesS Brisk
in Washington Area.
BY EDWARD C. STONE.

Member banks decreased their reds
counts at the Federal Reserve Bank c
Richmond from $50,666,00O on Octobe
Is to $40, ,436, 900 on November Is, re
f1ecting Fall liquidation of customer;
Indebtedness as result of crop market
ing. According to the Reserve Bank
Monthly Review just published, the de
crease in rediScountS was among Coun
try banks chiefly, the city bank Dor
rowing at the reserve bank having in
creased somewhat during the mont
under review. A greater demand 70
currency in connection with crop mar
keting and the opening of Fall reta
trade raised the circulation of Fedora
reserve notes from $50 1896 900 on Oc
tober Is to $79,566, 900 on November II
| Total earning assets of the Richmon
Reserve Bank increased slightly, risin
| from 1924, 900 at the middle of Oc
tober to $71 100000 at the middle O
| November, an increase in holdings O
bankers acceptances purchased in tn
open market exceeding the reduction Il
rediScountS.
Member bank reserve deposits ros
from SGT, ,799 900 on october Is to $63,
100000 on November Is, daily f1uctu
alton only. The several changes in tn
statement mentioned above, with other
of less Importance, raised the cash re
serves of the Federal Reserve Bank o
Richmond from SIS, 9,550,000 at the mid
die of october to $83,610,000 at tn
! middle of November, but the seasona
| increase in Federal reserve note circu
| lation lowered the ratio of cash reserve
to note and deposit liabilities combinet
: from 56.04 per cent on October Is, 1928
f0 MnuoYNahor TX 1909
At the middle of November, 1927, tn
Federal Reserve Bank of Richmond he'll
rediScountS for member banks amount
ing to only $20, ,535, 900, compared witt
| 42,436 ,00o held on the correspondent
date this year. Federal reserve note
| in circulation year ago totaled $76,
500, 900, compared with $79, 1866, 900 ol
November Is, 1928. Total earning as
sets of the Richmond bank, whicl
amounted to $80,522, 900 on Novembe
Is, 1927, and $71 100000 on Novem
ber Is, 1928, were higher last year thar
this, due to larger holdings Of bankers
acceptanceS and Government Securitie
in November, 1927.
Member bank rServe deposits declinet
during the year from 5,065, 900 t.
$68, ,206,000. The changes in the state
ment during the year raised the casl
T6S6TVeS O1 b1IG ECUCIdI E6CSSkfC DdI1l
of Richmond from $74,024,0 on No
vember is, 1927, to $83, $40 900 on No
vember Is, 1928, and also raised tn
ratio of cash rServes to note and de
posit liabilities combined from 47.52 pc
cent to $3.50 per cent between the mid
die of November last year and this.
Auditors Section to Be Formed.
This District Bankers Association will
enlarge its scope still further next Fri
day afternoon by organizing nev
auditors section. Thirty-nine loca
banks have named the following rs dele
gates as their representatives.
American Security & Trust, j. Damn
Faber, John E. Benton; Anacostia Bank,
Maurice Otterback, w. L. Koontz, Al
bert v. Pohl: Bank of Brightwood, Ray
mond l.. Schreiner, Charles J. Sincell;
Bank of Commerce & Savings, Frank
Owings, E. Kenneth Rouse; Chevy
Chase Savings Bank, j. Ezra Troth
Samuel Peacock; Columbia National
Robert H. Lacey: Commercial National
Robert A. Cissel; Continental Trust
Nathan B. Scott, I'd; Departmental
Bank, Donald W. Allen: District Ma
tionaI, r. S. Mason; East Washington
Savings, Charles A. Mccarthy: Federal.
American National, Arthur ]. Linn.
Franklin National, Ssmuel M. Thrift
Joseph G. Stephenson: w. B. Hibhs &
Co., James c. Elgin, j. Carl Perry; In
ternational Exchange, F. Cuniberti, F.
j. Kaufman, ir.; Liberty National
Charles C. Crawford: Lincoln National
William NJ Harris, Howard E. Wilson;
McLachlen Banking CORPORATION. Archi-
bald McLachlen; Merchants Bank &,
Trust, Eugene r. Marks; Norris Plan
Bertram Chesterman; Mount Vernon
Savings, Leo E. Madigan: Munsey Trust
C. H. Pope. A. j. Bitterly. A. j. Byrne
National Bank of Washington, Everett
II. Parsley; National Capital, H. H. Nc
Kee: National Metropolitan, Franl
Cook. w. G. Winsted, Miss Blanch
Farrell; G. r. Jacobsen; National Saw
ingS & Trust, Audley A. P. Savage
North Capitol Savings. P. Henry Coates
Northeast Savings. Llovd H. Johnson
Park Savings. B. Mcneil: Potomac Saw
ings. c. w. Shoemaker. E. T. Burdette
Riggs National Bank, RAYMOND G
Marx, r.. e. Haycock; Second National
Victor 3. Deyber Jacob Scharf NJ Z
Esch, j. Karl Sevboth: Security Saving
b. Commercial Bank, F. G.. Addison. jr
t. Hunter Leith; Seventh Street Sew
irgs. John D. Howard and Joh'
M. DeMarco; Union Trust. G. FL
r,er Flather. Walter NJ. FFcCurdv
United States Savings John n Cook
Washington Loan g. Trust, Palph Fin
| dicott. Roger S. Quinn; Woehingtc'
Mc~hanies Savings. A. s. Offrtt. r, W
Davis. joseph NJ McCarthv: Washing
ton Savings, Robert A. Sisson.
Business Reported Brisk.
Business is reported brisk in thi
TERRITORY. according tn information fror
the Federal Reserve Rank of Richmond
| especially in retail lines In Virgini;
end the CarolinaS textile plants ar
showing steady Improvement. Con
s+ruction shows no abatement and tn
figures are we'll in excess of last year
This is partly due to the erection o
new industrial plants in the southern
rart of the fifth district. Peanuts, tn
last big crop Of the year in Virginia an,
North Carolina, are being harvested
Large sales are reported, with price
holding firm.
Bank Practically Completed.
The officers and directors of the Co
lurnbia National Bank have sent ou
invitations to the opening of their neN
home at Gil F street northwest mex
Monday, December II, from 8 am Z
6 pm. The invitations mean that tn
bank building. which has been greatl
enlarged and improved in every way,
practically done. The changes will CIV
the Columbia most excellent bankin
facilities.
Bank Clearings Increase.
Bank clearings in Washington for tn
week ended December amounted t
S34 SAT, 900, in comparison with tn
lower figure of $23,39000 for the pre-
vious week. The clearings showed a.
increase of 11.6 per cent over the sam
week a year ago. So far as cancele
checks serve as barometer, preholida
trade appears to be ahead Of last veal
Local Securities Remain Steady.
Washington Gas was a bit stronge
On the local exchange today, closin
at 99ls. Riggs Bank warrants change
hands for cash at 290. Mergenthale
/ led the market in volume rs share