The Washington times., 1928-12-14
RESERVE B A n K
DEPOSITS
GAIN
BY HARRY GUSACK
Financial Editor

Increases for the week Of $16,-
zoo 900 in holdings of discounted
hills. $16 500 900 in bills bought in
omen market and of $26,000,OOO in
member bank reserve deposits, are
shown in the consolidated statement
of condition OF Federal Reserve
Banks for the week ending De-
cember II, made public by the Re-
serve Board today.
Gains of $4,000 900 in Federal
reserve note circulation and So
zoo, 900 in cash reserves were noted.
Total bills and securities were SAL
500 900 above the amount held on
December 5.
The principal changes in hold
ings Of discounted bills for the week
were increases of sac, 100000 at the
Federal Reserve Bank of Cleveland.
$4,000 900 at Philadelphia, $6,.
zoe, 900 at Boston. and $5.700,0 900 at
Richmond. and decreases of $17,-
100000 at Chicago, $16,500,000 at
San Francisco and $4.900,000 at At.
lanta. The systems holdings of
bills bought in open market. in
creased SIC, 500, 900, and of Treas asury
certificates SO, 600. while hold
ings of Treasury notes show de-
United States bonds remained prac-
tically unchanged.
Federal reserve note circulation
increased $6,1O0,0O at the Federal
Reserve Bank of Cleveland, $5.900,-
900 at Philadelphia. $500, 900 at
Boston. S3.900,000 at Chicago and
81 800 900 at Kansas city, and de-
clined $1,000, 900 at Atlanta.
S
Bank Dividends
The directors of the United States
Savings Bank, at their regular
monthly meeting yesterday ordered
the payment of the regular quarter.
~ dividend of 7ls per cent to stock
holders, payable December 80, 1928.
At q meeting of the board Of di.
rectOrs of the Security Savings and
Commercial Bank, held yesterday.
the regular quarterly dividend of
4 per cent and an extra dividend
of per cent were declared payable
December 81, 1928, to stockholders
of record December "a.
Auditors Meet
An auditors section will be formed
in the District of Columbia Bankers
Association late today, when 81 dele
gates from Washington banks meet
at association headquarters to en-
force the provisions of a constitu-
tional amendment adopted early this
fall.
The amendment provides for the.
addition of three new sections to the
association. The first, the fiduci-
aries section, was organized last Fri
day, when Frederick p. H. Siddons
was named chairman. This group
will meet again this afternoon to
adopt bylaws. The safe deposit sec
tion will be organized next Friday.
The new auditors section will in
q large measure take over the field
in which the District of Columbia
conference OF auditors and comp
troliers. of the American Bankers
Association, formerly operated. The
membership of this body, including
its president, j. Damn FSber, is rep
reseAted virtually 100 per cent in
the new group.
Duties of the section, as outlined
In the amendment, call for the study
and presentation of methods and
problems relating to auditing or ac-
counting, and the promotion gem
orally of this branch of the banking
profession. An executive council of
five will be elected and. in turn, will
choose chairman, vice chairman
and secretary.
The tenth annual mid winter trust
conference under the auspices of the
Trust Company division. American
Bankers Association, will be held in
New York City February 13, IA and
15, at the Commodore Hotel. Invi.
tations will be sent to more than
five thousand trust companies and
banks doing trust business.
throughout the United States, ask.
ing them to participate in the con.
ference which will deal with the
foremost problems of settling es.
tates and administering trusts.
The eighteenth annual banquet OF
the trust companies of the United
states will be held the evening IF
February Il at the Commodore
Hotel in New York in conjunction
with the conference.