Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-21

y. IL
Sherwood, jr Roy ESA
L. SwenSon. SchuN-
le.. s. Symors, &c ---J
william S. Torbect, James l.. Sherwood.
N. j. Ward and
Thomas A. ellis
AT the directors meeting James L.
Sherwood, was reelected presi9eli..
Henry c. Althoti second vice preSl-
dent: Schuyler S. Symons, secretary
i A. Openshaw, assistant secretary
Frank M Hatley. treasurer; James Z.
PAYNE. assistant treasurer, and Wllilam
S Torbert, counsel
Mr.. Sherwood has been president
NJ the association for many years our
ing which time the organization mas
attained substantial growth. He Is
manager OF the Brookland Branch OF
the Federal National Bank d trust 20
An excellent annual financial state
ment was presented The association
earned S3l .531 95, during the past year
has over 100000 in loans on real estate,
total assets of $3.50 230l4 surplus
~ S14O25O6 During the year the
association received $36l42 In interest.
Leonard Resigns Bank Position.
John d Leonard. vice president and
treasurer of the Washington savings
rank at Tenth street and Grant place,
hnth nositions on account of i'll health,
his RESIGNATION to take effect at the
convenience of the board of directors.
Mr. Leonard is a director and one OF
the largest stockholders in the savings
bank and will remain on the board ana
continue his large financial and deep
nersonal interest in the success OF the
institution. On advice of his physician,
however. he plans to take years COM
rleta rest from all banking activities,
passing the remainder of the hot Weatn-
er at his Summer home in FREDERICK,
Md
Mr. Leonard will be much missed in
the financial district. He has been &C
lively connected with the Washington
savings Bank since 1917. He was the
leading spirit in its organization at that
lime and its first president. Later, at
his own suggestion. he was elected vice
president and Thomas E. FARRELL was
made president. the widely known real
estate man still holding this position.
Jchn Ieonard has always been actively
Interested III the affairs OF the DISTRICT
Bankers Association and has served on
many important committees. Until this
wear he had attended practically every
convention the association ever held al
WAYS being seen in front seat at every
business session. He is lawyer as well
es a banker having graduated from the
n-itted to the District OF Columbia bar
in 1884.
Capital Traction Still Climbing.
Capital Traction stock made ano her
new high mark on the present move
during trading on the Washington Stock
Exchange TO-DAY.
The stock advanced full point to
close at 43. The stock opened with 70
shares selling at 1924, up p of a point
from Yesterdays close. 1t then advanced
to 427a on five transactions total1ng oO
shares. closing with a sale of three
shares at 43 fiat. making the days turn
over l03 shares.
The market closed with 425s offered
and 43 asked. Traction has now gained
more than 10 points this year and about
points over the week end.
Todays market opened with Wash
ington Gas Light SIS selling at lO7.
Other bond transactions included two
81 900 sales in Washington Railway d
Electric Is at Ola and 81 900 at 90.
Potomac Electric Power 6 per cent
preferred stock sold today at l13a to
the extent Of IS shares while 20 shares
of the 5l2 per cent preferred moved
at HE.
Washington Railway & Electric pre-
ferred was the most active stock on
the board today, 1874 shares changing
hands at 997s. This was the largest
turnover in the issue in several months
Ten shares of American Security &
Trust Co. stock sold at 3l5, Merchants
Transfer & Storage common moved at
96. and small sale in Peoples Drug
Stores preferred took place at 10l.
1t was an unusually good local Sum-
mer market. Members of the exchange
have been much gratified over the
manner in which business has held up
In recent weeks.
Reserve Board Reviews Credit.
Withdrawals of currency from banks
BY depositors as result Of the dis
turbed banking conditions. together
with increased cash in vaults OF banks
in excess of usual requirements has
made it necessary for the Federal Re-
securities in the open market, to OFFSET
the tightening effect of the with
draWalS on money.
The Federal Reserve Board in its
July bulletin states that the with
drawals of currency due to lack of
confidence created by bank suspensions
has increased money in circulation be-
tween March and June by 5000, DOC. 600.
Most of this currency Is held in pri-
vate boards and naturally has tight
ening effect on credit. Withdrawals
of currency of such magnitude consti-
tute. under present conditions" the
board states, lis a factor of consider
able Importance in the general credit
position and the relation Of the Fed
eral Reserve system to it.
Reviewing the world gold movement,
the Federal Reserve Board states that
between May 81 and June the Reichs-
bank lost $230,00O,0 900 in gold and $40
900, 900 in foreign exchange in connec-
ton with the large scale withdrawal Of
Short-term funds from the German
market. Most of this gold came TO the
United States through the release OF
earmarked gold for foreign account.
For the two months ended June "a, the
gold stock of the United States In
creased by 100000 900. of which $780,
600 900 was added during one week, the
largest addition to the gold stock Tor
any week in the history Of the country.
Leaves for Jersey Resort.
E. ]. McQuade, president of the Dis
trict Bankers Association and OF the Lib
erty National Bank, leaves here late to-
day for Ventnor, N. j., near Atlantic
CITY. for weeks vacation with friends.
The proposed working agreement be-
tween the Washington, Lawyers and
District Title Insurance Companies and
the Title e. Investment Co. Of Mary
land was confirmed yesterday when
directors of the latter company ap-
proved the plan previously adopted by
directorates of the first-named three
companies last Thursday.