Evening star., 1936-03-10
TIME DEPOSITS Up
IN FIFTH DISTRICT
Richmond Reserve Reports
$397,697,666 Total at
End of January.
BY EDWARD C. STONE.

In the fifth Federal Reserve district
and aggregate deposits in IL mutual
savings banks totaled 1897 ,6S7 ,666 at
the end of January, 1886, higher
figure than either 1894, 1874, ,334 report
ed at the end of December, 1885, or
88,779,189 at the end of January q
year ago, according to the latest report
from the Federal Reserve Bank OF
Richmond. Both member banks and
mutual savings banks reported gains
in time and savings deposits for the
past IL months as we'll as in January.
The Richmond bank report also
shows debts to individual accounts in
% leading cities in the district up to
February IL, these figure rejecting the
total volume of business transactions
passing through the banks. Aggregate
debts in the % cities, the report says,
in the five weeks ended February II,
1885, totaling ST ,0O0 showed a
decline of S86915,000, or ST per cent,
in comparison with debts in the five
preceding weeks. ended January 8, a
seasonal decline due to the large
amounts involved in holiday trade in
December and annual settlements on
January l.
In comparison with debts for the
five weeks ended February l3, 1885.
debts for the corresponding period
this year showed an increase of Sl52,-
$4,000. or 143 per cent, all of the %
reporting cities showing higher figures
for the 1886 period except Charleston,
W. Va: Charlotte. Columbia, Norfolk
and Portsmouth Winston-Salem, with
an increase of SGT per cent, showed
the largest gain during the year, While
Columbia. with decline of 4 per cent,
showed the largest decrease.
Since this favorable report was cir
culated in the Richmond banks
monthly review, reports from wholesale
and retail houses all over the district
have added to the optimism. The
largest wholesale and retail trade VOL
lIn1e in six years is now being fore
cast. Several large construction prof.
ectS are Just being started. Good
weather is boosting retail sales every
where.
ANLenu
The annual dinner of Philadelphia
Chapter. American Institute of Bank
ing drew quite a large delegation
from Washington. among whom were
George O. Vass l. ]. Roberts. James
A. Soper Richard A. Norris. ]. Earle
McGeary. president of Washington
Chapter: Paul j. Seltzer. William H.
Laughlin. Joseph R. Fitzpatrick Miss
Vivian E Stokes, Walton L. Sander
son and the wives of several chapter
members.
L. E. Birdzell of the Federal De-
post Insurance Corp. and John H.
Mckee. one of the new governors of
the Federal Reserve System. were also
at the dinner. The Washington dele
cation was much pleased with the
banquet and the program. Among the
speakers was Maynard W. E. Park
national president of the institute
who spoke at the annual dinner of
Washington Chapter on February %
last.
Bankers here are much interested
In the announcement made today
that Quaker City flnaneiers are boom
ing o. Howard Wolfe, cashier of the
Philadelphia National Bank, as a
candidate for the presidency of the
Philadelphia Federal Reserve Bank.
He is widely known to many bankers
here and has taken a very active part
in the work of the A. B. A.
Riggs HonOrS Late Officers.
At the March meeting of the di-
rectors of the Riggs National Bank
late yesterday, resolutions were adopt
ed on the recent deaths of Charles c..
Glover, sr., and of William J. F1ather.
The resolutions cite the great work
both men did in helping to build up
the Riggs National Bank and their
mighty valued civic accomplishments
IN the community. The resolutions
were presented by President Robert V.
Fleming, who was very intimately as
sociated with both financiers over a
long period.
Mackubin, Legg & Co., distributors
of Fundamental Investors, Inc, re-
port that the directors have declared
q dividend of 20 cents per share on
the 81 par value stock, payable April
1, to stockholders of record March
10. The dividend is payable partly
from income from investments and
partly from profits realized on sale of
securities held in portfolio which
items totaled SO cents per share for
the period
Baltimore appears to be enjoying a
business boom, according to the lat
est reports from the telephone COM
pany in the Maryland city. For the
first two months of 1886 the Chesa-
peake g. Potomac Telephone Co. has
net gain of 2,259 stations, compared
with gain of 80l in the like period
IN 1885 and 504 in the same months
In 1884.
Reeves With Insurance Firm,
Bradley Reeves has become asso-
ciated with the Massachusetts Mutual
Life Insurance Co., General Agent
John F. Cremen announced today
Born and reared in Washington, he
is the son of L. L. Reeves, former
vice president of the Columbia Sand
e. Gravel Co.
Mr. reeves was graduated from
Western High School in the class of
1881 and from Dartmouth College in
1885.
At Dartmouth he majored in So
ciology and was member of the
Sigma Alpha Epsilon Fraternity.
He is a member of the Columbia
Country Club in this city and of the
Dartmouth Alumni Association.
Planning for Bank Farley.
Charles H. Doing, president of the
District Bankers Association and first
vice president of the Washington Loan
& Trust Co., and Ord Preston, presi-
dent of the Union Trust Co., who is
general convention chairman, are
busily engaged in appointing the COM
mittee which will make all the ar
rangements for the annual event. The
meeting will be held this year at the
Greenbrier Hotel, White Sulphur