Evening star., 1936-08-14
CAPITAL RESERVE
POSITION STRONG
Boost in Requirements Will
Have No Effect Here,
Fleming Predicts.
BY HAROLD b. ROGERS.

I6StTFt requirements VA AASAASSA S"AA1>'t
ordered by the Federal Reserve Board,
effective Monday, will cause no dis
location" in the District of Columbia,
in the opinion of Robert V. Fleming,
president of Riggs National Bank. who
is president Of the American Bankers
Association.
The reserve position of Washing
ton banks is strong" said Fleming.
"The additional reserve requirements
probably will cause no dislocation
because the banks have been carrying
more reserves than the requirements.
This has been a natural result OF the
, large increase in deposits here, an ex-
cess of funds, and lack Of demand
for loans. AS a matter of fact, there
will be no effect here at all"
Generally throughout the country,
President Fleming of the A. B. A.
said he thought that outside Of some
sporadic" spots and some isolated
cases there would be little if any
effect. FlemingS opinion on the sit
uation was expressed late yesterday,
Just before leaving with his son,
Robert w. Fleming, for White Sulphur
Springs, w. Va, for few days. He
will be back early next week.
The official order from Hugh Leach,
president of the Federal Reserve Bank
of Richmond, to member banks here
said that each member bank in Wash
ington, Richmond. Baltimore and
Charlotte, N. c. after the close OF
business August Is. 1886. must main-
tain with us a resrve balance of not
less than IS per cent Of its net demand
deposits and AZ per cent of its time
deposits
Each member bank located else
where in the fifth district" continued
the order, must maintain reserve
balance with us of not less than l0l2
per cent of its net demand deposits
and Az per cent of its time deposits"
Peoples Drug Dividend.
Peoples Drug Stores has declared a
e5-cent regular quarterly dividend and
5o-cent special" dividend payable Oc-
tober l to stockholders Of record Sep
tember 8. There are more than 245,-
oG0 shares of common outstanding.
Allies Memory Honored.
The memory of Eugene E. Allies,
formerly of this city, who died last
Saturday, is still recalling to New
Yorkers outstanding characteristics of
the man and his career.
Brother of the late Milton E. Allies
former president of Riggs National
Bank here, Eugene Allies was buried
from his home in Scarborough Mon
day and the funeral was attended by
more than 1000 prominent Wall
Street men. He was the brother of
Charles c. Allies of the house Of
Brown Goodwin & Co.. brokers, here.
and of Mrs. Ada Allies Wilson of
Bethesda, Md.
known to many In New York as
~Gene," according to the Wall Street
Journal, Allies. probably had as many
friends in the street as any other
man. The scope of his activities and
the permeating warmth of his per.
sonality made him favorably known
to a wide number of men"
Last Saturday he came to work
as usual. In the afternoon he was
working in his garden at Scarborough
when he dropped dead.
Vanderlip Sent Him to Nome.
The Wall Street Journal prints
long story of his career, paying tribute
to him, through statements Of many
prominent New Workers. The story
takes up his business life with the
Bureau Of the Mint at the Treasury
Department, here at the age of 19,
in 1896. From here, four years later,
Frank Vanderlip picked him up and
sent him to Nome, Alaska, as vice
president and assayer for the Alaskan
Banking and Safe Deposit CO. He
was one of the original Vanderlip
proteges.
Among the tributes paid to Allies
was that by Charles e. Mitchell, for
merly of the National City Co., now
a Blyth & Co. partner. Mitchell, in
selecting Allies as director of the
National City Foundation, said he
did so, because of Allies intimate
knowledge of the organization and of
its personnel; his answering loyalty
to and belief in this organization; his
proved ability to select promising
young men and develop the best there
is in them; and finally, because of his
thoroughly human understanding of
men"
Acacia Sessions Held.
Agents of the Acacia Mutual Life
Insurance Co., which dedicated its
new home office Wednesday night,
were meeting today in final sessions
of their convention. Addresses were
by S. r. Bowman. manager Of the
Oakland, Calf, branch, and e. M.
Thore Of the home office. Tonight .
dedication banquet will be held at
Wardman Park Hotel, given by the
Board of Directors of Acacia and to
be attended by delegates, their wives
and other invited guests. Sessions of
the convention have been addressed
by President William Montgomery,
Samuel E Mooers, secretary: DR.. John
B. Nichols, medical director; Lloyd
K. Crippen, actuary: La Noue Malta,
assistant to the president; A. R.
Jaqua. associate editor Diamond Life
Bulletins; Howard w. Kacy, vice
president and general counsel, and
Ben A. Harlan, executive secretary.
National recognition for his per-
sonal record last month has been
won by j. G. Hopkins, Washington
representative of the Lincoln National
Life Insurance Co.. according to word
received here today from the home
Office in Fort Wayne, Ind.
Mr.. Hopkins was named among the
first 10 of his company's more than
$500 sales representatives in total
personal paid production for the
month Of July.
Financial District Notes.
Ferry K, Heath, resident partner Of
the Washington Office of Hartman
& Keech, has returned from a busi-
ness trip to Chicago.
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