Evening star. [volume] (Washington, D.C.) 1854-1972, 1937-08-16
New Ruling on Bank Loans

New Ruling on Bank Loans.
Banks must follow the margin re-
lirements fixed by the Federal Gov
nment in making certain types of
ans to investment trusts, but need
1t follow these requirements in pur-
lasing debentures OF lnvestment
lists, the Board of Governors of the
'deral Reserve System has ruled.
A loan made by a bank to an in
stment trust so that the latter can
tire outstanding debentures must
lfin the margin requirements fixed
Regulation U or, in other words. the
Mount of the loan may not exceed
per cent of the stocks pledged as
lateral. according to the boards
ling.
Such loan would be for the pur-
>se of enabling the borrower to cur
il or pay off indebtedness which was
iginally incurred in order to carry
gistered stocks, the board decided.
such 1t comes within the scope of
Re regulation fixing margin require
tents.
Deposits Up Half Billion.
Total deposits of the 5.299 active
ational banks on June 30 aggregated
e. 765,9l3,000. exceeding by $780,
$1,000 the amount reported by the
Bill active banks on March 81,
937, the date of the previous call,
nd exceeding by $685., 1900 the
mount reported by the 1874 active
anks AS of June 80, 1886, the date
{ the corresponding call a year ago,
,ontroller O'Connor reports.
Deposits on June 30. 1887, which
cere exceeded in amount on only one
Their call-date in the history of the
ational banking system, December
!. 1886. consisted of demand and
me deposits of individuals, partner
hips and corporations of Sl2 ,430, 183,-
90 and $7.469842 900, respectively;
Inited States Government deposits OF
379,3sl, 900; State, county and mu-
licipal deposits of S2,203 ass, 900;
,ostal savings of s68, 1000; deposits
{ other banks of s3,79O, $4,000; and
ertified and cashiers checks, cash let
ers of credit and travellers checks
outstanding, etc, of $403, 962, 900.
Fidelity Moves Watched.
DEVELOPMENTS are expected daily in
ne movement to reopen the Fidelity
,uilding h Loan Association as the
ev First Federal Savings 81 Loan
Assoeia ton.
David Samakow of the Washington
ranch Office OF the New York Lille
insurance Co. ranked high among
1859 agents Of the company In the
United States and Canada in volume
# new paid-for business for the hrst
tx months of 1887. According to
vord received here today, SamakoW
TODD 80 in the international list.
Many Washingtonians are inter-
sted in the Ninth Boston Conference
n Distribution, to be held at the
Hotel Statler, September 20, 81. 1t
5 expected to draw more than 500
ma jor executives from all parts of the
ountry.
Holiday Notes.
J. F. Hendrick, member of the firm
# W. B. Hibbs e. Co., is back at his
lesk after a vacation at Atlantic City.
lanes O. Elgin, another member of
he firm. has left for motor trip in
New York State.
Charles R. Fadely, assistant cashier
# Riggs National Bank, has returned
from vacation.
H. T. Bisselle, assistant cashier OF
Riggs, has left for his vacation.
Frederick P. F. Siddons, secretary
Of the American Security 81 Trust
Co., is on vacation for three weeks.
H. w. Ireland, assistant treasurer
of the American Security & Trust Co.,
has gone on vacation to St. Michaels,
Md.
E. Z. Swan, assistant treasurer of
the American Security & Trust, in
charge of Central Branch, has left
for motor trip up the coast.
J, w. Clampitt, assistant trust Off
Ger OF Union Trust Co., is on vaca-
ton at Ocean City, Md.
w. c. Dieter, statistician of Union
Trust Co., left today for vacation at
Ocean City, Md.
Potomac Electric Power 5l2 per
cent preferred sold on the Washing
ton Stock Exchange today at 1903
while Washington Railway Il Elec-
trio preferred changed hands at 100.