Evening star., 1937-02-25

6OQ, tTedSuIeI.
Other officers elected were Frank
lin H. Kenworthy. general auditor;
Charles Siemon, auditor: Charles T.
Clagett, assistant to general manager;
Edward G. Bliss, general commercial
manager; Roy w. Prince. chief en-
gineer; John c. White, general plant
manager, and S. F. Merriam, general
traffic manager.
Banks Get New Reserve Rules.
Attention of Washington banks was
again called today to the increased
reserve requirements of member banks
by 331s per cent, half of the increase
becoming effective at the opening of
business on March l and the other
half on May /. The Reserve Bank
of Richmond has sent all banks
table showing the amount of the new
requirements.
Reserve city banks IN Richmond,
Baltimore, Charlotte and Washington
place 1712 per cent of their demand
deposits and 514 per cent of their
time deposits with the Richmond
bank, through April 80. Banks To-
Gated elsewhere in the fifth district
must put up 1914 per cent of demand
deposits and 5A of time deposits.
After May the Reserve city banks
must deposit 20 per cent of their de-
mand deposits and per cent of the
time deposits. Other banks must have
il per cent of demand deposits and
8 per cent of time deposits deposited
at Richmond.
Bank Action Highly Praised.
Some $4,000 depositors in the old
Mount Vernon Savings Bank. now in
liquidation, were delighted with yes
terday's report that the trustees have
worked out plan by which they ex-
pect eventually to pay off all depositors
in full. The $4,000 are expected to
get their money in the near future
and the other 1000 later.
The plan includes payment to 1000
school children of their school savings,
which have been tied up in the closed
bank. The plan, as outlined elsewhere
in The Star. has already been given
full approval by host of depositors,
according to reports from the morn
ing mail.
The plan provides that the first to
receive their deposits in full shall be
those who had 500 or less in the bank
when it closed in March, 1888 These
depositors number about $4,000, and
would be paid about s150,00O in about
80 days, when the plan is consum-
mated.
Depositors who had $100 or more in
the bank when it closed are being
asked to approve the plan, whereby
they would receive 3 per cent preferred
stock in the new Mount Vernon Mort
gage Corp, cumulative as to dividends
after December 81, 1899. and callable
at any time at par and accumulated
dividends.
Heard in Financial District.
Johnston, Lemon & Co.. and D. H.
McKneW q Co., Inc. Washington in
vestment firms, are participating in the
sale of new issue of 10000 shares of
United Specialities Co., par value 81
share, and priced at SIG share
Unless he is at Warm Springs, Ca,
President Roosevelt will be glad to ad-
dress the annual convention of the
United States Chamber Of Commerce
on April q, % or 90, he told President
Harper Sibley.
Directors of the National Bank Of
Washington are being congratulated
on the election to the board of George
N. Everett, one of the vice presidents
and secretary of the woodward &
Lothrop Corp, and one of the city's
most prominent merchants.
Building permits granted In the fifth
Federal Reserve district, including
Washington. in January amounted to
$5,672,717, the highest figure since the
depression. It was a gain Of SO per
cent over January, 1886. Spring con-
struction operations are now expected
TO reach q record peak, partly because
Of bad weather during recent weeks.
Capital Traction IS were again in
demand today at 81 on the WASH
ington Stock Exchange. Mergenthaler
Linotype figured in five 10-share sales
at 54H, and 80 shares Of Capital
Transit moved at l5h, unchanged.