Evening star., 1937-08-11
L|QU|DATED BANK
TOTAL INCREASES
Completion of rs More in
July Lifts 4-Year Volume
to 735 Mark.
BY EDWARD C. STONE.


o'Connor today announced the COM
pletion of liquidation of 26 bank re-
ceiverships in July. This makes a
total of 735 receiverships finally closed
or restored to solvency since the bank
ing holiday of March, 1888.
Total disbursements, including off
sets allowed to depositors and other
creditors of these 735 recelverships,
exclusive of the AZ restored to solvency,
aggregated $249. .982 631, or an average
return OF 1911 per cent of total liabil-
ties, while unsecured creditors re-
ceived dividends amounting to an aver
age of $3.50 per cent of their claims.
Dividends distributed to creditors of
all active receiverships during the
month of July amounted to $6,339 ,402.
Total dividends paid and distributions
to depositors of all receiverships from
March Is, 1888, to July 81, 1887,
amounted to 1868, 9,226,221.
The July list includes one bank in
the fifth reserve district, thfie Citizens
National Bank, Prosperity, S. G. De-
positors and other creditors received,
including offsets allowed $2O6 1893,
representing 9209 per cent Of total liza
bilities. Unsecured depositors received
80 per cent of their claims.
Board Rules on Interest.
The Federal Reserve Board has put
out ruling on interest payments on
savings deposits received during the
first five days of the month, according
to the August bulletin.
The boards regulation @ provides
In section Cd that "a member bank
may pay interest on a savings deposit
received during the first five days of
any calendar month at the applicable
maximum rate prescribed pursuant to
the provisions of subsection (a) of this
section, calculated from the first day
of such calendar month until such de-
post is withdrawn or ceases to con-
stitute a savings deposit under the
provisions of this regulation, whichever
shall first occur"
The board has taken the position
that where the fifth day of any calen-
dar month is a Sunday or a full holi-
day, a savings deposit received on
the next business day after the fifth
day of the month may be deemed to
have been received during the first
five days of the month within the
meaning of this provision of the regu-
lation.
u. S. Now an Economic Unit.
The United States is being trans
formed into one economic whole, in
which State boundaries have little sig
nificance, declares DR.. F. D. G. Ribble,
professor of law at the University Of
Virginia, in a study published by the
Columbia University Press.
The striking growth of commercial
enterprises in America, involving the
widespread interchange of goods and
ideas, has constantly tended to make
State lines of less Importance for the
purposes of commerce and trade" says
Dr.. Ribble.
THE economic unity of the country
precludes action by one State to gain
commercial advancement at too great
cost to other States. 1t gives reason
for the insistence upon an absence of
trade barriers and freedom of COM
merclal intercourse among the States"
Virginia Employment Rises.
Virginia employment in manufac-
turing was II per cent heavier in
July than in that month last year,
the Industrial Commission reports.
Construction employment was IS per
cent heavier and in commercial enter
prise the increase was "a per cent.
The next meeting of the Govern
ing Committee of the Investment
Bankers Conference Committee is
expected to be held in Washington
late this month it was said today in
the financial district. Since May,
meetings of dealers and conference
members have been held in many diff
ferent cities. Problems of self-reg-
ulation and legislation within the in
vestment business are the two big
gest issues now under consideration
The National Retail Federation es-
Inmates that there will be a gain of
from to 10 per cent in general re-
tail sales in Washington this Fall, an
increase of 10 per cent in Baltimore
and 85 per cent in Huntington, w.
Va, all cities in the fifth Reserve dis
trict. Atlanta is expected to have an
II per cent rise.
Vacations Lure Financiers.
Gerald E. Keene, assistant cashier
Of the Second National Bank, at the
Seventh street Office, has returned
from Cape May, where he spent a
three-week vacation. Joseph R. Fitz-
patrick, another assistant cashier, left
Washington yesterday to pass his va
cation at Rehoboth Beach.
j. c. Perry, one of the partners in
the brokerage firm of w. B. Hibbs &
Co., is now at Atlantic City on his
vacation. He will be away two weeks.
= I, Charles H. Doing, first vice presi-
cent OF the Washington Loan g. Trust
Co. and manager of the West End
branch, will make his headquarters
at the main office while President
Harry G. Meem is touring Europe.
1t is reported from New York that
Willard I. Hamilton, vice president
OF the Prudential Insurance Co. of
America, has resigned his position
after So years connection with the
company.
Financial District Notes.
Potomac Electric Power 51a per
cent preferred stock sold at 1922 in
very quiet trading on the Washington
Stock Exchange today. Other bid and
asked prices were practically un-
changed.
Hemphill, Noyes g. Co., New York
Stock Exchange firm which has a
Washington Office, is one of the firms
IN the syndicate to which the State
of Maryland awarded the issue of S.
100000 "a per cent general con-
struction bonds
The August Federal Reserve Bulle-
tin estimates that less than $500 OO0,-
600 of gold remains in boarding in
London, at the same time intimating
that privately boarded gold is no