Evening star., 1938-03-07
FEDERAL SAVINGS
GETS GOOD START
Hundred New Accounts and
21 Loan Requests Please
Officials.
Bx EDWARD.C STONE.

open new business accounts in a VOL
ume reported to be gratifying to It's
organizers.
Launched under auspices of the
Federal Home Loan Bank Board, the
new institution received last week more
than 100 unsolicited new accounts, in
the midst of the big job of taking care
OF $4,000 Fidelity shareholders who
had been notified to call at the rate
OF 500 day.
Twenty-one loan applications for a
total of s141 900 were received during
the Fidelity shareholder rush, with
prospects of more, officers said, when
the Fidelity business subsidies.
A majority of the Fidelity share
holders asking for their IS per cent
first and final dividend in cash are
holders of small accounts, it was said,
running as low as 85 cents. Sharehold-
.ers with large accounts are reinvesting
nearly all their funds in the new
organization, it was reported today.
Officers estimate that more than 70
per cent of the value of Fidelity funds
made available is being reinvested in
the First Federal.
Mutual Savings Make Record.
Details from the monthly review of
the Federal Reserve Bank of Rich
lnond show that at the end of Janu-
ary, 1888. 10 mutual savings banks in
Baltimore had deposits aggregating
S2l9,55l .305, an increase of three
tenths of per cent over deposits to-
falling $218,947,86O on December 81,
1897, and gain of 25 per cent over
32l4,116,289 on deposit on January
81, 1887. Deposits at the end of Janu-
ary, 1888 were the highest on record
IN the 10 banks for the second sue
cessive month.
The Richmond bank made a study
Of member bank reserves in the fifth
district covering the week ending Janu-
ary IA, 1888. In reserve cities, 13
Washington banks had excess reserves
averaging 81 per cent of required re-
serves; IL Baltimore banks 38 per
cent; Richmond banks II per cent
and Charlotte banks Is per cent, an
average excess for 33 reserve city banks
Of 80 per cent of required reserves.
Interest Payment Planned.
Edward F. Colladay and Enoch A.
Chase, receivers for La Sale Building,
North, announced today that note
holders on the north section will re-
ceive 3 per cent interest payment,
such payment to begin on March 10,
Thursday. at the Second National
Bank. There are $650,000 of these
notes outstanding.
The receivers state that the notes
must be presented at the Second Ma
tional, 1888 G street NV. in person
or by non-residents through the usual
banking channels.
Negotiations with the Noteholders'
Committee of the south section of the
building, looking to reorganization
of the whole La Sale property, are
progressing, it was reported today, but
a very involved situation is making
this progress slow.
A few noteholders have failed to
claim prior interest payments due
them, which still await their call at
the Second National. This applies to
interest payments of March, 1895, and
March, 1887.
Attend Philadelphia Dinner.
Washington Chapter, American In
stitute Of Banking, sent a large dele
cation to the annual dinner of Phila-
delphia Chapter, held in the Quaker
City Saturday night. Among the
guests were William H. Laughlin, Ed
la; Ill To -,
&, Trust Co.; Joseph r. Fitzpatrick,
Second National; Francis E. Robey,
Bank of Commerce g. Savings; John
M. Christie, Riggs National; j. Earle
McGeary, w. B. Hibbs & Co.; Paul
j. Seltzer, American Security & Trust
Co.; George M. Rowzee. jr., Lincoln
National and Myrtle P. Lewis, Liberty
National.
Forum Meeting Arranged.
Paul P. Primm, president of the
District of Columbia Life Under
writer's Association, said today that
an unusually large attendance is ex-
pected at the March meeting tomor-
row afternoon at the Willard Hotel,
when three special forum speakers
will be heard. Harold D. Kraft, gen.
eral agent, Provident Mutual. will
speak on Prestige, How to Acquire
It." Joseph A. Mari, general agent,
Penn Mutual, will discuss Business
Insurance" and Walter j. O'Connor,
professor of economics at Georgetown
University, is on the program for an
address on Recent Trends in Eco
nomics." 1t will be the first time the
association has held meeting of this
type.
HOskins0n Back From South.
Hilleary G. Hoskinson, vice presi-
dent of the Riggs National Bank and
first vice president of the District
Bankers Association, was back at his
desk today after five weeks visit in
Florida, most of which he spent at
Miami.
Mr.. Hoskinson reports that Florida
has enjoyed an unusually successful
winter tourist season, one of the best
in several years. The various resorts
have had an exceptionally large num-
ber of visitors. shops and amusement
places reporting excellent business.
All the resorts are radiating prosperity.
Heard in Financial District
The Board of Governors of the
Investment Bankers Association will
hold special meeting in Chicago
Thursday to consider the report of
its committee on the Maloney over
the-counter regulation bill.
Merle Thorpe, editor of Nations
Business, will speak at the A. B. A.
banking conference in Indianapolis
on March II on Putting Dollars in
Overalls." He will address q forum
at which bank customers will be
invited.
Seven sales of Capital Transit stock
were recorded on the Washington Ex-
change today, involving 76 shares, all
made at 8. The market closed with
8 bid, offered at S12. Other issues
were neglected.
School Savings Drive Urged.