Evening star., 1938-03-15
RESERVESLARGE
|NF|FTH DISTRICT
Bank Totals in Capital and
Other Cities Far Above
Minimum.
BY EDWARD C. STONE.


Richmond than are required, accord
ing to the latest report of the control
Ter of the currency, just made public
and dated December 81. 1887.
At that time the national banks IN
the Capital were required to have
total of sll9399,0O0 with the Rich
mond Reserve Bank On that date,
however, they did have s152,3l3.ooo. an
excess of s32,9l4,O00 this high figure
comparing with an excess in reserves of
$28,193,0o0 at the end of the previous
year.
At the end of 1887 the nine national
banks in Washington had loans and
discounts amounting to $49,168000
and Government obligations amount
ing to s72,612,O00 and other bonds
and stocks totaling $10,825,O00 The
same banks kept over $30,000,O0 in
reserve with the Richmond Bank and
carried cash in their vaults amounting
to $4.877,000.
The same nine institutions reported
balances with other banks and cash
items in process of collection amount
ing to S32,040,00o Other assets to-
tailed sl5e,ooO, making total assets
stand at $2O7 1921 900, the report dis
closes.
These banks reported demand depos-
its on that date of Sis, 1888 900 and
time deposits of 5,941 900. Their
capital stock totaled S9,090,000 and
their surplus S5,633,0oo. Undivided
net profits totaled s4,081 900 and the
banks were carrying S601,0 900 as re-
serves for contingencies.
National banks in the Capital are
holding SAL 900 stock in the Federal
Reserve Bank of Richmond. On De-
cember 81 total deposits in the nine
national banks here totaled Sal ,064,-
uUU, the controllers statement reveals.
Airship Firm Outlines Plans.
The Interocean Dirigible Corp. has
Just held demonstration of working
models of the interocean dirigible air
snip, at the National Press Club Audi
torium, which the company proposes
to develop into ocean service, capable
Of carrying 40 passengers and 10 tons
of freight on each trip.
The new corporation is successor
to the Virginia Airship Co., is incor-
porated in New York State, and has
asked the Securities and Exchange
Commission for the right to issue
1,250,000 shares of stock at gross
value of S16,2500Oo. The headquar-
ters are in Richmond. site for manu-
featuring dirigibles having been Sc
cured near that city.
The officers are David Burnet,
president; Garrette w. Peck, vice
president in charge of construction:
Walter F. FADE. acting vice president
In charge of administration; E. r.
Combs, treasurer. Ebert L. Smith,
secretary and controller; John Pluyne.
counsel. Among advisers are Max M.
Munk, now connected with Catholic
University, and L. H. Crook, professor
of aeronautics and mathematics,
Catholic University.
Insurance Banquet Friday.
The annual banquet of the District
of Columbia Chapter, Chartered Life
Underwriters. next Friday evening at
the Carlton Hotel, marks the 18th an
niversary of the founding of the
American College of Life Underwrit-
ing. Guests will be business and pro-
fessional leaders and representatives of
civic and business organizations. All
life underwriters are invited to attend.
Washington Chapter comprises life
underwriters who have completed all
the educational requirements of the
American College, passed all examina-
tions and received the designation
chartered life underwater" A num-
ber of underwriters, in the process of
acquiring the designation, will also be
guests of the chapter at this banquet.
DR.. S. S. Huebner. president of the
American College, will make the only
address at the banquet, his subject
being Life Insurance, Multiplicity
Of Services to the Policyholder.
Tax Work Swamps Officers.
Officers in the Washington banks,
who have made themselves experts on
the income tax laws. have been
swamped with requests for help dur
ing the past few days from hundreds
of patrons. The Revenue Bureau sent
no special tax experts to the banks
this year, all desired information being
available at the head office.
However, a host of bank patrons
have become accustomed to getting in
formation at their banks and have
followed the same course again this
year. Many of their records are in
bank vaults, they know the officers
personally and have less trouble with
their income tax returns by going to
their banks than by visiting the Reve-
nue. Bureau This policy has made life
strenuous for bank officers, many of
whom today expressed delight that the
annual tax rush ends tonight.
Gas Stock Sells Above Par.
Washington Gas Light preferred
stock sold above par on the Washington
Stock Exchange today, opening with
q 10-share sale at 1904, followed by
another sale of single share at the
same price. The last previous sale was
made at 100 fiat. The stock closed
the session with 100 bid and none
offered at any price.
Other issues were quiet today with
both stock and bond quotations prac-
tically unchanged. Real Estate Mort
gage g. Guaranty preferred stock,
which figured in a turnover yesterday
Of ass shares, closed today with AZ
asked, offered at 5L4. No sales.
Daily average sales of general mer-
chandise in small towns and rural
areas for February were about per
cent below February. 1887, when they
were higher than for any like month
since 1880, according to estimates of
the Bureau of Foreign and Domestic
Commerce.
Heard in Financial District.
W. w. Spaid. senior partner in the
brokerage firm of w. B. Hibbs g. Co.,
has returned from a three-week visit
CT A.,r,,cfira Ef1o r.. L,. a.