Evening star., 1938-05-25
RESERVES PILE UP
IN FIFTH DISTRICT
Funds Kept at Richmond
Far Exceed Requirements,
Controller Reports.
Bv EDWARD C, STONE.

BY EDWARD c. STONE.
Washington banks and others all
over the first district are carrying
many more reserves with the Reserve
Bank of Richmond than the law re-
uuires. according to summary of the
condition of national banks, on the
date of the last call, March 7, just
issued
Member national banks in reserve
cities in the fifth district were re-
quired to have 66,506,000 with the
Richmond bank Actually, on March
7, they had reserves amounting to
S100,222, 900, or $33,7l6 in excess Of
the required amount.
Country banks in the fifth district
were required to keep $50 $4,000 with
the Federal Reserve at the time of the
last call The report just made pub
lie by Controller Diggs shows that
they actually had ST., ,9O3 900, or $2l,-
26l 900 in excess of requirements.
The two classes of banks were re-
quired to have combined reserves
with the Richmond bank amounting
to S117,148O00 They really had
total of $172,125,O0O, or s54,977 900
more than necessary, the survey dis
closes. On December 81, 1887, the
same banks had excess reserves OF
s329l4,00O at Richmond.
The same survey shows that Wash
ingtons nine national banks reported
loans and discounts on March Z
last of $46,2l8,O00. They held
United States Government obligations
amounting to S70,659,000 and other
bonds, stocks and securities in the
sum of Sl0,l2l, 900.
These same Capital institutions had
$39,679,0 900 in reserves on deposit at
Richmond.
S2,214,007.36 Draft on Riggs.
Somewhere between Japan and
Washington is draft on the Riggs
National Bank of this city for $2,2l4,-
0o736.
In calling attention to this un-
usually large draft. Time Magazine
comments that the draft is payable
to Cordell Hull, Secretary of State,
and was handed to subordinate OIL
cial of the United States Embassy
in Toxic by subordinate official OF
the japanese foreign Office.
The draft for considerably over
s2.oOO,oO0 is the payment in full by
the japanese government to the
United States Government for the
sink.ng of the United States gunboat
Panay and three Standard Vacuum
Oil Co.'S tankers.
The Riggs National Bank has han
died many other similar drafts. Sew
eral years ago, when the United
States sold several battleships to a
foreign power, draft for s6,000,o00
or S7,000,000 was made payable
through the Riggs Bank to the Gov
ernment.
Fifty Years in Business.
William Scrimgeour, engineer and
contractor, 1913 Eighteenth street
NV, is observing his 50th anniver-
sary in business this week and at the
same time is opening new Office
building. During the last half CEN
tury most of his business has been
connected with various Government
departments.
In March, 1888, Mr.. Scrimgeour was
sent to the Norfolk Navy Yard to take
part in the construction of the first
Government ships built in United
States navy yards. His firm supplies
the Government with various COM
modities and engineering services and
he holds long and enviable business
record.
The founder of the firm, who has
received many congratulations in the
last few days, is assisted in his contact
work with Government departments by
his two sons, c. Bailey Scrimgeour
and Maxwell Scrmgeour.
Riddle Addresses Bankers.
L. Pierce Riddle, personnel director
of the American Security & Trust
Co. addressed a meeting of the Clear
ing House Association of Loudoun.
Fauquier and Prince William Coun-
ties at Round Hill, Va, last night
on the subject, Personnel Officers
and Personnel Problems in Finan-
cial Institutions"
Among other things, Mr.. Riddle
pointed out the advantages and i'm
portance of a personnel management
in both large and small financial in
stitutions. He spoke as member of
the speakers unit of the District
Bankers Association, which was in
augurated this year by President
Thomas j. Groom for the purpose of
acquainting the public with matters
pertaining to banks and banking.
Insurance Officers Named.
H. Lawrence Choate, general agent
of the Mutual Benefit Life Insurance
Co., has completed his term as chair
man of the managers section of the
District Life Underwriters Association
and Charles w. O'Donnell, general
agent of the Minnesota Mutual Life,
has been elected to succeed him. Roger
L. aBldwin, general agent Northwest
ern Mutual, retired as secretary and
Armand Durant, manager of the Con-
necticut General, was named in his
place.
Paul H. Primm, president of the
District Life Underwriters Association,
leaves here Saturday for San Fran
cisco to attend his company's national
convention. He will be gone month
and has appointed Vernon w. Holle-
man acting president.
Heard in Financial District.
The Consolidated Cas- Electric Light
& Power Co. of Baltimore has filed
registration with the Securities Ex-
change Commission for an issue of
$18,000,000 3oyear 314 per cent bonds,
the proceeds to retire the same amount
Of 3O-year 334 per cent bonds sold in
1884 and callable at los.
Capital Transit Stronger.
Capital Transit stock is stronger on
the Washington Exchange. being bid
and 9 asked. Washington Railway &
Electric preferred sold today at 112,
4, T,r,,cf ~ OF CCe