Evening star., 1939-12-20
Richmond Reserve
Bank Changes Rule
On Protest. Checks
Face Amount Raised
To $50.0l Following
Request by A. B. A.
By EDWARD C. STONE.

not be protested" will be raised
from $40 to $50. The Reserve bank
has amended its instructions to
read:
"l) Do not protest items of $50
or less.
"(2) Protest dishonored items of
on their face the A. B. A. no protest
symbol of the Federal Reserve bank
or of a preceding bank indorser."
The Executive Council Of the
American Bankers Association
adopted a resolution at the annual
convention in Seattle in September
which stated that survey of the
opinions of all banks throughout
the country revealed that a large
majority favored raising to $50 the
minimum face amount of checks
which should not be protested and
requested the Federal Reserve banks
to conform their protest practice,
beginning on January 2, to the new
practice adopted by banks and
clearing house associations.
The Federal Reserve banks are
now complying with this request.
Further Bonuses Declared.
j. T. Hendrick. senior partner of
w B. Hibbs & Co., announced today
the payment of Christmas bonus
of one-half months salary to all
employees who have been with the
firm for a year or longer.
The Washington Loan & Trust
Co. distributed the usual Christ
mas bonus today to all employees Of
the bank.
The Bank of Bethesda presented
Christmas bonus of two weeks
salary today to all employees of the
institution
Directors of the Bank of Be
thesda, meeting yesterday declared
the regular semi annual dividend of
liz per cent and an extra dividend
of 2 per cent. both payable on De-
cember % to shareholders of record
December %.
Bank Votes Dividend, Bonus.
At regular meeting Of the Board
of Directors at the Liberty National
Bank held yesterday a dividend of
50 per share was declared payable
January Is. 1910, to stockholders of
record at the close of business Jan
uary 8, 1910. Transfer books will
not be closed.
The directors also declared a half
months salary as additional COM
penSatiCn to the entire personnel,
President M. F. Calnan announced
today
Directors of the Norfolk & West
ern Railway have declared the reg
ular quarterly dividend of ST per
share on the preferred stock. pay
able January 2 to stockholders of
record December %.
Christmas Clubs Booming.
Bankers made glowing reports
again today regarding the substan-
tial increase in the number of new
members joining the 1910 Christmas
savings clubs and the fact that up
to the present time more money has
been subscribed this year than last
While no figures are yet available,
officers in most of the 20 banks
report greater interest in the clubs
than in 1899.
The main reason for the increase
seems to be that members find the
Christmas clubs the surest and best
way of assuring themselves extra
funds for the holiday season.
Commercial Loans Rising.
Total loans and investments at re-
porting member banks in 101 leading
cities rose substantially during No
venber and the first half of Deem
ber, rejecting largely purchases of
new United States Government Sc
curities.
Commercial loans, which had been
increasing since August. continued
to rise until the third week in No.
vember. Deposits increased further,
according to the monthly review by
the Federal Reserve Board.
Prices of United States Treasury
bonds advanced sharply during the
last OF November to level not far
below the all-time high point of last
June and remained steady during
the first half of December.
Factory employment and pay rolls
continued to increase, prices of both
industrial materials and foodstuffs
continued to advance, the depart
ment store sales index climbed close
to the peak of 1887. Construction
contracts for private work were
larger than year ago, while public
projects were below the high level of
that time, the review said.
Other Cities Pass District.
Washington ran behind several
",
insurance written in November.
compared with November, 1888 This
clty's slump of 13 per cent compared
with a gain of per cent in Detroit.
drop of only 2 pei cent in Phila-
delphla and st. Louis per cent in
Chicago and 9 per cent in Cleveland.
Boston was behind Washington
reporting a 16 per cent drop, Los
Angeles suffered 20 per cent tum-
BILE, While new business in New York
was down 26 per cent. 1t will be re-
called that the average decrease for
the whole country was 9 per cent in
November
In the first II months of 1888
Washington was per cent ahead of
last year, the same record as Chicago
made and the same as the national
gain. Boston was up 9 per cent
Cleveland II per cent, Detroit 20 per
cent, Philadelphia, per cent, St.
Louis 7 per cent, while New York
lacked 2 per cent of equaling last
years record
Heard in Financial District.
Hemphill, Noyes g. Co. today re-
ported an excellent demand for the
issue of $7,5OO0O0 National Supply
Co. 80. per cent first mortgage bonds
placed on sale yesterday at 101 and
accrued interest to date of delivery.
This firm was a member of the syn
dicate offering the bonds.
Brown. Goodwin e. Olds, WASH
ington investment firm, will give
their annual Christmas party and