Evening star., 1941-02-10
Potomac Land Bank
Sells All Assets and
Surrenders Charter
FoIeer, Nolan Form
New Firm to Handle
Mortgages on Forms
BY EDWARD c. STONE.

banking IlTm, recently acquired
through sale all the assets of the |
Potomac Joint Stock Land Bank
and the bank has surrendered its |
charter. which was taken out in |
1923 under the Federal Farm Loan |
Act, it was learned in the financial
district today Liquidation of the |
bank marks the termination of a !
farm mortgage institution which has |
maintained headquarters in this |
city for II years.
According to its last published |
statement the land bank had |
S149O.OOO of assets, including ap-
proXimately Sl.300OO0 mortgage
loans on farms in the States of Vir-
ginia and Maryland. Real estate !
owned represented $4,000 and cash
$4,000 After the purchase of as
se,s by Folger, Nolan & Co. the
stockholders of the land bank were
p2.d off in full.
The successor corporation is to
be known as the Piedmont Mort
gage Co, with headquarters in the
Bowen Building. Its officers are j.
C. Folger, chairman of the board;
Donald S. Mace. president, Wade B.
Hampton. counsel, c. E. Allison,
secretary treasurer: F A. Kramer
assistant secretary assistant treas
Urer. Field representatives are A. c.
Garland and J. NJ Hughes. The
Company will continue to manage
the assets. which include MORTGAGES
on approximately TOO farms in ad-
JaCCut territory
Harris First President.
The first president of the Potomac
Joint Stock Land Bank was George
A. Harris. who continued in that
capacity until his death in 1886 AT
the time the banks charter WaSs
surrendered the governing board
included Arthur Peter, chairman;
p. GRAY Williams. Winchester: J. T.
c. Hopkins. ir.; Wade b Hampton,
Ai3er, Gordon of New York and
Don9ld S. Mace.
At one time the assets of the bank
amounted to approximately $1,000
OGO. No new loans have been made
since the Government embarked on
q prCoram Of lquidating joint stock
land banks. of which there were at
or tine As in the United States.
TIE complete liquidation of the
Potomac bank in one transaction
represents the first time that this
procedure has been followed by any
Of the Joint stock banks.
An interesting point with respect
to the original mortgages acquired
by he former banks is that the in
teroSt paid thereon is tax free
Richmond Bank Reviews 1910.
A brief review of the operations of
the Federal Reserve Bank of Rich
mond during 1910 shows continued
growth OF the bank. Total assets
rose from S632 ,OOl ,O3178 on Decem-
Der 81. 1899, to STA 4,748,01056 on
December 81. 1910
Although the number of employees
at the head Office and the two
branches was the same, 675. at the
end of both 1889 and 1910. larger
volume of business was handled last
year in most departments.
The number of checks handled by
The transit department set an an
nual record at 79938,000 items, an
average of 265,575 checks per work.
ing day These checks totaled SIS
474834 900 in 1910, an average of
S5l All 400 per day.
Currency and coin received or
paid out in 1910 totaled 962, 789 100
pieces, valued at s1,567 .387 500,
against 869862.878 pieces valued at
1886 332 900 handled in 1899.
Transfers of funds to and from
other reserve banks and branches
through the inter-diStrict settle
ment fund also rose substantially in
1910 in comparison with 1889
Financial District Comment.
H. H. Mckee, chairman of the
Washington Clearing House Asso-
citation, president of the National
Capital Bank and of the East Wash
inqtOn Savings Bank, received many
COngratulatory messages Yesterday
on the occasion of another birthday
anniversary. Only recently Mr.. Nc
Kee observed half a century's con-
nection with the National Capital
Pank.
Nine officers of Washington Chap
Ter, American Institute of Banking.
attended the annual banquet of
Richmond Chapter at the John
Marshall Hotel Saturday evening.
They were Edward M Blaiklock,
John NJ. Christie. Kenneth Birgfeld,
Elizabeth Rowzee, J. Earle McGeary,
George NJ. ROWZee, w. L. SanderSon,
a. f. Hen2e and G.. Elmer FIather.
The Federal Savings & Loan In
sUrance Corp. closed the year 1910
with total assets of SI28,014.722. a
gain of S3097 621 in the June-De-
cember period. it was announced
today Total reserves and surplus
rose from S23 62O8lO to S26.449. 1876.
Earl D. KreWson. head of the
Washington office of the New York
Life Insurance Co. announced today
that Jack Murphy has been ap-
pointed agency organizer. He has
been with the company since 1886
and is a graduate of Central High
School. He succeeds Arthur M
MINER, WHO lids DttIl IldIlSltIItu
to an important position in Phila-
delphia.
Wilmer j. Waller, vice president
and cashier of the Hamilton Ma
tiOnaI Bank. and Willis G. Barker,
president of the Morris Plan Bank,
were among the Washington bank
ers attending the annual banquet
of Richmond Chapter, American In
Stitute of Banking, Saturday eve
ming
Appraisers to Hear Ihlder.
The February meeting of Wash
ington Chapter, Society of ReSiden-
tial Appraisers will be held at the
District Title Co. tomorrow evening,
President Clarence E. Kefauver an
nounced today John H. Ihlder, di-
rector, Alley dwelling Authority, will
speak on ALLEY Dwelling and Its
Effects on Private Property"
Columbia Title Co. stock sold at
1872 on the Washington Stock EX-
Cha1op TODAY Sap1e O c r,rayiol1c co loc