Evening star., 1950-09-15
D. {. Bank Deposits
Show Sharp Increase;
investments Also Up
By Edword c. Stone

By Edword c. Stone
Demand deposits in Washington
member banks of the Federal Re-
serve System scored a sharp gain
OF S36,928, 900 in the week ending
September 6, the Richmond Re
serve Bank reported today. Total
deposits of $789 $4,000 in the
previous week moved up to $685.
1000.
Investments advanced during
the week from $518,629,000 70
$3.50, $4,000 This increase was
due to heavy purchases of Gov
ernment bonds, Treasury bills,
notes and certificates.
Assets of the II banks reflected
these advances by an increase of
$28,115, 900, the report disclosed.
Junior Bankers Rewarded.
The following members of
Washington Chapter, American
Institute of Banking. have just
been awarded certificates for last
years work in banking courses:
Pre-standard-David K. Folmer, Cecil F
Gibson tr,; ,.Ia Lawrencs ISss Hagan ,,S,a Karl F
Heron. Gerald LIE Noir, Frederick F. Lowell
III, Norman D. Martin, William a.. Nc
Claim. Emile z. Mehl, Alexander Milligan
Vincent T. Mohler James B. Morrison, jr.;
Kenneth ". o'Bryhim, William A. Petrey
Frank P. Puhr, James K; Simmons; Way
land H. Slmms, Jr.: Richard w; Stotl9r,
Phillips Waller.
standardWRobert L. crofoot, William
shaR eHS95 c9yleT o H. TayloT' Sge'z AuEast r. Ter
neak Donald e Tillson, Jay M. Totten,
Jr; John Phillips Waller.
Graduate-Benjamin c. Shaw and Rich
ard J. Watkins.
Grace Co. Advances Moore.
John D. Moore has been elected
an assistant vice president Of W..
r. Grace & Co., international in
dustrial and trading concern, and
will make his headquarters in
Washington. A Yale and Yale
Law School graduate, he is
former New York assistant district
attorney. Mr.. Moore joined the
Grace Company in 1916 and in
1947 was assigned to Lima. Peru.
Folger, Nolan, Inc, is partici-
pating IN an offering of $40 mil
lion Virginia Electric & Power Co.
first and refunding mortgage
bonds. series H 234%, due Sept. /,
1880. at l00.75% and accrued in
terest. Proceeds are to be used
to pay off $r1 million in bank
notes and for construction pur-
poses.
Dwayne Orton, director of edu-
cation for the international Busi-
ness Machines Corp. will be a
headline speaker at the National
Association Life Underwriters
convention at the Statler Hotel,
opening September 26.
Transit Stock Firmer.
Capital Transit stock sold at "a
on the New York Curb Exchange
yesterday, a gain of two points in
three days. The stock is stronger
on the Washington Exchange. the
asked price having moved up to
SO.
Alexander Brown, Goodwin &
Olds and Ferris & Co. are taking
part in the offering of $6,625 900
Washington Suburban Sanitary
District Bonds, priced to yield
from / to 2.40 per cent, accord
ing to maturity.
Directors of the Prince Georges
Bank & Trust Co. have declared
the regular per cent semiannual
dividend. payable September % to
stockholders of record, Septem-
Der 18.
Vanadium Corp. of America has
registered with the SEC pro-
posed offering of IS million con-
vertible debentures.
Rich Heads Division.
Herbert j. Rich, president of
B. Rich's Sons. was reelected
chairman Of the Retail Shoe Di-
vision of the Merchants and
Manufacturers Association at a
meeting of that group yesterday.
Mr.. Rich is vice president of
the Merchants and Manufacturers
Association and will represent the
shoe merchants on the Board of
Governors of the association.
Carmen c. Saccardi of Merrill
Lynch, Pierce. Fenner & Beane,
addressed the American Society
Of Women Accountants Wednes-
day evening at the Ambassador
Hotel on "How to Read a Finan-
cial Report" President Della Nc
Dermott presided.
Ten Washington insurance men
will receive diplomas from the
American College of Life Under
writers on September 81. They in
clude Lloyd A. Brewer, jr.; Ken
meth G.; Clarke, Mitchell T. Cur
tbs, William M. Goldenzweig, Will
son P. Graham. Douglas D. Hall,
Kenneth F. Hanst, William L.
Porte, Howard j. Riordan and Roy
H. Woodside.
Offices of the District Bankers
Association and the American In
stitute of Banking will be moved
tomorrow from the American Sc
curity Building into greatly en-
larged quarters at 1760 N street
NV.