20175. Citizens National Bank (Prosperity, SC)

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LIQUIDATED BANK TOTAL INCREASES Completion of 26 More in July Lifts 4-Year Volume to 735 Mark. BY EDWARD C. STONE Controller of the Currency J F T 'Connor today announced the completion of liquidation of 26 bank receiverships in July This makes a total of 735 receiverships finally closed or restored to solvency since the banking holiday of March, 1933. Total disbursements including offsets allowed to depositors and other creditors of these 735 receiverships, exclusive of the 42 restored to solvency, aggregated $249,982,631. or an average return of 79.11 per cent of total liabilties, while unsecured creditors received dividends amounting to an average of 66.39 per cent of their claims. Dividends distributed to creditors of all active receiverships during the month of July amounted to $6,339,402 Total dividends paid and distributions to depositors of all receiverships from March 16 1933. to July 31, 1937 amounted to $869,226,221 The July list includes one bank in the fifth reserve district, thfie Citizens National Bank, Prosperity S C. Depositors and other creditors received including offsets allowed. $206,398 representing 92.09 per cent of total liabilities. Unsecured depositors received 89 per cent of their claims. Board Rules on Interest. The Federal Reserve Board has put out ruling on interest payments on savings deposits received during the first five days of the month according to the August bulletin. The board's regulation Q provides in section 3 (d) that "a member bank may pay interest on a savings deposit received during the first five days of any calendar month at the applicable maximum rate prescribed pursuant to the provisions of subsection (a) of this section, calculated from the first day of such calendar month until such deposit is withdrawn or ceases to constitute a savings deposit under the provisions of this regulation, whichever shall first occur The board has taken the position that where the fifth day of any calendar month is a Sunday or a full holiday, savings deposit received on the next business day after the fifth day of the month may be deemed to have been received during the first five days of the month within the meaning of this provision of the regulation. U. S. Now an Economic Unit. The United States is being transformed into one economic whole. in which State boundaries have little significance declares Dr F D G Ribble professor of law at the University of Virginia, in study published by the Columbia University Press. The striking growth of commercial enterprises in America, involving the widespread interchange of goods and ideas. has constantly tended to make State lines of less importance for the purposes of commerce and trade, says Dr Ribble "The economic unity of the country precludes action by one State to gain commercial advancement at too great cost to other States. It gives reason for the insistence upon an absence of trade barriers and a freedom of commercial intercourse among the States. Virginia Employment Rises Virginia employment in manufacturing was 12 per cent heavier in July than in that month last year the Industrial Commission reports Construction employment was 15 per cent heavier and in commercial enterprise the increase was 24 per cent The next meeting of the Governing Committee of the Investment is Bankers Conference Committee expected to be held in Washington late this month. it was said today in the financial district. Since May meetings of dealers and conference members have been held in many different cities. Problems of self-regulation and legislation within the investment business are the two big gest issues now under consideration The National Retail Federation estimates that there will be a gain of from to 10 per cent in general retail sales in Washington this Fall, an increase of 10 per cent in Baltimore and 8.5 per cent in Huntington, W Va., all cities in the fifth Reserve district. Atlanta is expected to have an 11 per cent rise. Vacations Lure Financiers Gerald E. Keene, assistant cashier of the Second National Bank at the Seventh street office. has returned a from Cape May, where he spent three-week vacation. Joseph R Fitzpatrick, another assistant cashier. left Washington yesterday to pass his va cation at Rehoboth Beach J. C. Perry, one of the partners in the brokerage firm of W. B. Hibbs & Co., is now at Atlantic City on his vacation. He will be away two weeks Charles H Doing, first vice president of the Washington Loan & Trust Co. and manager of the West End branch, will make his headquarters at the main office while President Harry G Meem is touring Europe It is reported from New York that Willard I. Hamilton, vice president of the Prudential Insurance Co. of America, has resigned his position after 52 years connection with the company Financial District Notes. Potomac Electric Power 51/2 per cent preferred stock sold at 112 1/2 in very quiet trading on the Washington Stock Exchange today Other bid and asked prices were practically unchanged. Hemphill, Noves & Co., New York Stock Exchange firm which has a Washington office, is one of the firms in the syndicate to which the State of Maryland awarded the issue of $3.408,000 2 per cent general construction bonds The August Federal Reserve Bulletin estimates that less than $500,000,000 of gold remains in hoarding in London, at the same time intimating that privately hoarded gold is no