Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-01-20

The confidence repos-d in the officers and directors
by the shareholders has been richly rewarded
We give IT in toto:
| To the stock holders.
Ihave the honor to submit herewith the report Of
the Board OF Directors o. the American Security and
Trust Company covering the period between January
i and December 81. 1882. inclusive.
The capital OF the Company is full paid ell 80 600
Tn. gross earnings Of the Company from January ]
to December 81 1891. sea 6Se. 81. and the net
earnings sos ESQ ~ TIE partial payments Of capita
made during that ye.r showed a percentage OF 10 90
upon the profit, for the year The gross p-oat.
from January l to December 81. 1892. sl5a.
2a -. of IL - upon the capital and
the net earnings slO6. 3a4 81. This shows in
crease oen; OF Profits between the years o.
1891 and 1892 Of 80 $40 per cent The Increase o.
net profits of 1892 1891 equal. 60 6lO per cent
Il; also to be remarked that making this conpAr-
| son the system Of reports used in 1891 embraced
seerued interest in the statement Of profits whilst In
1922 the reports entirely upon a cash basis. In
| February. lsge. by order Of the Board. there wa,
dropped out Of the statement sl6.0l7 IL No ac-
crued interest has since computed in the reports
but the above Of slo OH IL charged part
OF the expense account Of this year II is
that such charge does do injustice the company
but 1t Is made to be absolutely upon the side II
were omitted the increased percentage Of
for 1892 over the expenses Of 1891 would be only
trhe ten cent and the actual net profits for
| 1892 would be el22. 4iI.4s.
| DEPOSITS.
At the close of bushes. for 1891 the deposits were
soss 7l5 So and at the close Of se the deposits were
$500 80. 81. being increase Of ~ 244 81 The
aggregate Of deposits received during the year 1891
was 81. 7o5 s44 15. whilst the aggregate received
during the year 1892 WAS 81 o7o 1856 -. The total
checks pal during the year 1891 were 81 67l l3
whilst the total number paid during year 1897 was
, GO So 1881
The numbsr Of live accounts have increased during
| the pas year nearly one hundred per cent.
The Company has cont nued its policy Of paying at
the rate OF per cent per annum upon daily balances
subject to check demand. and has declined TO pay
larger rates for deposits OF B. or IL months Its
| deposits during the year have been at times much
| higher than at Its close
| SAFE RENTAL DEPARTMENT.
The earnings of the safe rental department have in
| creased during the year about IS per cent The
department is now upon a remunerative basis
REAL ESTATE DEPARTMENT
| The Company loaned during the year 1891 upon
FIRST deeds of trust. secured real estate in the
| District OF Columbia, 81. 10 Or 6S Durirx the
| year lSSS the Company loaned "a. There
was Sold during the year 1851 TO investors and paid
1916 $50. which was sl40 5 in excess Of the sales
made during the year 1890 During 1892 there was
sold and paid 81. STA o67 "a, excess of Ell l6s
2ll "a the sales and payment in 1891 From the
commencement Of the Company under its original
charter TO date IL has loaned upon first trusts upon
real estate in the District of Columbia 50 So sa o.
averaging e. 500 to each loan Of which IL has sold
| and there has been paid e. $50. PIG o. There was
on hand on December 81. 1892. sl.4e6. IL. SO.
pEBENrURE BONDS.
The aggregate amount of Deb.nture Bonds out
standing at the close Of the year 1890 $3.50 O7O
the aggregate amount outstanding al the close of 1852,
is s53l 600 These bonds secured BIZ first deeds
OF trust upon property within the cities of
and GEORGETOWN and which real estate is of an ap-
praised value largely in of deeds Of trust
taking the valuation a forced sale under adverse
circumstances. The bonds are issued in series Of
&l00 600. and the deed of trust secure same are
deposited with the Real Estate Title Insurance
| Company Of the District of Columbia under a
contract in pursuance of which said Company acts as
trustee for the bon holders anu with authority upon
default in payment Of either principal interest to
sell the securities and pay of the indebte ness The
bonds further secured by the entire of the
Comnany. consisting of its ful-paid capital Of 81
go O0O. its surplus of l2 0oo and the double liza
bity OF its stockholders for 81. 30 900 The
bonds authorized by the Of Congress approved
October I. 1890. under which this Company was or
eanized. andt ey payable in 4 teen u5) years
with the reserved right to the Company to redee m
them upon three months notice at any time after
5years-
| AS TRUSTEE, FINANCIAL AGENT. REGISTRAR OF
STOCKS, BONDS, ETC.
The progress o. these departments during the past
year has been very gratifying. At this time the Com
| pany is dischargng corporate trusts as follows:
1t is trustee under deeds Of trust mortgages.
curing bonds Of the following corporations:
| TIE Norfolk and Washington ID. CO. Steamboat
| Company. Chesapeake and Potomac Telephone Com
psny Capitol, North 20" Street and south Washing
ton Railroad Company. Rome Street Railroad Gem
pany. the vestIy Of Calvary parish, University Club
Pennsylvsnia Zinc and Iron Company. the Carolina
Oil and Creosote Company Of North Carolina. the
Choptank Steamboat Company of Baltimore. Md
the bonds aTgresa ing nearly e. 900. 600.
Tbs Company is also joint trustee with the WASH
ington Loan and Trust Company under deed Of trust
| securing bonds of the lexington and Soldiers Home
r. W. Co. to the amount Of eco. 600
The Company is also registrar of the stock bonds
| Of the following corporations:
Carolina Oil and Creosote Company. Choptsnk
Steamboat Company. Norfolk and WASHINGTON ID. CO
| Steamboat Company. lexington and Soldiers Home
R W. Co.. Chesapeake and Potomac Telephone Com
psny. vestry Of Calvary Parish U. s. Electric Light
ing Company.
1t has been appointed trustee. by decree Of the
Equity Court. in a number Of large estates. and has
been appointed guardian and administrator in q
Der Of cases
Trusts have been conferred upon the Company by
act OF individuals as follows:
As trustee in eleven cases, among them being the
Tunlaw Heights Syndicate trust created by Miss Mary
E. Mann for the benent Of the Episcopal Cathedral.
Montgomery Park. Beyer's Grove. and under several
Wills
These trusts are specified showing the growth OF
the Companys business in this direction terrtoraly
well otherwise and represent property lying in
the District Of Columbia. and in MONTGOMERY Prince
GEORGES and Talbot counties. Nd.
Negotiations in for the creation Of other
trusts to be executed BY this Company.
STORAGE WAREHOUSE.
Since the last annual meeting Of the Company an
addition forty three feet nine inches by sixty and
seyea stories high has been added the storage ware
house at a cost of &26. 756 80. which, added to the
amount expended for land and the original building
makes total expenditure account Of this depart
ment of $3.50. 256 50.
This addition became available for use July 12
1892. The building now occupies O. 6S7 square feet
Of land leaving SIG square feet future growth
On the noors If the old and the seven floors Of
the building there is exclusive OF elevator shaft
chimney stack. necessary aleys passage ways exits
&C. 20 900 feet of space actually available
storage pur This space divided into liz iron
rooms of various sizes. 5. $50 square feet
and Is large sections for what IL cal ed open stor-
en-, covers the remain ng II. go square feet.
The large increase in business the belief
that il will return q good prot upon the capital in
vested. The management Of the superintendent. Mr.
NJ Reade. and his able Of assistants has been
extremely satisfactory to the directors patrons
Of the warehouse.