Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-10-17
RICHMOND RESERVE BANK
s. MAINTAINS SUPREMACY
Only One of Twelve Institutions In
: System to Earn 9 Per Cent
Dividend In First Year.
CONSOLIDATED sTATEMEN
Stockholders Are Member Banks
Throughout This Reserve District.
They VIII Receive Return on
$3,84S,75O Paid-In Capital.

hS It Iltu biSlElCl euCTal 1tCScTNe
Bank, at Richmond. which will be the
only one OF the twelve institutions to
earn per cent dividend on It's
capital stock for the first year OF
operation OF the new banking system,
maintains n good lead In the amount
OF It's rediscount transactions. accord
ing to the weekly statement OF the
resources and liabilities of the twelve
reserve banks issued by The Federal
Reserve Board In Washington yester-
day.
The Richmond bank has outstanding
$1,23S.000 In bank acceptances and re-
discounts. which is one sixth OF the ag-
Sregate Of the whole system. Tho
Atlanta bank is next. with s6,273.oo0:
the Dallas bank third. with sG.242, 900:
,the New York bank fourth. with s5.-
$4,000: tho Boston bank NTH. with
S4.llS.000: the Chicago bank sixth. with
S3.36O,O00: the Kansas city bank sew
onth. with s2.99i,000: the st. Louis
bank eighth. with s2.003, 900; the Mime
apolis bank ninth, with sl,865.o00 tho
1Phiiadelphia bank. tenth. with sf.734.-
Ooo: the San Francisco bank eleventh,
with Sl.67s.000. and the Cleveland bank
twelfth. with s1.121.0Oo
While the Federal Reserve Board
Will not make public tho exact earn
fngs OF the twelve banks for the first
year. IT liz understood that the Rich
rnond banks earnings will aggregate
s350.oo0, and It will be able TO declare
an per cent dividend. only per
cent TO go to the stockholders. The
other per cent Will be turned over
to the government rs n franchise tax
ASSETS OF RICHMOND
BANK NOW 2I,74G.ooo
Assets Of the Richmond Reserve
Bank are now more than S21,74Spnn
according to n statement issued by the
hank Yesterday Outstanding bills. dis
tlI 80
discounts for the week aggregatinc
SS20.Tls77
shortly after the close of the wear
inc bank viii declare a per cent divi-
uend. this dividend being greater than
that OF any other bank in the ayetem
The stockholders OF the Richmond Re.
serve Bank are the member banks of
this district. The dividend will be paid
npon the average pafd-in capital OF tho
Richmond Reserve Bank The capitaI
which was paid in three install,uents
is now s3.3ts.75o
Regional banks are not permitted
under the Federal reserve act TO nav
dividends OF higher average rate
man per cent. Dividend are cunu-
iative. however. and so If a bank "a
abic 10 pay only 3 per cent dividend
one year 1t will be allowed TO nav q 7
per cent dividend. il It's earnings per-
NIT the next year. The dividends of
regional banks are paid from ,bc re.
discount earnings.
CONSOLIDATED STATEMENT
ISSUED ny RESERVE BOARD
Investments OF Federal reserve
banks IN United States bonds Increased
almost 100000 during the past w.ek
according TO statement OF the banks
GoAdit'on October Is, issued yesterday
by tho Federal Reserve Board in
Washington. 1t shows.
H~sources.
Gold coin and certificates I'm
vault .................. 1925, s5s. 600
Gold settlement fund $500 ooo
Gold redemption fund with
United States Treasurer lolo oon
Total gold reserve go. s2S6.7ss 600
Legal tender notes. silver.
etc. ACKNOWLEDGEMENTS. lo.74s.oO
--.
Total reserve ........ s3O6. $50, 900
Bills discounted and bought:
Maturities within ten days. sso4 600
Maturities within thirty
days ..........,........ 1?93e,0 900
Maturities within sixty
days ................... l4.703. 900
Maturities within ninety
days ................... s.ll6.0O0
Maturities over ninety days 1000
Total Observation-Disclosures. si3. 959. 900
Investments.
United States bonds s lO.3sO, 600
Municipal warrants .. 26.5S3. 900
Federal reserve notes. net 1926 900
Due from Federal reserve
banks. net .............. lO.l6O.o0O
All other resources ....-.. 3.01S, 900
Total resources .sAl5.s72 900
Liabilities.
Capital paid in ...........S Salts 600
Government deposits .... IL 900. 900
Reserve deposits. net ...... 32s. 7s6. 900
Federal reserve notes, net. 1891 900
lt,l % - n m
Total liabilities ....... .S4l5, S72 900
Gold reserve against net liabilities.
SAB per cent.
Cash reserve against net liabilities,
$50 per cent
Cash reserve against liabilities after
setting aside 40 per cent gold reserve
against net amount of Federal reserve
notes in circulation. 90.l per cent.
TELEPHONE SOCIETY MEETS
r. II. Kcnworthy Tells of Accounting
Methods Of Modern Telephone COM
panies--W. w. Wheeler speaks
The regular monthly meeting of the
Richmond Telephone Society was held
at Stieff's Hall on west Broad Street
last night. several hundred employees
Of the Chesapeake and Potomac Tele-
phone Company being present The
principal address of the evening was
made by +. II. Kenworthy, division
auditor Of receipts of the Chesapeake
and Potomac Telephone Company. Of
Baltimore.
Mr.. Kenworthy told the telephone
people number Of very interesting
things about the accounting end Of