The Washington herald., 1922-03-19
C. .&P. COMPANY
EARNS sSSl,563.lS
DURING PAST YEAR
Company Disbufses $780,
900 in SO Dividend
During Period.

The Chesapeake and PotTaoac Tele-
none Company was operated at a net
income of sSS.5s3.1S during the past
year, according to a statement OF earn
ing fled yesterday with the Public
utilities Commission. This amount
represents an Increase OF s37S.s9S.74
over the previous year.
During the period in question $780,
600 was disbursed in per cent
dividends on $4,000. 900 capital stock.
leaving sloi,5sS.1s. which was credit
ed to the surplus account. This
amount carried to surplus is $685.
OO3-2S less than the previous year
when s3O7,000 was credited to sur
plus after payment OF a 41s per cent
DIVIDEND on the capital stock amount
ing to s5S5.00J.
The gross operating income. OF the
company amounted to s99O.9s4.6s,
which compares with S3s5. 5.911.4S for
the year 1890. Total deductions from
Efoss income in 1921 amounted to
slos.f31.51. as against s6.s14.74 the
previous year
Standard Bank NationaIized.
Beginning tomorrow morning. the
Standard Savings Bank at New York
avenue and Ninth street northwest,
VIII begin operating as the Standard
National Bank.
A steadv increase in commercial
accounts and the desire to extend
facilities OF the bank in order to
take care OF the growing business and
prospective accounts that can only
be cared for through the advantage
OF national bank. are responsible for
the conversion. which. Incidentally,
increases the capital and surplus to
S5O0.0OO. With the change. the in
stitution automatically becomes a
member Of the Federal Reserve Sys-
} tenn, and with the exception OF for
eign Ratter, will clear directly with
Richmond Foreign matter will be
cleared through the District National
ss former clearing member.
A Standard Savings and Insurance
Plan will be announced within a few
day. 1t was stated yesterday. which
VIII provide greater advantages at
lower rates than generally found.
Under this plan, the bank will take
deposits between the ages of 10 and
10. with a renewal agreement at the
option. Of the holder. The advantages
and drawing power of such a plan
can be easily seen. inasmuch as the
policy will mature upon a person
reaching the age Of 81. providing
ready money with which to begin
hie. IL renewed. a policy for 81. 900
VIII be available at rates proportion
ate with the age Of 10 years, which
Is considerably less than for the more
matureo age Of 81.
Ofhcers and directors of the rapid
ly growing institution are as follows.
A S. Gardiner, president; ], Rozier
BigEs. vice president; wistar M.
Balderson, vice president; James
PIrimble. jr.. cashier: william E..
Richardson. gen counsel; directors:
j. Rozier Biggs, wistar N. Balder-
ston. Mrs. NJ. Brooks, John J. Costi-
nett. A. J. Driscoll. Isadore Freund
\ 3 Gardiner. Arnold Hirsh, Edward
kohner. Harry s. Lewis. william
eeiands George Pitt. William r.
Richardson. NJ. Frank Rupert, I 8
ID. Sauis. II. r. Schrieber, ]. B. Trew
James Trimble. jr., d. s. Yenables.
Ernest g. Walker. Chas. Stanley
"hite- Fred ]. White, E. d. Will
Jams, w. Carl Wyatt.
National Life Statement.
The seventy-second annual state
ment OF the National Life Insnr-
ance Company Of Vermont. shows
that the year 1921 was one Of great
prosperity for the company. which
means for its policyholders, as the
National is purely mutual.
The report shows an increase in
admitted assets of over $4,000, 900
with total assets of S7s,7s2.454.3s.
The National LIES method of in
vesting its assets is unique yet
very simple. Outside of loans on
its own policies. this company buys
only two kinds OF investments
nrst mortgages on real estate,
mainly farms and government.
state and municipal bonds secured
by the power Of taxation. Its ex-
perience in these types of invest
ments has been extremely crafty
ing, In the twenty-five years of
experience which it has had with
farm mortgages. it has never lost
a dollar Of principal or interest.
and has never had to take over
any piece of real estate. On its
, bonds there is not a dollar Of over
due principal or interest. The gross
interest rate earned on mean in
vested assets in 1921 was 5.ST as
compared with Sis in 1920.
Its bonds are carried by the Ma
tional Life. as heretofore. on their
actual market value. which. on De-
Cember 81. 1921. was s1.0sI.S9G.OO
below par. this sum constituting a
sleeping asset which will be real
lied in full as the bonds mature.
After subjectInE its bonds to this
rigid test the company shows an
unassigned surplus Of SS.74e.42O64.
an increase of s1.6S55is.00 over
tho 1890 statement. II its secur-
ities were valued on the amortized
basis as used in Massachusetts. New
York and most other States, the
unassigned surplus would be s4.-
S9n.Oso.55.
The unassigned surplus was ar
rived at after setting aside under
liabilities policy reserves at Ss9,-
i74.5S5.o0. computed on formulas
more cxacting than required by the
laws of any state; and s3.0o0.422.0o
for dividend distribution to policy
holders in 1922. an amount $780,
5000 larger than ever before ap-
portioned.
New insurance paid for during
the year was s50.453.s17.o0 in spite
OF business depression This brings
the total amount of insurance in
force 10 s333,s94.234.00.