Evening star., 1922-01-26
RESERvEREPOR1;l';::::::;:'".::;:. !;
R'L||EAIS!'ES ! BANKERS |'| | |!
Exhibit Of Federal Depositary
at Richmond Is Highly
Gratifying.

VI tdliiyWiys
Local bankers are well pleased with
the preliminary report Of the results
Of operation Of the Federal Reserve
Bank of Richmond for the year 1921,
giving, comparative statements of the
condition Of the bank at the close OF
1921 and at the close Of 1920. -,
In the report attention is directed
to the analysis Of discounted and. pur-
chased PAPER, where II Is observed
rmat the total volume Of paper dis
counted and purchased In 1921 was
$3,775.0l6, 900, as compared with $3.-
S9S.033. 900 in 1920. The entire diff
: ference, it Is pointed out. Is due to q
decrease in the amount Of discounted
paper secured by government oblga-
tions. 1t Is noteworthy that the un-
secured commercial and agricultural
paper discounted in 1921 was $4o6,
$4,000, compared with $370,1S4.00O
in 1920, and that the number OF bills
discounted in 1921 was 124.s40 against
4.siS in 1920. The number of banks
accomm. .na ed iii 1874 WAS 4v4. w,.n
43S in 1920.
The report shows further that bills
discounted. secured by government
war obligations. amountea 20 20. Sttt'-
387.76 in 1920, and that bills dis
counted by commercial paper. etc;
totaIed S53.62l 1855, as compared
with $S5.51s.s77.s1 in 1920:
Due to the erection OF the new
Richmond. the bank premises ex-
nensss were s2,544,S24.11, as COM
pared with s1,277.sss.ol in the pre-
viouS year.
in the total capital ana rs surplus mas,9s 81
the bank of $527.765;94. the am0ahss gu y
for the two years being xl6.4os,S9f.Sl
for 1921 and sl5,S30.6s1.67 in 1920.
There was also an increase in the
current expenses, which Is due TO IN.
creases In salaries, etc. The amount
expended in this way In lS20 was
s1,521,947.S9. while $2.127,l743S was
expended last year.
Bond Issue Announced.
The F. H. Smith Company today
opened subscription books on new
issue Of $65O.0O0 first mortgage per
cent serial coupon bonds secured on
their new building to be erected at
SIS and SIT 18th street.
The bonds in this issue will be di-
rect obligations on the F. H. Smith
Building Corporation. owners of the
property The company has UNDER
written this entire issue Of bonds,
which are being offered in $1,000. $500
and 500 denominations. to run for
a period of ten years. The amount of
the loan will sbe substantially cur
tailed each year. Annual reduction
of the loan is provided for by month
ly sinking fund payments
The land on which the new build
ing will be erected. is so feet front
by 140 feet deep, containing 1000
square feet, with wide alleys on the
side and rear. The building will
cover the entire lot. 1t will be of
the modern fireproof. steel-frame con-
| struction, with stone exterior, ten
| stories in height. and equipped with
high-speed electric elevators The
| first two floors will be- occupied by
| the company, and the rest of the
! building will be operated for offices.
Bank of Washington Election.
| The board of directors of the Ma
| tional Bank of Washington. elected
at the annual meeting January TO-
| held its regular meeting yesterday
Tor the purpose of organization. Levi
Woodbury.. senior member Of the
board, presided. and the following
\ executive officers were reelected fol-
| the ensuing year; ,.-.s.,
| Clarence F. Norment. president
| George L. Starkey, George p. Sacks
| and James Trimble, vice presidents
W. Wallace Nairn, cashier; ]. Frank
White. assistant cashier; Edwin C.
Brandenburg. trust officer: Charles
Linkins, assistant trust officer. and
Everett H. Parker, auditor.
President Norment then gave a
very comprehensive resume Of the
banks business for the last year. At
the conclusion of his report he re-
| ceived the hearty congratulations OF
the entire board on the very crafty
ing progreAs>made.
During the past month this bank
has erected an Illuminated sign over
l h~ 1T L.
organization, 1909, thus showing the
bank to be entering upon it's Hath
year. and is therefore. the Oldest bank
in Washington.
The directors of the institution are
! as follows: r. P. Andrews. ]. M. Beav-
ers. E. c. Brandenburg. H. N. Brawn-
er. jr.: D. ]. Callahan, DIR. H. c. Duffey
Max Fischer, Maurice F. Flynn, G. w.
Forsberg, George B. Goetz, Z. Charl-
i ton Graves, ]. T. Hendrick, Frank r.
Jelleff Michael A. keane, Clarence W.
Lee, Charles Linkins, DR.. Charles R.
Luce, Norris e. NARROW, Arthur ].
May. John c. Weinberg. W. Clarence
Miller, George Maurice Morris. George
w. Moss. Clarence F. Norment. Harry
Norment, Richard E. Pairo. George p.
Sacks. Charles Schafer, John Seriy-
ener. Odell s. Smith, George L. Star
key, James Trimble. P. J. Walshe,
Harry Wardman and Levi woodbury..
Merchants Bank Election. =.
Directors of the Merchants Bank
met yesterday and reelected all Of it's
officers as follows: Peter A. Drury,
= esident: Joseph A Berberich and
Ernest e. Herrell. vice presidents;
Frank P. Harmon, jr., cashier; E. w.
Popkins, assistant cashier, and Mi
chael ]. Keane, counsel.
j. j. Boobar to Preside.
w. A. Dexter, chairman of the ban
quet. committee of the Washington
Chapter of the American Institute .of
Banking. announced last night after
a meeting of the committee that Jahn
J. boobar: general manager of the
Terminal Taxicas Company, had been
selected as POSTMASTER for the annual
dinner. February rs, at the Willard
Hotel. e"