Evening star., 1923-01-05
RESERVE BANKS
EARNINGS SLUMP
New York Reports Heavy
Drop in Net Earn
ingS.

The exceedingly large falling OF in
3 Isrt earnings OF tho Federal Reserve
: Eank i'm New York during the past
5 year IS attributed entirely 10 tho re
duction in the volume of loans and
: lowtr rcdiscnunt rates prevailing dur
nag the past twelve months. Accord
4, ing TO the annual statement issued. the
t,snet Income Of the bank for the year
(. Guded December 81 was $i.d6i.0O0. as
i compared with $26.5@7.00O in 1921
The gross income was $ll.3iI.0oO
> last year. as compared with s3i.-
, I05. 600 in 1921, while the cost of run
u'nE the bank in tho year just ended
amounted to $6,777.000. as compared
with $S,16S.0G0 in the preceding
. twelve months
7 on December 81 the bank paid the
> government sl.S62, 500 "in lieu of
franchise tax. after { per cent divi-
> donds on the capital stock. amounting
a I" $l,652.Ooo. ALLEGATION To surplus,
provided for by law. In 1921 the fran
"Eiso tax paid was $20.7O2.4@9
An additional sum of 81 l.6o4.3i9 was
paid to tho Treasury out Of surplus.
This payment was mad" in adjust
ment of franchise taNcs for the years
1920 and 1921. Total payment to the
Treasury on December 81, therefore.
amounted to $3.467.o5S.
hOoIW WOrth'S Biggest 1car.
With every district showing in
creased business. the yearly reports
of sales OF the +. ". Woolworth Com
pany show gains of s19.65S.l22 over
the year 1921. The total sales OF the
company amounted to $l6730S2lI.
Reports for tho month Of DCcem-
e.. her also showed substantial gains
over the same period in 1921. the in
crease amounting to S%.26%.466, or
!&t9 per cont. Th" total sales for
I I.-ts q {
compared with S24.1al.i07 in 1871.
OF December gains stores which
hay" been operating year or more
D. were responsible for $2.j7S.51I. rep
rcseutiug an increase Of 1866 per
cent over their sales in December.
1921. In twelve months these old
stores were responsible for sl5,0+6,6i1
or the gain, a gain Of 1912 per cent
over their sales in all Of 1921.
In his statement President Hubert
It. Parson said every state in the
Union and Dominion of Canada re-
ported increases in sales for Decem-
her and the full year. This shows"
, Mr.. ParSon added that every part
Of the country as we'll as the Do
miniou of Canada responded 10 the
increased business" Woolworth
closed 1929 with 1.1SS stores nperat-
ing in the United States and Canada,
sixty-fvc new stores having been
opened during the year
Directors Named.
~ the annual stockholders meet
ing of the National Mortgage and In
Ncstment Corporation announced in
Yesterdays $50 Star. the following G
directors were elected to serve for the
ensuing year:
H Rozier Dulaney. L. L. Bruenr-
GER William Z. West, Frank j.
Hughes. James A. Bailey. Bruce Bowe.
{. S. TAYLOR Burke, Frank ]. Caughy.
Appleton p. Clarke, jr.: Clarence F.
Donohoe. Samuel A. Drury, Fred n.
Dubois, L. Kemp Duval, II. Prescott
Galley. r. H. Harwood, Harry A.
Kite. William o. Pierson, Oliver j.
Sands, George e. walker and Howard
Williams.
THE company" the report stated.
"has proven Serviceable in meeting a
personal need. II has supplemented
The service of tho banks. especially m
the second trust and tax lien field of
operation, and has contributed in an
important degree to bun liG,s opera
tionS in the District.
Personal Mention.
O. II. z. Johnston, vice president of
The National Metropolitan Bank, made
his first appearance at the bank yes
terday since a severe attacK OF grip,
which overcame him on Christmas
eve.
Frank P. Harmon. former president
and chairman of the board of the
Commercial National Bank. has gone
TO England, France and Italy on a
business trip. He sailed Tuesday on
the Bercngaria.