The Washington times., 1924-02-15
TERNAT |ONAL
FINANCE
Gains
Earnings Largest in History,
President HerrelI Tells
stockholders.
BY HARRY GUSACK.

Under the leadership of Ernest T.
Herell, formerly one Of Washing
tons most ppular bankers and now
head Of the international Finance
Corporation, that organization re-
ports an increase In business OF
more than so per cent for 1929 over
the previous year, and decrease
IN general expenses Of almost 10
per cent, according to the annual
statement OF the corporation sub
mitted to stockholders yesterday.
Earnings Of the corporation for
1898 were the largest Of any year
since its organization. Total pur.
chaSes of accounts last year amount
cd to $9,269, ,741.96 al against $6,092,-
6OS.S7 for 1922.
Following consistently conserva-
tive policy, it Is pointed out the
company has steadily increased its
volume Of business, and operations
Tor 1924 are expected to show sub.
stantial gains over preceding years.
Exposes Of operation have been
ntnimized, a large saving In Of.
ficers' and employees salaries having
been made as compared with the
1923 payroll,
Total assets Of the corporation az
Of December 81, 1923, were $780,.
119.7O: capital. 1927 800: surplus paid
in through the sale Of common stock,
1885, .42O; undivided profits, $685.
301.S2.
Officers Of the company are: Ern.
est p. Herrell, president; Arthur G.
Lampe, vice president-secretary; p.
Henry w. Forster, assistant treas
nfRANfnRa EhARlAA
Douglas, l.. Whiting Estes, Ernest e.
Herrell, B. e. Hinton, A. C. Lampe.
r. w Mackenzie, Charles M. Pep.
per. q. L. Stock, Walter r. Tuck
erman, and John r. Waller.
Martin A. Morrison, former mem.
ber Of Congress from Indiana and
civil service commissioner during
the Wilson administration, will be
the principal speaker at the twen-
tieth annual banquet Of the Wash.
ington chapter Of the American In
gtitute Of Banking at the Willard
Hotel February 20. Harry v.
Haynes, president Of the District Of
Columbia Bankers Association, also
will be one Of the speakers.
Reserve Statement.
Increases Of &59,100,000 in hold
1ngg Of discounted bills and Of $21,-
100000 Federal Reserve note circu-
1ation, together with decline Of
$13,S00,000 in cash reserves. are
shown in the Federal Reserve
Boards weekly consolidated s.ate-
ment Of condition Of the Federal Re-
serve banks at close Of business
February 13.
An increase Of $54,4OO,OO in hold.
1ngs of discounted bills is reported
by the Federal Reserve Bank Of
New York, $19.00O.O00 by Cleve-
land, $4,100,000 by Richmond. and
an aggregate increase of 81 800, 900
by Kansas City and Dallas. These
increases were partly offset by ag-
gregate liquidation Of $19,700,000
shown for the seven remaining
banks. principally 9an Francisco,
Atlanta and Minneapolis. OF the
total increases in the holdings Of
discounted paper, $55,500.O00 was in
Government obligations, which to-
tailed $297 100000 at the end Of the
report week. OF this amount 1884,.
100000 was secured by Liberty and
other U. s. bonds, $127,S0O,0O0 by
Treasury notes, and $5,200,000 by
certificates of Indebtedness.
Acceptances purchased in open
market show a net reduction of
$500, 900 for the week, an increase
Of $6,3OO,000 at the New York bank
being more than offset by reduc-
tionS reported by most Of the
other banks. Holdings Of u. s.
Government securities increased by
92,00O,O0 during the week.
Increases in Federal Reserve note
circulation Of $12,20O,O00 and So.
100000. respectively, are reported
by the Federal Reserve banks of
Cleveland and Philadelphia. and Of
$2,800,000 by Minneapolis. The
New York bank shows a decrease
Of $3,2OO,000, Richmond a decrease
Of $1,2O0,000, and Dallas q de-
crease Of $1,400,000. The remain.
ing banks report relatively small
changes in note circulation.
Gold reserves declined during the
week by $11,000,000, reserves other
than gold by $2,500,000, and nom
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