Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-01-14
BANK CLEAR|NCSUP
DURING PAST WEEK
Federal American Co. Shows
Good Profit-0ther
Financial Notes.
BY EDWARD c. STONE.

pared with $27,a4S.Oo for the wee
of January S. although the clearing
were / pef cent below the correspond
ing week last year.
Baltimufe reversed the situation
While uH week's clearings wer
slightly ahead OF the same week
year ago. they wefe under the pre-
vious week. For tine week of Jan,
airy IL they were Sl1497s.0o0. and 70
the week Of yaffdAry ), $l2O,s4a, 900.
Clearings n Richmond totale
s4S.7,7 1000. beang about s1.20o.0O
under the previous week and also l
per cent helusr tfis correspondent
week in 1927. While the ma jority c
other cities in the coiintry were
little under the prevfosfs week. We
| they were 29.6 per cent ahead of tn
same period last year. according I
Bradstreet This indicates that bus
ness is more than holding its own.
Finance Company Nets S149.73l.3l.
Total net operating profits of tn
Federal American Co. for the yea
1927 amounted to $149.73l,3l, accord
| ing to the report submitted to tn
stockholders 1T yesterday anHua
| meeting. Out OF this sum the con-
J
| the preferred stock and SCI. 500 on tn
common. leaving an undistributed SUI
plus for 1927 of S5l.263.63.
On December 81. 1927. the compan
had total resources Of $1.7l4.34S.3l
| including $S9,732 in cash in banks
sl,60s,215 in mortgage loans and In
vestments, SIS 1854. and item of 1855
in accrued interest receivable. TIL
company's liabilities include S219.5,
in deposits awaiting investment. SIS
900 in dividends payable, and sl9.46
in accrued interest and taxes.
The condensed balance sheet unde
the heading of met worth and re
serves" reports $500. 900 in OUTSTANDING
preferred stock. 500, 900 in outstand
ing common stock, earned surplus
Sl36,S31, unearned discount. S52.059
and reserve for future income taxes o
$3.50. which bring the total liabilities
up to s1,714.34s.34.
The present officers of the compan,
are John Poole, president; William j
Eynon and W. J. Waller, vice presi
dents; Charles B. Lyddane, secretary
treasurer. and Charles ID. Boyer. as
sistant secretary and treasurer.
District Nationals Officers.
AC dAi C1SOAo VA AHS A~kSAA ~ IVA
tional Bank have elected these off
GERS for the coming year: Robert y
Harper. president; Joshua Evans. jr,
executive vice president: W. p. Lip
scomb, vice president; {. j. Gockeler
vice president; n. l.. Sansbury, vice
president Hilleary L. Otfutt. jr.. vice
president and cashier: William c
LOCKER. assistant cashier: Theodore
S. Mason. assistant cashier: Barnard
& Johnson, attorneys, 3. l.. Cotton
assistant trust of!icer.
McLachIen Officers for 1928.
The McLachlen Banking Corpora
tons officers for the coming veal
have been elected as follows: Laniel
P. McLachlen, president: Firman X
Horner. vice president; John A
Massie. vice president and treasurer
Archibald McLachlen, secretary ana
assistant treasurer: Guy d. Govt. as
sistant treasurer, and E. L. Goldney
auditor
Federal-American's Officers.
The directors of the Federal.Amer
lean National Bank have re-electe'
the following officers: W. T. Galiher
chairman OF the board: John Poole
Va GEs1ShAs w a4ss1i At boaAt 10y HpEAs " a.
mer j. Waller and Charles II. Lyd
dane. vice presidents; Charles L
Boyer. cashier: Joseph D. Yerkes, II
II. Shackelford. assistant cashiers
William c. johnson, assistant 10 presi
dent: Erskine Gordon. trust Office!
Leon Tobriner. general counsel. an
Arthur J. Linn. controller.
Chain Stores Make Huge Gains.
Sales OF IL leading chain store sys
TENS for 1927 aggregated SITS .ssl.T8i
a New high record. and an increas
of sos, ssf.417 over 1926. a cnmpila
ton by George Fl. Burr & 90. shows
December sales increased Sl7S5g. IS
over December. 1926. The J. {
Penney Go. led all other chains fo
the year In point Of dollar gain Wit
an increase of $3G.27l.597. +. "
Woolworth & Co. was next with
gain OF sls.l0s.lsl.
Credit Demands Again Decline.
The weekly Reserve Bank statemen
showed a further decline in use O
| credit In the local fifth district. Re
discounts dropped to 322. 5gl 900 iron
$z5.Sl7.ooo~ two weeks ago. Accep'
ances bought in the open marke
1850 VAsVDSsOpD W %rT
lzs 900.
The Richmond banks reserve rati
| rose 10 1873 per cent from 4773 pc
| cent the week before. This compare
with a ratio Of T0.7 per cent for tn
| entire system.
Other Financial Notes.
The official roster of the l.ineol
| National Bank has been augment
| by the election Of William 81. Iiu~ras
| auditor; George r. Williams gelera
counsel and trust officer: Melvin {
| ijazen. secretary 10 the board; ~ y
| MILAN. associate counsel. and J, Fran
| Rice, assistant trust officer
The condensed statement of IN
| f>swyers' Title Insurance Co, Distric
| Title Insurance ~, and the WanI:ni
| ton Title Insurance 10. shows ttl3t III
! year 1927 ended with capital stoek q
| 500 900 and surplus ana undiYlde
| profits If 81 .GsZ .5g7.4s. and the repor
| revealed that the organization ha
closed the best year In it's history
| Many Washington bankers AZ
| thoroughly familiar with The CONVEX
| ton city chosen for tbs next Dent
| crstIc gathering. The las, .trner lea
| Ia mixers Association convention va
! held AT Houston, AMI local banker
| say that the cordis!ity shown 10 yit
tore ~ almost remarkable
| thomas w. Brahsuy. Of Crane, Pai
RE 90, jni ehtfneHt bankers, Ha
| been named chairman ~ the safe II
| V"simtnt sHd nihfe Il viii day, lam
| AIRY "a" ir cDnurCt3oH WIN NaitGnn
| Ibr!t' week, AhIrb VIII br DiSerte
| here ana throughout the "nuntfy neA
"F'h 4 meeting ~ the fuii commit