Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-27
Richmond Reserve
Bank Pays Highest
u. Franchise Tax
Total of $4,000 Turn
ed Over to Government.
Atlanta Branch Is Second.
Special pispatch to The star.

special Dispatch TO Inc star.
RICHMOND, Va, April 26.-The
fifth Federal Reserve Bank, with head
quarters in Richmond, leads the entire
system in the franchise tax paid to the
United States Government, according
to the sixteenth annual report of the
Federal Reserve Board. Only Of the
IL banks made franchise tax payments,
the Richmond bank giving the Govern
ment $876,262.
Atlanta was second, with $8o3,790
and Dallas was seventh, with $259, 1851
Boston, Cleveland, New York, Phila-
delphia and San Francisco have not
yet built surplus account equal to
franchise tax.
Gross earnings of the Richmond bank
in 1929 amounted to $3,299, 500, the
bank ranking eighth, with Minneapolis.
Kansas City, Dallas and st. Louis tax
ing lower place. Richmond was also
eighth in net earnings, the amount
being $l,342,225. Dividends to men,
Der banks were 1858, sol for the Rich
mond bank, this figure being larger
than the total for the Atlanta, Min
neapolis, Kansas City, Dallas or St
transferred $97, 1862 to surplus in 1929.
Bank Suspensions.
In the period of 192l-1929, inclusive,
there have been AIT bank suspensions
in the Richmond district, Of which So
were in 1929. But only So of the banks
that suspended were members Of the
Federal Reserve system, leaving 385
non-members. In the total number OF
bank suspensions in the nine-year
period Richmond Is in sixth place.
Minneapolis leads, with 1,481 sus-
pensions. The Boston bank had only
Is suspensions in nine years, and only
were member banks. The Philadel-
phia district had only 10 suspensions.
OF the 437 suspensions in the Rich
mond district, 227 were in South Caro-
lima and 125 in North Carolina, leaving
only B5 divided between Virginia, Mary
land, West Virginia ana Sssss District Of
Columbia. Deposits of the suspended
South Carolina banks amounted to $780,
600, 900 and those Of the North Caro-
lima banks to $29, 900, 900.
Only two districts, Atlanta and Bos-
ton, have fewer member banks on the
par" list than Richmond, with 1901
at the end of 1929. There are 546
banks in the Richmond district not on
the par" list, which Is exceeded only
by the Atlanta and Minneapolis dis
trictS. The membership in the Rich
mond banks par" list dropped from
1,174 In 1928, but there was a CORE
spending loss In every other district.
All of the banks Of the New York, Phila-
delphia and Boston districts are on the
par list and all except nine In the
Cleveland district.
Withdrawals From System.
There were 514 members Of the Rich
mond bank in 1929, which was de-
crease Of 80 from the 1928 figures. Four
districts, Chicago, Minneapolis, Kansas
City and Dallas, lost more members
than did the Richmond bank. Boston
lost only four and New York, seven.
Chicago led in losses, with Sc.
Withdrawals from the system, accord
ing to Gov. George j. Seay of the Rich
mond bank, are due, in part, to CONSOLE
dalton of member banks and State banks
which maintain branches. The area
most affected by consultations in the
fifth district is North Carolina and
South Carolina.