Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-13
RICHMOND RESERVE
EARNINGS DECLINE
1880 Total Is $134,172.
Decreases in Discounts
Noted in Report.
BY EDWARD c. STONE.

Net earnings of the Federal Reserve
Bank of Richmond in 1880 amounted
to $134,172, as compared with $1,712,-
366 in 1929, according to the annual
chairman of the board. Operations
of the bank after taking out $162,969
for account of reserves, depreciation,
ETC., and dividend payments on capital
stock totaling 1858, 472, showed gross
deficit of $685., 1853 for 1890
On account of marked decreases In
rediscounting by member banks In
1890, in comparison with 1929, and TO
lower discount rates, the gross earn
ings of the Federal Reserve Bank of
Richmond totaled only $l,7O3,2O5 last
year, against $3,299,610 in 1929. The
percentage of gross earnings derived
from the discount of member bank
paper amounted to So per cent last
year, compared with 70 per cent in
1929 and 68 per cent in 1928.
Current expenses for 1880 totaied
e1,569, 034, a decrease Of S18,2lO under
$1,5S7,244 for 1929.
Fewer Checks Cleared.
Except in the currency and coin han
died. the volume of business at the Fed
eral Reserve Bank of Richmond was
smaller last year than in 1929. The
number of bills discounted and bought
number handled in 1929, and the aver
are daily holding of bills was SO per
cent less than in 1929. The number OF
borrowing banks in 1880 was 345, COM
pared with 384 in 1929.
The number of checks cleared by the
transit department declined more than
1900, 900 and the dollar value declined
s1,323 100000. The number OF nom
cash collections handled was 4.89 per
cent lower and the aggregate amouns
decreased 1879 per cent Transfers OF
fllnds for member banks decreased 7.u2
per cent in number, but the aggregate
amount involved rose Ill per cent.
Daily Circulation Lower.
The average daily circulation of Fed
eral Reserve notes of the Richmond
hank was higher in each of the first six
months of 1880 than in the correspond
inc months of 1929, but each OF the
last six months showed lower average
{ig,,res than those Of the preceding year,
riSIe at least in part to the materially
fipher figures in the second half OF 1879
as a result of the introduction OF snan
sized currency on July 10, 1879: aver
age daily circulation totaleo $3.50 t,S4 ~
In 1890, compared with $fS,flo'loo II
1929. 1.o,,.
evstem in the fifth district declined
during 1880 from SIS to 487 banks. PIX
hanks Joined the system during the
wear hut a. members were lost through
foundations. mergers or Withdrawals. Al
the end of 1880 there were 447 nauonal
bank members and 80 State bank mem
bers in the fifth district.
ON December 81, 1890, the shares Of
the Richmond bank owned by MEMBER
banks numbered 1902, compared with
12I. 4e9 shares held on December 81,
1929. The net decrease IN paid-up
capitaI of the bank during the year
1880 was S2Tl 100, Chairman Hoxton
said in concluding his report.
Carpet Earnings Improve.
Harry L. Carpet, president Of the
Carpet Corporation, announces that
earnings for January and February OF
this year, as shown by the reports OF
Robert A. Philipson & Co. auditors, are
1913 per cent in excess Of the earnings
for the same period Of 1880.
This announcement, coupled with the
recently issued earnings statement Tor
1880, shows steadily increasing earn
tngs, even during the present period OF
The stock is listed on the washington
Stock Exchange, where 1t enjoys an
active market. At the present selling
price it yields return OF about per
cent.
d. c, Bankers Leave for South.
One of the largest local delegations
70 attend the Spring meeting of the
executive council Of the American
Bankers Association has gone to hu-
gusta, Ga. The delegation was headed
BY Francis G. Addison, jr., who is the
washington member of the council.
Others in the party included Howard
Moran, q member Of the savings bank
division of the A. 3. A.: Lanier P.
McLachlen, president OF the District
Bankers Association: John Poole,
Joshua Evans, Robert v. Fleming,
4nember of several special committees,
and z. E. Mountjoy, the A. B. AS reg
ular representative in Washington. The
sessions open tomorrow morning, with
Rome c. Stephenson presiding.
MergenthaIer Market Leader.
Mergenthaler Linotype led trading
TODAY on the Washington Stock Ex-
change, which was confined to small
lot transactions. The stock opened at
S03s and closed at S0i2. the days turn
over reaching 20 shares. Merchants
Transfer g. Storage common came out
at 95 and closed at "a. Terminal Refrig-
Grating & Warehousing Corporation
sold at 46 and Peoples Drug Stores pre-
ferred at 1o3. Twenty-Five shares Of
Carpet Corporation came out at 24Ta
and 20 more at 24s4. Bond trading
was confined to Capital Traction SIS at
II and Washington Railway g. Electric
Is at 89l2.
Financial District Notes.
Kenneth ~ Wales, manager Of Bon
bright & Ces with Offices in the Hill
Building, announces that Robert Stead,
IT., has become associated with the
Washington branch. Mr.. Stead has
been IN the investment business here
for 10 years am was formerly connect
ed with Eastmas Dillon g. Co. He Is
active IN the Distf.ct Golf Association,
being chairman of the Golf Committee
of Chevy Chase Club.
The young women members OF WASH
ington Chapter. American Institute OF
Banking were rendered tea yesterday
afternoon by Mrs. Anne T1llery Rem
shaw at her studio on Connecticut ave-
nue., about IS being present, including
several officers and instructors. A musi-
cal program was rendered. Mrs. Rem
shaw is instructor Of the wonen's class
at the institute.
Institute members viii hold another
public-spes king contest tomorrow eve
ming 10 select a representative for the
coming contest at Lancaster, Pa, May
6. There are 10 contestants each TO be
allowed eight minutes. The subject will
be the same as at previous contests
The Judges are II d. Rosenberg, presi-
dent of the Bank OF Commerce d saw
incs: H H. Mckee president Of the
National Capital Bank, and f. j. Dom
chue, member Of the institute faculty