Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-07
BANKS SHOW GAIN
INTROST BUSINESS
Controllers Report Reveals
Substantial Increase in
| Funds Involved.
By EDWARD C. STONE.

nual report of Controller of the Cur
rency John w. Pole, made public q
few days ago. The number of national
banks engaged in the trust field, the
amount Of funds involved, the interest
in. the creation of insurance trusts and
the number of banks made estate trus-
tees reveal notable increases during the
year In his repor. Controller Pole
says:
More Banks Handling Trusts.
The national banks in 1880 continued
to show steady and substantial progress
in the development of trust activities.
Two thousand four hundred and sew
enty-two banks, with capital, surplus,
and undivided profits aggregating So
123 ,303,341, and banking resources to-
falling $23, 529, 097,073, had authority to
administer trusts on June 80, 1880,
which represented 81 per cent of the
number of banks and 80 per cent of the
total banking resources of the 1882 ma
tional banks in operation on that date.
OF the number authorized to exercise
trust powers under section IL (k) of the
Federal reserve act 1929 banks had
established trust departments and were
administering 1922 individual trusts
and in addition were administering H.
and in addition weer administering H.
5l1 corporate trusts and acting as trus-
tees for outstanding note and bond is
sues aggregatlng $1l 1903, 717,370. For
the fiscal year ended June 80, 1880, trust
department gross earnings aggregating
$22, 765 900 were reported.
Compared with 1929, these figures re-
fleet a net increase during the year of
80 in number of national banks having
authority 10 exercise trust powers; an
increase of IS, or 5 per cent, in the
number administering trusts; an in.
crease Of l5,435, or 20 per cent, in the
number Of trusts being administered;
an increase of $235, 49,, 900, or 5I2 per
cent, in the volume of individual trust
assets; an increase of ABB 100000, or
so per cent, in the volume of trustee
ships under bond issues, while the gross
earnings from trust department oper-
ations increased $2182,000, or IL per
cent, over the previous year.
Progress Rapid Since 1926.
The rapid strides which national
banks have made in the trust field are
emphasized by considering the activities
during the past year with those of 1926.
Compared with that year, these figures
represent an increase during the four
year period of AS, or % per cent, in
the number of national banks author
lied to exercise trust powers; an in
crease of 725, or IS per cent, in the
number of banks actively administering
trusts; an increase of $3.50, or $50 per
cent, in the number Of trusts being adj
ministered; an increase of $3,550,000,-
600, or 3S5 per cent, in the volume of
individual trust assets under admins
tration; an increase of $9,340, 900. 900,
or 379 per cent, in the volume of bond
issues outstanding for which national
banks are acting as trustees, while the
gross earnings for the same period in
creased $l4,5I0,O00, or 176 per cent.
The increasing interest in the Gre
alton of insurance trusts is evidenced
by the fact that 153 national banks
were acting as trustees under 396 agree
nents involving the administration of
$13, Laos, 009 in proceeds from insurance
policies, while $50 national banks had
been named trustees under 1888 In
surance trust agreements not operative
supported by insurance policies with a
face value aggregating $5S6, FOG, 435.
Compared with 1929, the insurance trust
figures represent an increase OF 80 per
cent in the pHF1per of national banks
administering insurance trusts, an in
crease of AS per cent in the number
and 10 per cent in the volume OF insur-
@Icc trust assets under administration.
Banks Named Insurance Trustees.
The number of banks which had
been named trustees under insurance
trust agreements net operative In
creased during the year % per cent,
the number of insurance trust agree
ments not vet operative naming ma
tional banks trustees Increased q per
cent, while the volume Of insurance
represented by the face value Of the
policies trusteed under those agree
ments increased 56 per cent over 1929.
Branches scf national banks number
ing 1877 were actively engaged in the
administration of Is, 092 trusts. with IN
kY-4trf acrofa af1frFnOoffYat Fl 9A0
564, 76O, and were acting as trustees for
bond and note issues outstanding
amounting to $3,I5l, ATS ,430, Controller
Pole reported.
Hoffman Heads Insurance Concern.
william M. Hoffman was reelected
president of the Firemens Insurance
Co. of washington and Georgetown at
Yesterdays organization meeting. He
will complete his thirty-ninth years
connection with the firm next June.
The other officers are Albert w. How
ard, vice president and secretary, and
James N Fitzpatrick, jr., assistant sec
rotary. At the annual meeting, held
Monday, the following directors were
Edward C. Baltz, Bruce E. Clark,
Willard r. Dixon, Park A. Gaueher,
william NJ Hoffman. j. Logan Hop
kins, Albert w. Howard, Charles II
Kindle, John =. SNYDER, Schuyler 8
Symons. Floyd-P Waggannan, Albert w
Walker and James M. Woodward.
Mortgage Directors Elected.
All directors, OF the National Mort
gage g. Investment Corporation were
reelected at the annual meeting OF
stockholders yesterday. They are: DR..
George N. Rufin. Charles w. Norris,
James T.. Gibbs, Vernon @. Owen,
George w. offutt, Irving o. Ball, James
w. Beller, Col M. c. Buckley, MacPher-
sen Crichton, Clarence F. Donohoe. Har-
old E. Doyle, John j. Hamilton, Gen,
w. A. Holbrook, Ashton G. Jones, Gran
dal Mackey. Mai. J.. Garfield Riley,
james p. Echick, w. w. Stewart, Hugh
A Thrift, George E. Walker. William D.
West.
Busy Session on Exchange.
Bonds showed more activity on thu
Washington Stock Exchange today thar
has been recorded in some time. Tht
first sale was in Capital Traction SIS al
S6l3 Four $500 sales in Potomac Elec'
tric Power SIS were recorded at l02, whils
Washington Gas Is, series b, sold a.
1857 and los.
came out at 8512 on $1,000 uansiel
and SIS. GOO Anacostfa 81 Potomac Rail
road Guaranteed SIS moved at IS. Tit
bond market closed with small sale II
washington Gas Is, Serbs A, at l0l&
Capital Traction stock sold to tn
extent of 40 shares at 40ls and 10 NOR
at 4014. Potomac Electric Power pc
cent preferred came out at l08 an;
Railway & Electric preferred sold a
es12
Federal-American National Bank 4
Trust Co. stock sold at so for 20 share
and at 81 for 10 more. Union Trust CO
stock registered 219.
Federal-America Co. common soil
at 27Ia, Ianston at l03 and l02 an
Mcrnctnfhalar of ~