Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-19
RICHMOND RESERVE
EARNINGS DECLINE
Net Deficit for Year Is
$28,797, According to
Governors Report.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
According to the annual report OF
George j. Seay, governor of the Federal
Reserve Bank of Richmond, covering
the year 1880, and just sent to stock
holders, the bank had net deficit for
the year amounting to $2s,7s713.
The profit and loss account shows
total gross earnings for the year OF
$1,703, 20657, against $3,299, 609.29 in
the previous year. Total current ex-
penses were $1,569.o34.44, compared
with 81 ,587,2436l in 1929.
Net earnings for the year were $l34,-
17143, against 81 ,712, 365.68 in 1929.
The Richmond Bank had a balance
ut the close of 1929 amounting to
S12,495, 857.15 in comparison with the
balance at the end of 1880 of $l2,ll3,-
5e8.51. The capital stock account stood
at the end of the year at $5,S0lS5o
Gov. -Seay reported total reserves at
the end of the year as $40 1872 097.74,
against $10520692913 a year ago.
Total non-reserve cash amounted to S4,-
SIS, 47S05 and brought the banks re-
sources up 70 $216,942 ,63077, compared
with $235 ,138, 36019 in 1929.
The Richmond Bank at present has
capital stock totaling $17,9l4,938. 81,
total deposits of SOL ,672, 5000 and Fed
E1 al xtCCC1 VIC AAOJIo AAA SAANhASSAS@A
amounting to $1005l6,210.
Details covering the operation of the
various departments show that the bank
had an extremely busy year in serving
the members in the fifth Federal Re-
serve district. Gov. Seay calls atten-
ton to the fact that the physical volume
of work during 1880 decreased but little
Notwithstanding the decline in business
and prices. The report is most compre-
hensive in its details and shows clearly
that the Federal Reserve Bank of Rich
mond Is one of the most important
financial institutions, not only In the
fifth district, but in the country as
whole.
Details From w. X. q e. Report.
There were 124,61s shares represented
ct the annual meeting of the Washing
ton Railway & Electric Co. held Sat-
urday afternoon at which the same di-
rectorS and officers were elected for the
coming year. At one point In the re-
port President Ham says:
In addition to track reconstruction,
the company went forward with its an
nual program OF changing from center
pole construction of the overhead trolley
line to span construction, at the fol-
lowing locations: Georgia avenue from
Gallatin street to Brightwood car barn,
Butternut street from Piney Branch
road to end OF line, Michigan avenue
from North Capitol to Monroe street
northeast.
Reconstruction work on six bridges
on the Cabin John line were practically
completed wherein certain parts were
strengthened through replacement with
heavier steel members, old wood decks
replaced with new creosoted wood decks,
and heavier steel and guard rails re-
placed those of lighter weight.
.SnA
forward with their plan of extending
the trafic signal lighting throughout
the city with many such signals being
placed on routes of street car and bus
lines These have materially delayed
the movement of both cars and buses,
with added inconvenience ard annoy
ance TO our patrons.
Plans for Extensions.
I'VE have again made liberal appro-
priations Of funds for the expansion Of
our bus service. In 1880 we increased
the feet OF buses TO i23 by the pur-
chase Of % Yellow coaches at q cost
of $l67,lI3. The total investment in
BUSES now aggregates 860,446.87. A
new and modern bus garage was con-
structed on Georgia avenue northwest
AZ cost Of approximately s43o, 900.
The number of miles operated by buses
in 1880 was 3.674, 2e6 over conduit track
and 9046 feet of overhead trolley track,
at cost of approximately 1868 900.
THE safety contest, which has now
been In operation on the properties over
10 years, is still being carried on with
enthusiastic cooperation of the opera
tors. Constantly increasing congestion
on the streets tends TO increase greatly
the liability of accidents, yet the year
just closed shows q reduction of per
cent in the number of accidents as COM
pared with 1929
approximately rs per cent Of all
transportation accidents in 1880 were
with automobiles. Quarterly mass meet
tngs of trainmen and bus operators are
held In an effort TO impress upon the
employees the need Of extreme caution
being exercised in all operations.
The expansion Of the company re-
Qltres the appropriation of further large
sums for the ensuing year, which ag-
gregate approximately 81 SOC. 900. These
funds will he required for the in
stallation Of q new 3o.0o0-K. w, 60
cycle high-pressure turbo generator,
with necessary appurtenances; a new
gubstation building. with necessary elec-
trtcal equipment for 1t and other Sub
stations, and the usual extensions nee
essary to render efficient and depend
able service To our customers"
Notes In Financial District.
Capital Traction sold at 4112 in light
trading on the Washington Stock Ex-
change today. Mergenthaler Linotype
registered a small turnover at So and
most of the remaining trading was con-
fined to the bond department, transact
tons In the senior obligations being
limited to Washington Gas issues and
Washington Railway 81 Electric As.
Stockholders of the National Savings
d Trust Co. will hold their annual
meeting late this afternoon, while the
American Security g. Trust Co. and the
Munsey Trust Co. are booked to hold
similar meetings tomorrow.
Albert w. Atwood OF Washington, a
noted contributor TO the Saturday Eve
ming Post, writing extensively on
finance will broadcast on Wednesday
evening, January 81. from to 6:l5
o'clock on the subject of life insurance
His talk is being sponsored by the Dis
trict of Columbia Life Underwriters
Association. Wednesday is life insur-
ance day in connection with thrift
week. and the local association has Sc