Evening star., 1933-05-22
FEDERAL RESERVE
EARNINGS IMPROVE
Gross Return for Last Year
! Was S50,019,0 900, State
ment Shows.
BY EDWARD C. STONE.

serve Banks in 1882 amounted to $50,-
0l9,0o0, or $20,31S,000 more than in
1881, and were the largest since 1929,
according to the Federal Reserve
Board annual report, just made public.
After deducting current expenses OF
$26, ,291, ,000-somewhat less than for the
preceding year-reserves for deprec1a-
ton on bank premises and reserves for
losses, self-insurance, etc, there re-
manned net earnings of S22, ,314,000, OF
which $e,282, 900 was paid to member
banks as dividends, S11,021. 900 was
transferred to surplus and $2Oll 900
was paid to the United States Govern
ment as a franchise tax
Dividends of the St. Louis and Dallas
Federal Reserve Banks were paid In
part out of net earnings and in part
from surplus. All other Reserve banks,
including the Richmond Bank. had
sufficient net earnings to pay dividends
in full.
The Chicago Federal Reserve Bank
paid a franchise tax to the Govern
ment of $1,091,513, the Cleveland Bank
s832,745 and the Minneapolis Bank
$87,158.
A reserve of $8158000 for depre-
citation on United States bonds which
was charged direct to surplus on Decem-
Der 81, 1881. was returned to surplus
before the books were closed at the enc
of 1882, bringing surplus OF the ~
banks en- the latter date to S278,599, 600.
During 1882 the number Of member
banks decreased from 7,246 to 6,816,
net reduction of 430 as compared with
q net reduction of 804 the year before.
Maryland Banks Plan to Reopen. \
More Maryland banks report definite
plans and progress toward getting re-
opened on 100 per cent schedules.
The Talbot Bank and the Farmers &
Merchants Bank both of Easton, in
Talbot County, and the st. Michaels
Bank of St. MichaelS, in Talbot County,
have announced plans for immediate
reorganization which will enable the
three institutions to open en- 100 per
cent basis The reorganization plans,
which provide for Strengthening the
banks capital structures, have received
the approval of the Maryland State bank
commissioner.
Depositors of the Towson National
Bank of Towson, Md, have been in
formed of reorganization plan, which
has received the approval of the con-
troller of the currency, and which Will
permit the bank to reopen on 100
per cent basis, following its adoption
by the stockholders and depoSitors.
Junior Bankers Attend Outing.
Washington Chapter, American In
stitute of Banking was largely repre-
sented at the field day held at Colling-
wood Inn, on the Mount Vernon Memo
rial Highway, Saturday afternoon and
evening.
The affair was in honor of Richard
A. Norris, retiring president of the local
chapter. 1t was great day for him.
He finally lifted the burden of chapter
responsibilities to the shoulders of
Robert H. Lacey where they are now
resting.
1t had been intended to hold a meet
ing of the boards of governors and
transact a lot of extremely vital busi-
ness. The outdoor atmosphere proved
too alluring Sports and the dinner
got most attention. The annual re-
ports were placed on file to be closely
studied on some rainy day.
The chapter members are looking
forward to the Chicago convention. 1t
is announced that Mayor E. ]. Kelly Of
Chicago will welcome the delegates.
Another speaker of note will be Fred
I. Kent of the New York Federal Re-
serve Board, who is also in charge of
the national control of foreign ex-
change.
]. S. Bache on Exchange so Years.
In the Washington Office of j. S.
Bache g. Co., in the Washington Hotel,
is a copy of an interesting letter writ
ten in Chicago. Congratulations have
just been forwarded by Paul H. Davis,
president of the Chicago Stock Ex-
change, to Jules S. Bache, who has been
a member of that organization for half
q century. MIR. Davis letter follows:
"On the occasion of your fiftieth an
niversary as member of the Chicago
Stock Exchange, I wish to extend to
you on behalf of the exchange, its
officers, and its members our congrat-
ulations and best wishes.
Your SO years of continuous service
with this Exchange covers nearly its
entire life, as the Exchange was organ
lied only year prior to your election
to membership. We are pround of your
record and hope you will enjoy many
more years of happiness and cussecc." D"
It will be recalled that Mr.. Bache
visited the Washington Office when it
was opened He also has been mem
Der of the New York Exchange for years
and makes his headquarters in Wall
Street.
TOday's Trading on Exchange.
The weeks trading on the Washing
ton Stock Exchange opened today with
$500 Washington Gas 6s. series B, SELL
ing at 1O3
Washington Gas IS, 1860, came out in
$500 and $1,000 denominations at
1929.
Washington Gas Light 5s, 1853,
moved in $500 turnover at 81 and
$500 Washington Railway & Electric As
changed hands at 85.
The final bond sale was 81 900 Poto-
mac Electric Power Consolidated SIS,
which brought 1922.
Stocks were neglected today. The
only sale was in Potomac Electric Power
5lz preferred, which registered sale at
1862.
Heard in Financial District.
William D. Hoover, president Of the
National Savings g. Trust Co., has re-
turned from a short visit with relatives
in Huntington, w. Va, his grandchil-
dren being one of the big attractions.
The Reconstruction Finance Corpora
tion has purchased preferred stock In
the following banks Paintsville Ma
tional Bank, PaintSville, KY. 100000;
First National Bank in Joliet, Joliet,
Ill, S200000 and the Waterloo Ma
tional Bank, Waterloo, Iowa, 100000.
The purchase in each instance is con-
tingent upon sale of an equal amount
of common stock by the bank.
The interior of the Bank of Com
merce & Savings at Seventh and E
streets has just been entirely redeco-
rated. The officials are receiving many
congratulate ticns on the banks fine ap-
pearance.