Evening star., 1933-02-08
BR|GHTWOOD BANK
STATEMENT FILED
Receiver Reports Steady
Progress in Handling Af-
;s-... :;.-.- fairs of Institution.
BY EDWARD C. STONE.

4 BY EDWARD C. STONE.
The Bank of Brightwood's statement
. Of condition filed with the controller O
4 the currency since the last Treasury
I bank call indicates that steady progress
Z is being made with the present re-
: ceiYership proceedings. Since the
/. Brfghtwood Bank suspended operations
! last July cash collected from al
sources has totaled S223,595.39. OF this
Z sum $211,347.34 was collected from as
t--eees~and stock assessments, while S11,-
: 1855 was collected from interest
premiums and rents. Cash collected by
the receiver and held as trustee for the
/ owners amounted to S1,118.88, the
statement says.
Up to the time the recent statement
was filed, secured and preferred liabili-
ties had been paid in the amount of
/ SET ,178.43; advances for the protection
of assets in the form of taxes, insur-
spGe, etc. had been made to the amount
of S3,279.73 and up to December 81,
1s32, the expenses of receiverShip had
required $7,512.93. Over S185,0J0 in
cash is now in the hands of the re-
csiyer and controller.
The BrightWood Banks assets at the
time Of the suspension were given as
. $255 824.25, based on book value. Addi-
tional assets acquired since that time
total $53,607.53, together with a stock
! assessment of 100000, making a total
5 OF assets accounted for of 81 1109, ,431 10,
the report showing total cash collected
from assets and stock assessment as
-SailsS4734. on December 81, 1882.
,.nnTQtal remaining uncollected assets at
.the,,time of the statement sent to the
: controller amounted to 1925, ,144.04. The
report of the receiver, Claude H. Wood
: ward, former president of the Mount
: Vernon Savings Bank, shows that the
J. Brentwood institution never made any
loan from the Reconstruction Finance
: Corporation.
Fifth District Mill Operations.
z Higher prices for cotton and higher
consumption are encouraging signs pic
tllyed in the latest review of the Bank
of Richmond Textile operations con-
tifrued at high rate in December,
: higher than in the same month in 1881
: Cotton consumed in the district in
December totaled 219,212 bales. of
which 100, ,751 bales were used by North
s Carolina mills, t07 ,260 bales were used
LIZ
: bales were used by Virginia mills. North
= Carolina mills used less cotton last
month than in December, 1881, but both
South Carolina and Virginia mills in
< creased their consumption. In Novem-
Z ber, 1882, the mills in the Carolinas and
: Virginia consumed 246,775 bales, and in
4 December, 1881, they used 198,076 bales.
: Total consumption in the Fifth dis
: trict in 1882 amounted to 2,403, AL
Z bales, decrease of Al per cent in COM
Z parison with 2,507,332 bales used in
1881, all of the decrease occurring dur
I ing the five months of April, May, June,
July and August
'@ Consumption Of cotton in the Rich
mond Reserve district in December.
1882, totaied 1881 per cent of national
consumption, compared with 48.99 per
cept In November, 1882, and 4768 per
cent in December, 1884,
International Banks Report.
1.-The twenty-seventh semi-annual
financial statement of the International
Berk, of which John R. Waller is
pfe&dent, showed on January 81, 1898:
--., Resources.
Due from Banks - S1S,S55 "a
Loans and Discounts. 49,. S29,74O.99
Bonds and investments. -. 50O,S4S. .O6
Real Estate. S223.432.74
Ensurbrances. 4o.e275o
saniins Equipment. -. i'sjsSs,55 s.sss.55
~ s1,541,o7s.O .Os
Liabilities.
Capital ........... S1,2o6 400 90
Collateral Notes ......... . 6037I 90
Thrift Trust Notes ....... s3,645.57
Defetred Payments ....... 4o3s.41
!, S1,541O7s.Os
The International Bank is not a
bank of deposit. In his summary
dealing with the past year, President
Waifer tells the stockholders that dras-
tic economies have been effected. The
fixed policy of reducing Indebtedness
wall he continued, Mr.. Waller says, and
expresses the belief that present un-
favorable conditions all over the coun-
try will be overcome by legislation and
other means.
National Life Increases Assets.
The National Life Insurance Co,
Montpelier, which has had local office
sitA 1887, increased it assets in 1882
by SO ,648, 165, according to the annual
report of President Fred A. Rowland,
just received by the Washington office,
in charge of General Agent Karl S.
Hoffman.
The company paid to policyowners
during 1882 S20,318,082, the largest dis
.-trihution to policyowners in the COM
.spany,s history. This figure does not in
clude policy loans, which reach a high
point in 1882, but showed decline of
20.per cent for the. last six months OF
the year, thus marking a favorable
trend in cash requirements.
Mr.. Hoffman reports that during the
year of 1882, the Office space of the
local agency was increased so per cent
life insurance was increased almost
100 per cent and the annuity business
was increased over 100 per cent.
Cleaned in Financial District.
On the Washington Stock Exchange
today, $1,000 Washington Gas Light IS,
series A, sold at 100, and 81 600 Wash
ington Railway & Electric As changed
hands at go.
Francis NJ. Savage has been elected
president emeritus of the Northwest
Business Mems Association. Many
years ago the association met in the
Northwest Savings Bank Mr.. Savage
being president of the bank at that
time, and showing great interest in the
business development of the area.
c. r. Ogsbury, who for the past three
years has been district manager of the
tabulating machine division of Inter
national Business Machine Corporation
with Washington headquarters, has beer
promoted TO head of the insurance di-
vision of the companys business, with
headquarters in New York City. Mr.
Ogsbury has been with the company
% years.
Otis A. Glazebrook, jr., of G. Mp
Murphy & Co, has been elected a di.
rector of Tri- Continental Corporation
: Mr.. Glazebrook was president of Gray
.1nur Corporation, assets of which were
rPcnr1flN ann11irnd hJr e ti,nn "a