Evening star., 1934-05-05
RESERVE DEPOSITS
TR|PLED IN YEAR
Richmond Bank Announces
Many Striking Changes
in Last IL Months.
BY EDWARD C. STONE.


comparison of April Is, 1884, figures
with those for April Is. 1888. shows
material changes in nearly all items
during the year, part of which were
due to the unusual conditions exist
ing last year as a result of the bank
ing troubles. During the year redis-
counts for member banks declined
20,266, 900 and the portfolio of open
market paper dropped $4,728 900. On
the other hand, the bank increased its
holdings of Government securities by
$45, ,414, 900.
These changes brought a net in
crease in total earning assets amount
ing to S20,420000 between April Is
last year and this. There was a de-
crease Of $32. .445, 900 during the year
in Federal Reserve note circulation
representing retirement of large
volume Of notes which member banks
held a year ago as precaution
against unusual demands from de-
positors after the banking holiday.
Member bank reserve deposits at the
Federal Reserve Bank of Richmond
nearly tripled during the year, rising
by $94,418,000. The banks cash re-
serves increased $37.178,00O between
April is, 1888, and April Is. 1884, but
the ratio of reserves to note and de-
posit liabilities combined rose only
faction of a point. according to Chair
man w. M. Hoxton.
Bank Deposits Increasing.
Between March IA and April II,
both this year, loans and discounts of
the % reporting member banks de-
creased S1,547,000 Loans on stocks
and. bonds declined by $2,243,OC0, but
there was an increase of $500, 900 in
all other loans. Investments in Sc
curities decreased during the month
by s9,303,000. while the reporting
banks increased their reserve balance
at the Reserve bank by $3.50 900.
Cash in vaults changed little, de-
clining by sl52,000. Deposits rose be-
tween March IA and April II. demand
deposits increasing $750,000 and time
deposits rising Sl,199,000. Meme of
the % reporting banks were borrow
ing from the Reserve bank on either
April II or March IA.
Time deposits in % reporting
member banks and aggregate deposits
In IL mutual savings banks in Bal
timore totaled 1925, ,251 ,943 at the end
OF March, 1884. higher figure than
s320,697,855 reported at the end of
February this year. but a lower figure
than 1924 ,971 $50 at the end of March
last year.
Both the reporting member banks
and the savings banks gained in de-
posts during the past month, but
the savings banks reported a lower
total than at the end of March, 1888.
MIR. Hoxton adds.
Building Expansion Shown.
Building permits issued in 81 fifth
district cities in March, 1884, showed
some progress from the very low fig
ures reported for March, last year.
Last month 1,464 permits were issued
Tor all classes of work, compared with
1910 permits issued in March, 1898.
an increase of 11.8 per cent. Total
valuation figures for March, 1884.
amounted to Sl,857,246, an increase of
S5.l per cent over the total of
1851 ,982 for permits issued in March,
last year.
The improvement was district-wide.
Il OF the 81 cities reporting a larger
number OF permits in March, 1884,
ana 70 cities reporting higher valua-
ton figures. Charleston, S. c., made
the best record for the past month.
population figures being taken into
consideration, due to one large per-
init Tor a public works project. Bal
tlmore, Washington and Richmond re-
ported higher figures for March. 1894
than Tor March, 1888, but their figures
are still very low for cities in their
population groups.
contracts actually awarded for
construction work in the fifth Reserve
district in March this year totaled
SIS ,880,592, including both rural and
urban projects, compared with only
S4,945,OO0 in contracts awarded in
March, 1888. Of the March, 1894
contracts, S3,012,127, or 10 per cent
was for residential types of construc,
ton, Chairman Hoxton reports.
Drug Store Earnings COMPARED
Net earnings Of $164 a share on
the common stock of Peoples Drug
Stores. Inc, in the first quarter of
the present year, compared with 50
cents per share a year ago, aroused
Wlde comment in the financial dis
trict. Further details from. the report,
showing other comparison with the
like period year ago, follow:
current assets as of March 81, last
including S1,620.829 cash, amounted
10 S4,266,378 and current liabilities
were $500, ,259 This compares with
cash of s938,521. current assets of
S3,534, ,404 and current liabilities of
$938,l69 on March 81, of previous
year. Inventories totaled S2.585 O24
against $2,489.O82. Earned surplus on
March 81, 1884. was So, ,468.1 as com
pared with s2,039,838 on March 81,
1888.
Total assets amounted to $7,514.99O
against $7,015,063. Capital stock con-
sists of $4,000 shares (par s10O of
6l2 cumulative convertible preferred
and 118,837 no-par shares of common
stock. excluding 5000 shares held in
treasury.
The Washington branch of the New
York Life Insurance Co., during the
month of April wrote 225 applications
for S779.227 of insurance and annu-
aties. This is the largest Month since
January, 1882, according to Earl D.
krewson, agency director. The New
York Life in Washington had paid
for as much business at the end of
April as was paid for by June 81
last year.
Cleaned in Financial District
Earnings of the Lanston Monotype
Machine Co. durint the year were
equal to cents per share on the
$500 shares OF capital stock out
standing. The annual report showed
an upturn of $S0,416 during the year.
Lanston again has strong Washing
ton representation in J. Thilman
Hendrick, chairman of the board:
George w. White. president of the
National Metropolitan Bank, and Karl
w. Corby, partner in w. B. Hibbs
81 Co.
Baltimore bank clearings totaled
$223, ,824,808 during April, compared
with $144, ,409,593 in April, 1888. ac-
cording to the Baltimore Clearing
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