Evening star., 1935-05-04
RICHMOND BANK
ASSETS INCREASE
Rediscounts and Industrial
Loans Also Register
Gain in Month.
BY EDWARD C. STONE.


w. w. Hoxton reports that between
March Is and April Is, 1885, total
earning assets of the Federal Reserve
Bank of Richmond increased by $685.
600, rediscounts rising by $143 900 and
industrial loans made to industries
for working capital increasing by
$4,000, while the portfolio of open
market paper declined $4,000 and for
eign loans on gold dropped $4,000.
The circulation of Federal Reserve
notes of the Richmond Reserve Bank
rose 100000 during the month, con-
trary to seasonal expectations.
Member bank reserve deposits, which
for many months have been much
above requirements, showed decrease
Of $14,724000 between the middle Of
March and the middle of April. The
several changes mentioned. with others
of less Importance, resulted in de-
cline of $6,500,000 in cash reserves OF
the Federal Reserve Bank of Rich
mond, and caused drop of 94/100 of
l point in the ratio Of cash reserves
to note and deposit liabilities COM
bined.
In comparison with figures for
April Is. 1884, those for April IS this
year show marked changes in several
items. Rediscounts dropped by ST.
1886, 900 during the year, and holdings
of open market paper declined by
$336,0O0. On the other hand, owner
ship of Government securities rose by
$2O, 900 900 between April Is last year
and this; April IS, 1885, the bank had
loans made direct to industry for
working capital outstanding to the
amount of $3,613,000. and the bank
was participating to the extent OF s4,-
900 In system foreign loans on gold.
The changes resulted in net rise OF
$21. $4,000 in total earning assets
during the past year.
Circulation of Federal Reserve notes
of the Richmond bank April Is. 1885,
exceeded circulation year earlier by
S9475,O00. Member bank reserve de-
posits declined by $22, ,402 900 between
the middle OF April last year and the
corresponding date this year. Cash
reserves of the Federal Reserve Bank
of Richmond, which were relatively
high year ago, declined by s24,0s8,-
600 during the year and the ratio OF
reserves to note and deposit liabilities
combined dropped points.
Bank Deposits Reveal Gains.
Chairman Hoxton further an
nounces that time deposits In 20 re-
porting member banks and aggregate
deposits in II mutual savings banks
totaled s335,7e1,o ,o72 at the end of
March. 1885, a higher figure than
either s335,036,766 reported at the
end of February, this year, or S323,-
251,943 at the end of March last year.
Both the reporting member banks and
the savings banks gained in deposits
during the past year and the mutual
savings banks increased during March,
but the reporting member banks
showed a small decline between the
end Of February and the end of March.
Debts to individual accounts hg-
ures in the four weeks ended April
10, 1895, showed a normal increase
of 6.6 per cent over debts in the pro-
ceeding four weeks, due chiefly to
quarterly payments Of dividends and
interest on April l and income tax
payments on March IS. When the
lateness of Easter is considered, trade
was up to seasonal levels, Chairman
Hoxton states. Contrary to the ma
tional record, business failures in this
district increased in both number and
liabilities involved over March, 1884.
Employment conditions appear to
have become somewhat worse be-
tween the middle of March and the
middle of April, due to restrictions to
operations in the textile mills and
some other scattered industrial plants,
which more than Offset seasonal in
creases in construction and farm
work. Textile mills in the fifth dis
trict curtailed production about rs
per cent on April /, and plan to con-
tinue the restriction two months un-
less there Is a marked change in the
market demand Spot cotton prices
declined and exports were lower than
Q year ago.
Manufacturing of tobacco held up
during March. Building permits in 81
fifth district cities, Mr.. Hoxton re-
ports, showed a 49 per cent improve
ment in numbers and an increase of
s3.s per cent in valuation over year
ago, but contracts actually awarded
totaled $11,185, 1868 against the higher
figure last year of $l5,8S0,592.
Lanston Makes Fine Showing.
Much favorable comment is heard
IN the financial district on the annual
report of the Lanston Monotype Co.,
presented at the annual meeting in
Alexandria, showing net profits of
$90,028, equivalent to $1.67 share
on $3.50 shares, against $1,347, or 2
cents a share on $500 shares in
the proceeding year. It is remark
able improvement for period of only
IL months, in the opinion of many Of
the company's stockholders.
Current assets as of February %,
1885. including s1.359,614 cash,
amounted to s3,741,203. and current
liabilities were $59,307. This COM
pares with cash and marketable Sc
curities of $1,312,220, current assets of
S3,978,893 and current liabilities of
31,169 on February %, 1884.
The election of directors was espe-
cially pleasing to Washington, which
now has four members. George w.
White, president of the National Met
ropolitan Bank, has served the cor
pOratlOn Tor many years, as mas
Chairman J. Thilman Hendrick. Karl
w. Corby also has been on the board
several years, while this weeks addi-
ton was Roger j. Whiteford.
Lanston stock, so widely held here,
Is one of the veterans on the Wash
ington Stock Exchange. The last sale
was made at so. Paying 81 year, it
yields SO per share at present prices.
Heard in Financial District.
The $1,000 sale in Washington Gas
IS, 1858, at t05ss on the Washington
Stock Exchange yesterday was new
high mark for the year in this issue.
The highest previous sale was at los.
The county commissioners of Anne
Arundel County, Md, have awarded
to Morris Mather e. Co. $45,000 OF
5 per cent Bay Ridge District bonds
on q bid of 101.2999. Stein Bros. g.
Boyce and associates bid 101.
Insured mortgage loans totaing
81 300, 900 have been extended resi-
dents of Washington during the first