Evening star., 1935-01-13
Total Of $13,a4s,ooo New
Loans Made to 6,921
Borrowers in 1884.
MANY LOANS PAID OFF
DURING LAST II MONTHS
Annual Report of Stockholders
Stresses Special Efforts to
Extend Sound Credit.
BY EDWARD C. STONE.

Honal Bank for the year 1884
totaled 1884,. .s636l. as compared with
s8Ss, ,o2s.32 for the preceding year.
representing $2744 per share upon
the common capital outstanding,
after allowance for dividends paid
ana accrued on preferred shares. as
compared with $2S63 per share in
1888, President Robert v. Fleming
reported to the stockholders at the
annual meeting.
He stated that it had been the
constant endeavor of the officials to
build up earnings from staple sources,
0r from general banking operations.
rather than from homecoming
sources such as profits from transac-
tdonS IN securities. Earnings from
banking operations In 1884 were in
excess Of those from that source in
1858, the result being obtained by
iying every opportunity to safely en-
ploy funds and by careful supervision
Of expenses. the banker explained.
. During the year new loans aggre-
satins $13.S48.0o0 were extended to
6,o2l borrowers, the figure, Of course,
having nothing to do with call loans
or commercial paper, Mr.. Fleming re-
ported to the stockholders. Special
efforts were made to extend credit
to all deserving borrowers, he said.
Because au customers do not always
know whether loan app1jed for
y bankable, no pains were spared
In the examination Of all apphca-
ttons In an endeavor to place them
in bankable form.
Many Loans Paid on.
The total number Of loans held at
the end Of the year was approxi-
mately the same as the end Of 1888,
the stockholders were informed. Re-
auctions In loans previously made ap-
pFoximately the total of new loans,
Mr.. Fleming said, such reductions
having been made almost entirely
through voluntary action on the part
Of the borrowers. This statement
appears to make official the Oft
heard r,lmors that old loans are being
paid OH rapidly and steadily in all
Washington banks.
Mr.. Fleming referred to the CO.
operation Of the banks Of the coun-
try in the Governments program of
modernization and repair, as pro-
vided for In title / Of the national
housing act. Recognizing the sound
principles involved in this program.
Mr.. Fleming told the stockholders,
the bank has been pleased to extend
1ts facilities to those seeking this
lons-term type Of credit. Twenty per
cent Of the volume Of these loans is
insured by the Government. At the
close Of the year Riggs Bank had
AZ per cent Of the total number of
loans and about 20 per cent of the
total amount Of loans. extended un-
der this plan in the District of Co.
lumbia. The bank also has taken
part in making insured mortgage loans
under title 2 Of the national housing
oct.
The bank paid 8 per cent on the
common stock during the year, is also
paying dividends on the preferred
stock, at the same time building up
fund with which to retire the latter
stock. Mr.. Fleming said the bank
closed the year with capital, surplus,
undivided profits and reserves for con-
tinsencies and retirement Of preferred
stock Of $7,906, 6,o21.16. the highest fig
ure In the history of the institution.
Turning to deposits, he said:
Deposits Score Gain.
1.-THE business of the bank has con-
tinued to increase, as evidenced by a
net gain in deposits of $4,292, ,636.51
and net gain Of 5,122 accounts dur
ing the year. In this connection,
desire to report that due to the low
prevailing rates at which our loanable
funds could be safely employed, your
board Of directors, upon my recon-
authorized the return of
Government secured and interest
bearing deposits totaling $5,775 900.
For comparative purposes, therefore,
the actual gain in the deposits Of the
bank was in reality in excess Of $l0,-
600. 900. We closed the year with
6e.592 accounts Of individuals, firms
and corporations. whose deposits ag-
gresate $75.593. .e61.s4.
January l, 1884, there were 698
holders Of common stock with average
&ASS0AA8O Va HSsOO OAA6A GO C6S44 oAlA AC-
cember 81, 1884, there were 723 holders
Of common stock with average hold
tnss Of 41.49 shares each. With re-
spect to preferred stock, exclusive Of
the $500 shares held by the Recon-
struction Finance Corp, there were
214 holders Of preferred shares with
average holdings Of 25.70 shares.
The elaborate 1s-page report pre-
eents . 10-year comparative record Of
assets. deposits and other facts, four
special charts being included. Assets
stood ct $43, ,146. .266 In 1925 and at
~. 81, 500 ct the end Of 1894. De-
po6its moved from SO. .l29, ,692 to $75,-
90 30. Capital. surplus and undi-
yided profits made . corresponding
ADVANCE, as have current net earnings.
Dividends In 1926 totaled $375, 900,
advanced 10 $4,000 in 1880 but were
lowered by the depression after that
yesr until they totaled $274,333 in
1854. Assets in the trust department
IN ls75 totaled $4,S02, ,975 and at the
dose Of 1894 amounted to $29, sos, $40,
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