Evening star., 1936-05-12
RESERVE EARNINGS
RISE At RICHMOND
Fifth District Bank Bares
$94,683 Profit During
1885 Months.
BY EDWARD C. STONE.

serve Bank of Richmond in 1885
exceeded gross revenues in 1884 and
after expenses had been paid there
was left as profit S94, ,683, of which
S27,969 was transferred to surplus and
S66,7l4 was paid to the United States
on advances by the Treasury for in
dustrial loans made by the bank. ac-
cording to the detailed annual report
Just off the press.
The twenty-first annual statement,
received here today, states that the
bulk of the earnings in 1885 came from
Government security holdings. pro-
ceeds from this source making up over
50 per cent of the total earnings.
Discounts for member banks yielded
only three -tenths of per cent of the
1885 income. In 1884 receipts from
holdings of Government securities
made up 90 per cent of gross earnings,
receipts from discounts per cent and
miscellaneous earnings per cent.
Current expenses of the Richmond
Reserve Bank in 1885 exceeded 1884
by S2O6,114. The cost of making loans,
discounts and investments decreased,
but the cost of handling currency and
coin increased. General expenses for
supervision, protection, insurance and
assessment for expenses of the Board
of Governors of the Federal Reserve
system were higher in 1885 than in
1894.
Industrial Loans Higher.
Industrial loans for working capital
increased materially. Applications to-
tailed almost 100000. Loans of
s4.479,533 were approved and $2.9oO,-
900 actually advanced during the year.
In addition, the Richmond bank stood
ready to take over S2,289 ,225 industrial
loans made by member banks in case
they should want the funds for other
purposes within the next five years
The bank handled a larger number
of checks in 1885 than in any other
year since the organization OF the
Federal Reserve System. Discounts
we're lower in every month than in the
corresponding months of 1884.
AS noted early this year, nearly all
lines of trade and industry in the fifth
district showed improvement in 1895
over 1884. It would have been most
exceptional year had not agricultural
prices been lower than in 1884.
Retail Sales S101,823,406.
Retail sales in 81 department stores
totaled s1Ol 1923 ,406, against S94,313,-
531 in 1884 Total sales of SO whole
sale firms amounted to $54.092,0l2,
against $54,3l3,531.
There were 27,255 building permits
issued in 81 cities, against 81 ,443, their
value being $50, ,943, ,883 At the same
time the value of contracts awarded
reached s2o3,l95,274. compared with
sl85,79l,734 in 1884
The number of officers and employees
at Richmond and the branches at
Baltimore and Charlotte was 1872, a
decrease of 8 as compared with De-
cember 81, 1884 The report is signed
by Fredric A. Delano, chairman and
Federal Reserve agent.
Brokers Ready for Farley.
w. w. Spaid, president of the AS
sociated Stock Exchanges, will pre-
side at the annual convention next
Monday and Tuesday in Cleveland
when Chairman James M. Lands OF
the Securities Exchange Commission
President Charles R. Gay of the New
York Stock Exchange, DR.. Carl E.
Parry, chief of the Federal Reserve
Boards Division of Security Loans,
and David Saperstein, director of the
Trading and Exchange Division of the
Securities Commission, will be among
the chief speakers.
President Spaid will make the key
note address. The program, soon to
be announced, will cover all the most
perpleXing problems facing the ex-
changes, including such issues as seq
regation, manipulation, stabilizing of
securities and public relations The
association is made up of practically
all the large and small exchanges of
the country. The Washington Stock
Exchange has been a member ever
since the organization started The
New York Stock and Curb Exchanges
joined two years ago. The meeting
is expected to have more than usual
Importance for all exchanges and
brokerage firms.
Insurance Speakers Listed.
John P. Lynch, chairman, Life In
surance Week, and Loren P. Cluster,
chairman of the District Underwrit-
ers' Association Speakers Committee,
announced today that the following
talks will be given here:
Dwight T. Scott, Newcomers Club;
H. Cochran Fisher, Kiwanis Club;
Morton H. Wilmer, Midweek Lunch
con Club; James A. De Force. Civitan
Club: Fred B. Linton, Junior Board
of Commerce, and Meyer Taske, Jew
ish Veterans of Foreign Wars.
Broadcasting flashes: Arthur God
frey, Columbia Broadcasting Co.;
Gordon Hittenmark, National Broad
casting Co.; Radio Joe" Kaufman.
Bankers to Meet Tomorrow.
The monthly meeting of the Safe
Deposit Section of the District Bank
ers' Association, will be held tomor-
row evening in the board room of the
American Security & Trust Co. The
program will include discussion of
vital questions pertaining to safe de-
post operations.
Sixty-two employees of the Acacia
Mutual Life Insurance Co., the larg-
est class to date, are taking Life Of
flee Management Association Insti-
tute examinations this week. Teach
ers who conducted the courses during
the year were Assistant Secretary
George Link and H. e. Lemon.
The National City Bank of New
York has reduced from per cent
to 4 per cent the interest rate on new
personal loans of not more than Il
months maturity, the loans ranging
from $50 to $4,000 to individuals hav-
ing salaries. wages or commissions
usually having co-signers. In the pas
eight years the bank has made $243,.
000,0 such loans.
Today's Trading on Exchange.
Ten shares of Mergenthaler Linotyp
stock sold down to 381s on the Wash
ington Stock Exchange today. Th'
largest sale was 100-share transfe