Evening star., 1937-01-09
BANK DIRECTORS
WILL Be ELECTED
Several New Board Mem.
bers to Be Named at Meet
ings Here Tuesday.
BY EDWARD C. STONE.

Several new directors are slated for
election at the annual meetings of the
stockholders of WashingtonS nine
national banks and some of the trust
companies and savings banks to be
held next Tuesday, January II.
So far as could be learned in the
financial district today, however, there
will be comparatively few changes
among bank officials when the direc-
tors organize for 1887. Some promo
tions are in order, but the high officials
will remain much as they stand now,
1t is understood.
In spite of the low interest rates,
the annual reports will reveal an ex-
ceptionally fine banking year. Earn
ings in 1886 were far ahead of fond
est expectations. Incomes were so
much larger than anticipated at the
beginning of the year that many divi-
dends were raised, and in number Of
instances extra dividends were also
declared. Bank stock quotations
climbed steadily to new high marks.
Results in 1886 in the way of larger
revenues have made Washington bank
ers universally optimistic on the out
look for 1887. Reports during the
present week of an increase of more
than $4,000, 900 in the last six months
in deposits in the banks here added to
the optimism as well as to the problem
as to what to do with the extra funds.
Furthermore, the gain of more than
$l78,00000 in bank clearings in 1886
painted 2 business picture that bank
ing leaders like to look at and point
to with justifiable pride. Other factors
will contribute to make the annual
reports especially noteworthy.
East Leads in Rural Sales.
Daily average sales in small towns
and rural areas for November showed
a larger increase in the East than in
other parts Of the country, as COM
pared with November. 1885. Estimates
of the Bureau of Foreign and Domes-
tic Commerce, based on dollar value
of rural chain store and mail order
sales, indicate that sales in the East
were 80 per cent above November OF
last year, as compared with an in
crease of about 18 per cent for the
country as a whole. The lowest in
crease, about IL per cent, was record
ed in the Far West. Sales in the East
include those made in territory east OF
the Ohio River and north Of the Vir-
ginia- North Carolina line.
Value of wholesale trade increased
noticeably in November, 1886. from
November. 1885. and collections on
accounts receivable were made at
higher rate over this period, accord
ing to reports of wholesalers in the
monthly Joint study of the National
Association of Credit Men and the
Bureau Of Foreign and Domestic
Commerce.
Total net sales of 1,148 reporting
wholesalers increased about 10 per
cent in November, 1886 from Novem-
ber, 1895, a continuation of change
recorded for every month of this year
over the corresponding month of last
year.
Insurance Firm Reports Assets.
Carl Smith Dow, general agent in
the Capital of the Pacific Mutual Life
Insurance Co, which recently went
through reorganization, has received
word from the Los Angeles head office
that the company starts 1887 with
assets of about S228,000,000. The
portfolio investments have been Sc
lected with the greatest Of care, A.
N. Kemp, president of the new COM
pany states, adding that the organiza-
ton now has s12 100000 in cash on
hand.
Policyholders here will be interested
in the balance sheet statement which
says that stocks and bonds are car
ried at slightly over S65,000,000 of
which $25000,000, or 38 per cent,
are in the form of Government. State
and municipal bonds. The company
reports real estate loans of about
$4,000 900. Other statements are also
reassuring to policyholders, of whom
there are many in Washington, Vir-
ginia and Maryland.
Banking School Plans Laid.
The third resident session of the
Graduate School of Banking, the ma
tional educational institution for bank
executives sponsored by the American
Bankers Association, will be held at
Rutgers University, from June 2i to
July 3, inclusive, it is announced. The
school opened in 1885 and the 220
students, including 10 from Washing
ton who entered at that time, will
this year complete the study course
and become the first graduating class.
At this years session about 600
bank executives will be in attendance
and five instructors have been added
to the faculty to meet the require
ments of the maximum enrolment.
The administrative staff is as follows:
Lewis E. Pierson, chairman of the
Board Of Regents; DR.. Harold Stonier,
director; DR.. Eugene E. Agger, Rut-
gers University, associate director;
Richard w. Hill, registrar: Norman c.
Miller, Rutgers University, associate
registrar.
Rail President Optimistic.
w. J. jerks, president of the Nor
folk & Western r. r., says that $19,-
600, 900 was spent in new industries
and enlargements in his roads terri
tory in 1886 and that traffic was up
18 per cent He expects continuing
satisfactory levels in 1887.
Prices received by farmers for their
municipal crops in 1886 averaged 26
per cent higher than for the 1885
crops and came within 13 per cent Of
the 1929 levels. the Agriculture De-
partment reports.
United Business Service this week
says that boom conditions are still far
distant. Steps to prevent a runaway
stock market and excessive expansion
in bank loans are highly desirable, the
review states, but labor troubles, high
operating costs, increased taxes and
Government controls should prevent
activity from developing boom pro-
portions for some time yet.
Heard in Financial District.
The annual meeting of tine stock-