Evening star., 1937-01-18
RESERVES HIGHER
AtR|CHM0ND BANK
Annual Report Also Shows
Earning Assets Well Ahead
of 1885.
BY EDWARD C. STONE.


Reserve Bank of Richmond on De-
cenber 81. 1886, amounted to S3l9.-
$50 7O4 80, in comparison with $246.-
885, ,45733 at the end of the previous
years, according to the annual report
Just received by the stockholders
Earning assets at the end of 1886
totaled Sl2S,44S,l3707. against $l2l,-
O85, 1866 Sc. Federal Reserve notes OF
other Federal Reserve Banks totaled
s2.778,4 400, against s3411010 a year
ago, while uncollected items amounted
to over $50 900 900. compared with
about $4,000, 900 a year ago.
The report states that miscellaneous
assets totaled S9,840.7 08 in conf
parison with S9.9l307262 at the end
of 1885, leaving total resources OF
522.89l ,620.35, as compared With
S429,4l9,2l809 on December 81, 1885.
The Richmond Bank had paid in
capital and surplus of Sl3,01O.l5379.
against Sl3,138,742 "a year ago. To-
tai deposits on December 81 were
s232,428, ,491 SO, while the same item
year ago stood at S182,455, ,33l.25.
Federal reserve notes in actual cir
culation totaled more than S208000,-
600. against more than Sl8l 100000 a
year ago. Total liabilities stood at
s522,891 ,62O35 in comparison with
S429,4l9,2l8O9. Commitments in the
way of industrial advances totaled
S2,32l, ,82941, against $2,289,22484.
The comparative profit and loss ac-
count showed total current earnings
of S2,056,l5305, against S2,229, 1861
on December 81, 1885 Current net
earnings we're S31o955.78 VS.. s415,-
$3.50.
After payment of assessments for
the new Federal Reserve System
Building and contributions to the Fed
eral Reserve Retirement System, and
other deductions, earnings available
for dividends, etc. totaled S344 ,53003,
against S489 47439. Dividend paid
member banks amounted to S280,l36-
.o3, against $3.50 643.99 year ago.
d. c. Bankers Meet Tonight.
The regular Midwinter meeting Of
the District Bankers Association Will
take place this evening at the Willard
Hotel, with Sir Willmott Lewis as the
guest speaker and Thomas j. Groom
presiding. In addition to the address
on The Banks and Social Welfare" !"
there will be number of important
reports presented. One OF these will
be that of the treasurer, Albert S.
Galley, vice president of tie Lincoln
National Bank 1t is expected that
about $50 bankers will be present.
The delegation of Washington's
.unior bankers who attended the an
nual dinner of Norfolk-Portsmouth
Chapter, American Institute of Bank
ing, at Norfolk Saturday night, was
most enthusiastic over the banquet
and program. Those attending the
dinner from the Capital included Paul
]. Seltzer. chapter president; William
H. Laughlin, first vice president;
Joseph R. fitzpatrick, second vice
president; J. Earle McGeary, past
president; G. Elmer Flather, member
of the board of consuls, and Robert
G. Whuton.
Attend Stein Funeral.
Representatives of the Washington
Office in the woodward Building at
tended the funeral yesterday at Pixies
vile, Md, of Julian S. Stein. senior
member of the New York Stock Ex-
change firm of Stein Bros. & Boyce,
who died last Friday.
The senior partner studied at Hotch-
kiss School before entering Johns
Hopkins University. Graduating in
1908, he joined the firm of Stein
Bros, founded in 1853 by his
grandfather and great uncle and in
1914 became senior member of the
firm.
He was director in many corpora
tions and a member of the Baltimore
Stock Exchange for 20 years previous
to his resignation because of i'll health.
He was the first partner OF Stein
Bros & Boyce to become member
of the New York Stock Exchange.
Join Auchincloss Staff.
Chauncey G. Parker, jr., announced
today that Auchincloss, Parker g.
Redpath, New York Stock Exchange
firm in the National Savings g. Trust
Building, has expanded the staff by
adding two more customers men,
Claude H. Creamer and Harry L.
Jones. Both have been active in the
financial district for long time.
Harry Jones was at one time with w.
B. Hibbs g. Co. and for the past II
years has been with Fenner & Beane.
Mr. Creamer has also been associated
with the Washington Office of Fenner
e. Beane for 13 years. Both have al
ready assumed their new duties.
The Securities and Exchange Com
mission announces that Chester T.
Lane of the staff of the general coun-
sci has been appointed an assistant
general counsel Mr.. Lane joined
the commissions staff in 1885. Pre-
viously he had been associated with
the firm of Milbank, Tweed, Hope &
Webb of New York. Born in London
in 1905, of American parents, Mr.
Lane is a graduate of Harvard Col
lege and the Harvard Law School.
Rural Sales Break Records.
Daily average sales of general
merchandise in small towns and rural
areas reached an all-time high in De-
cember. Dollar volume for the month
increased 1912 per cent from Decem-
ber, 1885, and was almost per cent
above the corresponding month of
1929 These changes were revealed
by preliminary estimates of the Bu-
reau of Foreign and Domestic Com
merce, based on rural chain store
and mail order sales. Total sales for
the year 1886 were 15l2 per cent
above the corresponding period of
1885 and were only per cent below
the total for 1929.
Secretary Heimann of the National
Association of Credit Men tells the
Washington Office that business faces
paradoxical year in 1887. The new
year will witness better business con-
ditions and at the same time it will