Evening star., 1938-02-07
RICHMOND BANK
EARNINGS MOUNT
More Checks Cleared During
1887 Than in Any Previous
Year, Report Shows.
By EDWARD C. STONE,

odLh SlSdlCu d ldlScl llulIlUeT OIL
checks through the transit depart
ment in 1887 than in any previous
year, and showed increased earnings
and decreased expenses in comparison
with 1886.
Total current earnings for 1887
reached the sum of S2,249, 1884. 90, in
comparison with $2,056.15305 in 1896.
Interest earned on United States Sc
curities formed the biggest items in
the column, S2,074525.32, comparing
with sl,790,550 year ago.
Operating expenses. including de-
probation on bank premises, called for
$l,559, ,889.7l, against s1,57O.988. a
year ago. After deduction of $75,-
O53.69 for assessments for expenses of
the Board of Governors and $4,000
for the cost of Federal Reserve cur
rency. total net expenses amounted to
Sl,129,772.4l, in comparison with ST.
745,l97.27 in the year 1886.
Net Earnings Much Higher.
Deduction of these expenses left
current net earnings for 1887 of $780,
2l2.55, against s3lO,s55.7s in 1896,
nlghly credltable showing.
Among the assessments for the wear
was an item of S60,953.O9 to be ap-
piled on the cost of the new building
for the Federal Reserve Board of Gov
ernors in Washington. A year ago
more than $4,000 went to this fund.
Contributions to the Federal Reserve
Boards retirement system on account
OF prior service subtracted $157,044 in
1887. the same amount as required in
1886. Reserves for losses on indus
trial advances were lower in 1887,
$l13,543.48, against $212,OO0 in the
previous year, the report says.
The Richmond Reserve Bank paid
1921 ,234.63 in dividends to member
banks during the year, compared with
S280,136.o3 in the previous year. The
bank also added more than 100000
to surplus accounts.
Fewer Industrial Loans.
Applications for industrial loans
made direct to the Richmond bank in
1887 revealed marked falling off.
The amount of applications approved
totaled only 100000. against s8O5, 500
in the previous year. The bank still
has applications for S135,O00 under
consideration
All the other figures in the annual
report show most interesting and
active years work There was some
reduction in personnel during the year.
At the end of 1887 there were l8 Off
GERS and 654 employees, against 18
officers and GIL employees at the end
OF 1896, the report discloses.
At the end of the year there were
405 member banks. compared with 4O4
at the end of 1886. Hugh Leach, un-
usually active and energetic, is presi-
dent OF the Richmond Reserve Bank
and Robert Lassiter is chairman of
the board and Federal Reserve agent.
March Best Insurance Month.
The Life Insurance Sales Research
Bureau reports that March was the
best month of 1887 for insurance In
Washington, when s8,366,O 900 in new
business was written
April was another especially busy
month for life insurance agents in the
city, sales reaching s7,57l 900. Dur
ing the other months sales were under
S7,OOO,000, but in April totaled S..
$1,000 and in July amounted to s6,-
10000.
After setback in the fall, insur-
Ance sales in December climbed to
S6,592 900 in the District, bringing the
years total for Washington business
to S74,396,000. The slowest month in
the year was October, new policies
dropping to s4,783 900.
Building Loan Leaders Meet
E. c. Baltz, secretary of the Per-
petual Building Association, and Carl
j. Bergman, treasurer of the Wash
ington Permanent Building Associa-
ton, will leave this week for Chicago
where they will meet with the EXecu-
tive Council of the United States
bulldlng and Loan League Thursday
and Friday. Mr.. Baltz is president of
the league and Mr. Bergman is the
national executive councilman for the
District OF Columbia. Mr.. Baltz will
preside at the meetings
The councilmen will examine the
neW amendment to the National Ho1s-
ing Act enacted by Congress last week
TO determine its effect upon the home
financing field. They will look into
the implications for investors as we'll
as borrowers of 80 per cent, 25-year
loans made possible by the amend
ment.
Inc 10000 associations in the league
MADE loans in 1887 valued at s1.2l6,-
S'4'4oo. OF this amount $3.50, ,718 TOO
was used for new construction giving
evidence that employment gains in the
building trades are traceable in q great
measure to this financing.
Capital Traction Bonds Tin
Capital Traction SIS sold ~ m ~
tne washington Stock Exchange TODAY
1or the first time in many months q
gam OF one full point.
NET sales OF Peoples Drug Stores for
January totaled s1,75l ,667, compared
with sl,798,040 in January. 1897
decrease of s46,373, or 2.e per cent
sales for December showed an in.
crease OF 0.8 per cent over Decer.
ber. 1886 'ei-
Notices were posted in the brokerage
omces here today stating that the
new York Stock Exchange will be
closed next Saturday, Lincoln,s birth
oay anniversary. The Washington
STOCK Exchange will also be closed.
Inc new Securities and Exchange
commission rules on short selling,
go into effect tomorrow on the bio
board. Round lot sales now have to
be made an eighth of a point above
the last previous sale.
Heard In Financial District.
Ine f1rst meeting of the Fiduciaries'
Section of the District Bankers Asso-
citation in 1888 will take place tomor-
row evening at MAYORS, on Water
street. starting at $50. Several i'm
portant fiduciary matters are on the
program for discussion, Chairman
Irwin zirpel Of the Union Trust Co.
announced today.
W. G. Schendel, branch manager
OF the International Harvester Co.