Evening star., 1940-01-15
Ri iggs Bank Granted -
S25,0O0,000 in Loans
During Year 1899
Efforts to Extend
Credit Disclosed
In Annual Report -
By EWDARD STONE.

uation. showing that the bank made
more than $4,000 new loans during
1889, which amounted to more than
$25,O00,00O.
The facts supply some interest
ing information for those critics
who claim that banks are not en-
deavoring to make just as many
sound loans as possible and for this
reason are hampering business.
Amplifying the report appearing in
the formal balance sheet. Mr.. Flem-
ing said:
During the year SIPS new loans
and discounts were made for an
aggregate amount of $25.25O,0O0 A
breakdown of these figures discloses
that 9l9 loans of $4,000 and over
were made for total of $l9,O35 900
and 14,207 loans under $4,000 were
made for an aggregate amount of
$6.217.O0O
1T has been our practice to keep
record of all applications pre-
sented to the Loan Committee,
showing those granted and those
declined. as we'll as the reasons for
the action taken. This informa-
ton is kept so that the committees
of the Board of Directors may as
certain whether or not proper
policy is being pursued in respect
to extensions of credit.
IAN examination of these records
discloses that of a total of ST.
100,265.l9 in loan applications con-
sidered during the year 1899. only
$l.848 $50, or 6S2 per cent, were de-
clined.
Very Few Loans Declined.
Most of the applications declined
were not for business loans. but
came under the classification Of
real-estate mortgage and construc-
ton loans. and were declined, either
because the type of property in
volved, its appraised value or other
sound reasons made them ineligible
Eliminating the foregoing loan
applications from those declined
applications totaling S43O,OO0. OF but
160 per cent of the total applica-
tions received. were declined
Furthermore. it is interesting to
note that as of December 80, 1899
of a total of 1891 500 in lines of
credit which we have been pleased
to make available to various GUS
toners, only S3193.OO0. or 4O.5 per
cent of the total lines, were in use,
Mr.. Fleming stated.
At another point in the report
the Riggs executive announced that
during the last quarter of 1899 there
was an upturn in the demand for
credit. loan totals at the close of the
year having run at higher figures
than at the close of 1888.
Current net earnings for the year
1889 totaled 1882 ,963O2. as COM
pared with 1858 872.55 for the year
1888, according to the printed report
just distributed to stockholders.
Honored by Stock Exchange.
Hugh D. Auchincloss, partner in
the Washington investment firm of
Auchincloss, Parker & Redpath, has
been elected member of the Nomi-
mating Committee of the New York
Stock Exchange, it was learned in
the financial district today. This is
considered a high honor. in view
of the size of the membership of
the New York exchange.
Albert G. Redpath. resident part
ner in New York of the same firm,
has been nominated to membership
on the board of governors of the
New York Curb Exchange. it was
also announced today.
Two Bank Meetings Planned.
Ord Preston. president of the Dis
trict Bankers Association, will call
the midWinter meeting of the asso-
citation to order at 8 o'clock this
evening at the Raleigh Hotel when
Fulton Lewis. jr.. will be the guest
speaker. Several important COM
mittee reports are also scheduled
and it was stated today that the
attendance will be very large. Buffet
supper.
Edward M. Blaiklock, chairman
of the Education Committee, WASH
ington Chapter. American Institute
of Banking, will preside at tomor-
row nights educational dinner at
the Raleigh Hotel which will be
attended by bank officials, chapter
officers, governors, instructors and
Consuls to the number of more
than 100.
j. Stanley Brown, personnel di-
rector of the Chemical Bank & Trust
Co, and past president of New York
Chapter, will speak. A graduate of
Syracuse University, he is a former
high school principal and has writ
ten several articles on personnel
and related subjects. Other speak
ers will include A. NJ McLachlen,
Francis E. Robey and Kenneth
Birgfeld.
Savings Deposits Increase.
Savings deposits in banks and
trust companies throughout the
country increased $455 ,433 900, or
185 per cent during the year ended
June 30, 1899, according to the an
nual survey of savings deposits by
the American Bankers Association
just completed by w. Espey Albig,
secretary of the savings division.
On June 80 total savings deposits,
as represented by savings accounts
and time certificates held by de-
positors, totaled S25 08O CAT ,000 This
represents the sixth successive year
of increases and is $3!955,4l3 000
above the depression low OF S2l,-
125 .534 900 in 1888, the survey says.
Every section of the country
showed an increase in the number
of deposit accounts as we'll as in
total savings for the year The to-
tai number of accounts reached As
4l9.846 as compared with 44,548,9l
in 1888. Savings per inhabitant are
$l95, having risen 81 over the pre-
ceding year. according to the survey
Heard in Financial District.
Twenty-Five shares of Capital
Transit stock sold at 132. on the
Washington Stock Exchange to-
day. This compares with the last
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