Evening star., 1943-01-18
ID. {. Bankers Laud
Sharp Earnings Gain
AT Reserve Bank
Rise Reflects Trend
BY Member Banks
In Fifth District
BY EDWARD c. STONE.


Washington bankers commented
most favorably today on the annual
report of the Federal Reserve Bank
of Richmond, which showed that
current earnings for 1912 amounted
to s3,252 ,963.S5, while current ex-
peases totaled $2,653, 1866 %, leaving
net earnings for the year of $685.
1882. Net earnings were $780,
1874 higher than in 194l, when
they amounted to SITS. .3996S
The marked improvement in earn
ings is indicative OF the trend
among the member banks, many OF
which have enjoyed better earnings
in the past year than they did in
l94l, bankers said To-Day. In spite
of mounting expenses, net results
we're highly favorable.
During 1912 the Richmond Bank
distributed dividends to member
banks amounting to S348, AL SO.
Thirteen banks joined the system.
making AGO members.
On account of general war ac-
tivity, War bond drives and Victory
fund campaigns, the Richmond Bank
had a tremendously busy year the
banks employees inreasing from 776
to 1.158, with 19 officers in 1912 as in
1941.
Title Firms Elect Officers.
The District Lawyers and Wash
ington Title Insurance Cos. added
one new director and made nine
promotions at their annual meet
ings. Thor~s w. Sandos was added
to the Lawyer Title Board. John
H. Stadtler was promoted to secre-
tary of the three companies, sue
ceeding the late Harry M. Parker.
and E. Roy Hill was named treas
urer, a position which Mr.. Parker
also held.
Frank Paroni and ]. Vernon
Thomas we're elevated to assistant
treasurers and E. S. Fitzgerald be-
came assistant secretary. Newly
named officers are Earl P. Ready,
| w. o. Donohue and Robert A. Ry-
land, while Robert S. Bains became
an assistant title officer. Prior to
election of officers, the stockholders
! elected the following directors:
District Title-George H. O'Con-
nor, William M. Beall, Edward C.
Baltz, Alfred H. Lawson, Jacob S.
Gruver, Claud Livingston, Carl j.
Bergman, Robert G. Merrick, John
| P. Story, T. Howard Duckett, Robert
E. Buckley, Roger j. Whiteford,
Bruce Baird, Hilleary G. Hoskinson,
Horace c.. Smithy.
Lawyers Title-George H. O'Con-
nor, Arthur G.; Bishop, Charles w.
Stetson, Joseph N. Saunders, Albert
F. Miles, Francis E. Smith, jr;
Charles H. Buck, George NJ. EN-
merich, Charles H. Kindle, Chaplin
B. Bauman, D. F. Roberts, James
M. Johnston, C. E. Kefauver, James
A, Donohoe, Thomas w. Sandoz.
! Washington Title - George H.
O'Connor, Fred Mckee, James Med.
Shea, H. Glenn Phelps, Joseph F,
| Horning, Albert w. Howard, Edward
K. Jones, c. B. Hurd, Lewis It.
Breuninger, Sifford Pearre, Morris
Cafritz, H. Stanley Stine, William
N. Payne, ir.; Vernon G. Owen.
George H. O'Connor was elected
president and title officer. of the
three companies; Joseph N. Saun-
| ders, Charles w. Stetson. Francis
E. Smith. jr., and H. Stanley Stine,
vice presidents and trust officers;
Albert F. Miles and James Med.
Shea, vice presidents; j. H. Stadtler,
secretary; E. S. Fitzgerald, assistant
secretary; E. Roy Hill, treasurer;
Frank Parcni and j. Vernon
Thomas, assistant treasurers. ~
Schaaff Heads Mortgage Firm.
Stockholders of the National
Mortgage & Investment Corp. have
elected these directors: Harold e.
Doyle, H. Rozier Dulany, jr., John
j. Hamilton, Ashton C. Jones,
Crandal Mackey, Francis A. MUIR
ray, James O'Donnell, jr.; Vernon
G. Owen, Homer Phillips, j. GAR
field Riley. Joseph B. Schaaff, w. w;
Stewart, Hugh A. Thrift.
Joseph B. Schaaff was reelected
president; Harold E. Doyle and
Ashton c. Jones. vice presidents.
and James ODonnell, jr., secretary
treasurer.
Northwestern Adds Director.
Richard H. Gibson, treasurer Of
the Northwestern Federal Savings
Il Loan Association, was elected a
"a
Three directors whose terms expire
this year were reelected. w. K.
Copenhaver, w. S. Dewhirst and
Henry P. Seidemann.
Officers reelected were Howard
S. Gott, president; r. L. Houst,n-
Jones, executive vice president and
secretary; w. S. Dewhirst, vice
president; r. L. Gibson, treasurer
and assistant secretary; Hyla r.
Smith, assistant treasurer, and
William K. Copenhaver, attorney.
Union Buys $4,000 War Bonds.
Steam Filters Local Union, No.
6O2, has just purchased $4,000
United States savings bonds, series
G, the bonds being delivered TODAY
at a special ceremony at the Nc
Lean development at Friendship,
the former Mclean estate, where a
vast amount of Government build
ing is now going on.
The $4,000 bond was presented
by Frank Lee, member of the Dis
trict Victory Fund Committee and
vice president of the City Bank, to
John Bolts, business manager of
the steam filters local
Mr.. Lee expressed appreciation Of
the part the steam filters are play
ing in helping finance the war.
The union has already bought very
generous amounts of these bonds.
Banks Pay Larger Dividends.
Dividends paid by the IL regional
Federal Home Loan banks for 1912
amounted to $2,068, ,438, as compared
with $4,000 AL in 1941, James Twohy,
governor announced today .v