Evening star. [volume] (Washington, D.C.) 1854-1972, 1943-02-10
Fifth District Bank
Assets Up Sharply
In Last Year
"a Per Cent Increase
Shown by Al Members;
Loans Reduced
By EDWARD c. STONE.

Total assets of II reporting men,
| Der banks in the Fifth Federal Re-
serve District during 1912 increased
1869, 000000 or "a per cent. and stood
at 81 ll4000 on December 80 the
Richmond Reserve Banks annual
summary, just received mere, re-
vealed. Loans were down 500 900, 900,
while deposits advanced sharply.
The outstanding feature of the
year. the report said, was an in
crease of s458,0oO,00O in security
holdings accounted for by increases
in Government securities of $685.
100000 in bills: sl30,00O,0OO GER.
tificates of indebtedness; $50, 900 900
in notes; s24000o,o00 in bonds. to-
gether with increases of 100000
in other securities and a decrease in
Government guaranteed obligations
Of SCI, 100000
Merrill Lynch Nets S146,608.
Merrill Lynch, Pierce. Fenner d
Beane, investment banking firm, re-
ported net profit of $l46608 dur
ing 1912 in spite of the fact that VOL
ume on the New York Stock Ex-
change was at the lowest ebb since
1914. George A. Garrett. resident
partner, announced here today. This
profit was left after all operating
costs and taxes, a $4,000 year-end
distribution to employees, partners
salaries and interest on invested
capital.
This net compares with $3.50 ,259
earned in the previous year. The
report explains that the drop was
due to the fact that the firm had to
carry for a long time duplicating
expenses and Offices and extra per-
sonnet in connection with the mer-
ger with Fenner g. Beane in the lat
ter part of l94l. The firm expert
enced a loss of $400, 900 in the first
half of 1912.
Total dollar revenue reached the
peak figure Of $9,442 SOB, an increase
Of 10 per cent. The report shows
that the firm gained $1,000 new
customers during the year, most of
them gained as direct result of
extensive advertising in the IS
cities where branches are located.
Nearly 100000 was expended in ad-
vertising and other forms of sales
promotion. the report stated.
Every ONCE took a very active part
in the War bond campaign; the
firm has contributed 245 men to the
armed forces and established
training program for young women
who are filling the vacancies.
Charles E. Merrill, senior partner.
is most optimistic on the outlook.
Recent sales have shown growing
interest among investors in small
towns. The fact that $4,000 900 peo-
pie are now buying War bonds in
dicates an important new security
consciousness" he points out.
Directors of julius Garfinckel IL
Co., Inc. have declared the regular
quarterly dividend of 37la cents a
share on the preferred stock, pay
able March 81 to stockholders of
record March Is. and the regular
quarterly dividend Of l7iz cents per
share on the common stock. also
payable March 81 to stock of record
March Is, it was announced today.
Interstate Officers Renamed.
Martin r. West was reelected
president of the Interstate Building
Association, at the annual meeting
held last night Earl Macintosh
and Clarence Dodge were again
named vice presidents; Edward K.
Jones, secretary-treasurer, and Law
ton e. Inabinet, assistant secretary
treasurer. The annual report dis
closed that resources climbed above
$1,000 900 during the year to a new
high mark.
Alfred H. Lawson. vice president
and real estate officer of the WASH
ington Loan IL Trust Co., has been
elected director of the Fidelity
Storage Co. At the annual meet
ing, David B. Karrick was reelected
president; w. c. Woodward, vice
president; D. L. Weed, vice presi-
dent and secretary; Joseph H.
Millor trooc,1rar