Evening star. [volume] (Washington, D.C.) 1854-1972, 1953-03-11

$26,010,437 in
1851, and total
net expenses
totaled ST. ~ '''''''
560,514 VS.. So Mr. Leach.
655,974. This left current net
earnings of $22,797.676 VS.. $19.-
354,463.
The bank paid $643, 141 in divi-
dends to member banks in the
year, compared with $610,304 in
the previous year. Added to sur
plus account under Section Z
was $2,223, 249 VS.. 1884 a
year earlier. Surplus account at
the end of the year amounted to
$29, 247,937 VS.. $27,024, 688 a year
earlier.
Assets amounted to $3,131, 707,-
ats VS.. $2,94O,268,273 at the end
of the previous year.
Discounts Rise Sharply.
The report cited a big increase
in discounts of member banks,
which rose to $5,7O5, 742,OOO in
1926 transactions, compared with
$1,279, 1880 in BIT transactions
in 1851. The rise was ascribed
to the tight reserve positions of
member banks. The discount
privilege was used by 80 inStitu-
lions in the year VS.. 83 in 1851.
Fifth district member banks
increased their loans outstanding
in every month of 1852 except
January. The rise was moderate
in the first half, but was &C
tolerated sharply in the last half.
Increased resort to Reserve
Bank credit by member banks
appeared late in 1851 and aver
age daily borrowing in the fifth
district ran close to $40 million
in December of that year. BY
July, 1852, this was up to 1918
million and by the end of August
daily average borrowings had
reached $74.5 million. After a
decline in September borrowings
ran exceptionally high during
the last two months. reaching
a high for the year of $132.6 mil
lion on November %, the report
said.
Union Trust Dividend.
Directors of the Union Trust
Co. yesterday declared a regular
quarterly dividend of so cents
a share, payable April Is to
holders of record as of the close,
March 81, President Linwood P.
Harrell announced.
This is the first declaration
since the change in dividends to
a quarterly from a semi-annual
basis was announced in January.
Previously the company paid
so cents regular semi-annually,
plus SIPS extra at the end Of
the year.
On the new basis, regular pay
mentS will amount to 81 a year
plus an extra to be determined
at the end of the year.
New-Car Sales Up.
New-car sales here continued
to run ahead of year ago in
February, but sales of used cars
were down moderately, traffic
bureau data showed today.
New-car titles issued in Feb
ruary totaled 1922, compared
with 1907 in February. 1852.
The latest months total was
behind 1870 in the previous
month, however.
For the first two months of
this year, new-car titles rose to
1852 from 3.167 in the same
period last year.
Title transfers, barometer of
used-car sales, declined to 2,311
in February, compared with 2,777
in the previous month and 2,636
in February, 1852. For two
months. title transfers totaled
5.O88 VS.. 5,847 in the same 1852
. period.
Total net automobile registra-
lions on February % reached
2O4,754, after deduction of trans
ferred registrations, and COM
pared with 2O2, 2O9 a year earlier.
Heads Grain Firms Office.
Samuel H. Sabin, formerly
general counsel for the Federal
Civil Defense Administration,
has been appointed Washington
representative for the Continent
tai Grain Co.
The firm with offices in the
HibbS Building, is scheduled to
move to new quarters at 1901
Connecticut avenue NV, late
this month.
Before joining the FCDA when
1t was established in 1850, Mr.
Sabin was associated with a
number of Federal agencies, in
Guiding the Federal Farm Board
and the Reconstruction Finance
Corp. In World War II he was
executive vice president of the
Defense Supplies Corp. and later
was president of Pacific Molasses
Co.
Title Company Grows.
Lawyers Title Insurance Corp.
of Richmond, Va, which has an
office here, had admitted assets
of LBS, 985 at the end of 1852,
compared with $11, 108,685 a year
earlier, reported Carlton U.
Trexler, assistant secretary, with
headquarters in Washington.
Capital stock, surplus and re-
serves increased to $685., 1923 at
the years end, compared with
$9,082,117 a year earlier.
$4,000 Hold Policies Here.
The Washington agency of the
Northwestern Mutual Life In
c,1roY,no ~ If NH;luvo,,l1an hos