New York, May 8.
The Board of Governors of the Federal Reserve system, in their report for the week ended May 3 Tespecting the entire body of reporting member banks of the system. reveal a decrease on total loans amounting to $29,000,000 compared with the previous week, and a crease of $446,000,000 from the corresponding period last year.
Investments show increases of $39,000,000 over last week and of $1,409,000,000 over the corresponding period last year.
Loans during the period under review totalled $8071,000000 and investments $13,714,000,000.—Reuter. where no wireless telegraphy or telephony existed. This equipment was also designed to communicate with ships at sea and aircraft. The company informed the Government that it was prepared to instal these sets In the Fire Account the sum of $315,347.88 being the profit for the year is transferred to Profit and Loss Account, and this result can in my opinion be considered very satisfactory. The Accident and General Account shows a welcome improvement during the year. Our experience of this class of business for the past three years has not been satisfactory, but this year the Accident and General Account has produced a profit of $50,732.37, which is carried to Profit and Loss Account.
The usual provision for bonus to contributors has been omitted from this year's Profit and Loss Account as this item has been included in the Marine Account, to which it properly belongs. The dividend recommended of $3.50 per share is the same as last year but the bonus recommended has been increased from $1.00 per share to $6.50 per share. This increased bonus is recommended mainly to compensate currency depreciation and after allowing for the dividend and bonus recommended the balance of the Profit and Loss Account carried forward amounting to $3,255,380.00 is considered adequate.
Text read from the printed page and cleaned; old type leaves the occasional error.