Word: bankes
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Dates: during 1930-1939
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...attended all but two of the weekly directors' meetings in the past year. The Board's trust committee, responsible for investment of fiduciary funds, had been troubled by "the uncertainty pertaining to the future economic and monetary policies of the country." A special directors committee had thoroughly examined the bank in April...
Turning to his latest statement, Mr. Baker pointed out that investments in Government bonds had jumped $22,000,000 in twelve months?standing at $77,000,000. During the year the bank had bid for or subscribed to no less than $1,396,000,000 of long-term and short-term Government issues, for its own and its customers' accounts. Summing up the experience of bankers big & little. Chairman Baker remarked: "With the small demand for credit from our customers, it was necessary to invest a greater amount in securities...
...bank's major divisions were ticked off. The foreign department, particularly important to Bank of the Manhattan Co., did not do so well this year as last because of the decline in foreign trade financing. Personal trust business was substantially better but the corporate trust department was still in the dumps. In the commercial field deposits averaged 11% above 1933, but the average return on all loans and investments dropped in one year from 3.16% to 2.14%. Since that meant a decline of 1% on the return from nearly $300,000,000, Banker Baker ruefully added: "This tells a vital...
...skeletons still dangled in Bank of Manhattan's closets. Caught with $70,000,000 of German credits four years ago, the bank has liquidated all but $11,800,000, at a loss of $7,000,000. "It may be wise," declared Chairman Baker, "to continue further the policy of liquidating German credits . . . even though such liquidation occasions further loss." More than $5,000,000 was used this year for write-off and reserves and Mr. Baker proposed to draw on surplus and undivided profits for an additional...
...when it came to earnings Mr. Baker was worried. Expenses could not be trimmed any more without hurting the bank's business. The annual payroll had been cut another $200,000 to $4,600,000, and the staff of 2,141 employes was at rock bottom. Seven branches had been closed, leaving 66. Including large profit from Government bond trading, probably a non-recurring item, earnings for 1934 would be about $4,900,000, down slightly from the year before. So, with no end to the Government's easy money policy in sight, Banker Baker recommended...