The Washington herald., 1922-07-04
FIN A N CIAL
DISTRICT DEPOSITS
SHOW DECLINES ON
CURRENT REPORT.
international Bank De-
clares SO Dividend and
Adds 100000 Stock.

Comptroller Of the Currency d. r.
crissinger yesterday issued a call for
statement Of condition Of all national
banks. and every bank In the DIS
trfct of Columbia. as Of the close Of
business June 80 last. the close Of
the fiscal year.
II "a forecasted that local banks
win show q loss OF several millions
of dollars. their worst showing In
many years. 1t is pointed out that
unusually heavy drafts have been
made against District deposits during
the interim between the previous call.
May s. and the current period.
Foremost among these comes the
May payment Of personal. intangible
and real estate taxes. which approxi-
mzts t1aooo.ooo Second installment
on June Is, last. this item accounting
for another large sum- In addition
to the above. Il b also pointed out
that large gums have been withdrawn
tax e1smpt securities. stin fourth
source of withdrawal was for the
purpose Of providing funds for vaca-
tiontns. principally among government
workers. which presents q formidable
amount
In addition to the above excuses for
q decline In deposits, It must be re-
membered that many business and in
dustrial concerns in and around the
city take occasion on the second half
OF the year to get their house IN Or
der and start afresh with q clean
slats. This necessarily involves the
payment Of all outstanding debts, etc.
and often carries with 1t disbursement
OF enormous sums.
Deposits on May last totaled
e1ss. .os<.6sa.
International Declares Dividend.
The board of directors Of the In
Sensational Bank OF this city have de-
ciared the regular semi-annual divi-
dend OF per cent. payable August
] to stockholders Of record July /.
n vas announced yesterday. This Is
NE sixth dividend. including stock
disbursements, to be paid since incor-
poration In July. 1920, 1t was said.
The report of the bank shows a
large and gratifying increase in vol
rme Of business, which the banks
oficers confidently expect viii be sur
passed in the latter half of the year.
The new location, S07 Fifteenth street,
has played an important part in this
gain. It Is said
Frank p. Scurly, prominent manu-
facturer Of Boston. was recently elect
ID to the directorate. which now con-
rsts Of the following: ]. A. NJ. Adair,
Peter A Drury. Karl ]. Farup. ]. r.
Guthrie. l. ]. Hart. William Heimke.
Frank Kenna, H @. Langworthy,
Thomas B. Lawler. A. A. Loetscher.
S. A Nelson, Faber ]. McFaddeu,
George @. Scott. Frank p. Scully. e.
A Stuart, William L Symons, Austin
C. Waller and John r. Waller.
There have been no changes IN the
personnel OF the officers. who are
John R Waller. president; William
Z. symons. vice president: A. C. Wal
Ter. vice president and treasurer;
Thomas B. Lawler. secretary, and
George g. Scott. assistant treasurer
Due to the great increase in the
volume OF business offered. 1t has been
Seeded to issue an additional $780,
BOO worth OF capital stock. This is
held highly advisable and should prove
an easy task. due to the excellent con-
dition Of the institution and the at
tractive dividend rate, according TO
of1cials. The Intern -ional Bank has
paid 10 per cent annually since its
Incorporation in July. 1920. 1t Is an
dcipated that the amount Of stock
TO be issued will be largely oversub-
scribed.