Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-02
BANK CALL FINDS
LOCAL DEPOSITS Up
June 30 Figures Expected to
Be Well Ahead of Reports
Made Last March.
BY EDWARD c. STONE.


Controller of the Currency J. w.
Mcintosh today issued a call for the
condition of Washington and all ma
tional banks Of the country at the
close of business on Thursday
June 80.
This is the usual call issued at the
close of the Government fiscal year,
and this year was announced in adj
vance by the controller while he was
attending the annual convention of
the District Bankers Association, at
Hot Springs, Va The tentative an
nouncement was sent to all banks or
the country from there.
In the brief time after the call was
definitely announced today. 1t was
impossible to get figures showing the
condition of the local institutions.
However. conversation with several
Of the leading bankers of the city in
dicated that the majority of the banks
will show an increase in deposits over
the call of March %.
Two of the larger banks In Wash
ington reported very substantial in
creases. Others said they were well
ahead Of the last call. None of the
banks communicated with reported
any decline in deposits during the
past three months.
Fifth District Rediscounts Cut.
Slack demand for credit in the To-
cal Federal reserve district was en-
phasized by this weeks report OF
condition of the Richmond institution
A.. %f
counted bills had been cut in half in
a year and had declined $2,500,000
in a week. Discounts stood at $22,-
10000. compared with $24,637,oOO
June 90, this year, and $45.569,0Oo
June 80 1926.
Federal reserve note circulation
dropped to $60,374,o 900 from $70,247,-
900 a year ago. and total reserves
rose to $95,041 900 from $81 100000 in
IL months The banks ratio was
1856. against 5000 a week ago and
$3.50 per cent q year ago.
Candy stores Soon to Merge.
NEGOTIATIONS are reported under
way for the acquisition of the Mirror
Candy chain of stores by the Happi-
ness Candy Co. The combination will
unite two candy organizations with
nearly 100 stores in the various cities.
largely in New York. The Happl-
ness Candy Co. is capitalized at
s7,O79000, and the Mirror has out
standing $9S2.500 preferred stock ana
$4,000 shares of common or no par
value. The company has maintained
a store on f street in this city for
long time.
Initial Dividend Promised.
inauguration of dividend payments
on the Glass "A" stock of the Bank
stocks Corporation of Maryland will
take place before the close of the year,
according to John H. Mooney of Bal
timore. president of the Investment
Trust and secretary and treasurer of
Harris. Mooney & Co, investment
bankers. The corporation paid its
ninth consecutive quarterly dividend
of 156 per cent on the preferred stock
July /. The amount of the initial divi-
dend on the Class "a" stock has not
vet been determined by the directors,
but will be not less than so cents a
share.
Company to Increase Capital.
An increase in the authorized cap
ital stock of the Stanley Co. or Amer
lea, with which the Crandall Theater
interests are identified, from 100000
shares to 100000, will be voted upon
by stockholders at their annual meet
ing on July Is, 1t was announced to-
day. OF the present authorized stock
approximately 901 900 shares are now
outstanding.
The proposed increase will enable
the company to provide for further
expansion of it's activities, but the
NnV1+
issuing any of the new stock at this
time.
In and Out OF the Local Banks.
Vice President John D. Leonard of
the Washington Savings Bank leaves
the city today to pass a tWo-Week va
cation at his country place, known as
Hillcrest, near Frederick, Nd
Y. L. Booker, head of the invest
ment banking house by that name, is
passing the triple holiday at his wife's
former home in southwestern Vir-
ginia and reached by motor through
the Shenandoah Valley.
Edward f. Hall, a director in the
Franklin National Bank, has returned
from a months stay in Florida. In
his opinion the corner has been turned
in the South and conditions will stead
lily grow better.
The directors of the Woodbridge
Langdon Savings & Commercial Bank
have declared a dividend of 8 per cent
payable on July Is to stock of record
on June 80.
Wade H. Cooper, president of two
Washington banks, will celebrate July
4 by delivering q patriotic address at
q fag-raising over the new Country
OF
Narragansett Pier, r. I.
A. II. Reside, manager Of the local
offices of Dean. Onatava & Co, will
spend the coming week end at Elk
ton, w. Va.
The North Capitol Savings Bank
mailed checks as Of July l. for the
usual per cent semi-annual dividend
and added $4,000 to the surplus ac-
count.
The Morris Plan Bank reports de-
posits of 1891, 430 on June 30.
In order to conform with the policy
adopted by the majority of banks in
Washington, the International Ex-
change Bank will close at IL o'clock
noon on Saturdays as usual, but will
not reopen for business on Saturday
evenings during the Summer months
beginning August 6.
MOody's Views on Market Breaks.
obviously, stock prices are too
high, as shown by the fact that stock
yields have fallen below bond yields,
but this in itself cannot be expected
to break the market" says Moody's
Weekly Review. "a break in high
and rising stocks market usually be-
gins when the banks commence to
call in their demand loans.
Extra dividends however, are still
being announced from day to day,
and this is supporting influence.
Net earnings are gradually diminish