Evening star., 1932-07-01

McLachlen Corp. .... 2,196,529
American Security ...- 29,835, 600
First Call During Present Year.
Todays call will give a picture of the
conditions of all banks in the United
States, as the States also issue calls for
the conditions of the State banks.
Quite often call is issued some time
in March, but this was omitted this year.
While reports made today indicate
that washington banks are in an ex-
cellent condition from the standpoint
of total aggregate deposits, they were
in still better position only few days
ago. Many depoSitors followed Their
usual custom and drew out their funds
for few days in order to avoid the
intangible tax due on July /.
Every year very large sums are taken
from the local bands, much more than
the general public realizes, and ten days
latei> 1t is all back In the banks. These
heavy Withdrawals to avoid taxes pun
the June 30 deposit figures down every
year. Several bankers said today that
they would have been way ahead of
their December figures, had 1t not been
for this tax action.
1t will be possible in few days to
give the aggregate total deposits of all
the local banks as Of June 80. Limited
time prevented eaching all the financial
institutions before going to press.
Both time and savings deposits have
been reported recently as gaining in
many parts of the country.
Business Experts Meet Again.
The Banking and Industrial Commit
tee Of the Fifth Federal Reserve Dis
trict held its second meeting yesterday
in the board room Of the Riggs National
Bank, 23 of the citys leading business
and financial leaders being present
1t was announced following the meet
ing that there has been practically no
contraction as to the availability of
credit fer construction purposes of
substantial nature.
A report relative to new residential
building on hand indicated a normal
supply, there being $50 new unsold
houses at present, as compared with s87
at this time last year and 903 in 1880.
To determine the adequacy of credit for
building operations, the committees
survey included rs representative firms.
The house survey was conducted by a
subcommittee headed by Ben T. Web
ster.
Because of run1ors of unreasonable
demands for curtailmentS, appoint
ment of a committee to investigate
AtUW uSeG LII Lk1G Oh
real estate loans was authorized. While
the committee did not agree that this
condition existed generally, neverthe-
less, because of rumors regarding a few
specific instances, its members thought
it best to investigate the entire stu
alton. Robert v. Fleming was elected
chairman of the local committee and
will name a vice chairman later.
Transit's Net Gains in May.
The operating statement of Wash
tngton Rapid Transit Co. for May, filed
with the Public Utilities Commission,
reveals a surplus in the net income
item of $7,3l2.39. gain Of $5,834.37
above that for the month last year
For the five months Of 1882 there
is a deficit in the item amounting to
Sie34235, an increase Of $16,997.32
over that for the like period a year
ago.
Grant With Bank 25 Years.
Charles r. Grant. vice president and
treasurer of the Washington Loan 81
Trust Co.. has been with the institution
a quarter of a century today. He be-
came connected. with the bank in 1907,
when John Joy Edison was president.
He advanced rapidly while the late John
B. Iarner was at the head of the trust
company. which is now being guided by
Harry G. Meem as president. Mr..
Grant received many hearty congratula-
tions today from mis- banking associates.
ID. c. Underwriters Seek Degrees.
Thirty local life underwriters have re-
Gently taken the examinations given by
the American College Of Life Under
writer's for the degree of c. L. u, known
to the CLAM as chartered life under
writer. The examinations were super
yised by George Washington University,
the arrangements being made by H.
Lawrence Choate, president Of the Dis
trict of Columbia chapter. About $50
took the examination in different parts
of the country The papers are now
being graded and the diplomas will be
awarded at the annual meeting in San
Francisco Of the National Association
of Life Underwriters The aim Of this
post graduate" course in insurance is to
produce more highly equipped and prac-
tical insurance men.