Evening star., 1939-06-29
D. {. Bank Deposits
Under March Peak,
Survey Indicates
Finoaeiers Expect
Controllers Call
In Near Future
BY EDWARD G. STONE.

Aggregate deposits in the Capitals
% banks are expected to disclose q
moderate drop in the total, follow
ing the next call for condition by
the controller of the currency, In
comparison with total deposits about
three months ago, according to an
unofficial survey completed in the
financial district today.
The midyear call is usually dated
June 30, the final day of the Gov
ernment's fiscal year. For reasons
of their own, controllers never an
nounce a call date in advance.
Bankers cite the Intangible prop
erty tax as the reason for their ex-
pectation of a drop in total deposits
at this time. Until recently, de-
poSits have been running just
about the same as on the date of
the March call.
On March 10. 1899, deposits in
Washington banks stood at an all
time peak, $341, 1,719 ,35761. This fig
ure was slightly higher than the
total at the end of 1888, the exact
increase being S196,59087. Such
slight difference in the two calls
caused wide comment at the time.
At that time the December figure
was also a new high mark.
A year ago, on June 80, 1898, de-
posts stood at S306 1858 ,696.50 in the
same financial institutions. The fig
ure that the next call will bring to
light is being awaited with great
interest in the banking circles. Ii
will show that the banks still have
an immense amount of money on
deposit.
Exchange Action Approved.
Action of the New York Stock EX-
change Board of Governors in vot-
ing the exchange open on Satur-
days in July and August met with |
approval of the majority of brokers |
in the Washington offices. The |
proposal to add half hour or an
hour to the other daily sessions |
put a damper on the Saturday |
closing idea. This longer hour idea |
appeared senseless in view OF
the volume of business now being
transacted. The big wire houses |
played an important part in pre-
venting the closing, according to |
Washington brokers. Saturday bus |
iness. while quiet, helps to meet |
overhead expenses.
Three niyidendS Declared
Directors of the National Bank of |
Washington yesterday declared the |
regular semi-annual dividend OF So |
per share, President J. Frank White |
announced today. The dividend is |
payable July 3 to shareholders of /
record June Is.
Directors Of the Columbia Title |
Insurance Co. recently declared 3
per cent semi-annual dividend, pay |
able on June 80.
Directors of the Real Estate Title !
Insurance Co. have also declared q |
semi-annual dividend of per cent,
this too being payable June 80.
The $3.50 regular quarterly divi- |
dend on Norfolk & Western COM
mon stock will be paid on Sep
tember 10 and the 81 dividend on
preferred on August 49,
Montgomery Bonds Awarded.
Montgomery County, Md. has |
awarded to a group consisting of
Mackubin, Legg & Co., Stein Bros. |
& Boyce, Baker, Watts & Co. and |
Mercantile Trust Co. two bond is
sues totaling S366,500 Both the |
s216.5O0 refunding bonds and the
s150,000 of park bonds brought |!
the same bid of 10021039 for 24Os. |
The refunding bonds are due July, |
1940-58 The park bonds mature !
July l940-79. Second high bid of |
100095 for 2.25s was submitted by
Halsey Stuart & Co. for the s216,- |
800 refunding bonds.
The head Offices of the successful |
bidders are all located in Baltimore,
the three investment houses having
Washington connections.
Southern Covers Charges.
Increased earnings from opera
tons in June, coupled with other
income" which will be taken into
accounts in the current month, |
should enable Southern Railway to
cover fixed charges for the first half |
year, Ernest E. Norris, president,
said at the monthly meeting of the
Board of Directors. This would COM
pare with deficit after charges of
S3,662642 N the 1888 six-month
period.
There is no reason for revising
estimates made some time ago that |
the company would have net in
come of over S3000.000 in the full
year 1899. he added, Last year a
loss of s497,772 was reported.
An Improvement Of S1,000,000 in
June operating revenues, compared |
with June, 1888, is in prospect.
Western Maryland Out of Red.
The report of Western Maryland
Railway for five months ended May
81, 1889 shows net income of $19,-
$50. after taxes and charges, equal
to II cents a share on 77.420 shares
of per cent first preferred stock,
on which there is an accumulation
of unpaid dividends. This compares
with net loss of S110,442 in five
months ended May 81, 1888
The dollar volume of retail financ-
ing of new passenger automobiles
was 54.2 per cent higher in May
than during the same month of
1888 and 32.7 per cent off from May.
1887, according to the Department
of Commerce.
The Senate Banking Committee
has reported favorably bill by
Senator Glass extending for two
years the power of the Federal Re-
serve Banks to use Government Sc
curities as backing for Federal Re-
serve notes.
Heard in Financial District.
International Business Machines
has declared the regular quarterly
dividend CT S1.50 per share, payable
0ctoher IN similar dividend will