Evening star., 1939-07-16
Capital Bank Deposits
Reported Close 10
March Record
Return of Funds After
District Tax Dute
SweIIs Volume
By EDWARD C. STONE.

Aggregate QepOSltS III WdSIllIiS Ioll
banks have nearly made up the de-
crease of $18,038 1852 between the
March 20 and June 80 condition
calls issued by the Controller of the
Currency, it was unoftlcially re-
ported in the financial district yes
terday.
More than three-fourths of the
funds placed in non-taxable securl-
ties Just before June 80, on account
of the intangible property tax in the
District. has been returned to the
banks, it was stated, and most of
the remainder of this money is ex-
pected in the next few days.
Yesterdays survey indicates that
deposits in the % banks are now
pretty close to the all-time high
mark of S341,719,35761 reached on
March call date. The total deposit
figure on June 30 was 1928, ,68l ,232 90
The amounts withdrawn from the
banks between the March and June
calls in recent years has varied
widely. In 1888, the year of the
bank holiday, there was no March
call, so no comparison is possible
On June 30 1884, deposits totaled
S236,152 ,42481, revealing a drop of
S9.30l ,486.81 after the March call.
On June 30, 1885, deposits stood at
S266, ,586 ,839 80, drop of SO ,639. TIP .03
from March. BY June 80, 1886, de-
posts had climbed to 1906 413,74491,
off only $3,593 .56098 from March
On June 80, 1887, deposits of $685.
S05, ,88107 revealed the largest second
quarter drop on record, S32 ,429,-
63219.
According to records kept by
Audley A. P. Savage of the National
Savings & Trust Co., deposits on
q drop from March of S28 SOS ,252 10
This indicates that the fluctuation
between the spring and summer calls
last year was S10,000,000 larger than
this year. In all these instances it
is stated that deposits scored such
sharp pickups in July that they got
almost back to the March figures
each year, although it is pointed out
that some of the money goes to New
York or other places and stays there
Most of such funds are sent by
branch offices here to head Offices
in New YORK. shortly before the END
of June.
Bank officials, however, have been
heartened by the heavy deposits
registered here during the last few
days.
Department Store Sales Up.
Following the post-holiday gen.
eral trend in the rest of the coun-
try. department store sales in the
Capital for the week ended Wednes-
day were At per cent higher than
IN the corresponding week last
year, the Commerce Department
reported yesterday in looking at
trade in 81 key cities. Two stores
reported slight decrease, all the
other gains ranging from 16 per
cent to 1878 per cent. Trade was
off 10 per cent from the previous
week. the review stated, all COM
parsons being for five-day week,
due to Saturday closings this year
and last.
Bank clearings were notably high
er. 27,110,094 comparing with $23,-
963051 a year ago. Building per-
mits were also up substantially,
$504,850 comparing with S436, ,750
There was a letdown in the num-
Der of visitors in the Capital from
the previous week but a good gain
over last year. Total revenues of
the Capital Transit Co. disclosed an
other gain, Sl96,063 against $l90,631
In the rest of the Fifth Reserve
District general trade showed i'm
provement, the summary stated.
Insurance Officers Elected.
Alfred H. Lawson was reelected
president of the National Union In
surance Co., at the annual meet
ing just held, with John Saul, vice
president; Floyd E. Davis, vice presi-
dent; William H Somervell, secre-
tary, and William H. Marbury, as
sistant secretary.
Stockholders elected these direc-
tors for the ensuing year: William L.
Beale, Charles R. Brown, Floyd E.
Davis, Alfred H Lawson, William
H. Marbury, Walter S. Pratt, jr.;;
John Saul, James H. Atkinson and
William H. Somervell.
The National Union Insurance Co.
is one of the citys oldest business
concerns, having been chartered in
1865.
Bankers Drop Relief Move.
Members of the District Bankers
Association automatically dropped
their efforts to aid II 500 District
government employees with emer-
gency funds when Congress passed
the appropriation bill which sup
piled the payday money, rendering
further outside financial assistance
unnecessary.
e The move was started by Ord
Preston, president of the association
and of the Union Trust Co. After
several conferences, committee was
formed which included Mr.. Preston,
Hilleary G. Hoskinson, George M
Fisher and John A. Reilly, which
was working out plans with the Dis
trict Commissioners when Congress
suddenly provided the needed money
oIlICl lCdOlIlS UdIlhCiS dlSO gave d
lot of thought and time to the emer-
gency problem.
In addition to the various confer
ences, the bankers weekly luncheon
at the Willard was given over en-
tirely to consideration of the best
ways of meeting the situation.
Financial District Comment.
About 10000 Washington people
received the usual quarterly dividend
of 1925 per share from the Ameri-
can Telephone g. Telegraph Co. in
the mail yesterday. The letters also
noted the improvement in earnings
over the like period a year ago.
Roswell Magill, named on the COM
mittee to make special study of
Americas securities markets, was
Undersecretary of the Treasury from
January, 1887, to october, 1888. He
is now a tax specialist. Before ap-
L.