Evening star., 1941-05-21
345 Banks Disclose
Nearly Billion in
Defense Loans
Progress Is Reported
In Negotiations for
Se7,o27,352 More
BY EDWARD c. STONE.

reported to the American Bankers
Association as outstanding on March
81 by 345 banks in 1877 cities, accord
ing to special survey made by the
association and released today.
To obtain an indication of the
trend in the volume of credit ex-
tended for the financing of defense
orders, the A. B. A. queried 500 of
the larger banks. OF this number,
S45 institutions in 1877 cities replied
that they had outstanding on March
81, commitments totaling S934,l97,-
688 on 1894 loans. In addition, they
reported negotiations in progress
with loan likely to result on 434 ap-
plications totaling S97027,352. OF
the commitments made, S4290oO.262
was actually in use on March 81.
The survey revealed that 70 per
cent of the commitments were MADE
without assignment of contract and
that such assignment was required
In only 80 per cent OF the loan
transactions. The 345 banks re-
ported 2,298 loan commitments for
production of supplies and EQUIP
rent totaling 1894 GAL ,425 and 2,350
for construction work and plant
facilities totaling $3.50 093 ,62O.
In addition, they reported Is loans
s,r "oopital n1lrooSeS." tOtaling Sl3,-
se31O5: 1852 loans for working
capital purposes" totaling Sl7O ,1O4,-
538, and one purpose unclassltled,
for s165.OO0, all arising out OF eX-
handed operations of customers m
directly contributing to national de-
fense.'
So far as Washington is concerned,
no figures on these loans are yet
available. They are the type OF
loan that has been the best demand
here, as there are practically no re-
quests for loans direct to industry
In the Capital. While bank othclals
could take care of great many
more applications, they are quite
well pleased with the results already
obtained.
Franklin Starts Payments.
The receiver for the former
Franklin National Bank, Samuel M.
Thrift started payment today OF
the final dividend on the prlnclpal
to more than 1900 deposltors.
payments are being made at 945
PENNSYLVANIA avenue, Room u, on
nresentation of certificates OF par
ticipa ton" which are the proof that
the applicant had money IN the
bank at the time it was closed.
About 5000, 900 is to be paid out
al this time. bringing the payments
to 100 per cent. Furthermore, 1t is
stated that not only will the former
depositors be paid back their de-
nosits in full. but at later date
certain amount of interest also Will
be disbursed.
The fact that the bank is paying
off 100 per cent reflects great credit
on Receiver Thrift, who has been
acting as executive secretary OF
what is known as the Franklin
Iiouidating Trust. The present
payment is for per cent OF the
original amount.
Mr.. Thrift said today that there
are still at the Office about 5000
undelivered certificates OF partlclpa-
ton, with dividend checks amount
ing to $4,000. Why the owners
never have called for their checks
Is a mystery.
Gain in Stockholders Small.
The rise of 13 per cent in business
activity in 1910 (Federal Reserve
Board index is not reflected to any
sppreciable extent in the number OF
stockholders of Americas largest
corporations according to Daniel
,Starch's eleventh annual study OF
stockholder trends, in the current
issue of Forbes Magazine. A total
of l0,142, ,109 stockholders was re-
ported by 203 corporations at the
end of the year, an increase OF only
six -tenths of l per cent over 1899.
In this years study of l3 in
dastrial classificationS OF companies,
only three-automotive and acces-
sories. aviation equipment and un-
classified groups-had gains of 2 per
cent or more. Smaller increases
were shown by machinery and sup
plies and the metals and chemicals
group. These groups are affected
materially by defense orders.
In the aviation group, stockhold-
srs IN equipment companies in
creased 81 per cent, while those in
the transport group decreased 81
Der cent. Defense orders, no doubt,
played a part in the former case.
Among the % corporations with
100 900 stockholders, or more, gains
were shown by General Motors,
Standard Oil of New Jersey and
Consolidated Edison of New York,
the review says.
Today's Trading on Exchange.
Today's trading on the Washing
ton Stock Exchange was confined
to Capital Transit stock, 10 shares
moving at 1872. Bid and asked
quotations on other issues showed
little change. Transit closed with
1871 bid and II asked.
Potomac Electric Power preferred
issues are now quoted ex-dividend,
as are Washington Railway & Elect
rio preferred and common stocks.
The usual dividends will be paid
soon. Another stock being quoted
ey-dividend is Lanston Monotype.
Washington Railway & Electric
common stock, on which the price
of the participating units is based,
is now quoted at $3.50 a share, ex-
dividend, with $3.50 share asked.
Financial District Comment.
Folger, Nolan & Co, Washington
investment firm, was among the Al
firms underwriting the Louisville
Gas & Electric Co. issue Of 780,792
shares of 5 per cent preferred, $25
par value, which has just been
placed on the market.
Other firms which have Washing
ton Offices include Alexander Brown
& Sons, Hemphill Noyes & Co., and
Stein Bros. & Boyce. These under
writer's reported today that the issue
ks. knn, wall raooivnd