Evening star., 1942-07-19
DC. Bank Loans
Dip$6,176,000
In Quarter
Building and Credit
Restrictions Regarded
As Mojor Foetors
b. EDWARD C. STONE.

HI LDN AMI ~ % oANI'
Loans of % banks and trust COM
ponies in Washington tota e d
S155,24S 900 on June 80, against
sj41,424. 900 on April a. a decrease of
S6.176,oO0 and the first recorded In
several years, according to an an
slysis of the banking situation made
by the Controller of the Currency
following the condition call of two
weeks ago.
Loans by the same banks on June
80, lo4l, amounted to S137,896. 900,
the present total being off $2,648 900
from aggregate loans on that date
The drop in loans in the Capital is
In line with that registered by banks
all over the country and was not un-
expected Curtailment of loans for
building purposes and of installment
and other small loans are assigned
as the main reasons for the decrease.
Real estate loans of s55 ,166 900 on
June 30 were higher than year ago
on the same date when the total
stood at s54,885000. Other loans to-
tailed $50 ,082 900 on June 80 and the
higher figure of S63,011, 900 a year
ago.
While the Washington banks have
negotiated a large number Of war
loans, mainly for supplies since this
is not an industrial city, they have
been unable to make up the loss of
loans formerly granted along other
lines. Bankers said yesterday they
expect this situation to continue
during the second half year.
Total Investments at Peak.
The Controllers review shows
total investments in the % banks on
June 80, of $185, ,252, 900, against the
lower figure of S164,602 900 on April
4 and $144,548 900 at the end of June
last year.
The banks have increased their
holdings of Government securities
very appreciably during the year.
United States Government securi-
ties, direct obligations, in Capital
banks on June so amounted
to $144,977, 900, against sll9,384, 900
three months ago, and $94 1923 900 a
year ago, a sharp increase during the
year of $5o,954,000.
Washington banks held other obli-
cations guaranteed by the United
States Government on June 80,
totaling $16370,000, compared with
the higher figure Of s22, 2,498,000 in
the first quarter and $27,076,000 a
year ago.
Controller Delaao reported that
the nine national banks carried
reciprocal interbank demand de-
posits on June 30 of Sits 900; saw
ings banks had s65,000 in such
deposits and the trust companies,
s951 900, a total of So, 8,791 ,00o These
deposits were reported gross prior
for June 30.
Assets reached an all-time high
mark on June 80, amounting to
s568,871 900 against $554.626,000
three months ago and $503 1893 900 on
June 30, 194l.
Savings Accounts Increase.
There was small increase OF 1854
In the number of savings accounts
during the year. the banks having
296970 such accounts on June 80
this year and 295 ,4o6 on the same
date last year. This is partially due
to the fact that some Washington
banks have taken no interest during
the year in increasing their deposits,
because of low interest rates and the
dificulty In keeping all their funds
at work.
Savings deposits amounted to
4ll5,s11 900 on June 80 last, against
4li3,325 900 year ago, a Jump OF
$2,586,0 900. This gain is Of special
interest when viewed In connection
with the war bond campaign. The
banks have given tremendous i'm
petus to the war bond drive, urging
their patrons to buy bonds to the
limit and then some. However, Off
cials have advised depositors not to
dip into their savings but have
urged that the bonds be bought
from current income. The advance
in savings deposits indicates this is
the method generally adopted.
Demand deposits revealed sharp
gain, amounting to $337,217000 on
June 30, against 1928, ,79l 900 three
months ago, and $273, 3,219,00o year
ago, recording jump Of $63,998, 900
In the II months.
Deposits of all classes in the banks
on June 80 totaled $5l5, ,932 900 COM
pared with $500, ,755 900 in the first
quarter, and $450. .704 900 q year ago.
Surplus totaled $19,78o.o 900 against
S17,996 900 year ago, while un-
divided profits amounted to So
$4,000 on June 80 this year COM
pared with slo,4l6,0oo a year ago,
the survey reveals.
Insurance Officers Named.
Stockholders of the National
Union Insurance Co. Of Washington
have elected the following directors
for the ensuing year, it was an
nounced yesterday:
James H. Atkinson, William L
Reale, Charles r. Brown, Floyd E
Davis, Beryl r. English, j. Wriley
Jacobs, Alfred H. Lawson, William
H. Marbury, Walter S. Pratt, Jr., and
John Saul.
The board organized by the selec-
ton of the following officers: Alfred
H. Lawson. president; John Saul
vice president: Floyd E. Davis, vice
president; William H. Marbury, as
sistant secretary, and James H. At
kinson, assistant secretary.
Heard in Financial District.
3. M. Swanson, Washington build
ing, has been elected director o.
First Federal Savings g. Loan AS.
sociation, Executive Vice Presiden
Carl H. Ellingson announced yes
terday.
The 69th semi annual statemen
of Columbia Federal Savings & Loar
Association just distributed reveal
a balance sheet of s7,082683 which
reflects a substantial gain over tht
previous report. Analysis OF the fig
ures discloses increases In saving
and investment share accounts
which brings this total up above
S6644,0 900
Edward C. Baltz, secretary of th'
perretIal P,1ilSjnp Association ar