Evening star., 1942-06-23
Little Change Seen
In Capital Deposits
Since April Call
Long and Sharp Rise
Is Slowing Up, Bank
Survey indicates
By EDWARD G. STONE.

is the case, as a limited unofflclal
survey today indicated. the long and
startling increase in deposits in the
Capital is slowing up.
Rank officials said today that they
expected deposits in the lnstltu-
tions here to be about the same as
thew we're three months ago. They
NAV run little higher, which would
mean another all-time record and
there is also the possibility they
might be a bit lower.
The increase of S7.223.8l0 in the
first quarter over the last quarter IN
le4l is not likely to be duplicated
in the second quarter, officials
added Deposits at the close OF
l94l stood at s495 sos ,478.27,
The heavy purchases Of War saw
ings bonds in Washington in recent
weeks is believed to have held down
bank deposits. A good many people
have bought War bonds with money
they might otherwise have placed
in savings deposits or on their
checking accounts. There was also
the June Is income tax payment
which made a dent in a great many
checking accounts, officials COM
mented.
Many Accounts Withdrawn.
In the last three months there
has been no large influx OF funds
among the banking institutions here
the survey indicates. The popula-
ton has been more stabilized. While
a great many people have come here
to do war work. many Government
departments, such as the Securities
and Exchange Commission, have
heen moved to Philadelphia, Rich
mond. New York and Chicago.
Entire families have had to move
TO other cities. Bankers asserted
today that these people probably
have taken away more money than
the latest arrivals have brought In
This is one of the big reasons de-
posits at the end of June are likely
to show little change over the end
OF March.
The controller of the currency
usually issues a condition call dated
June 30, the end of the Govern
ment's fiscal year. The approach OF
this date has turned attention to
bank deposits and the possibility OF
another all-time high mark.
The April call was especially
memorable because it was the first
time in the history Of the Capital
that deposits had crossed $780,
OOO, 900.
Insurance Officers Renamed.
The seth annual meeting of the
American Fire Insurance Co. of the
District of Columbia held recently
resulted in the reelection of all
officers and directors for the en-
suing year. The report of the secre-
tary. George M. Emmerich, revealed
that total resources have grown to
s72O.O 900 while the past year was
characterized as being one of the
best in the history of the company.
Secretary Emmerich was con-
graduated by his colleagues on his
record of service as he has been
continuously connected with the
American Fire since 1884, a total of
So years
Officers reelected were Carl J..
Bergman. president; Victor B. Dey-
ber, vice president; Harry M. Pack
ard, treasurer: George M. Emmerich.
secretary, and M. F. Bergman, as
sistant secretary.
Directors include Chaplin B. Bau-
man, Max Walten. W. H. Blanz, Ed
ward L. McAleer and the officers.
Towson Enters Army Service
Norman E. Towson, assistant di-
rector of the Foreign Funds Con-
troll Division of the Treasury De-
partment. has obtained leave of
absence for the duration of the
war. and been commissioned cap
tain in the Army. He entered the
service today
For about 20 years Mr. Towson
was connected with the Washing
ton Loan e. Trust Co, being in
charge of the foreign department.
He was active in the District
Bankers Association and often made
addresses on economic subjects.
He went to the Treasury Depart
ment two years ago and was as
signed to highly responsible posi-
ton.
Dealers Back Amity Drive.
Financial leaders who are in
front of the move to bring closer
co-oepration between their industry
and the Securities and Exchange
Commission include Wallace H.
Fulton. executive director of the
National Association of Securities
Dealers; H. H. Dewar, chairman of
the organization; Emil Schram,
president of the New York Stock
Exchange: John S. Fleek. president,
Investment Bankers Association,
and John s. Burns, president, Asso-
citation of Stock Exchange Firms.
These men form a committee
which has been cooperating with
the Treasury for many months in
war financing. They have now
pledged full support to Ganson
Purcell. chairman of the SEC. in his
move toward closer collaboration.
Richard P. Dunn, of Auchincloss,
Parker G. Redpath, was present at
the Philadelphia meeting of the di-
rectors Of the Association of Stock
Exchange Firms when the new
amity campaign was launched.
Common Stock Offered Here.
Johnston, Lemon & Co. and Fer
ris, Exnicios e. Co. are members
of Nationwide underwriting
group consisting of 66 security
houses offering 24o000 shares Chas,
Pfizer & Co., Inc, common STOCK at
$2475 per share.
This represents the initial public
financing of the company which
was founded SO years ago. The
company is, one of the principal
of fine organic chem
icals in the United States. Divl-
dends have been paid without in
terruption for 40 years.
Heard in Financial District.
Herman Becker, vice president OF
Erlebacher, Inc. was given testl-
monial dinner Sunday night at the
Woodmont Country Club in honor of
the completion of % years service
with the organization. Mrs. B. Erie