Evening star., 1943-05-06
D. {. Banks Report
Sharp Increase in
Ration Coupons
Some Forced to Open
Separate Departments
To HondIe Volume

oePuIute departments
To Handle Volume
BY EDWARD C. STONE.
Ration coupon banking has in
creased by leaps and bounds re-
Gently in Washington banks, fore
ing officials in some institutions to
establish separate departments to
! handle the business. Not only has
the number of accounts increased
with surprising rapidity, but the
activity Of these special accounts
has expanded still faster, bankers
asserted today.
Ration coupon banking started in
Washington and elsewhere at q
very moderate pace. Officials were
surprised how little business they
got during the first manth and felt
that their advance worries over the
new system had been largely wasted
But as the Office of Price Admin
istration enlarged the program to
include other commodities in addi-
tlon to coffee, sugar and gasoline
business suddenly began to pick up
Capital banks have steadily added
to the forces assigned to this work
and report the system is operating
smoothly.
Many Other War Services.
In addition to ration banking, the
banks have been called upon to
render host of other services in
aid Of the war effort. One of these
extra services, which has been rem
dered with particular success, is the
part the banks have taken in the
war bond campaigns.
The Treasury and the Federal
Reserve System asked the banks to
participate in these drives because
officials are trained in finance, have
the machinery for handling the
bonds, know the financial position
and needs of their patrons and
can render very valuable. advice
Their acquaintance with the pur-
pose of the war bond drives and
the financial ability of their pa
irons, has proved invaluable.
Capital banks we're assigned
quotas to be raised among their
depositors, which according to q
survey, most institutions quickly
met. They have also bought very
large amounts of bonds and other
Government securities for their
own accounts, these totals playing
an important part in Washington's
huge oversubscription in the bond
campaign just ending.
Banks Help Fight Initiation.
The banks also have been called
upon to help make effective rules
relating to imitation control and
other emergency regulations and
executive orders. The chief infla-
tion control Government order is
Regulation w which restricts in
stalment credit as to terms, pur-
pose, and use of funds. The emerg-
ency regulations and executive or
ders relate principally to manpower
such as the 48-hour week.
For many months Washington
banks have been financing con-
tractors engaged in war work un-
der the provisions of Regulation v
of the Federal Reserve Board, as
we'll as under the Assignment of
Claims Act. 1t was estimated in
the financial district today that
nearly $10O,0OO,000 has been loaned
under construction and war supply
contracts by the banks in this vi
cinity.
Cashing of Checks Expands.
Cashing OF great numbers of
Government checks for Federal en-
ployes is service which has shown
tremendous expansion during the
present conflict.
Some of the most valuable serv-
ice Capital banks have rendered
during the war has dealt with
frozen funds" of nationals of
enemy countries the accounts
of such depositors are handled
through licenses obtained from the
Federal Reserve Bank, a great deal
of extra work being necessary.
Bank officials said today that the
war is now taking many of their
keymen, following the earlier loss
of great many others. New women
employees are proving highly eff
cient, but keymen are hard to re-
place because of their long ex-
perience.
Washington Gas Net Higher.
Net income of the Washington Gas
Light Co. in March totaled $238, ,423,
against $19O,879 year ago, an in
crease of $47,544, according to the
statement filed with the Public
Utilities Commission. Operating
revenues were up s108,7 ,738, while ex-
penses were $52O13 more than in
March of last year.
The big upswlng in revenues was
brought about by larger gas sales due
to the cold, late spring Net earnings
for the first quarter reached STAT, 1854
an increase of $83,911 over the like
1912 period. Operating revenues
were up $225,655 and expenses and
taxes, $116,422.
Gas sales In March were 10 per
cent ahead of March, 1912, totaling
2,060, ,454, 900 cubic feet this year
compared with 1875, ,792, 900 cubic
feet for March, 1912. Meters in
service in the District of Columbia
increased 5,211 over a year ago, to q
total of 185,074. The company ex.
pended approximately $554,000 in
the first three months of this yea1
for extensions to its property ir
Washington