Evening star., 1943-05-19
D. {. Bank Earninqs
Ahead Of Year Ago
In -Four Months
SubstuntiuI Increases
Follow Satisfactory
Results for 1912
By. EDWARD c. STONE.

Aggregate earnings of Washing
tom S % active banks in the frs
-four months of this year were vel
ahead of the like 1912 period, al
unofficial survey among bank of.
flcials indicated today. The state.
ments are interesting and impor.
tant as earnings in 1912 we're high.
ly satisfactory in practically every
bank in the city.
Three reasons were assigned to-
day for the excellent earnings
showing SO far this, year. Service
charges in a number of instances
have been advanced to meet the
increased cost of operations. AT
the same time interest rates paid
on savings have been lowered
slightly by some Washington banks
Substantial increases in deposits
have supplied the banks with more
funds with which to earn money
Officials say they had gratifying
success: in making loans on war
supplies and for other purposes in
the four months. They are also
obtaining additional revenue from
heavy purchases of Government
securities, especially during the War
bond drives.
Officials forecast today that the
increased earnings will prevail dur
ing the first half year, and so far
as can be seen now, throughout the
rest of 1943
1912 Bank Earnings Reviewed.
The Federal Reserve Bank of
Richmond's April Review contains
the most complete summary of
banking developments in this ter
ritory in 1912 that the bank ever
put out. Banks with more than
S50,000000 deposits increased their
earnings by 148 per cent, while
other groups decreased theirs by
10 per cent, due to substantial in
creases in total expenses
Bank loans of 447 banks in the
District showed a decline of So
07l,500 from 194l, but totaled S752,-
100000. Loans of II banks with
more than $50OO0,0OO deposits were
up sc per cent, while those of 435
banks declined AZ per cent. The
large banks got more war loans,
while the smaller banks were hit
hard by credit restrictions on con-
sumner loans. The Defense Plant
Corp also did a good deal of financ-
ing that the banks might other
wise have handled
Total expenses of the 447 men,
Der banks in the 5th district in
creased s3998 900, or 8.6 per cent;
salaries and wages increased from
as low as SO per cent up to 13 per
cent, Interest paid on time de-
posts declined Some banks low
cred their expenses from l941, the
review said.
National Bank Earnings Up.
Controller of the Currency Pres
ton Delano has just reported that
5.007 national banks in the United
States did very well in the year
1912, gross earnings showing an in
crease Of $37,174,000
Operating expenses for the year
were $670, 0,754,000 against S641 ,648,-
600. Incorporating earnings were
up S8,0o0,000 over 1s41. Net profits
showed a decrease. .-.....2
Profits on securities sold during
the year were also lower, MI. Delano
said.
Controllers to Hear Rose.
Brig. Gen. William c. Rose. chief
of the executive services OF the War
ManpoWer Commission, will speak
on The 48-Hour Week and It's Ap-
pllcation to the District of Colum-
bia' at the May meeting of District
of Columbia Control, Controllers
Institute of America, at the Carlton
Hotel Tuesday evening. with dinner
at $50, it was announced today.
Many guests are being invited.
The 81 quarterly dividend lust
voted by the directors of the Mer-
genthaler Linotype Co. is the same
as the first payment this year. The
alvldend is payable June u to stock
holders Of record May %.
Sales of American Stores Co. for
April totaled S18, ,739,7O4, against
Sl9,657,l43 in April, 1912, a decrease
OF S9l7,439. or 46 per cent.
Garfinckel Common Climbs.
Garflnckel common figured in two
50-Share sales on the WASHINGTON
Stock Exchange today, at ILL.,, a
new l943 high. The last sale was at
10. The final bid was III. with 12l,
asked.
Washington Railway & Electric
preferred appeared on the board for
the first time this year, 10 shares
moving at ll4l4. The last transfer
in 1912 was at Ill, making today's
gain a.. points.