Evening star., 1943-04-15

ellullIldt tiOll " IL
the later date of
s525 100000 Of Leo T. Crowley
reciprocal interbank demand bal
ances.
Total deposits. excluding recipro-
cal interbank demand balances OF
s525 900 900, amounted to $87,8l9,-
100000. Deposits were higher by
sl8,3s8 0OO, 900, or 26 per cent, than
deposits. including reciprocal bal
ances. reported year ago. The
growth in deposits reflected chiefly
the purchase by the banks OF United
States Government obligations OIL
set in part by withdrawal OF cur
rency into circulation.
Investments by the banks in
United States Government obllga-
tions increased during the year by
sl96 664 900 600. or 81 per cent, and
amounted to $40,712, 100000 on De-
cember 81.
Loans and discounts amounted to
S18.9O6, 100000, decline OF $2,357,-
100000. or II per cent from last De-
cember. The reduction in loans over
the wear was chiefly in consumer
loans, although business loans also
declined.
Of the assets held by insured COM
mercial banks on December 81, 1912,
% per cent were cash, reserves and
funds due from banks, 40 per cent
were securities, and 20 per cent were
loans and discounts.
Total capital accounts of the in
sured commercial banks increased by
s2ll .O00, 900 over the year period, re-
f7ecting increases in surplus, un-
divided profits and reserves, which
more than offset retirementS of pre-
ferred capital.
Sound Dollar Held Vital.
Neither currency depreciation nor
cheapening of the dollar is con-
templated by the Treasury as a
means of reducing the vast postwar
Government debt, according to a
letter published in the Commercial
& Financial Chronicle. expressing
the views of Secretary Morgenthau
and written by Undersecretary
Daniel w. Bell. He says in part:
The security of the dollar ap-
pears to us to be beyond all question.
Our dollar is backed by the credit
and resources of the wealthieSt and
most powerful Nation on earth. Our
gold stocks, which amount to nearly
s23 0OO, 100000, together with the
esteem in which the American dollar
Is held throughout the world, are
additional evidence of the high de-
gree of security of the dollar. We
have every reason to believe that in
the postwar period the American
dollar will continue to be the domi-
nant currency of the world.
"The Secretary of the Treasury
has always regarded the security and
stability of the dollar as a primary
objective of Treasury policy. We do
not contemplate currency deprecia-
ton or a cheapening of the dollar
in any way as means OF reducing
the national debt The amount and
rate of debt reduction in the post
war period must, of course. be die
tated by such considerations as the
effect of repayments on employment
and busine-s activity
Metropolis Assets Mount.
The 10th annual report of the
Metropolis Building Association. out
today, reveals assets in excess OF
s7,000,000 a gain of 100000 during
the year At the same time con-
tingent reserves and surplus moved
up to $685., ,999, new high.
r. W. Santelmann. secretary,
stated that the association had just
bought an additional 100000 in
United States War bonds for their
own portfolio, as we'll as vigorously
pushing the sale of series E and F
bonds to their customer contacts.
Metropolis Building opened for
business in 1866. Officers include
Harry G. Wilson, president; John
Scrivener. vice president; Mr.. San
telmann, secretary, and Martin T.
Wiegand. treasurer Directors
George M. Siebert, William A. Simp-
son, Harry H. Wilson, Chalmers F..
Croft. Charming S. Walker, John w.
Hardell, Arthur Seagren and the
officers.
Bank Votes Usual Dividend.
Directors of the National Saw
lngs q Trust Co. have declared a
dividend of 81 per share. payable
May ! to stockholders of record
April %, President Bruce Baird an
nounced today This is the same
quarterly dividend as has been paid
for a long time.
Some $4,000 Washington holders
of American Telephone stock re-
ceived the regular quarterly divi-
dend of $2.25 per share in the mail
today
President H. L. Amber of the
Berkshire Life Insurance Co. an
nounced today that the Washing
ton agency led the entire country in
the first three months of l943. II
was the best quarter the Office ever
had, j. E. McCombs. the general
agent, being the leading producer
followed by Joseph Brown. who de-
votes all his time to insuring COM
missioned officers in the Army.
Directors Are Reelected.
Robert E. Buckley, building and
loan association executive, and
Oliver T. Carr, realtor, were re-
elected directors for three-year
terms at the 88th annual meeting OF
the Mutual Fire Insurance Co. OF
the District of Columbia.
The meeting also adopted reso-
lutions on the death of the late
president. Charles Kettelmann.
The other directors are L. Pierce
Boteler Charles M. Boteler, Charles
F. Crane and W. A. H. Church.
Ofiicers will be elected at the next
meeting of the board
Garfinckel Common Higher.
Fifty shares of Garfinckel com.
mon sold on the Washington Stock
Exchange today at ga, a gain of Y
and a new 1943 high mark. The
final bid was ga. with l0h asked.
Capital Traction SIS were strong
with $1,000 and $500 transfers q,
f0Elg nnrhoroo