Evening star. [volume] (Washington, D.C.) 1854-1972, 1943-03-08
d. {. Banks Report
Steady Increases
In War Loans
Extension of Credit
Setting New Marks,
Survey DiscIoses
BY EDWARD C. STONE.


Washington banks are reported to
be making many more loans at this
time for war purposes than a year
ago and are playing a steadily in
creasing part in the financing of
war plants and war supplies. This
expansion In loans has been taking
place for several months and is
highly gratifying to bankers in view
OF the fact that Washington Is not
an industrial city and does not Of
fer loan opportunities prevailing in
many other cities.
Much Of the money loaned recent
~ for war supplies, and construc-
ton has gone outside the Capital.
A good many Of these loans have
been carried out through CORE
Spondent banks.
Reports reaching Capital finan-
ciers reveal that banks elsewhere in
the country are also expanding their
war loans. It was reported today
that 100 banks will participate in the
5000 100000 credit being arranged
for the Westinghouse Electric g.
Manufacturing Co. to finance war
production contracts. It is an
nounced that 100 banks took part
in the recent Bendix loan. The
banks also financed the General
Motors loan. largest of the kind
up to that time.
Wilmer j. Waller, vice president
and cashier OF the Hamilton Nation
al Bank, is member of the War
Loans Committee Of the American
Bankers Association. The ABA will
present loan data soon which will
show far greater war financing eff
forts than are generally realized,
according to forecasts made here
today.
Maryland Bank Deposits Soar.
State banks in Maryland showed
an increase of 500 1896, $40 in deposits
during the year ended December 81,
1912, according to the report Of
John w. Downing, bank commits
sioner.
Deposits of the 112 banks and
trust companies totaled $53O,815, 588
at the close Of last year, as COM
pared with $434272,475 year earlier
and $376,882,059 two years ago.
Cooperating with the Treasury's
war financing program, the State
banks added $128,643,364 to their
holdings of United States Govern
ment securities, direct and guaran-
teed, lifting the total Of such In
vestments to $255, 1898, 461.
The II mutual savings banks in
Maryland showed an increase of
1886, 200 In deposits to an ag-
gregate of 1926, PAL, 066.
Legislative Review Printed.
The American Bankers Association
has just published review OF laws
affecting banks which were enact
ed in the 1941 and 1912 sessions Of
the Seventy Congress.
President w. L. Hemingway lauds
the work of the committee on Fed
eral legislation headed by A. L. M
Virgins, but the great amount Of
data presented in the report was
assembled in the office Of D. j. Need
ham, general counsel of the ABA,
in the Washington office.
The Revenue Acts, Public Debt
Acts, Soldiers and Sailors Civil Re-
lief Act amendments, financial aid
to small business; price, wage and
salary controls, war damage in
surance, National Housin g Act
amendments and Federal Reserve
Act amendments are only a few Of
the laws covered Of vital Importance
to banks.
War Bond Committee Meets.
The United States Treasury War
Finance Committee for the fifth
Federal Reserve district will have
very important all-day session to-
morrow at the Richmond Reserve
Bank to outline complete plans for
the April war financing drive.
Robert v. Fleming, president of
the Riggs National Bank, and a
member Of the Victory Fund Com
mittee in this district, will attend, as
will Winslow B. Van Devanter,
chairman of the Washington COM
mittee. H. L. Rust, jr., District
chairman of the United States War
Bond Committee, also will be pres
ent.
Another important meeting will be
held Wednesday at Richmond Of the
Victory Fund Committee regional
chairmen and the area managers.
The big drive starts on April II.
Press Bonds to Pay $34.11.
National Press Building general
mortage AZ per cent bonds, due in
April, 1850, will make an interest
payment OF $3411 on each 81 1000
bond on April Is, it was announced
in the financial district today. This
is substantial increase over the
$3.50 paid at the same time last
year.
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