Evening star., 1943-09-28
D. {. Bank EARNINGS
Up Sharply in First
Half Of 1943
BY EDWARD C, STONE.

Washington's % active banks re.
ported aggregate net earnings from
current operations in the first hal.
of 1943 of 81 ,SOS, 900, compared with
si,286,000 in the like period last
year, or an increase of 1922 900, the
controller of currency announced
today. The banks showed many
other substantial advances in the
six months under review.
Total earnings from current op-
erationS amounted to $6,937 ,00C
against s6,552, 900 in the first halt
of 1912, gain of 1885 900. At the
same time total current operating
expenses we're held down, amount
ing to 5,129 900. compared with the
higher total of $5,266 900 year ago
Capital funds scored a moderate
increase, s51,462,00O for the %
banks. comparing with $50,464,0 600
insthe same six months in 1912. The
national banks had capital of $22,-
7T6,000; savings banks, s4.915, 900,
and trust companies, $23,77l 900.
Pr0fltS Reveal Gains.
Total recoveries and profits on
securities sold or redeemed were
better than last year, $783 900 COM
pairing with $621,Ooo. Profits on
securities sold or redeemed reached
$267 900 against $248,000 a year ago
Total losses and charge-offs were
also higher, $1,188,000 comparing
with $738,0O0, leaving net profits,
before interest and dividends,
amounting to 1903 900 against ST.
$4,000 at the end of June, 1912.
Total interest and dividends
amounted to $707 900, against S722,-
900 a year ago, leaving net profits,
after interest and dividends, of
$696, 900 as compared with SAT, 900,
the report says, an increase of
$295 1000, divided among nine ma
tional banks, State banks and S
trust companies.
The annual rate of net profits to
capital stock, capital notes and de-
bentures was 1896 per cent against
1928 per cent in the first half of
1912, and to capital funds, SAG per
cent against 4.64.
Service Charges Lift Income,
The controller states that service
charges on deposit accounts were
an important earnings item, S531, 900
comparing with $460,000 year Ago.
Trust department returns were
again very helpful, earnings reach
ing $439,000, compared with $434,-
600 in the like 1912 period.
Controller Delano has also issued
q review of the condition of all ma
tional banks on June 80, showing
that the national banks in the Cap
ital had total assets on that date of
$428, ,473 600, deposits of S404 1922 900,
excluding reciprocal bank balances,
and total loans of $51 ,203 900.
Crowley Remains FDIC Head.
Leo T. Crowley, named by Presi-
dent Roosevelt to centralize activi-
ties of the new Office of Foreign
Economic Administration, will con-
tinue as chairman of the Federal
Deposit Insurance Corp, according
to financial district reports. He is
also expected to remain as alien
property cuStOQlan-
The House Ways and Means Com
mittee has voted not to recommend
repeal of the War Contracts Re-
negotiation Act and has referred
the matter to subcommittee after
two weeks hearings.
Washington banks had all their
service flags out today in honor of
the Districts $4,000 men and women
now serving in the armed forces. the
tribute being planned by the Third
War Loan officials.
Marx Reports on Farley.
Raymond G. Marx, controller of
the Riggs National Bank, who rep
resented the fifth district at the
annual meeting of the National AS
sociation of Bank Auditors in De-
troit, was back at his desk today
with high praise for the work of
the convention which considered
many wartime accounting problems.
He was member of a committee
which made an important report
on relations with the Treasury.
Hugh E. Powers, Louisville, was
elected president, succeeding Ott-
mar A. Waldow, Detroit. John C..
Shea, New Orleans, was named first
vice president, while Arthur r. Bur-
bett, Baltimore, was advanced from
treasurer to secretary.
Huge Credit Demand Seen.
Vast reservoirs of consumer credit
will be necessary to supply the pent-
up needs of the Nation during the
first two years following peace, DR..
Albert Haring, professor of market
ing, Indiana University, states in his
book, 'Installment Credit Comes of
Age" just published by the National
Retail Furniture Association.
Mass buying will be essential to
Insure sale and consumption of
goods Americas increased productive
facilities will make. Cash savings
will not be adequate to buy all the
automobiles, refrigerators, home fur
nishings the Nation will require
mstallment credit, therefore, will
play major role in the establish
ment of American peacetime pros
perity he predicts.
Transit Stock in Demand.
Capital Transit stock was again in
demand on the Washington Stock
Exchange today, Sc shares changing
hands in three transfers at 81, ex-
dividend and unchanged from yes
terday's sales.
Mergenthaler Linotype appeared
on the board again today. with IL
shares selling at 457s, against yes
telday's closing price of 46.
Garfinckel common figured in a
2Gshare sale at 13h, unchanged
frWm the last sale, the transfer being
e%dividend
Bonds were neglected, every senior
issue on the board being quoted far
above par, Gas IS topping the list
with bid of 1891.
Heard in Financial District.
An exceptionally large number oi
Capital financiers paid final tribute
tGWilliam D. Hoover, who was con
n6cted with the National Savings &
eySF8yet RI for about An xyoore ~ tle