Evening star., 1944-02-20
Bank Earniinos
Register Sharp
Gain in Year
Operating Nets of DC
Institutions Expand
To $14,257,O00 Mark
By EDWARD C. STONE.

BY EDWARD C. STONE.
Total earnings from current op
eratlons of the % active banks il
the Capital during 1943 amounted
to $14,257 900, against $13,266, 900 /:
year ago, an increase of 1891 ,O0O
controller of the Currency Presto1
Delano reported yesterday.
Interest and dividends on securi
ties amounted to $5,821 900, agains
S4,l48, 900 in 1912; interest and dis
count on loans totaled s4,861 900 VS.
so,787, 1000; service charges on de.
1osit accounts brought in S1142 ,O0l
against $685., 900 a year ago. Trus
department earnings were Slightly
under 1912.
Total current operating expenses
were kept well in hand, $1O,911 ,OO(
comparing with $10,849 900 a veal
ago. leaving net earnings from cur
rent operations of S3,346,OO0 against
s2,4l7 900. Taxes required $1,723 OOC
compared with S1,6O5 900 in the pre-
cedlng year Interest on time de-
posits called for $1,013.OOO against
Sl,51l,OOO.
Total recoveries and profits on
securities sold or redeemed amounted
to S1,621 900 against S1284,OO0 in
1912. Total losses and charge-offs
on securities and loans amounted
to $2,499,000 against S1,265 900. leay-
ing net profits before interest and
dividends of s2,468 900 against So
436,0OO. The banks paid out ST ,6O5.-
600 in interest and dividends COM
pared with S1,513,0O0 in 1912.
Rate of net profits to common
and preferred stock was 1901 per
cent against 1919 in 1912 and Att
per cent on capital funds VS.. 4.78.
Rate OF interest and cash dividends
on both classes of stock was 7.8O per
cent against 7.81 and on capital
funds 2.86 per cent compared with
2.92. At the end of the year capital
funds totaled S51,779,OOO against
s5o,930, 900 in 1912.
Building, Loan Assets Rise.
Combined assets of the 25 men,
Der associations in the District
Building and Loan League amounted
to Sl97,572.513 on January 81. a
gain of Sl6,294,85O over the same
date last year, as we'll as another
peak total Secretary F. Wilson
Camp announced yesterday.
First mortgages remained prac-
tlcally unchanged around s165 ,OOO,-
600 with gain of $4,000, 900 in new
share money. Practically all these
funds have been diverted into United
States war securities, bringing the
total bond account above the $50
100000 marks, Surplus and reserves
have increased substantially.
The statement showed that a
fairly active number of mortgage
loans were approved despite the
letharglc condition of new building
construction. Including refinancing
OF existing loans. a volume of So
S9l.7l9 was registered in January.
Mr.. Camp said.
ID. c. Insurance Sales Soar.
January life Insurance sales in
washington tot LED S5,954OOO
against only s4,l00000 year ago, a
Jump OF 80 per cent, it was reported
from Hartford yesterday. The ma
tlonal gain was % per cent.
Maryland sales totaled s9,857 900,
up ~ per cent; Virginia sales, So
10000, up 81 per cent, and West
Virginia sales, s4,609,0 900. an increase
OF 81 per cent, the report showed.
Sales doomed throughout the
South Atlantic territory, new poll
cleS amounting to 1903 900. a
sharp rise of 38 per cent over Janu-
airy of last year
In city comparisons only New
York had a better record than
Washington, the Gotham gain being
A per cent.
Bankers Visit Baltimore.
Thirty members of the auditors
section of the District Bankers As
sociation visited Baltimore Confer
ence. National Association of Bank
Auditors and Controllers, Thursday
evening, enjoying a dinner meeting
at the Lord Baltimore Hotel,
Arthur R. Burbett, secretary of
the national association, described
changes in auditing methods which
will come before the annual conven-
ton in Cleveland in September.
James c. Elgin, chairman of the
District auditors, spoke for the dele
CATION.
Charles l. Haycraft. new manager
Of the John D. Marsh agency of the
Lincoln National Life Insurance Co..
has returned to the insurance field
after two years during which time
he served with the Office of the
Quartermaster General as a con-
sultant and the Foreign Economic
Administration in an administra tive
capacity. Before entering war work.
he had been connected with the
Equitable, Continental American
and Reliance Life Insurance COM
panies.
Real Estate Bonds Higher.
Mayf1ower Hotel 1st IS, selling at
1897, registered a four-point gain
in January. National Press Build
ing 1st 3-5s, at 9812. were up "a, and
National Press Building Adj. Inc.
4,2s, at 64l2, also gained "a. Wash
ington Properties Is, at 88, were
down points.
The 200 real estate issues in the
Amott-Baker price averages showed
a 34 per cent advance in January,
one Of the sharpest gains in several
years. The Washington issues are
included in this list.
Market Letters Differ.
New York Stock Market letters
received at the end of the week var
led greatly. One service advised
retention and purchase of selected
issues; another said the short-term
outlook reihins confused but the
long term is bullish; another sug-
gested caution in view of the slug
gishness of the 'industrials. Some
letters limited at selling of stocks as
the March tax payment date ap-
proaches The rails drew much
comment.