Evening star., 1945-06-24
D. {. Bank Deposits
Al New High Mark,
Survey Indicates
By EDWARD C. STONE.

BY EDWARD C. STONE.
Aggregate deposits in Washing
tons 81 bapks and trust companies
are believee to stand at new all
time peak It present and are ex-
pected to ..ceed the high mark OF
last March when the Controller of
the Currency issues the usual con-
oition call at the end of the Gov
ernment's fiscal year, limited sur
yey indicated yesterday.
On March 20, l945, deposits In the
banks here totaled 70,204 ,387 80
a gain of more than $14,000.000 in
the first quarter. The present rise
which is expected to continue until
after the midyear call, is mainly due
to the Seventh War Loan Drive
The banks keep these funds in sep
srate war loan accounts until the
Treasury calls for the money.
The Treasury recently made two
substantial Withdrawals, but the
banks still have extra heavy war
loan deposits due to the marked
success of the War Loan campaign
now nearing the climax. In pre-
dieting a new record on the next
call, bank officials said yesterday
that normal wartime deposits also
are at very high point, perhaps at
the hiAlAst figure yet registered.
More Dividends Declared.
Directors of the Security Storage
Co. have declared the regular div
idend of 81 per share, payable July
n tn or of I,,l <
Directors of the Terminal Refrig-
Grating & Warehousing Corp. have
declared the regular semi annual
dividend of $3.50 per share, payable
June 30 to stock of record June %.
American Security & Trust Co.
directors voted quarterly dividend
OF 2 per cent, payable July 10 to
stockholders of record June 30.
Store Sales in Sharp Rise.
Washington department store sales
scored a sharp rise in the week end
Ing Saturday, June Is, running %
per cent ahead of the correspond
ing week a year ago, the Richmond
Reserve Bank reported yesterday.
Sales in the fifth district were up
26 per cent, 81 in Baltimore and
16 IN group of other cities. Sales
IN the Capital were II per cent
above the preceding week this year.
and fifth district sales were up 8
per cent.
Cumulative sales in Washington
in the four weeks ended June l6
were 9 per cent higher than in the
like 1914 period and up IL per cent
in the flftT district, the survey said.
5000 Home Loans Guaranteed.
Morton Bodfsh, executive vice
president of the United States Saw
lngS & Loan League, notified Wash
lngton members yesterday that 5000
home loans for veterans have been
guaranteed under the Servicemen's
ReadJuStinent Act which was just
year old on June %.
About 80 per cent of the loans
guaranteed by the Veterans Ad-
ministration have been made by
building and loan associations, he
said. He believes the program will
expand very rapidly during the
coming year, now that the spade
work is done" Reasonable, normal
value limitations will be less for
midable as the housing supply in
creases, he says.
Bank Assets Work Higher.
The National Bank Division of the
ABA reported that rs per cent of
national bank assets at the end
of 1914 was employed in loans and
investments against "a per cent in
1943. Assets totaled S76,949, ,859 900
VS.. S64, ,531 GIT 900 in 1943. Loans and
discounts were up l3 per cent in
volume.
Taxes were 80 per cent higher;
salaries and wages to employees were
up slightly; interest and dividends
on securities held first place as
earnings factors by accounting for
81 per cent of gross earnings, while
interest and discounts on loans
dropped 4.6 per cent to 299 Capital
funds were increased by $3l5 900 900,
the report said.
FederaIs Increase Assets.
Combind assets of Federal savings
and loan associations increased by
2l per cent, while holdings of Gov
ernment bonds more than doubled
during 1914. James Twohy, governor
of the Federal Home Loan Bank
system, reported yesterday De-
posts were up % per cent and re-
serves and undivided profits II per
cent. Mortgage loans reached a
record total of $500 100000
Liquid assets grew rapidly. Cash
and Government bonds totaled
1913 100000, the sharp rise in bond
holdings indicating active partici-
patton in United States war finan-
cling. The number of shareholders
increased to 100000, with an aver
age investment of 81 l,158.
Associations under Federal char
ter declined from 1856 to 1864; with
average resources rising to 2,164 900
at the year end, Gov. Twohy said.
Outing Reservations Heavy.
MyleS H. Quail, president of the
Washington Bond Club, said yester-
day that reservations for next
Thursday annual outing at the
Manor Club had reached 220, which
sets a record for these gambols.
The first outing Of the club in
four years, interest in the afternoon
and evening program is most
gratifying to the committee chair
men. All the tickets for the mock
session of the Washington Stock
Exchange have been sold. Sports,
dinner and the award of a $1,000
War Bond feature the program.
Heard in Financial District.
j. Clifford Folger, investment
firm partner and president of the
Investment Bankers Association,
will leave this week for visit to
his parents in Pullman, Wash.
Edward c. Baltz, secretary of the
Perpetual Building Association, has
just completed two years of valu-
able service as chairman of the
Better Business Bureau.
Capital Transit stock reached an
other new peak on the Washington
Stock Exchange during the week,
at 81, ex-dividend. The final bid
was 81 with 38 asked.
North American stock, widely
held here, was one of the leading
utilities on the big board" moving
up to 36, a new l945 top.
Chicago Grain