Evening star., 1950-07-19
Insured Bank Assets
Set An-Time Record
At Close Of 194o
By Nelson M. Shepord


Assets of insured commercial
and mutual savings banks reached
an all-time peak of $170 billion
at the close of 1949, gain of
81 billion above the previous rec
ord attained in 1945 and 81 billion
above assets at the start of 1949,
the Federal Deposit Insurance
Corp. reported today.
The 81 billion growth in hold
ings of United States Government
obligations during 1949, the cor
poration reported, represented a
sharp reversal of the postwar
trend toward reduction of bank
investments in these obligations.
During the year, rapidly rising
proportion of the total was held
in the form of short-term obliga-
tions; namely. Treasury bills,
notes and certificates, and bonds
maturing in five years or less.
Annual Report Issued.
A complete analysis of the
years far-f1ung activities of the
corporations insurance program
are contained In an elaborately
prepared report that is being
mailed out to financial circles. 1t
is replete with charts and maps
in Shadings that show the changes
in business conditions by States.
Total assets of insured COM
mercial banks expanded So billion
during the last half of the year
to $155 billion. net growth of
SO billion for the year as whole,
since bank assets declined earlier
in 1949. In the mutual savings
banks, assets exceeded SIS billion
at the end of the year. Deposits
rose from $128 billion to $13.6
billion, increasing more rapidly
during 1949 than in 1948.
Most of the 5000 million growth
in total assets during 1949, it was
reported, was accounted for by
expansion of real estate loans. In
vestments in United States obliga-
tions showed little change.
Riverdale Deposits Jump.
The Citizens Bank of Riverdale,
Md, has just about doubled it's
deposits in the last three years,
President Alfred H. Smith said
yesterday in reporting on condi-
tion as of June 80. Deposits in
creased SIS million in the first
six months of the year to reach
an all-time high of approximately
500 million.
All deposits have shown consid-
cradle growth and departmental
earnings have been proportionate,
MIR. Smith reported. Statistics in
dicate that the bank is keeping
even a step ahead Of the COM
munity in which it is located,
Riverdale being one of the most
rapidly growing suburbs in the
Washington area.
William Spaugh Promoted.
William A. Spaugh, assistant
treasurer and manager of the in
stallment loan department of the
American Security g. Trust Co..
has been elected assistant vice
president. A native of Winston
Salem, N. c.. Mr.. Spaugh attend
ed the University of North Caro-
lima and is graduate of Mora
Wan College, Pennsylvania. 81.
He became associated with
American Security in August, 1947.
He was placed in charge of the
installment loan department atI
that time.
Join Insurance Agency.
George B. Jones and John M.
Skene have Joined the Connecticut
Mutual Life Insurance Co. as rep
resentatives in this area and will
be associated with the John Lister
McElfresh Agency.
Mr.. Jones attended the Uni
versity of Missouri and for the
past eight years served in the
Army Air Force, being discharged
captain. He resides in Arling-
ton, Va. Mr.. Skene is a Yale Uni
verSity graduate in the class of
1850. During World War II he
was in the Army. His home is at
1922 Fulton street NV. I
Vice President Named.
The Reliance Life Insurance Co.,
which has a branch agency in the
Woodward Building. announced
today that George L. Langreth of
New York has been elected vice
president of the company. Head
quarters are in Pittsburgh. Mr..
Langreth will be in charge of the
company's investment operations
beginning September /. Previous
ly he had been a partner of Wood,
Struthers & Co., New York in
vestment firm.
New car sales in June totaled
S,477 in Washington, number ex-
ceeded only by the 4,465 sold in
July, 1949, the Washington Auto
motive Trade Association disclosed
yesterday. In July a year ago
there was a squirt to beat the new
District So1oS TOW