Earnings and expenses of banks in the District of Columbia for the year ending June 30, 1939

Building and Loan Associations in the District of Columbia

The assets of the 26 building and loan associations operating in the District of Columbia under the supervision of the Comptroller of the Currency on June 30, 1939, amounted to $132,000,000, an increase of $9,000,000 in the year. Loans increased more than $8,000,000 to $123,000,000, and investments of $1,400,000 were about the same as the year previous. Shares of stock outstanding increased more than $5,000,000 to $117,000,000, and surplus and profits of $10,000,000 showed an increase of $1,000,000. Changes in the principal items of assets and liabilities of District building and loan associations are shown in the accompanying table:

Changes in principal items of assets and liabilities of District of Columbia building and loan associations, year ending June 30, 1939

At the close of business October 31, 1939, there were 25 active credit unions operating in the District of Columbia which were recommended for approval by the Comptroller and licensed by the District Commissioners under the provisions of the District of Columbia Credit Unions Act, approved June 23, 1932.

On June 30, 1939, there were 24 active District of Columbia credit unions with loans of $1,205,000, investments of $174,000, and cash and deposits in banks of $120,000, which increased respectively in the year $308,000, $79,000, and $9,000. Fully paid and installment shares were $1,364,000, an increase of $349,000 in the year, and undivided profits and reserves increased by $38,000 to $110,000. Changes in the principal items of assets and liabilities of these credit unions appear in the accompanying table:

Changes in principal items of assets and liabilities of District of Columbia credit unions, year ending June 30, 1939

The Export-Import Bank of Washington, incorporated under the Code of Law for the District of Columbia and established pursuant to an Executive order dated February 2, 1934, submitted four condition reports to the Comptroller in the year ending October 31, 1939, the same as required of other banks in the District. A statement of its assets and liabilities as of the date of each call in the year

Assets and liabilities of the Export-Import Bank of Washington at date of each call in year ending Oct. 31, 1939

CHANGES IN PRINCIPAL ITEMS OF ASSETS AND LIABILITIES OF STATE BANKS, YEAR ENDING JUNE 30, 1939

Federal law requires the Comptroller of the Currency to assemble and publish in the annual report figures with respect to the assets and liabilities of all State banks. Of these 64 were private banks; 552, mutual savings banks; and 9,321, commercial banks. In the latter group are included trust companies and stock-savings banks. In years previous to 1936 separate figures were given for these two groups. However, in recent years it has become clear that there is little to distinguish commercial banks, trust companies, and stocksavings banks. Most banks in the latter two groups engage in commercial activities and many State commercial banks exercise trust powers.

On June 30, 1939, State banks had loans and discounts, including overdrafts, of $12,943,000,000, a decrease of $34,000,000 in the year. State commercial banks held $7,976,000,000 of loans, which increased $18,000,000 in the year. Mutual savings banks had $4,895,000,000 of loans, nearly all of which were on real estate. State commercial banks had $2,275,000,000 of such loans. Open market paper, loans to banks and miscellaneous loans, including commercial, industrial and agricultural loans, of commercial banks amounted to $4,829,000,000, approximately the same as a year earlier.

United States Government direct obligations held by commercial banks aggregated $5,289,000,000, an increase of $398,000,000 during the year, and mutual savings banks increased their holdings of such securities by $259,000,000 to $2,654,000,000. Total United States Government direct obligations held by all State banks increased $751,000,000 to $8,324,000,000. Obligations guaranteed by the United States Government held by commercial banks increased by $344,000,000 in the year to $1,257,000,000. Mutual savings banks held $389,000,000 of such securities, an increase of $99,000,000 during the year. Obligations of States and political subdivisions held

by commercial banks aggregated $1,504,000,000 on June 30, 1939, which was an increase of $181,000,000. Such holdings by mutual savings banks decreased $70,000,000 to $634,000,000. Other bonds, notes, and debentures held by commercial banks amounted to $1,538,000,000 and by mutual savings banks, $1,546,000,000, decreases of $99,000,000 and $86,000,000, respectively. Corporate stocks held by all State banks, including stock of Federal Reserve banks, aggregated $497,000,000, a decrease of $66,000,000 in the year.

Cash in vault of State banks on June 30, 1939, amounted to $512,000,000, approximately the same as a year earlier. Balances with other banks, including reserve balances, aggregated $9,040,000,000, an increase of $1,536,000,000 during the year. Most of the balances with other banks were reported by State commercial banks. Mutual savings banks held virtually no demand deposits. Such deposits held by commercial banks aggregated $16,601,000,000, an increase of $2,013,000,000. Private banks held $632,000,000 of such deposits, an increase of $164,000,000 during the year. Commercial banks held demand deposits of individuals, partnerships, and corporations of $11,545,000,000, an increase of $1,173,000,000. Savings deposits amounted to $5,852,000,000 in commercial banks and $10,382,000,000 in mutual savings banks, an increase of $206,000,000 and $236,000,000, respectively. The total time deposits of all State banks increased by $374,000,000 to $17,871,000,000. Total deposits of all State banks increased $2,543,000,000 in the year and amounted to $35,107,000,000 on June 30, 1939, of which amount $24,009,000,000 were in commercial banks, $10,433,000,000 in mutual savings banks, and $665,000,000 in private banks.

Mutual savings banks had no capital stock, but their surplus, undivided profits, and reserves amounted to $1,335,000,000, an increase of $8,000,000 during the year. Total capital funds of commercial banks were $3,471,000,000, a decrease of $9,000,000 in the year.

Figures with respect to the above-mentioned asset and liability items appear in the accompanying table:

Changes in principal items of assets and liabilities of State banks, year ending June