The general meeting of the Bank Gi May 14. of International Settlements, attended by representatives of 24 banks of issue and the banking groups which fare the stock holders of the international banks, took place to-day and approved of the annual report and the balance sheet which provides for a6 per cent. dividend and places 971,000 Swiss Francs in special reserve for future dividends.
Swiss Francs 2,500,000 will be assigned to purposes detailed in the statutes of the bank, while the balance of profit amounting to 1,940,- 000 Francs will be divided among the governments of Belgium, France, Washington, May 17.
Deposits in the national banks of the United States gained approximately U.S$1,200,695 during the first. three months of this year, reflecting the new confidence in bank-Ing institutions, it was reported today by the Comptroller of the Cur-
Results of the Comptroller's bank call on March showed that notional bank deposits totalled U.S. $18,790,487,000, which is U.S. $1,200,- 695' above December 30 and "US.
/$2,016372 above June 30 of last year, Fewer bank closings than at any time in 13 years is the record revealed by the nation's rehabilitated bonking " system. UnoMcial—start ties showed less than 25 banks of small size, and not participants in the federal government's bank. deposit insurance corporation closed during the first three months 1934.
This compares with the peak of 3500 banking institutions which closed last year and failed to ree open. In the fiscal year ended June 30, 1992, Comptroller of Currency JET. O'Connor reported 2,430 bank closings although some subsequently reopened. Bank closings in. the years ended June 30 since 1920 together with deposits of the institute tions at the time of closing is shown in the following summar; Year ended Number of Total June 30 Deposits isa 402,147,000 unavailable) 106 (First quarter) 25. (unavailable)
Deposits Avail large part of the deposits tied up by closings is being made avallable through government RF.C. loans, Lguidation of the banks or consolidations. Federal Reserva officials have not completed analysis of last year's banking failures nor complete statistics on the first quart er of this year. Unofficial figures show closings at the lowest level in 18 years and most of them in a few {nsiitutions which were not able to qualify for participation in the Federal Reserve Deposit Insurance Corporation.
'A variety of réisons are ascribed to the almost complete cessation of banking difficulties and the inci deposits, They include:
1. Effects of the government insurance of deposits.
nigher" securities, vommoany and real estate values which have aided banks in liquidating slow sets 3. Recovery in business conditions which has caused the -public to 1 sume more normal banking relations 4, More than a million dollars of Reconstruction Finance. Corporation money poured into banks to streng. then capital.
5. 'Increased supervision through the' Federal Deposit Insurance Corporation.
A heavy return flow of hund= reds of millions of dollars from hoarding into legitimate banking channels—United Press,
Text read from the printed page and cleaned; old type leaves the occasional error.