Indianapolis Times, Indianapolis, Marion County, 4 July 1941 — Page 19

3 MILLION SPENT

DAILY ON DEFENSE

That's the Outlay i in U. S. While Germany’s Cost Is Fixed At About 70 Million; Great Britain’s Fighting Machine Needs 36 Million a Day.

By NED BROOKS Times Special Writer

WASHINGTON, July 4.—The military machines of the United States, Great Britain and Germany are costing well “above $100,000,000 a day to build and maintain. Still a nonbelligerent, the United States is tapping its Treasury at the rate of $28,000,000 daily for defense costs

and directors of the program still regard the pace as danger-

ously slow. This Government, they con-

tend, must double the rate of

present expenditures if even the present program is to be fulfilled. - Britain, with war costs and nor‘mal outgo nearly trebling her reve_nues, is spending between $36,000,000 and $40,000,000 a day to operate and expand her fighting organization. +. Germany, according to the best available estimates, is spending five and ane-half billion reichsmarks a month in her war effort, of which only two and one-half billion marks 4serepresented by revenues. Based "on the current. exchange rate of 40 - cents—a computation of Germany’s system, of controlled currency—the Nazi war outlay would be around $70,000,000 a day.

Base Costs in Income

Officials of the Office of Production Management prefer to compare military expenditures of the warring nations and nonbelligerent powers on a basis of their national incomes rather than by a conversion of their costs into American dollars. For the fiscal year ending June 30, according to statistics compiled by the Defense Finance Section, leading nations were spending these proportions of the national incomes for military purposes: United States eahees 1% United: Kingdom...........477% Canada, .................. +. 222% Germany: No figures were available for - .Japan, but Tokyo's outlay for the previous year was fixed at 25.4 per cent, and officials said the 1940-41 expenditure probably did not exceed that ratio greatly because of .a leveling off due to a scarcity of resources.

For the year beginning July 1, the St

Finance Section estimated that the ‘United States would spend 12.6 per cent of its income for military purposes, the United Kingdom 50 per cent and Canada 40.2 per cent. No estimate was made for Germany.

U. S. Figure Is Low

The United States figure is admittedly low, since it takes into account only those appropriations already made or immediately anticipated, and supplemental demands are a certainty. Deputy Director W. L. Batt of OPM estimated re-

cently that the United States will|

have to spend. 25 per cent of the

national income for defense. pro=|{.

duction. . The current $40,000,000,000 program, he asserted, will have to be expanded to one of $100,000,000,000 to match the German war machine. ~~ Cash and contract authorizations for this year and next total $30,115,051,142 divided $19,993,051,728 for the Army, $7,836,691,861 for the Nayy and $2,285,307,553 for other agencies. On top of this is the $7,000,000,000 for British aid under the lend-lease bill, $1,675,000,000 voted the Federal . Loan Agency for a variety of uses, ~ gnd the $6,000,000,000 which the Navy believes it will have to spend

after July 1, 1942; to bring the twoocean fleet into reality. The total of more than $40,000,-

000,000 which “the United States spent in two years’ appropriations when actually at war in 1917 and 1918. And $7,000,000,000 of that sum was in loans to American allies.

FREE HUNGARIANS SEEK RECOGNITION

d The Chicago Daily News, Inc, LoNDod, July 4—The free Hungarian movement here is seeking official British recognition which, if accorded—and it would be only as a, national committee and not as a government—would bring the number of allied and free national groups here to seven. An agreement has recently been concluded between Count Michael Karolyi, former Hungarian Premier, and Count Lonyay, leader of the free Hungarian ® movement, for Karolyi’'s support of a program which seeks active participation in

‘the struggle against Hitlerism, and

subsequent pacification of the Danube Valley through close economic and political understandings between Hungary and her neighbors, free elections and land reform. It is estimated that there are af least 20,000 Hungarians in this part of the world behind the movement which, its London headquarters says, is strongly supported by the 3 0000 Hungarians in the United S.

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. Condensed Statements of Banks and Trust Ce | The Indianapolis Clearing House

Association

000,000 compares with the $31,000,-[

The Indiana Trust Company

Statement of Condition June 80, 1941

RESOURCES

Cash on hand and due frum Banks............$ $911,321 46 United States government securities........... 6508500 11 Other bonds and securities.........cccoeene00. 3051814 68 IEEE REN RRERR RR ARENA RJ 7,810,541 42 Bank building csseaasnsassasssevitve 485,000 00 Other real es tate owned. 00000CR0NOORANANAIIINNSYS 152,587 87 Other a P00 00000 R ROR OTROORRRIROORRRISS 1,170 23

Total Tessin aveisissessnsansuvetenssisns 395.030.804 i}

LIABILITIES

Capital stock Const esensevteasssnsssrssssuness 3 1,000,000, 00 Surplus fund $00 000000000000000000000000000000 1,000,000 00 Undivided profits ..........cccecrceeaevnceess 355200 94 Reserve for interest, contingencies, ets....c.... 145,176 21 Deposits ...... trseess.vestesengesessesevuseye 305468,300:-78 Other liabilities $00000000000000000000008000080¢ 63.698 86

Total seseuenssevinssesiitasserssasesnsy §33010,804 “

Member Federal Deposit Insurance Corporation

Bankers Trust Company

Statement of Condition June 30, 1941

RESOURCES

Loans and discounts. ........ sessesrnessesesnissd 803,026 33 United States government securities............ 707,606 30 Other bonds and securities....... Cash on hand and due from banks.............. 1,461,038 74 Company's office building and banking house... 980,000 00 Other real estate owned vessnesnnvasses 153,241 50 Furniture, fixtures and vault......cceee00000000s 9,728 99 OLNEY TESOUTCBS ..........c.cisnvesavnrssscessss 2,587 57

Total ssesccssscccesscsnscssesssnsssscsess. $4,842,688 28

LIABILITIES

Capital stock t900s00s0ccessssssncsscsceesssese .$ 500,000 00 Surplus 000000000000 000000000000000 000 300,000 on

Undivided profits 409000000000 0000000000080000000¢ 70,006 8

Te4000000000000000000000000000es 21,427 11

$000000000000000000000 00000000 3 ,107 Other Habilities. .ucorvenreessonsseressvnnressres wm §

Total teecsasecscscescensesssesascssscnses. $4,842,688 28 . Member of Federal Deposit Insurance Corporation

HELP DEFEND AMERICA!

* DEFENSE BONDS

AND

STAMPS

AVAILABLE AT INDIANAPOLIS

Fidelity Trust Company

Statement of Condition June 30, 1941

RESOURCES

Cash on hand and in banks......$1,198620 37 Zins U. 8. government securities..... 530,746 88 $1,724,378 38

Other bonds and S6CUrities......cc.svseerers, 198,201 73 Loans and discounts. . #ee0eReetRRRsRsntsRR 2,580,724 60 Furniture and fixtures. C8000 RONNRNIIIRIIOIRSNTS Real estate: Office building Sssnssssssbenien 260,000 00 Less FESEIVO ...ccovveconsasccece 30,000 00

: ; 220,000 00 Other real otal. ..coo0cvcaces 58,957 32

Total banking BIIOE visisrarnesaeraresaes

LIABILITIES

Saptial stack Sri cs essere inane 250 00 pal 4 "inaivided iis ; 5000 capital reserves ......... 146,317 53 Reserves Bg | reesssasiarserye 100

sesscenns Sees sgessnssssettrencntnane |

Total banking labilitles.......cco00000annnse.

Member Federal Deposit Insurance Corporation

Fletcher Trust Company

Statement of Condition June 30, 1941

BANKING DEPARTMENT

Resources

Cash on hand and with Federal Reserve and other banks ssesscaneever. 315,184 United States Securities shvheswrsuanes ‘29126 State and Municipal Securities......cceee0ves. Other Secur Securities SONALI Stock in Federal Reserve Bark ssesessanie Bick Sultings (5 (8) and Equipment............ a MENG. coervenerss Real Es tate. . nd Equipment... .....

Liabilities

. 1,249.375 18 § 3,390,375 Reserves 754,373 29 Reserve for hoy 1, 1941 Dividend 45,000 00. Accrued Interest and Taxes..... 80,418 45,239,254

$49,527,422 00 TRUST DEPARTMENT

te Trusts . . 23 Estate Trusts. . . 608,387 3 Member Federal Deposit Insurance Corporation

Security Trust Company

Statement of Condition June 80, 1941

RESOURCES Cash on hand and due from banks..............$1,136,675 68 United States government securities............ 874227 08 Other bonds and securities............cco000.... 420,997 82 Loans and discounts..........coee0ee000neeee... 3,680,502 68 Furniture and fixtures ......ceeoeeveevseessess. 31,250 61 Other real estate owned. ssvesseanrricetsess bus 51,718 51 Other resources C00 TOTO NININRIRNINNIERNOIOINOINRTSES $0,987 14

$5,216,365 30

LIABILITIES

Capital stock Preferred capital debentures.................... 199.200 00 Undivided profits Shans 8,584 40 Reserve for contingencies. .........o.otevuvnnss 15,523 66 Unearned discounts Svaiieied 46,127 21 Deposits .......... CRETE or SRR 4,746,930 12

$5,216,365 39

Member Federal Deposit Insurance Corporation

The Merchants National Bank

of Indianapolis Statement of Condition June 30, 1941

RESOURCES

Cash on hand and on deposit with Federal Reserve Bank and other banks...............$21,160,097 80 U. 8. governmc 1t securities.........co00000.... 10,528,179 28 Other bonds and securities......eoccc00e00es.. 3,708,770 28 Sedesssneseansrnnseninress 19,271,398 21 Bank DUNG. .....cca0seessasnscecvincssesrss 900,000 00

Total eeecessssssvssscasesesssssssscssess. $48,572,443 57

LIABILITIES

Capital SPIN NNIINREININNTIANRRRRERORINAIYS $1,280,000 00

Surplus $eccrcrsevennnnssesnetee 1,250,000 00 Undivided profits ss00000es0000 1,355,334 22

‘Reserved for taxes, interest, etc................ 290,056 98

Deposits .........ccoereenicees sesessscesences.. 44,427,052 39 Total seesersansinesasesessasssacecnneee.. $48,572,443 5M

Member Federal Deposit Insurance Corporation

The Indiana National Bank

of Indianapolis Statement ‘of Condition June 30, 1941

RESOURCES

Cash on hind aug cou deposit Federal Reserve and

U. S. government securities. . Nea 20e 081 o $128,324,265 68 Other bonds and securities : 14,664, Stock In the Federal Reserve Bank, bistensses Loats and discoun and sifpiien Sysavnvia Jiisrersrerienens Othas thier Tea] eslate owned...

Bevis deneuse vanes

LIABILITIES Capital errsssdssasienssraveres SA000,000 00 |

Ondivided profs cesisnserase 8

13 Reserve To HH

Dividend. payable July 1, 1041.......0000000000 oe a

70,000 00 ts “assess enn 00a Ns ENR NNONRNRRINRIIS y y tpt iid SEAR NINNIRINRINRIININIIIY magn 8 —————— $168,504,505 80 Member Federal Deposit Insurance Corporation

Sah on hand and due from . Other bonds and securities.

The Union Trust Company

of Indianapolis Statement of Condition June 30, 1941

RESOURCES

i" —-

i £8

banks ; States Eoverainent obligations fe wsanees

-3

Loans and 4d discounts ; ®sceccsssssessnsse Bank building ; SOP SSSR IRNIIOINIRIRIIRIIITYS Ohta real estate OWNed....coccnnncennnsnrenes Other resources

$esve0s0cr0s0sssesssectecsvsone

538

Total resources »sesesnesasssecensssssssss.$20,504768

LIABILITIES Sepital stock .

vases nsnane eccsccscencnnnne

2 bilities ssssssesevecsecssese Total HabIlties ........coeeseensosens

8 8,311,010 a

esses reeeesg essere mise

: ts . A, oi

- American National Bank

of Indianapolis Statement of Condition June 80, 1941

RESOURCES Cash on hand and on 3 Supostt with Federal

United States government a err Other bonds and securities : Stock eral Reserve Bank..........0000.. 85 Loans and ts cesesensisnanses : 10200 '903,380 73

LIABILITIES

sg3z88 2338333

= «D 28283883383

Er TT

Reserve for Reserve Je mcn

fa t 2a collected but. not, earned..............

i rT R en nunni.l “4111

Sand gss

cerrvrrasnses TIGLTAL O04 00

The Peoples State Bank

Statement of Condition June 30, 1941

RESOURCES

Cash on hand and due from banks......... § 982280 28 government securities ......... 51,650 00 “cssssssssssnsantn,, 178,551 2% sees ssnen®i, 50 1,850,205 30 building and equipment........cco0000eee 265,741 08 real estate 200% 0000000 45,689 78 Accrued interest and other resources. ........... a M0 8

Tom] resources rash iiisarsrinsavientesene SONNETS 783,303,978 38 r

LIABILITIES

Capital and debentures .........$375,000 00 Undistributed urning veennennse 13472 62 Reserves 68,030 30 § 445502 Reserve for interest, taxes, ete. sresenserannss 10988 Unearned discount EE EEE EER 54,907 Deposits Cerna 1990000000000000000000080000ss0s 2,881,633

Total Habilities reessesersesentsnnnntrerread