Officials of the National Capital Bank of Washington, meeting in their new Capitol Hill office, kept one old practice intact yesterday by refusing to allow a reporter entry into the annual stockholders' meeting.
George A. Didden Jr., president of the 90-year-old bank since 1943, said that the bank traditionally has not allowed non-stockholders in its meeting despite the fact that virtually all major banks across the country allow news media access to annual meetings.
A spokeswoman for the Comptroller of the Currency's office at the U.S. Treasury Department, a bank regulator, said that banks have no legal obligation to open their meetings to nonstockholders and that this practice is one way to avoid hecklers. Although large banks do open their meetings to the press, many small banks do not, the spokeswoman said.
Another tradition unchanged this year was Didden's annual report to stockholders, distributed prior to the meeting. Most company reports explain basically the progress or problems of the previous year, but Didden produces a rare document that also offers his theory on politics, labor, Communists and bureaucracy.
He noted, for example, that operating profits rose last year to $624,377 ($15.61 a share) from $534,655 ($13.37) in 1977. Loans rose by 9.6 percent, and deposits were down by 3 percent to $34.2 million at year's end, although average daily deposits were higher than the previous year.
"Still our deposit growth does not compare favorably with most other local banks..." the Comptroller of the Currency has permitted our area to be flooded with branches of other banks" and "a populist political appointee favors large banks over small ones."
Of 17 commercial banks based in D.C., Natioal Capital ranks 13th in size of deposits with two offices -- the new headquarters complex on Pennsylvania Avenue SE and a Highlands branch.
A major portion of Didden's report focused on inflation and big institutions. "True liberals, if there are such things -- including (AFL-CLO President) George Meany and most other representatives of big labor throughout the world -- insist that governments must support the welfare state by an ever-increasing deficit financing," Didden wrote.
Didden continued: "The best thing about union leaders is their fear of communism, and with good reason. Labor unions are not tolerated in Comstubborn refusal to cooperate with efforts to combat inflation weakens our ability to prevent the spread of communism."