Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-21
CLEVELAND BANK
. CREDITS TIGHTER
Increases in Savings Are Cited
as Indication Of Caution
Of Public
ORE FREIGHT RATES JUMP

Cisyeland. May 81 The tighter
reports Of banks here and in the Akron
and Youngstown districts. Loans OF
Cleveland banks amount to S462 900 900
in the May statement. This is an in
crease of but 500. .00O. 900 as compared
with statements at the end Of last year
after meeting seasonal demands Of in
dustrial and general business activity.
Deposits, amounting to 1928 900 900,
an increase Of S13. 1000 900.
Demands for real estate loans con
tinue heavy with an extensive housing
development. The policy now made gen
ernl Of amortization Of those loans is
providing more funds for that purpose.
The building and loan associations are
asking higher inspection and other fees.
A tendency to higher interest rates on
commercial loans is noticeable, particu-
larry in the Akron district.
Bankers point to sharp increase in
savings as an indication of a shift to
thrifty practices. F. II. Goff. prcsi
dent of the Cleveland Trust Co. says
that is indication of public realization
that high wages are not going to last
long. J. J. Sullivan. president Of the
Central National Bank. dean of local
bankers. sees the resumption of normal
conditions in sight.
Current reports on business conditions
by local banks make note of the financIal
dehation now in progress, and the fnan-
cial strain is regarded as less severe in
this section than in other parts of the
country. A lessening demand for
products of industry regarded as lux :
uries is pointed out. and also nn IN L.
creasing demand, and shortage in some
instances. Of essential goods.
Two Cleveland banks have passed the
800 900 900 resources mark. the Cleve =
land Trust Co. and First National
Bank. The Guardian Savings and
Trust Co.. the Citizens Savings and
Trust Co. and Union Commerce Ma
tional Bank also report substantial
Savings Bank Co. is adding 800, 900
Big Dividends Declared
The National Refining Co. has de 4.
clared 20 per cent stock dividend and
is increasing capital stock to S3O, 900. :
600. Another local corporation with
holdings in other parts Of the country
which declared a stock dividend recently.
is the Sherwin- Williams Co., paint
manufacturers, the dividend amounting
to 90 per cent. The Hydraulic Steel
Co., as part of policy of service to
Its employees. has allotted large block
Of stock to the workers which they are
given opportunity to acquire on par
basis.
The James Holan Manufacturing Co.
Is to. erect a $3.50, 900 plant for the
manufacture of motortruck bodies. The
F. III. Bultman Co. has completed
new plant for the manufacture of gear
cutting machinery. The Media Manu-.
featuring Co, at Medina. allied with
the automotive industry, has increased
capital to 81 900, 900 and Is tripling
capacity. Work has begun on the con-
struction of the plant of the recently
organized International Steel Tube Co.
Higher Lake Rates
A high tendency is rejecting in lake
rates made for carrying iron ore. The
rate from the head Of the Great Lakes.
in some recent large contracts, was
placed at lilo a ton, with the Mar
quette range rate at 81, and the Escan-
aba range rate at eighty five cents.
Lack Of coal for fuel and for ship
ment and the railway delay are still
affecting lake shipping and many
freighters are still idle. A movement
is under way for pooling of fuel. The
grain trade is reported quiet.
Passenger boat service between this
city and Detroit with Buffalo has been
opened, later than in other years.