The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-10-10
BANK DEPOSITS
SHOW BIG
GAIN
Savings Deposits II Y. s.
Banks show I Per Cent In
crease ii September
By HARRY GUsACK.

savings deposits In banks through.
out the United States continue "a
show large increases, according to
the monthly survey Of business and
financial conditions BY the Federal
Reserve Board, made public today.
"a gain Of approximately $40 900, !.
q is shown In the total Of savings
posits by the 900 member banks
ga September / As compared with
August Il The total on September /
was SO ,S9s,615, 900 ais compared with
$1,SSOsS74.000 on August /.
d. @. Banks Gain.
The Richmond district. which in
cludes Washington; showed q large
gain. and increases were also Re-
ported in all districts excent Chi.
cago. Increase showed 4, I per cent
increase on September / as COM
pared with the same date last year.
Bank Credit.
Total loans ana investments OF
reporting member banks In leading
cities advanced between August 10
ana September Ii to the highest
point on record, about 81 ,0OO, 900 600
above the level which prevailed
three months earlier. During June
and July this rise was occa-
stoned almost entirely BY advances
IN loans secured BY stocks and
bonds and In security Investments,
while since the beginning Of August
H0vet one.half Of the total increase
has occurred Ia loans chiefly for
,Qmmercial and agricultural pur-
ses. on September IL the total
this class Of loans was higher
IN ct any other time this year
and near the peak reached In the
autumn Of 1928. In agricultural
districts, however, the growth of
commercial borrowing has been
smaller than might have been ex-
pected at this season In view Of
present crop yields and prices.
The increased volume Of CONNER
cial loans this autumn in agricuI-
tural districts only partially reflects
the demand for credit for crop
moving purposes, SINCE there has
been considerable liquidation In
loans out of the proceeds of the
harvest. The seasonal credit de-
iaand in the interior was evidenced
during August both in the move
naerit Of funds from New YORK,
through gold settlement transac-
tons and in the reduction of cor
respondent balances In that center.
During the five weeks preceding
September III there was d further
growth of about $500 ,000, 900 in the
net demand deposits Of reporting
member banks, which carried the
total to new high point. During
this period, as the result ofa more
rapid growth Of deposits than Of
Loans during the past four months,
eI1aIld deposits exceeded loans for
Is first time since February, 1928.
Although the discounts of Feredal
xAserve banks for member banks
remained at approximately the low
eft levels since 1917, total earning
assets increased between August
30 and September "a by about $780,
100000. az result OF purchases OF
acceptances and United States se-
curities. In September deposits at
the Federal reserve banks reached
the highest level since the begin
ming of the system, and on Septem-
Der ~ were about 5000 900 900 above
the level Of the first six months Of
the year.
"A greater demand for currency
during the month of August was
evidenced by an increase Of $780,
O00, 900 in money in circulation,
which was drawn chiefly from the
reserves and non-reserve cash Of
the Federal reserve banks.