The Washington times., 1929-05-14
HOSK|NSON WILL
HEAD CREDIT
COMMITTEE
BY HARRY GUSACK,
Financial Editor

By HARRY GUSAChp
Financial Editor
Hilleary H. Hoskinsoh, vice presi-
dent of the Riggs National Bank,
will head the committee which will
organize the credit bureau of the
District of Columbia Bankers Asso-
citation, it was announced today by
President Robert V. Fleming.
Serving as vice chairman will be
E. J. McQuade, vice president of the
Liberty National Bank and secretary
Of the District of Columbia Bankers
Association.
Others who have been designated
to serve on this committee will be
F. G. Addison, Security Savings and
Commercial Bank; c. F. Jacobson,
National Metropolitan Bank; F. p.
Harman. jr., Merchants Bank and
Trust Company; H. T. Bisselle, Riggs
National Bank; J. Damn Faber,
American Security and Trust Com
pany, and Arthur j. Linn, Federal
American National Bank.
Mr.. Hoskinson was vice chairman
Of the associations committee on
consideration of the credit bureau,
and a paper of Mr.. Bisselle's, on
the subject, won the associations
essay contest last year, the plan
for the bureau being based on his
study. Other members of, the COM
mittee will represent the various
classes of banking.
Loans Decrease
:, The Federal Reserve Boards con-
tdition statement of weekly reporting
member banks in 1O1 leading cities
on May 8, made public May 13,
shows decreases for the week of
$217 100000 in loans and invest
ments. of $249, 100000 in net demand
deposits, and of 100000 in bor-
rowings from Federal Reserve
Banks, and an increase of $11 ,000, 900
in time deposits.
Loans on securities declined $780,
100000 at all reporting banks, $129,-
100000 in the New York district and
$11 100000 in the. Philadelphia dis
trict. ''All other" loans declined
$39, 100000 in the New York district
and $52,O00,00O at all reporting
banks.
Holdings of u. S. Government Sc
curities were $16,O0O,O00 below the
preceding weeks totals.
Net demand deposits, which at
all reporting banks were $249,O ,O00,-
900 below the May 1 total, declined
$197 100000 in the New York dis
trict, $33,000.000 in the Boston dis
trict, $17,O00,0OO in the Cleveland
district and $14,000,000 in the San
Francisco district, and increased
$15,000,00O in the, Philadelphia dis
trict. Time deposits increased ST.!
900, 900 at all reporting banks, $12,.
900 in the San Francisco dis
trict and $7,000,00O in the Boston
district and declined $10,0O0,O00 in
the Chicago district.
The principal changes in borrow
ings from reserve banks for the
week comprise an increase of $780,
900, 900 at the Federal Reserve Bank
= of New York and declines Of $751;
900, 900 at Philadelphia, $13,000,O 900
at Chicago, $10,000,0O0 at San Fran
cisco and $6,O00,000 at Minneapolis.
Prosperous Year
The year 1928 witnessed a con-
tinuance of the general prosperity
which the country had been pre-
viously enjoying, President E. H.
H. Simmons, of the New York
Stock Exchange, announces in his
annual report to The governing
committee today. Continuing Mr..
Simmons says:
THE consumption of goods which
reveals our high average American
standards of living was, as a rule,
not only well maintained but even
increased. AS the year progressed
there occurred a quite general i'm
provement in business activity and
corporate earnings. That the pros
perity of 1928 was not of a fictitious
variety was indicated by the re-
markable stability of commodity
prices as a whole and by the light
inventories carried by our manufac
turers and merchants.
Everyone should recognize, how
ever, that this so-called national
prosperity has not been shared in a
perfectly even way by all lines of
American enterprise. During 1928,
some of our industries, particularly,
perhaps, those having to do with
textiles. coal, leather, sugar, ship.
pina paper, fertilizers, or railway
equipment, were sluggish or dis
tinctly depressed. On the other
hand, such basic and large-scale in
dustries as steel production, auto
mobile manufacturing, building con-
struction, and farm machinery
experienced an unusually good year.
AS whole, American crops were
good, and fair degree of improve
ment occurred in the livestock
business. The copper industry
showed marked improvement.
Very rapid progress was made
in chain merchandising, special
chemical processes and apparatus.
aviation and the commercialization
of new systems for sound and
light transference. This varied
panaroma of our actual prosperity,
as it has shown itself in our diff
ferent industries, has been mirrored
in a highly 'selective' share market
on the New York Stock Exchange"