Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-14
FEDERAL. RESERVE
BANK LOANS DROP
Security Lendings Decline
$374,000, 900 in New York.
Up at Dallas.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Federal Reserve Boards condition
statement of weekly reporting men,
Der banks in leading cities on jan
uary 8 shows decreases for the week OF
S53i 900, 900 In loans and investments
S696.OO0, 900 in net demand deposits
S61 900, 600 in borrowings from Federal
Reserve banks and $36,000,000 in Gov
eminent deposits and an increase OF
$50 900 900 in time deposits.
Loans on securities declined $4lS,-
100000 at all reporting banks $314 ,0O0'-
600 in the New York district. $50 600,
600 in the Chicago district, $1,000, 600 in
the Cleveland district, S9,0OO,O0o IN tne
Boston district and 100000 in the
Richmond district; and increased So,
600. 900 in the Dallas district. All otner
loans declined $17l ,000, 900 at all report
ing banks, $73,000.0 900 in the New YORK
district, $4,000 900 in the Chicago dis
trict. 500 600 900 In the Cleveland dis
trict, $4,000 900 in the Boston district,
SIl 900 900 in the Dallas district and
$4,000, 900 in the Atlanta district.
Insures Personal Loans.
A large insurance company now offers
a contract prepared for the purpose OF
making bank funds more accessible 10
persons in need of loans, at the same
time protecting the banks from loss In
case of the death of borrowers.
The new contract, which is called
creditors group insurance, is being Oh
fered to regularly incorporated banks
that make, or intend to make, personal
loans to individuals on notes unsecured
by collateral, but carrying one or more
personal Endorsements.
This insurance can be obtained only
on individuals making personal loans
which are to be repaid in regular In
stallments. 1t is not to be issued on
commercial loans. In case the borrower
dies, his debt will be Cancelled through
payment of the insurance money. which
is limited to $4,000 for any one loan.
Washington Mechanics Votes Bonus.
The directors of the Washington Me-
chanics' Savings Bank have declared
bonus of per cent of yearly salaries to
all officers and employees OF the bank:
The directors of the Washington Me-
chanics' Mortgage Co. have declared the
regular 2 per cent quarterly dividend,
payable January Is on stock OF record
on January 10.
Commodity Prices Steady.
Commodity prices remained I'M
changed for the week ended January
IL, according to the wholesale price in
dex of the National Fertilizer ASsocia-
ton. The index remained at 94.6 per
cent of the three year basis, 1868,
which is the lowest average for the en-
tire history of the index.
Six groups showed declines and only
two advances. The larger declines were
in fats and chemicals and the only sig
nificant advance occurred in live
stock. OF the total number OF items, 80
declined and 81 advanced. In COMPARE
son with the like week year ago,
decline of % per cent Is shown In the
total index and IL groups show de-
clines, while only record advances.
Fourteen New Bank Directors.
Fourteen new bank directors were
elected to boards in this city in con-
nection with the annual meetings of
all the national banks and many OF
the savings banks and trust companies.
The boards with the new additions
are printed elsewhere in today's Star.
The Washington Savings Bank added
five new names, the most of any local
institution. The Morris Plan added
three while the District National put
two new men on the board.
The National Metropolitan, Washing
ton Loan g. Trust Co., and the Federal
American National each added new
director to their boards.
In the organization meetings held up
to o'clock today, no important changes
had been made in any bank officers.
Mergenthaler Market Leader.
Mergenthaler Linotype led trading on
the Washington Stock Exchange today
with the sale of one block of $50 shares,
another of 100 shares and third Of SO
shares. These sales were all made at
1861. The market opened with 10
selling al 1063n
Commercial National Bank stock sold
IN and 10 share lots at ass, the same
price which has prevailed for many
weeks. Lanston Monotype opened at
liz, dropped to 1l6 and closed at l16
on small turnover.
Bonds were unusually active. Capt.
tai Traction IS came out at 9212 and
advanced to 1924.
Washington Railway 81 Electric As
moved at 82la on two $4,000 sales.
Washington Gas IS, series A, moved at
102 and the B bonds sold at the same
figure for very small denominations.
BaItz Elected Secretary.
At the regular monthly meeting of
directors of the Perpetual Building AS
ISOLATION, Eleventh and E streets, yes
terday, Edward C. Baltz was elected
secretary, succeeding the late Joshua
w. Carr, and Raymond K. Espey was
elected assistant secretary, succeeding
Mr.. Baltz Mr.. Baltz has been con-
nected with the association for the
past 20 years, serving it in various ca
pacities.
The growth Of the association has
been so rapid during the past few
years that it now ranks twentieth in
size on list of 1880 building asso-
Citations throughout the United States