Evening star., 1932-11-08
LESS BORROWING
IN FIFTH DISTRICT
Reserve Bank Compares Fig.
ures on Three Different
Dates.
BY EDWARD C. STONE.

In his latest summary Of business and
financial conditions in the fifth Fed
eral Reserve district, William w. Hox-
ton agent Of he Richmond Reserve
Bank, gives In detail the principal items
of condition of 40 member banks in IL
leading cities as Of three dates, October
IL, 1882; September IA, 1882, and Octo-
ber IA, 1881; affording comparison OF
the latest figures with those OF a month
and q year earlier. His report presents
an unusually clear picture OF the Re
serve Banks position.
Total loans and discounts in the re-
porting banks decreased by $2,641 900
during the past month. contrary to sea-
sonal trend in city banks. Loans on
stocks and bonds declined 81 ,344 900,
while all other loans decreased $l,297,-
000 On the other hand investments in
bonds and securities rose in the report
ing banks by $16,307,000 between the
middle of September and the middle OF
October. Cash in vaults declined by
1923 900 and reserve balance with the
Reserve Bank dropped $4,000. both
mere daily fluctuations. Between Sep
tember IA and october II, there was
small net decline in deposits, demand
deposits decreasing SO 0320 600 while time
deposits rose $2,77l 900. The 49 report
the Federal Reserve Bank Of Richmond
by $3253.000 during the month under
review. and on October II only l6 Of the
49 banks were rediscounting, compared
with 10 Of the same banks which were
borrow at the Reserve bank a month
earlier
Many Changes Reported.
In comparison with figures reported
last year, those for October IL, 1922,
show marked changes in most items.
Total loans anddiscountS at the report
ing banks dropped s78, 1893 900 between
October IA, 1881, and October IL, 1882,
loans on stocks and bonds declining
ing $49, SOS 900. On the other hand, in
vestments in stocks and bonds rose by
$25 1865, 900 during the year. Cash in
vaults decreased by s2,419, 900 since mid
october last year, chiefly because cas-
Ter conditions in the banks relieved the
necessity for carrying large sums in
their vaults as precautionary measure.
Deposits declined materially during
the period under review, demand de-
poSits decreasing S56 929, 900 and time
deposits dropping sl2, $4,000, but the
decrease In deposits was less than the
decline in total loans AS result Of
lower deposits. reserve balances of the
reporting banks declined S5 5,342. 900 be-
tween the middle of October last year
and this. On October II, 1892 16 of the
reporting banks were borrowing S4.533.-
900 from the Federal Reserve Bank OF
Richmond. decrease of $7,96l 600 un-
der total borrowings by 81 of the same
banks on October IA, 1881, Mr.. Hoxton
reports
Dividends Well Maintained.
The weighted average dividend rate
per share for 800 common stocks was
Sl.24 on October 81. the same as on
September 80, according to the monthly
compilation prepared by Moody's In
vestors' Service.
There was a slight downward trend
in the aggregate figures from which
these averages are derived, but the
movement was too small to affect the
average rate. On the basis of divi-
dend announcements thus far published
In November, a small decline in the
index is already indicated for this
month.
In separate compilation. Moodys
states taht during October the average
yield on active cash dividend-paying
stocks rose from 1888 per cent on Oc-
tober l to 8.76 per cent on October 81.
The change was almost entirely due to
weakness in market prices as dividend
changes were q very minor factor last
month.
Insurance Program Announced.
Members of the District of Columbia
Underwriters Association are deeply in
terested in the subjects to be discussed
at the twenty-second annual meeting
Of the Association Of Life Insurance
Presidents, to be held in New York
December and 9.
Thomas A. Buckner president of New
York Life Insurance Co. will be chair
man and will speak on Broadening
Life Values Through Security"
Gov. Wilbur L. Cross of Connecticut
will address the meeting on Relation
Of State Government to Business Sc
curity."
Gov Sennett Conner of Mississippi
will discuss Balancing a States Bud
Cet" and Hugh Gutbrie oir icte of