Evening star., 1935-03-06
INDUSTRY AIDED
BY DIRECT LOANS
Richmond Reserve Extends
Additional $1,127,000
During Month.
BY EDWARD C. STONE.

try IN this territory un0er auInOTlty
of Section 1913 Of the Federal Reserve
lct.
The Reserve Bank also increased by
Sl94,360 its commitments to member
banks on loan to industry made by
members, according to the detailed
monthly review prepared by Chairman
w. w. Hoxton and just received here.
The Reserve Bank agent adds that
these commitments are both assets
and liabilities; assets in that the bank
is paid small percentage for the COM
mitments, and contingent liabilities in
that the bank agrees to indemnify the
lending banks against any loss on the
loans to the extent of the commit
ments.
Federal Reserve notes in actual CIR
culation dropped by s3,037, 900 between
the middle of January and the middle
of February, a seasonal decrease after
the passing of the need for currency
for holiday buying and marketing OF
agricultural products. Member banks
built up their reserve balances as the
Reserve Bank by $15,972 900 between
January Is and February IS.
The several changes in the state
ment raised the cash reserves OF the
Federal Reserve Bank of Richmond by
S16,233, 900, and the ratio of cash re-
serves to note and deposit liabilities
combined by 2.44 points.
Time Deposits on Increase.
Time deposits in % reporting MEM
ber banks and aggregate deposits In
IL mutual savings banks totaled $685.
027,189 at the end of January, 1885, a
higher figure than $3.50. ,162 report
ed at the end of December. 1884, and
s per cent more than S317, ,206,433 re-
ported at the end of January last year.
Both reporting member banks and
mutual savings banks showed increases
in time and savings deposits during
the year.
Aggregate debts to individual &C
counts during the five weeks ended
February l3, 1885. showed a seasonal
decline of $89, 1872 900, or ~ per cent,
in comparison with total debts in the
preceding like period, ended January
8. The preceding period contained a
considerable volume of annual pay
ments around January l, and also
much of the Christmas trade. Four
reporting cities, Charlotte, Columbia.
Durham and Greenville. reported
higher figures for the later period, but
all other cities showed the normal
decrease for this season.
In comparison with debts reported
for the five weeks ended February IA
last year, debts for the corresponding
period this year showed an increase
of $219,404,000. or 1872 per cent, 18 of
the % cities attaining higher figures.
Building Permits Improving.
The Richmond Bank official an
nounces that building permits issued
in January in 81 leading cities of
the fifth Reserve district numbered
1868, compared with 1854 permits
issued in January, 1884, an increase
of 1875 per cent this year, and esti-
mated valuation figures for last month
totaled $1,873,456, an increase of 60.8
per cent in comparison with valua-
ton figures totahng $1,165,179 in
January last year.
TWenty-one of the 81 reporting
cities showed higher valuation figures
for the 1885 month. Among the five
largest cities, Washington, Richmond,
Norfolk and Charlotte increased,
while Baltimore decreased. Columbia,
S. c., made the best record in esti-
mated valuation figures in January,
1885, population of reporting cities
being taken into consideration.
Contracts awarded in January for
construction work in the fifth district,
including both rural and urban prof.
ects. totaled s10,324615, compared
with 31,109.468 awarded in January.
1884, according to figures collected by
the F. w. Dodge Corp.
Revenue Agents in Banks.
Revenue agents have been assigned
to the local banks to assist patrons
in making out their income taxes.
With few exceptions this has been
done for several years, the service
being greatly appreciated The agents
advise patrons on all other vital de-
tails.
The tax experts were swamped with
work today as the final rush of COM
pleting income tax returns is now on
in earnest. The returns must be filed
by March IS. Twelve revenue experts
are now located in the banks. Most
Of the banks which do not have Gov
ernment agents have assigned tax men
from their own stats to assist pa
irons. The task is big one. Some
returns are most complicated, good
many bank depositors expecting prac-
tically all the woSk to be done for
them.
Junior Bankers to Debate.
Washington Chapter, A. I. B., will
meet Richmond Chapter in debate
Saturday night in the assembly room
Of the American Security e. Trust Co.
on the subject Resolved. That the sale
and export of arms and ammunition
to foreign nations be prohibited" j..
Earle McGeary of w. B. Hibbs g. Co.
and G. E. Foreman, Riggs National
will represent the negative side, with
Donald w. Mobray, American Security
& Trust, as alternate
The judges will be William c. john
stone of George Washington Univer-
sity, F. w. King, an official of the
Virginia Public Service Corp, and
Maurice D. Rosenberg, president of
the Bank of Commerce and Savings.
A special entertainment and dancing
will follow the debate, a large Rich
mond delegation being expected.
Heard in Financial District.
Capital Transit sold at 241a on the
Washington Stock Exchange today,
q little lower than other recent trans
actions. American Security & Trust
Co. stock moved at 1913. Railway &
Electric preferred at 103, and Potomac
Electric Power 512 per cent preferred
at 114la, with the per cent pre-
ferred at Ill.,. Bonds were firm in
quiet demand.
A "a per cent increase in new mem
berships during February as COM
pared with the previous month was
reported today by the keystone Auto
mobile Club. and the result was held
by club officials as being confirmation
of the steady upward trend in busi.
ness in many trade lines in Washing
ton.
t.ot