Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-07-05
LOANS CUT DOWN
IN FIFTH DISTRICT.
Member Banks Disclose
$5,141,OOO Increase in
Security Holdings.
BY EDWARD C. STONE.

ILLS yCdl, 90 1SPoA eAAAo AAASAAA]S~ S>~N--~
in leading cities reduced aggregate
loans by $3.50 of which $62,
was in loans on securities and $164,-
900 was in all other loans.
Investments in securities, chiefly
Government issues, increased $5,l4l,-
900 during the month. The report
ing banks reduced their reserve bal
ance at the Federal Reserve Bank by
So, 900 between May and June II,
while they increased cash in vaults by
Sl.l84.OOO. Total deposits in the ~
banks rose during the past month,
rise of So, 586 900 in demand deposits
more than offsetting decline OF
S7O4 900 in time deposits. A decrease
in time deposits usually occurs at the
vacation season.
Between June IS, 1884, and June
IL 1885, loans on stocks and bonoS
decreased S1O,138,000 and all other
loans dropped S16,05l 900, a total de-
cline of see, 10000. All other items
in the statement increased during
the year. Investments in securities
rose by S34,269,OOO, and reserve bal
ance at the Federal Reserve Bank
increased by $10,300,000.
Cash in vaults totaled $l,630,o 900
more on the 1885 date than year
earlier. Deposits rose S35,97o,OOo
during the year. demand deposits.
with an increase of $50, 1874 900, &C
counting for over 90 per cent of the
gain. None of the % reporting banks
were borrowing at the Fedora! Re
serve Bank of Richmond on the three
dates used in the table.
Total Deposits Above 1884.
Time deposits in % regularly re-
porting member banks and aggregate
deposits in II mutual savings banks
totaled SS38,335,O63 at the end OF
Nav. 1885, a lower figure than $685.
S25.41O at the end of April, 1885, but
a higher figure than S326,63l 1903 at
the end of May, 1884. Reporting
member banks showed a decline IN
time deposits during the month but
gained during the past year, While
the mutual savings banks gained de-
posts during both the past month
and the past year.
Rejecting the volume of business
that has passed through the member
banks, Chairman HoXton adds that
in the five weeks ended June u, 1888,
aggregate debts in the reporting cities
amounted to Sl,110130,000, a de-
crease of S12,904,000, or IL per cent,
in comparison with debts totaling
Sl,123,O34,OO0 during the preceding
like period, ended May 8. However.
a majority of the cities reported
higher figures for the more recent
period, Is cities increasing and 10
decreasing.
In the 10 cities which failed to
gain this year the 5 largest cities
are included. At least part Of the
decline in debts during the five weeks
eneded June IL was due to inclusion
of some quarterly payments in the
earlier period, ended May 8, especially
in the larger cities, in which dividend
payments are an important factor
in debts figures.
In comparison with debts reported
for the five weeks ended June Is, 1884,
those for the corresponding five weeks
this year showed an increase of STA
776,0OO, or lis per cent, part of
which is probably accounted for by
higher price levels this year in some
lines. All of the reporting cities showed
higher figures for the 1885 period,
except Lynchburg, in which a de-
crease of 2.8 per cent was registered,
Mr.. HoXton reports.
Permits Up 124.5 Per Cent.
Building permits issued in 81 lead
ing fifth district cities in May, 1885,
numbered 1892, compared with 2,223
permits issued in May, 1884, an in
crease of 301 per cent. Estimated
valuation figures for all classes OF
permits issued last month totaled
S5,851, 1857, compared with S2,606967
valuation for permits issued in May,
1884, an increase this year of l24.5
per cent. TWenIy-six OF the thirty
one cities showed higher valuation
figures for May, 1885, than for May,
1884, and most of the improvement
appears to be in residential construc-
ton.
To this surprising percentage in
crease in building permits is added
the commercial failure record. Chair
man Hoxton states that the COM
mercial failure situation in May was
the most favorable made by any OF
the IL Reserve districts, bankruptcies
in this area in May numbering only
81 in comparison with 81 in May.
1894, while the months liabilities
aggregated S5O7,813 as compared with
S1,706,753
At the same time, employment
showed improvement in construction
work but there appeared to be no de-
crease in relief rolls. Textile mills
increased operations slightly. Tobacco
manufacturing continued at a high
level in May, materially exceeding
the output in the same month year
ago
AS previously noted, Washington
was the retail trade bright spot, with
an 81 per cent gain while the average
for the whole district was only about
! per cent ahead of the previous year.
Cool weather was given as the reason
Today's Trading on Exchange.
In the last trading session of the
week on the Washington Stock Ex-
change. $1,000 Washington Gas IS,
1858, sold at 1861. Washington Gas
IS, series B, came out in a small sale
at 1922.
Capital Transit stock held its We'd
nesday gain and again changed hands
at 10. Potomac Electric Power per
cent preferred moved at ITO, while
the same corporations 51a per cent
preferred opened at HAS and closed
at ia on a 28-share turnover.
Liberty National Bank, Norfolk &
Washington Steamboat, Firemens In
surance, Carpet Corp, Security Stor-
age and Terminal Refrigerating e.
Warehousing stocks are now being
quoted ex-dividend.