Evening star. [volume] (Washington, D.C.) 1854-1972, 1936-08-29
TRIPS TO A. B. A.
SESSION PLANNED
FIeming's Party Leaves
Sept. 15-Home Repair
Loan System Mapped.
BY HAROLD b. ROGERS.

vention OF the American Bankers AS
ISOLATION in San Francisco, where he
will conclude his term as president OF
the association.
In Mr.. Fleming's party will be Mrs.
Fleming, their son, Robert w. Fleming,
and Mr.. and Mrs. John F. Crosby OF
this city. From here they will go to
Chicago to board the Fall Tonic Spe-
cial" train leaving Chicago on Sep
tember IS, to carry big delegation to
the convention for the week of Sep
TENDER 20.
Among Washington financial figures
planning to leave Chicago on the
Tonic" also are Wilmer j. Waller,
vice president of the Hamilton Ma
tional Bank here; John Mckee Of the
Federal Reserve Board. and several
representatives of the Reconstruction
Finance Corp.
Other Bankers to Go.
Several other Washington bankers
plan to attend the convention in San
Francisco, going by various routes to
the gathering, which will honor the
Washingtonian who has headed the
national bankers organization for this
year.
Karl Corby, of w. B. Hibbs & Co.,
who is president of the District OF Co.
lunbia Bankers Association, is max
ing plans to go by airplane. He Is eX-
pected to return next Tuesday from
his vacation at Rockland Breakwater,
Me, with his family.
During the absence Of Mr.. Corby the
District Bankers Association has been
under the leadership of its first vice
president, Thomas j. Groom, who is
vice president and cashier OF the Bank
of Commerce and Savings.
Among the outstanding recent de-
velopments of the local bankers aSso-
citation are its plans to cooperate with
the Federal Housing Administration in
the Nationwide drive to stimulate the
modernization and repair of homes,
before Winter sets in.
To Offer Loans.
Washington banks have completed
plans to start this cooperation with
series Of advertisements, to run in all
local papers, offering to make loans to
property owners for such modernlza-
ton.
The bankers are prepared to offer
loans under the provisions OF Title l
of the Federal housing act, whereby
the Government insures 20 per cent OF
the loan. ]. Reilly Stanton represents
the F. H. A. in this matter, as director
for the District of Columbia.
Meantime, during the week closing
today, many factors have pointed to
increasing business here in Washing
ton. Prominent among these was the
report of the Potomac Electric Power
Co. to the Public Utilities Commits
sion yesterday. 1t showed a gain OF
2o.17 per cent in net income for the
month of July as compared with July,
1885. Net income for this company
was reported to have risen from S3o1,-
462.8O in July, 1885, to 1852 ,255.28 in
July, 1896. Net income for the first
seven months of this year was 1913
per cent ahead of the same period last
wear, the net income having risen
over that period from $2,317, 222.34 to
S2,567 ,612.95.
Department Store Sales Gain.
Department store tournover was
shown to have been greater in this
city than in any other city in the
fifth Federal Reserve district, and far
ahead of the average for this area.
Department store sales in July were
oh Of 10 In
drug stores here during the first seven
months were more than 9 per cent
ahead of the same period last year.
And the Washington Gas Light Co.,
although showing a seasonal falling
off in net income. reported a sub
stantial gain in consumption.
For the country as whole the
Federal Reserve Board of Governors
reported production. employment and
trade increased further in July, when
allowance was made for usual sea-
sonal changes. Commodity prices con-
tinued to advance. Money rates re-
manned at extremely low levels.
Local bankers have shown most in
terest in the report by the Federal
was indicated excess reserves of men,
Der banks decreased from $500, 000,-
900 on July Is to $1,810,000,0 900 on
August 10. About $1,470,000,000 of
excess reserves were absorbed by the
increase Of so per cent in reserve
requirements of member banks, which
went into effect August IS. This de-
crease was Offset In part by growth
of S360,0O0000 in total reserve bal
ances, rejecting principally large
disbursements by the Treasury from
its funds held on deposit with Federal
Reserve Banks.
Money Market Unaffected.
After the increase in reserve require
.snts there remained large amount
excess reserves widely distributed
.nong member banks. The money
market was not affected by the action,
md interest rates remained at ex-
tremely low levels. In the week ending
August 10 a few scattered banks bor-
rowed at the Reserve banks, but the
total amount borrowed was negligible
and some banks drew upon their bal
ances with other banks in order to
meet the increase in requirements. De-
posts of domestic banks with report
ing member banks in leading cities de-
clined by $210,O00,00O in the week.
Between July Is and August 10
loans and investments Of reporting
member banks in leading cities de-
clined by 100000, 900, rejecting re.
auctions of $130000,000 in loans or
securities and Of S160,000,0 900 in hold
ings of United States Government d.
rect obligations. partly offset by an in
crease of $60,0o0,000 in other loans tt
customers. Adjusted demand depd'its
which increased to q new high leve
on July AZ, were slightly smaller OF
August 10.
Albert s. Galley, vice president o.
Lincoln National Bank, Is expecting
to retarn Monday from vacation a
Ocean City, N. j.