Evening star., 1936-06-04
DEPOSITS MOUNT
At MUTUAL BANKS
Continued Increases Shown
by Savings Institutions
of Fifth District.
BY EDWARD c. STONE.

advance.
Details from the monthly review o.
the Federal Reserve Bank of Rich
mond, received here today, show that
time deposits in Al regularly reporting
member banks and deposits in II mu-
tual savings banks totaled $401, ,562 ,953
at the end of April, 1886, a higher
figure than either 1899 697 ,309 at the
end of March this year, or 1895, ,848,410
noted at the end of April year ago.
The report adds that both member
banks and mutual savings banks
gained in deposits during the month
under review, and savings banks in
creased for the year, but member
banks reported a small decrease in
time deposits between the middle OF
April last year and this.
Fewer Industrial Loans.
The Richmond bank reports that
April and the first half of May wit
messed a decline in rediscounts at the
bank and a small decrease in indus
trial loans for working capital. The
portfolio of open market paper and
the ownership of Government Securl-
ties remained unchanged.
Turning to cotton, the review says
that cotton textile mills increased con-
sumption in April and on daily
basis used more cotton than in any
other April in Is years. Spot prices
were unchanged but there was more
healthy demand for cotton than IN
most months in recent years, the sum-
mary shows.
Agricultural prospects were unsat-
isfactory in the fifth district at the
middle of May, chiefly due TO eX-
cessive rain and cold weather to about
the middle of April and lack OF
moisture since that time. All Spring.
planted crops are from 10 days to
month late and the ground is so dry
that plants cannot make progress
until general rains occur
Drought Causes Alarm.
The drought is not yet very serious,
but conditions will become very bad
unless relief comes soon. Present
PROSPECTS indicate reduced yields per
acre in practically all crops this year
in comparison with yields last year
or average yields for five base years.
The April insolvency record in the
fifth Reserve district was good. but
was less favorable than the national
record in comparison with earlier
months. Failures in the district, num-
bering 81, show declines of 26 per cent
and 1a per cent. respectively, in COM
oarison with so failures in March
1886 and As failures in April 1885,
and April liabilities totaling S437OOO
we're 13 per cent less than s5o4'ooo in
March this year, but 46 per cent
greater than liabilities aggregatlng
only 1926 900 in April. 1885.
Distinct Improvement has occurred
In employment in recent weeks, and
for the first time in several years
employers are finding it necessary in
some cases to advertise for workers.
East Washington Board Named.
At the annual meeting of the
stockholders of the East Washington
Savings Bank, held yesterday, the
following Is trustees were elected to
serve for the ensuing year:
John c. w. Beall T. Earle Bourne,
Charles A. Garry, James A. Donohoe,
Gratz E. Dunkum, Lewis Ffemer,
John Ford, W. P. C. Ha7en. Edward
B. Hughes. jr.; Francis j. Kane,
Morris E. NARROW, Henry H. Mckee,
William N. Payne, jr.; William F.
Simpson and Lambert o. Turner.
Officers will be elected at the first
meeting of the new board next Tues
day
Tribute Paid George Starkey.
Washington bankers paid final
tribute to George L. Starkey at the
Central Presbyterian Church yester-
day afternoon. While he was chris
tened in the Universalist Church, he
became in late years a close friend
of DR.. James H. Taylor, who con-
Quoted the services. Rarely have so
many financiers attended the last
rites for an associate.
Robert " Fleming. president OF the
American Bankers Association, was
there as a personal friend. Karl w.
Corby, new head of the District
Bankers Association, was also pres
".
Thorn, Ord Preston, George w. White,
Albert S. Galley, Victor B. Deyber,
Maurice Rosenberg, William D. Hoo
yer. as we'll as many younger bankers.
j. Frank White and practically all
the other officers and directors Of the
National Bank of Washington were
present. Many of the directors OF
the Norfolk g. Washington Steamboat
Co. were there to honor member
of the board and an extra large rep
resentation of the Oldest Inhabit
ants Society occupied reserved seats.
The attendance was the highest honor
that could be paid to the type of
man who has passed from the flnan-
cial district.
Bonds Arouse Discussion.
The coming flood of World War
Veterans bonds has aroused consid-
cradle talk in the banking district
here. No official consideration or &C
ton has been taken by the District
Bankers Association, but hints that
the banks should render free service
in taking care of the bonds have
brought the matter to the front
From the veterans point of view,
the cost of safe deposit boxes would
absorb all the interest on the bonds,
except where veterans already have
these boxes. Most bankers, however,
fail to see why they should furnish
such service free. as keeping track of
all the bonds would run up bank ex-
penses considerably.
Bankers today said that the best
method would be for the veterans to
cash the bonds and place the funds in
savings accounts. In this way the
bonds cannot become lost and the
savings accounts will draw interest,
even though the return is small. The
United States Treasury prefers that
the bonds be held by the veterans and
not be cashed which makes the sit
uation less simple than it first appears.
rT,aY, ie tho local angle Uhirh