Evening star., 1937-03-06
SECURITY LOANS
DROP MODERATELY
Fifth District Decrease
Leaves Total Well Ahead
of Year Ago.
ny EDWARD C. STONE.


loans on stocks and bonds declined
$4,000 between January l3 and Feb
ruarv 10, but rose $3,675,000 during
the last year. All other loans. the
report adds, showed an increase OF
S5O5.00 during the month and $685.
$4,000 for the year.
Total loans and di cunts increased
! $4,000 and S29959,O0O during the
month and year. respectively Invest
mentS in securities in the Al banks
declined 1882, 900 between January
13 and February 10, but rose $l4,324,-
900 since February IL year ago Re-
serve balances of the reporting banks
at the Federal Reserve Bank declined
S4,353 600 in the last month, but rose
S20,679.OO during the year.
Cash in vaults on February 10
showed a decline of ST ,333,000 since
January 13, but was higher by ST.
226,000 than on February II. 1885.
Demand deposits increased by 81 ,654.-
900 since the middle of January, but
rose by $50 9.O2l, 900 since the middle Of
February a year ago. Time deposits
on February 10 were higher than on
either of the earlier dates, having in
creased S1,343 900 durin. the month
and SO $3.50 during the year.
Debts Advance During Year.
The Richmond Bank states that
debts to individual accounts in "a
fifth district cities in January, 1887,
averaged 80 per cent less than in
December, 1885, but rose 207 per cent
above debts in January, 1886. The
moderate decline in comparison with
debts for the preceding month was
seasonal development of about the
usual size. Only three cities, Charles
ton, S. c.; Raleigh and Wilmington,
N. c., reported higher figures for jan
uary than for December.
The decline during January in
Huntington was larger than would
have occurred normally due to the
food which seriously retarded business
for several days. In comparison with
January, 1886. figure debts in jan
uary, 1887. increased in every city
except WinSton-Salem. Raleigh re-
ported the largest increase for the
) year, Sl.e per cent. due to an unusual
amount of State transactions in the
1887 month
The pressure of year-end settle
ments usually causes commercial fail
ures to increase sharply in January.
and this year was no exception to the
rule, the Richmond Bank says. The
Insolvency record in the fifth district
In January in comparison with De-
cember and January of last year was
worse than the average for the United
= States. The number of failures in the
district last month was 165 per cent
above the December number and 80
per cent above failures in January
last year, while total failures in the
United States were oniy II per cent
above those in December and were
25 per cent below insolvencies in jan
uary, 1886
All trade barometerS point to marked
improvement in employment during
the past year. Textile mills are run
ming on higher schedules than year
ago, tobacco manufacturers are ex-
ceeding last years output. coal mines
are digging more coal and construction
work is under way in muc' larger
volume. Miscellaneous industries are
practically all doing better than at
this time in 1886, and the volume of
retail trade also requires additional
sales people. Some shortages of skilled
men are reported in construction fields.
In which unemployment was quite
serious two or three years ago. the
bank report says.
Two Maryland Firms Purchased.
Charles Delmar, president of Lin
coin Service Corp, industrial bankers,
announces the purchase by that cor
poration of two Maryland companies.
the Citizens Personal Finance Co. and
Citizens Discount Corp.
At meeting of the board of direc-
tors yesterday the regular quarterly
dividend of 13. per cent was declared
on the per cent preferred stock and
25-cent dividend distribution was
declared on the companyS common
stock, both payable March e9 to
stockholders of record as of Febru-
ary q.
At the same meeting Fred NJ. Sup
plee, president of J. Ramsay Barry &
Co, general insurance agents, Balti-
more, former director in the Citi-
1ens' Personal Finance Co. and Citi-
Eens' Discount Corp, was elected
director
Air Express Income Scars.
More than 2.023 tons of air express
were flown by the Railway Express
Agency in the first full year of
expanded service, beginning February
!, 1885. and ending January 81. 1897,
substantial portion of which was
handled in and out of Washington, it
was announced yesterday.
Gross revenue from air express for
the l2-month period increased 67la
per cent over the gross revenue of the
old and new contract airlines for the
corresponding period of 1856.
The half-million mark was ap-
preached in the total number of ship
ments. Most of the 487.299 consign-
mentS for the year were carried by
500 regularly scheduled planes. There
were, however, many occasions when
the volume of business called for the
dispatching Of planes loaded to capac-
Ity Will ChpiCoS ulu
passengers.
Cleaned in Financial District.
Mackubin, Legg & Co. report that
directors of Fundamental Investors.
Inc, have declared a dividend of 25
cents per share, payable April l to
stockholders of record March II. This
compares with 20-cent dividend in
the first quarter last year.
George o. Vass, vice president and
cashier of the Riggs National Bank;
Charles H. Doing. first vice president
of the Washington Loan & Trust Co.,
and Ord Preston, president of the
Union Trust Co., were appointed by
Acting President Thomas J. Groom
to represent the District Bankers
Association at the funeral of Firman
r. Horner, vice president Of the
McLachlen Banking Corp.