Evening star., 1937-04-05
BANK DEPOSITS
SOAR R|ND|STR|CT
Institutions in Federal Re.
serve Gain 134 Per Cent
in Eight Years.
RY EDWARD C. STONE.

are members of the Federal Reserve
Rank of Richmond, have scored gain
of 1874 per cent in total deposits in the
last eight years, the Richmond bank
reports in the March review just re-
ceived here. Deposits in 1929 stood at
Sl2O.273. .OOO and by the end OF 1885
had climbed to 1921 ,635 900, the report
says.
Demand deposits in these member
banks made the best showing, an ad-
vance of 165 per cent. Demand de-
posts in 1929 amounted to S74,514,0 900,
and by 1886 had mounted to an aggre-
gate total of sl97, 1000.
Time deposits moved more slowly,
although they advanced IS per cent
in the eight-year period. From S45,-
$4,000 in 1929 time deposits stepped
up to S84,4750 900, the Reserve Bank
summary discloses.
There were IL member banks in 1929
and II in 1886. Capital, surplus and
undivided profits and reserves Tor
CONTINGENCIES revealed a Az per cent
improvement in the eight years, going
from S23 1898 900 in 1929 to S33,62l 900
in 1886. Bank loans, however, went the
other way, recording a q per cent
drop frol.. S9l 10000 to $685. ,OOo.
The - banks investment in Gov
.ernment securities ran up 329 per cent
in the eight years, starting at S23,-
146,OOO in 1929 and reaching S99,213,-
900 in 1886. Other securities held IN
creased 81 per cent, from S1l,57O,0oo
to $2O,997, 900. Cash and funds due
from other banks, including the Fed
Ieral Reserve Board, showed very
lrapid uptrend, advancing 273 per cent
from s3O269,OO0 to sl12,832,00O in
1885. Assets also mounted from S71,-
zoos, 900 in 1929 to S3l6,3770oO in 1885,
ta gain of 85 per cent, the Richmond
Bank announces.
Enterprise Has Best Year.
The forty-ffth annual report OF the
Enterprise Building Association dis
closes that assets are now 81 ,529,673,
an increase of sl62905 over the last
wear, the largest gain ever recorded
by the association.
The directors on March 81, 1887,
declared per cent dividend for
the last year on all shares. The
association reports a substantial gain
bin the number of new accounts and
that no foreclosures were necessary
during the last fiscal year. The num-
ber of borrowers in arrears is lower
than was the case a year ago.
The association has 1865 members,
rs a member of the United States
Building and Loan League and the
District of Columbia Building and
Loan League Officers and directors
are:
Michael A. Keane, president: Fred
Kraus, vice president; Martin A. Cook,
secretary; James E. Connolly, treas
urer, and Francis j, Hayes, assistant
secretary.
Directors-George I. Berger, Ber-
hard r. Edwards, Maurice Fitzgerald,
C. F. Gibson, P. F. Hannah, Ralph
A. Judd, Edward T. Kehoe, ST., and
Frank J. Torrens.
d. c. Loan Leaders to Speak.
A delegation of Washington build
Ing and loan association managers,
whose institutions loaned S28,910,-
SAT to 1887 home owners last year
will attend the Southeastern Confer
ence of the United States Building
and Loan League in Nashville next
Friday and Saturday.
Mortgage money rates from the
longtime point of view, the oblec-
tives of public housing and modern
loan plans for the acquisition OF a
home will be the chief topics for
discussion by an expected attendance
of 300 from l3 Southeastern States
Justin E. Jangille, Leesburg, Fla, is
president of the conference, and Carl
J Bergmann is Washington's member
of the Executive Committee. Repre-
senting S597000,000 in savings, build
ing and loan association resources. the
delegates will hear national officials of
their own business organizations, Gov
ernment administrators and scholars
In economics.
The speaker list includes DR.. Ernest
s. Eberling, Vanderbilt University;
Harold T. Donaldson, president of the
United States Building and Loan
League; E. c. Baltz Washington. and
NIorton Bodhsh, Chicago first vice
president and executive vice president
respectively of the league; T. D. Webb,
Washington, vice chairman of the Fed
eral Home Loan Bank Board; J. M.
Rountree, deputy to Mr.. Webb, and
Carl ]. Bergman of the Washington
Permanent Building Association
Bank Payments Started Today.
Payments were started today by the
Federal American National Bank &
Trust Co. of Is per cent dividend
$4,000 former patrons of the bank
Ghe payment amounts to S1.248,411,
the receivers office being at 1886 New
York avenue. To avoid confusion, Re-
ceiver Cary A. Hardee has arranged
to pay off about 1000 depositors
day, that number Of notices being
mailed each day. While there is great
interest in the payment, yet there was
no rush at the bank this morning,
when the first checks were turned over
to patrons. Today's move brings pay
nents up to IS per cent, SO per cent
having been paid at the time of the
opening Of the Hamilton National
Bank.
In spite of legislative uncertainties
and the probable spread of labor diff
culties, business seems certain to con-
tinue at present high levels during
the near term, says the United Busi-
ness Service today. Backlogs of orders
remain large, and production and sales
records for the recovery are being set
In many lines, Consumer buying
power still is gaining, both in urban
and rural areas, the service points
but.
Rising material and labor costs are
forcing up prices of manufactured
goods. Whereas little resistance to
price advances has been encountered
thus far, this may appear by Sum-
mer.
Today's Trading on Exchange.
ro1ito1 Tra ction 5s gained strength