Evening star., 1937-03-08
DEPOSITS MOUNT
IN FIFTH DISTRICT
Time and Mutual Savings
Totals Gain 3.5 Per Cent
During Past Year.
BY EDWARD c. STONE.

serve district and aggregate deposits
in 10 mutual savings banks totaled
S41O,797, ,289 at the end OF January,
compared with $396,838,273 at the
end of January year ago, a gain OF
3.5 per cent, the latest Reserve Bank
of Richmond report discloSes. These
time and savings deposits were also
fractionally higher than in Decem-
ber. During the past year time de-
positS rose 81 per cent, while saw
ings deposits in the mutualS gained
80 per cent the report states.
Other details in the report show
that cotton consumption in January
was IL per cent higher than in Janu-
ary, 1886, and was the highest Janu-
ary consumption on record. Spot cot
ton prices fiuctuated slightly but at
the middle of February were 10 and
IL points higher than in the middle
of January and a cent and half a
pound or $50 points higher than the
average price in mid-February year
ago.
Tobacco markets in Virginia and
North Carolina combined, sold less
tobacco than in January. 1886, the
crop being smaller, but prices were
higher than a year ago. The United
States Treasury's annual report on
tobacco manufacturing shows that in
1896 the fifth district paid "a per
cent of all stamp taxes on cigarettes
and II per cent of the taxes paid on
all forms of manufactured tobacco.
These taxes increased IA per cent i'll
1886 over 1885, against national i'll
crease of - per cent.
Study of the Richmond banks re-
port on building permits reveals that
the estimated valuation figures OF
S5,672717 in January scored an IN
crease of 372 per cent over Valua-
ton figures of Saba 060 in January
last year. Contracts actually award
ed totaled $50, ,62l 900, against $685.
7l4,l61 in January, 1885.
Brokers Loans Show Upturn.
Steady increase in the amount of
credit which brokers have extended
to their customers accompanied the
upward trend in stock prices between
the end of August and the END OF
January, the Board of Governors OF
the Federal Reserve System reported
in the March Bulletin.
Debit balances of customers OF New
York Stock Exchange member firms
stood at the end of January at the
highest total recorded during the II
months that the figures have been
collected.
City banks during 1886 showed the
first marked gain in commercial lend
ing since 1929, while so-called "coun-
try banks placed their idle funds in
Investments rather than in loans.
Bankers Visit Philadelphia.
A large delegation from Washington
banks attended the annual banquet OF
Philadelphia Chapter, American In
stitute of Banking. Saturday night.
Among them we're I. j. Roberts, Riggs
National; James A. Soper Lincoln Ma
tional: Paul J. Seltzer, American Sc
curity g. Trust Co. and president OF
Washipton Chapter, A. l. B.; William
H. Laughlin, Washington Loan q
Trust Co.; Joseph R. Fitzpatrick, Sec
ond National; Katherine w. Mccall
mont. w. B Hibbs g. Co; Walton L.
Sanderson. Hamilton National J.
Earle McGeary. w. B. Hibbs g. Co.,
and Robert E. Lee, Lincoln National.
The chief speaker was J. Fred Es-
sary of the Washington office of the
Baltimore Sun. Special guests in
cluded L. E. Birdsell, general counsel
of the Federal Deposit Insurance Corp.
and Richard w Hill, secretary of the
American Institute of Banking.
Chemical Exports at Normal.
Full recovery in the Nations export
trade in chemicals has been achieved,
according to a report made public here
by the American Chemical Society.
Taking the 1925 volume as fair
average, the normal level has been
surpassed, it is declared.
Even remembering that normally
this trade would have shown a regular
annual increase in the decade since
1923-25 had there been no depression,
it is not unreasonable now to speak of
full recovery in our chemical exports
as an accomplished fact" says the re-
port. prepared by Otto Wilson, Wash
ington statistician.
The outgoing trade, however still
remains about one-fourth below the
high level of 1929. and our chemical
imports are less than so per cent of
their value in that abnormal year"
Sharp Business Gains Seem
A more than seasonal expansion of
business during the Spring is forecast
by the United Business Service in it's
current report Capital goods lines are
expected to be particularly active over
the coming months New recovery
peaks are likely in construction, with
residential building showing very sharp
gains. Near-capacity operations are
anticipated in the automobile indus
tries. Rehabilitation OF industrial
plants, utilities and railroads will pro-
ceed at faster pace, thus creating
broad demand for machinery and
equipment of various sorts
Almost every line of business will
feel the effects of the gains in the
heavy Industries. Retail sales should
respond to the higher level of con-
sumer buying power; railroads will be
benefited by the larger movement of
goods; miscellaneous manufacturing
lines and services will receive more
business as the tempo in the durable
goods industries is stepped up
Heard in Financial District.
J. Thilman Hendrick, chairman of
the board of the Lanston Monotype
Co. and partner in w. B. HibbS g.
Co., was back in the financial district
today after a months visit in Miami,
Fla
Eliot H. Thomson of the Washing
ton Loan g. Trust Co. is spending a
few days at ST. Augustine while on an
extended motor trip through Florida.
On his way South he stopped at Sea
Island, Ga.
The District of Columbia had a per