Evening star., 1938-04-18
BANKSSHOW GAINS
IN REALTY LOANS
Sharp Increase Is Reported
by Controller During
Haf-Year Period.
BY EDWARD C. STONE.

and 2 per cent over the preceding
year, according to an earnings cover
ing 15,463 active banks just made pub
lie by the controller of the currency.
During the period ended December
81, 1887, loans on real estate, held by
these institutions, increased S76,O42,-
600 over the period ended June 80,
1887, and $177,279.OOO above the period
ended December 81, 1886. Real estate
loans on December 81, 1887, totaled
S8677, 900, as compared with So
60l ,412,000 on June 80. At the close
of 1886 these banks had loaned $780,
175,000.
Other loans, including rediscounts,
held by all banks on December 81,
1887, amounted to $13,675, 1892, 900, as
compared with $14,084,314,O 900 on June
80. On December 81, 1885, other loans,
including rediscounts, totaled Sl3,1O4,-
844,O0O.
Holdings of United States Govern
ment securities, direct and fully guar
anteed, showed slight decrease from
June 30 to December 81, totaling $16,-
968,486,00 and $16,660, ,O68,OOO, re-
spectively.
Total assets of all active banks also
showed decrease in the second six
months of 1887. Assets of December
81 amounted to $68118,984, 900, as
compared with $68,941 ,O69,OO0 on
June 80.
Total deposits on December 81, 1897.
were $59,l09,9 1903, 900, against S59,822,-
100000 on June 80, and $61, ,155 ,014,0OO
at the end of 1886. the report says.
Sharp Drop in Foreclosures.
Real estate foreclosures on urban
property decreased in February under
January, the Federal Home Loan Bank
Board announced today
Nation-Wi'e data compiled by the
board revealed that February fore
closures throughout the country to-
tailed 9,737, or 3.8 per cent less than
in the preceding month Moreover,
February marked the fifth consecutive
month in which foreclosures were
lower than in the average month of
1929, which was considered pros
perity year.
The decline in foreclosures was not
confined to any particular section, but
was distributed generally throughout
the Nation. The District of Columbia
and 20 States reported decreases of
1904 foreclosures: 18 States showed
increases of 8l4 and one reported no
change from January. The national
result was a decrease of 800 foreclos-
ures for February under January.
In comparison with February, 1887.
foreclosures for the entire country
dropped 2l.9 per cent.
Fenner, Beane Expand Offices.
Fenner & Beane, members of the
New York Stock Exchange, announce
that they have opened Offices in the
quarters formerly occupied by Harri-
man & Keech at the Savoy-Plaza
Hotel in New York City and in Provi-
dence and Stamford, Conn. This step
gives the firm an addition to its facili-
ties in New York and marks entrance
into the New England territory.
The Savoy-Plaza Hotel Office will be
under the direction of Philip H.
Steckler, formerly manager of Harri-
man & Keech at the same address,
1t was reported at the Washington
Office today.
Better Business Forecast.
The steady process of inventory and
price readjustments, combined with
strenuous Government efforts to stim-
ulate business before the fall elections.
should bring substantial improvement
during the second half, says the
United Business Service in it's current
weekly report.
While there are many confusing
surface cross currents, the marked
stability in general business activity
during the past three months lends |
strong support to the belief that the
bottom of the depression has been
reached. Over the next few months |
activity will probably remain around
present levels. However, a definite
turn for the better is anticipated by
fall, the review declares.
Rural Retail Sales Decline.
Daily average sales of general mer-
chandise in small towns and rural
areas for March were about 16 per
cent below March, 1887, according to
estimates of the Bureau of Foreign
and Domestic Commerce.
Sales increased about per cent |
from February to March, as compared
with usual increase of about 3 per
cent at this season of the year. The
seasonally adjusted index therefore
advanced to 1858 for March, on the
basis of the average for the years
1929-3l as 100, from 99.9 for Febru-
ary.
Sales for the first quarter of the
year were per cent below the same
period of 1887, the commerce report
said.
Lower Reserves in Effect,
The Reserve Bank of Richmond has
notified all banks in this territory of |
the action taken by the governors of
the Federal Reserve System in reduc-
ing required bank reserves Excess re-
serves of member banks in this way
will he increased by about $75O,OOO 900.
The new rules went into effect Satur-
day. the step being taken as a part
OF the Government program for en-
couragement OF business recovery.
The Southern Railway reports for
the first two months of 1888 net loss
of $1,990,l39 after taxes and charges,
compared with net income of
1904 ,060, or 8 cents a share on common
IN the like period in 1887.
The Pennsylvania Railroad reports
Tor the first two months of this wear
net loss of $3,926,549, as compared
with net income a year ago of
$2,928,514, or % cents a share on the
capital stock
T0day's Trading on Exchange.
Mergenthaler Linotype opened the
weeks trading on the Washington
Stock Exchange, today with a To-
share sale at %. It was the first sale
in several sessions and was gain of
~ points over the last previous sale
at 20A. Potomac Electric Power 51h
per cent preferred stock appeared on
hA Iao1 1,I