Evening star., 1940-08-28
D. {. Bank Deposits
Expected 10 Show
Further Gain
New Record Forecast
On September or Early
October Coll
By EDWARD C. STONE.

Aggregate deposits in the Capt.
tails active banks and trust COM
panies are believed to be slightly
higher than they were on June 80
the date of the controllers last con-
dition call, according to survey
completed today.
That means that total deposits
are again at the highest mark on
record and have held up unusually
we'll during the summer season.
With a call likely late in September
or early october, another new de-
post peak is forecast.
Deposits on June 90 of the pres
ent year totaled 1884, ,676 sos .33
while on June 30, 1899, deposits
amounted to 1928, ,681 1929, a gain
of more than s60,O0O,000 during the
Governments last fiscal year.
Reasons for the present very high
deposits in Washington banks are
ascribed by fnanciers to the city 5
rapidly growing population, uncer-
tainties at home and abroad, low
yields on investments, dullness in
the stock and bond markets and a
general waiting attitude on the
part of investors.
Bankers say savings accounts still
are being built up, in spite of low
interest rates. 1t will be recalled
that every savings bank in the
city enjoyed an increase in deposits
in the quarter ending on June %.
Money was also piled up in the
other banks having savings depart
ments. While the next call is still
several weeks distant, bank officers
are already talking about what the
results are most likely to be.
Loan Groups 50 Years Old.
Ten members of the District Build
in the 50th anniversary of the United
States Savings and Loan League in
September. The local associations
are all so years old or older. The
Oldest in the group is the Oriental
Building Association. established in
1861. Metropolis Building stands
second in the list.
Others, in order of their establish
ment, include American, 1874;
Equitable Cooperative. 1879; WASH
ington Permanent, 1881; Perpetual,
1881; Home, 1888; Citizens Equitable.
1888; Eastern. 1889; National Per-
manent, 1890 Northern Liberty
Building Association will celebrate
its 50th anniversary in 194l.
Equitable Joins Institute.
twenty-five additional life insur-
snce companies have joined the
Institute of Life Insurance in 1910,
bringing the total membership to 80
companies, it was announced today
by Holgar J. johnson, president of
the institute. The Equitable Life
Insurance Co. of Washington is one
of the most recent firms added to
the list.
THE Institute of Life Insurance
now includes in its membership COM
panies representing approximately
So per cent of the life insurance in
force in this country with home
Offices in "a States, the District OF
stated. Moreover, these member
companies have policyholders in
every State of the Union.
Virginia Home Loans Jump.
Urban home financing in Virginia
in July totaled S7,813,000, with 3,3o9
mortgages being recorded, the Fed
eral Home Loan Bank Board re-
ported yesterday. The figures COM
pare with 1892 mortgages amounting
to S5,72o,000 in July a year ago.
Savings and loan associations
granted 1873 loans totaling s3,l58,-
900, and banks and trust companies
made 620 loans amounting to ST.
$4,000.
Insurance companies loaned $685.
600, individuals negotiated 779 loans
for s1,506,000, while other loans
numbered ass and totaled Sl,091 900
the Home Loan Bank reports.
Private Building Funds Ample.
Private capital will be able to
handle practically all the new hous-
ing needs required by the national
defense program, according to Stew
art, Mcdonald, head of the Federal
Housing Administration. Touching
on the same subject, President
Roosevelt made a similar statement
yesterday.
Mr.. Mcdonald said that with per-
haps half a dozen exceptions the F.
H. A. system would be able to meet
q
sections growing out of new ma
tional defense enterprises. The F.
H. A. system operates entirely with
private funds, but provides govern
mental insurance of mortgages un-
der a mutual fund arrangement.
The F. H. A. administrator men
toned as specific examples commu-
mites like Newport News, Va, and
San Diego, Calf, where the load
might be too heavy for private en-
terprise to carry. Mortgage opera
tions last week were so per cent
ahead of the corresponding period a
year ago.
Washington Gas Sells at los.
Washington Gas Light preferred
SUOCk luT1llSIleu dll Ille ulOSIcSG dllll
business on the Washington Ex-
change today. In five consecutive
sales totaling so shares, the stock
moved at los. This is around recent
levels, although the last previous
sale was made at 106 The market
closed with 104 bid and 106 asked
Norfolk, Va, is asking for bids or
September 10 for $572,000 general
refunding bonds at fixed rate Of
8 per cent. The bonds are dated
June 1, 1910, and due June l. 1858
to 1862.
William E. Rhea of Missouri has
been nominated by President Roose-
welt as Federal Land Bank COM
missioner, to succeed Roy M. Green
resigned.
L.R. Powell, jr, co-receiver of the
Seaboard Air Line Railway, has beer
elected a director of Railway Express
Agency to succeed the late L. A