Evening star., 1940-07-10
Capital Banks Grant
G167,O0O,00O Loans
During Year
Steady Credit Growth
Revealed in Survey
By Bank Association
BY EDWARD C. STONE.


year 1899, according to an American
Bankers Association survey made
public today.
This report from 81 per cent of
the Capitals active banks showed
a definite expansion of bank credit
in the field OF new loans. The num-
Der of new loans made between July
81 and December 81 of last year
was 1865 greater, or a gain of per
cent, and the dollar volume of new
loans made during the period was
$939l ,372, or 25 per cent greater
than reported by an equivalent num-
Der of banks for the previous six
months.
The 18 banks reported that dur
ing 1889 they made 1929 new loans
totaling S84, ,724,880; 67,412 renewals
of loans, totaling 1895, ,267; 1922
mortgage loans, totaling $l0,705,156
Average Loan Here $1,146.
The survey reveals that District
business firms are using less than
half of the open lines of credit"
maintained for their use on the
books of the banks.
Ten banks in the District reported
that they carried on their books
during the second half of the year
$19,544,500 in open lines of credit" :"
consisting of specific amounts of
credit offered to and kept available
for established borrowers for use as
needed by them. OF this amount
S6,07l ,436, or 413 per cent, was
actually used.
The average number of new loans
per bank was 4,107 and the average
loan S1,146; average number of re-
neWals per bank was 1856 and the
average renewal S931; average num-
Der of mortgage loans per bank was
96 and the average mortgage S62l7.
-, Maryland Loans Also Climb.
-Fifty-four per cent of Maryland's
commercial banks made more than
269,000 loans, totaling over S349 ,000,-
600, during the year 1889.
The survey, which was partici-
pated in by 96 banks, or 54 per cent
of the 1T commercial banks of the
State, showed a definite expansion
of bank credit. The number of new
loans made between July 81 and
December 81 was 4,121 greater, or
IA per cent, and the dollar volume
OF new loans made during this
period was S6,582,647, or 16 per cent.
greater than for the previous six
months.
The average number of new loans
per bank was 672 and the average
new loans sl826: the average num-
ber of renewals per bank was 2,112
and the average renewal 81 ,o94; the
average number of mortgage loans
per bank was %, and the average
mortgage was for $685..
Thirty-Seven per cent of Virginia's S
commercial banks made more than
$4,000 loans, totaling S723,0O0 600,
in the period under review. The
average number of new loans per
bank was 1903 for an average of
1928. Renewals averaged 5,4O3 per
bank for 1882 per loan. The average
number of mortgage loans per bank
was A and the average mortgage
S2,l95. The report shows new loans
were up 10 per cent and the volume
20 per cent.
For the country as a whole 6,333,
or A per cent of the commercial
banks, made 24,99o,OO0 loans dur
ing the year, totaling s3981o,81O,O0O.
New loans increased 10 per cent and
dollar volume 20 per cent.
Bank Names Glasco Auditor.
Directors of the Union Trust Co.
have elected H. Norman Glasco au-
ditor of the bank. to succeed the
late Walter M McCurdy, it was an
nounced today by Ord Preston,
president. Mr. Glasco has been as
slstant auditor and has been with
the trust company Is years. He as
sumed his new duties today.
"A native of Washington, nc Was
educated in the public schools, grad
uated from Mckinley High School
and from the American Institute of
Banking, where he took several spe-
clal courses. He also has a degree
from Benjamin Franklin University
He. has been one of the leaders IN
the Auditors Section of the District
Bankers Association, having just
completed years service as chair
man of the section.
Trust Company Votes Dividend.
Directors of the National Savings
& Trust Co have declared the reg
ular quarterly dividend of ST per
share on the outstanding stock, pay
able August l to stockholders of
record July "a, it was announced to-
day by Vice President David Bornet.
National Savings stock recently sold
just above 5000 share on the Wash
ington Stock Exchange.
The National Association of Sc
curities Dealers has appointed to
two important committees to CO.
operate with the Securities and EA-
change Commission in suggesting
further amendments to Securities
Act of 1888. TodayS announcement
that the commission has eased up
certain new financing rules caused
great JOY among investment dealers
in the Capital.
Today's Trading On Exchange.
Bidding was more active on the
Washington Stock Exchange today,
with Washington Gas Light prefer
red in the limelight. The market
opened with 10 shares selling at
1885, followed later by the sale
of 20 more shares at the same price.
The market closed with 103 bid
and 10434 asked.
Bond trading was confined to
Capital Traction first SIS, which fig
ured in a $500 transfer at 1001a
against the last previous sale at 100.
The final bid was 100ia with 1O2
asked.
Regular dividends were paid today
on American Security Trust Co.
stock and on Security Savings stock
Owens Heads Accountants.
At meeting of the Board of Gov
ernors of the District of Columbia
Institute of Certified Public Ac-
countants held Monday, the follow