Evening star., 1940-08-20
j. :. Bond HOLDINGS
OF Member Banks
Are Boosted
Purchases Of Federal
Issues Cut Down
Excess Reserves
By EDWARD c. STONE.

DIV Eli w AMI -. - L o-NL'
In reviewing the first half of
August, the Federal Reserve Board
of Governors states that total loans
and investment at member banks IN
lOl leading cities increased suhstan-
italy during the five weeks ending
August IA, owing mainly to pur-
chases of direct and guaranteed Sc
curities newly issued by the United
States Government.
Sales of these securities caused
a large increase in Treasury bal
ances with the Federal Reserve
banks. A a result of this tempo
rary development. the report say S,
excess reserves declined by S45O,-
100000 in this period despite an in
crease OF more than s50c,90000O in
monetary gold stock.
The review adds THAI prices OF
United States Government secur-
tiles we're relatively steady curing
the early part OF August but declined
slightly around the middle OF TINS
month due to news OF intensltlcatlCN
of European warfare
In the automobile industry auto
mobile output declined sharply IN
the first half of August as plants
were closed to prepare Tor the shit
to new model production. Going
back to July, the report states that
the value of new construction work
undertaken was at the highest level
in the past decade.
Air Traffic Tn 123 Per Cent.
PENNSYLVANIA Airlines to-
day reported gain OF l23 per cept
in passenger traffic at the WASH
ington Airport in July, compared
with the same month a year ago.
For the fifth consecutive month
the company set q new revenue pas
senger traffic record, it was an
nounced today in a report tor July
covering the whole system. Inc
company had an average gain OF
los per cent in the number OF pas
sengers carried over last year.
Julys traffic record represented
the 25th consecutive month IN
which business has shown a sub
stantial increase over the CORE
spending month of the previous
year. the report stated.
Washington Manager Retires.
John Brewer has retired as man
ager of the Washington Office OF
Dun & B-adstreet, Inc, after being
associated with the mercantile
agency over a period OF AZ years,
it was announced by President A.
D. Whites;de today. He has rem
dered very valuable service to the
company, his ability in compiling
statistics having given him a wide
reputation.
Vinkler J. Waddill has been ap-
pointed to succeed Mr.. Brewer, Mr..
Whiteside announced. AS rank
ing member Of the Washington staff
for the past five years, he is thor
oughly familiar with the situation
here. With the company for the
past 26 years, he had managed sew
eral branch Offices before he came
to the Capital. The Office here is
in the Washington Building.
Farm Mortgages Increase.
The amount of farm mortgages
going on tie books at puol:c record
Offices throughout the country has
turned slightly upward after q five
wear decline. according to the Farm
Credit Administration. Farm mort
gage records in 1889 aggregated
about s729.OOOO0O
The Federal land banks and the
land bank commissioner put S79,-
100000 of mortgages on the books
last year; individual lenders, S227,-
C00OOO: commercial banks, S218000,-
600; insurance comDarie5 3300o.-
coo: and miscellaneous creators,
S67,000,000
The recording figures indicated
that farm mortgage financing has
increased substantially in recent
months in most of the Eastern and
Southern States; and has been
somewhat lower in most of the mid
Western and Western States.
Financial District Comment.
Donald w. Larson, secretary OF
the District Bankers Association,
is on his annual vacation. one of his
oblectIves being his cid home in
Minnesota.
G. Clifford Howard, connected
with Y. E. Booker & Co.. has re-
turned from a vacation passed at |
Ocean City. Md.
w. E. Vandoren, vice president of
the Liberty National Bank. has left
the Capital for his annual vacation.
James c Elgin, partner in w. B.
Hibbs & Co., is passing the first
part Of his vacation in Virginia after
which he will visit the New York
Fair
Percy c. Brady, assistant treas
urer and manager of the Southwest |
branch of the American Security &
Trust Co., is on his vacation. E. E.
Swan. an assistant treasurer con-
nected with the central branch, is
also on annual leave.
G. Bowie Chapman of Laidlow &
Co., who is passing the month of
August at Ventnor, N. j., expected
to attend the funeral TODAY at Mays
Landing. N. j.. of L. w. Todd, who
was closely associated with him for
many years in the brokerage busi-
ness. Mr.. Todd's death was an
nounced here yesterday.
Willard G, Barker, president OF
the Morris Plan Bank. will attend
the annual convention of the Morris
Plan Bank Association at Del Monte,
Calf, September 80 to october 2.
Two hundred executives have made
reservations.
Trust Company 81 Years Old.
The Washington Loan & Trust
Co. was 81 years old yesterday,
having been founded in August, 1899.
Headed by Harry G. Meem, other
officers include Arthur Peter, chair
man of the board and general coun-