Evening star., 1941-09-03


194l. 1910,
January s705 .8O4.95 S672,27073
Februsrv 727.323.O4 626,825.78 !
March 759. .l05.02 69S,34861
April 7e4. .56460 705, ,744.59 |
Nav 777,14133 694,092.29
June 762.415.49 623, $685. 65 |
.rIlv 762.747.98 622,009 28 |
August 745.O92.00 610,829 90 |
Today's report is in line with the
summary of August bank clearings
in the Capital which revealed a
gain over last year Of more than
sal 100000 or % per cent, also an
all-time peak for the month.
Mortgages Show July Gains.
Mortgage recordings during July
in the District of Columbia by all
tvpes of lenders totaled 1,400 and
amounted to s7,1l4,000, economists
of the Federal Home Loan Bank |
Board announced today. This COM
pares with the ,295 home mortgages.
totaling s5,758,000, recorded in July
of last year.
The number and amount of July,
le4l. mortgages recorded by the
various types of District OF Co.
lumbia lenders are as follows: Saw
ings and loan associations, 5o8, Tor
1926. 900: insurance companies, ",
for s571,Ooo; banks and trust COM
panies, SO, for $586, 900; individuals,
43O, for Sl,369 900, and others, 242,
for 1892 900.
Mortgage recordings during July
In Virginia by all types Of lenders
totaled 2,929 and amounted to ST.
$50 In Maryland mortgages
numbered 2,374 and amounted to
$685., 900.
Bond Sale Limits Explained.
Explaining why there is a limit
on individual purchases OF De1ense
savings bonds, the current Fed
eral Reserve Bulletin says:
The Series E bonds, like the
'baby bonds" that preceded them,
were designed for individuals with
small and moderate incomes. To
facilitate their sale to such lndl-
viduals, they were made to yield,
If held to maturity, considerably
more than other Government bonds
OF comparable maturity.
Because of this higher interest
Weld. it was essential that a limit
be placed on the amount that any
one investor might purchase IN any
one calendar year; otherwise, IN
vestors would attempt to sell their
other Government securities and
invest only in the new bonds yield
ing the higher interest. In addl-
ton, If the amount of purchases
of Series E bonds were not Inn
tied, the Government would have
to pay an equally high interest
rate on all new security issues.
Similar limits we're placed on the
bonds of Series F and G for prac-
ticauy the same reasons.
Banks Again Boost Deposits.
Leo T. Crowley, chairman OF the
Federal Deposit Insurance Corp, IN
his report for the year ended June
30, points to a II per cent jump
In deposits of insurance banks and a
IT per cent increase in loans and
deposits reported by 1923 CONNER
cial banks.
Commercial banks we're creditors
for sl9,000,000000 of the Federal
Governments s5O,OO0,000,0o0 public
debt. Banks increased their hold
ings of United States Government
obligations and Government guar
anteed obligations by more than
$4,000, 100000 during the year.
The banks increased their holdings
of State and local obligations by 2
per cent during the year. Invest
ments in other securities, exclusive
of foreign securities and stock in
Federal Reserve Banks by 2 per cent.
Bank holdings in real estate ac-
quired in settling debts and not used
as bank premises were cut down
II per cent.
Total assets of 1923 banks rose
II per cent during the year Sur
plus, undivided profits and reserves
also increased, Chairman Crowley
reports.
Heard in Financial District.
w. T. Vandoren, vice president
and cashier of the Liberty National
Bank. is spending his vacation at
Atlantic City. Vice President James
B Skinner recently returned from
his annual outing.
G. Bowie Chapman Of Laidlaw g.
Co., New York Stock Exchange firm,
has returned from his summer vaca-
ton passed at Ventnor, N. j., adjoin-
ing Atlantic City.
Y. E. Booker, head of the invest
nent firm bearing his name, has
returned from an outing at Virginia
Beach.
Robert c. Holloway of w. B. Hibbs
b Co, has returned from a short
vacation motor trip to Pittsburgh
and vicinity.
Chester c. Davis, president of the
Federal Reserve Bank OF st. Louis.
and former Reserve Board gov
ernor, lauds the cooperation of the
banks in connection with the new
regulations on installment credit.
There has been very hearty sup
port of the new rules, he says.
David Samakow, connected with
the New York Life Insurance office
here, has been invited to the Sun
Valley convention as one Of the top
men" among 5000 statesmen during
the past year.
Today's Trading on Exchange.
Potomac Electric Power per cent
preferred stock drew all the trading
attention on the Washington Stock
Exchange today.
The market opened with 80 shares
selling at ll67s. up !. from the last
previous transfer. A small sale fol-
lowed at 1854. -Four other snaall-lot
transfers closed tho market At La.