Evening star., 1941-10-06
CAPITAL Bank Debts
Sharply Above 1910
During August
Reserve Bank Review
Reports Many Other
Notable Advances
BY EDWARD c. STONE.

BY EDWARD L. SlONE.
Debts to individual accounts in
Washington banks in August totaled
S347499, 900, against S266, 453, 900 in
the same month year ago, sharp
gain of % per cent, according to
the monthly review by the Federal
Reserve Bank of Richmond Just
received here The figures give a
very clear picture of the increased
business tempo due to defense ac-
tivities.
The check turnover in the fifth
Reserve District disclosed a gain of
80 per cent. Wilmington, N. c., led
the district with jump of Sc per
cent. Bank debts were up 49 per
cent in Norfolk, 40 per cent in Char
lotte, NC, At per cent in Charles
ton. SC, and 81 per cent in Balti-
more.
The Richmond review states that
employment in the District of Co.
lumbia in August was up 04 per
cent over July, but the amount Of
pay rolls was off 05 per cent. In
this district no unemployment due
to restriction in the manufacture
Of civilian goods has yet appeared,
the report says. There we're 80 fall
ures in this area in August involv-
ing liabilities of S377,OO0. while 40
business failures were recorded a
year ago involving $4,000.
ID. c. Auto Sales Hold Up.
Sales of new automobiles in Wash
ington in August numbered 2,119,
against 1880 a year ago, an increase
of "a per cent, according to the R. L.
Polk figures. In the first eight
months of this year sales totaled
25,783 cars. compared with 1879
cars in the city year ago, or a gain
of "a per cent. The August gain in
the whole district was "a per cent
and Al per cent in the eight months.
Maryland sales were up 80 per
cent in August and 35 per cent in
the eight months. Virginia made
surprising record, the months
sales showing an increase of so per
cent, together with a SO per cent
upturn in the eight months.
The Richmond bank reports con-
struction activity at a very high
level. Permits issued in % fifth
district cities in August totaled Sl2.-
511.1Ol. an increase of 27 per cent
over last year. Washington topped
the list with permits totaling S4,-
S91 900 exclusive of all Government
work
Other Startling, Increases.
The value of August contract
Awards in the fifth district showed
a 207 per cent gain, F. w. Dodge
reported. The national gain was
only 83 per cent.
Detailed figures for August were
not ready, the Richmond bank says,
but contracts awarded in July in
Washington amounted to S7,802 900,
a rise of 26 per cent.
Sales in 79 department stores in
the fifth district in August totaled
SIS 5,699 ,692, a Jump of "a per cent;
sales in Al furniture stores reached
s2,204,783, up 42 per cent; sales by
1875 wholesale firms mounted to
S16,33l 900, a rise of 36 per cent.
Growers receipts from tobacco
totaled $50 o243063, a sensational
gain of 213 per cent, the review
stated.
Bankers Push Defense Bonds.
Bankers at the Chicago conven-
'tion took very vigorous interest in
increasing sales of Defense bonds and
stamps. Up to September /, bonds
for a total amount of s1,272 ,083, 900
had been sold, Philip A. Benson said
The figure is now approximately
$500 100000 and stamp sales total
SIS 5000 900.
The importance Of marketing De-
fense bonds at this time cannot be
overemphasized. Mr.. Benson urged.
Lessons of thrift should be taught
to the new generation of wage
earners and Defense savings bonds
will contribute to such education. A
portion of the fruits of labor can
be stored for future use as cuSh-
ION against the deflation period sure
TO come.
The convention was told that all
bank officers should buy the bonds
and stamps The price of S25
bond is within reach of the youngest
banhHelployes. Every bank should
have The bonds for sale, advertise
them and talk about them. Selling
the bonds on the installment plan
was held as highly desirable.
Savings Bank Speakers Named.
Preston Delano controller of the
currency; Walter Wyatt, general
counsel of the Federal Reserve SyS-
tenn, and Henry Bruere, liaison Of
f1cer between the mutual savings
banks and the United States Treas
ury, will be headline speakers at the
fall meeting of the New Hampshire
Savings Bank Association, at
Whitefeld. October l011
Robert V. Fleming, former presi-
dent of the American Bankers Asso-
citation and head of Riggs National
was back at his desk today after at
tending the Chicago convention. D
J. Needham, general counsel of the
A. B. A., also is back at his office ir
Washington. The other delegates
returned last week.
Eliot H Thomson of the Wash
ington Loan & Trust Co., who has
been seriously i'll at the Washington
Sanitarium in Takoma Park, is i'm.
proving steadily. He will be able tt
leave the hospital in a few days.
The Army Medical Corps an
nounced today that a contract ha!
been awarded to Plough, Inc, fol
50,000,000 aspirin tablets for use IL
Army hospitals throughout thu
country. The order will be deliv.
cred to the Army warehouse a
Savannah
Meeting in Chicago last week
members of the Association of Re
serve City Bankers voted to hold tn,
next convention at Palm Beach. OF
March 29-April ID. Several Capita
bankers always attend these ses
sions.
Todays Trading on Exchange.
Sales of 70 and 81 share lots O
National Savings & Trust Co. stoc
took place at 205 on the Washing
kon Stuck EYchance todav The stoc