Evening star., 1941-08-20
D. {. Postal Savings
Show S991,834 Gain
During Fiscal Year
National Deposits
Also Rise Sharply
In Some Period
Ry EDWARD c. STONE.

June 30 scored striking advance of
nearly sl,OOO,00O over the previous
l2-month period. according to re-
ports compiled at the City Post
Office, it was learned today.
At the end of June this year postal
savings accounts in the Capital ag-
gregated S9.579,19 as compared
with total deposits of s8,587 1853 at
the conclusion of the previous fiscal
year, an increase of 1891 1874.
The figures cover postal savings
deposits made at the main Office and
all the Washington branch offices.
Post Office officials are enthusiastic
over the gains for the year and con-
slider the rise in deposits as parti-
cularly good indicator of thrift
among Washington residents.
Figures just compiled by the Post
Office Department show that postal
savings in the whole United States
at the end of June reached an
estimated total of Sl,304 .044.48l
against 81 .292 .98O.S28 a year ago. an
increase of s1l .063 653 for the Nation.
The reports indicate that the
national defense efforts have IN
creased. rather than decreased
public interest in this type of
savings.
National Bank Loans Mount.
Controller of the Currency Preston
Delano announced today that the
loans held by national banks in
the United States and possessions
on June 80, date of the recent call
for condition reports. increased
nearly $500, 900 900 in the quarter,
and were nearly Sl,750, 100000 more
than the loan held at the end of
June in 1910. The call covered the
5.136 active banks. Their loans and
discounts amounted to Sl0,922,-
600 ,000
Total assets of SAL ,3l5 900 900 were
higher than any previous call date,
and exceeded by S1122 100000 and
81 430 .000,0 the total assets re-
ported as of April 4, l94l, and June
%. 1910, respectively.
Deposits totaling s37 ,35l .0O0, 900.
again higher than on any other call
date in the history of the National
Banking System, were Sl,064 ,000,00
more than on the previous call date
and S4,277 100000 more than the
aggregate held in June of last year
The banks reported 1857 ,579 saw
ings accounts, an increase of 81
25.000,000 in investments in Gov
ernment obligations during the year.
and an increase of $4,000. 900 in
surplus, undivided profits and re-
serves since June, 1910.
Richmond District Leads U. S.
Department store sales in this
territory continue to show the
largest percentage gains in dollar
volume of any of the IL Federal
Reserve Districts, according 70 the
Federal Reserve Boards latest re-
view.
From January ! to August sales
In the Richmond District, which
includes Washington, were % per
cent ahead of the corresponding
period last year. The national gain
was Is per cent.
In the more than seven months.
st. Louis stood second with 20
per cent advance. while Atlanta and
Cleveland districts noted 10 per
cent better sales. Next came the
Philadelphia and Kansas City areas
with pickups amounting to l8 per
cent.
Boston and San Francisco have |
enjoyed 16 per cent advances so far !
this year: Chicago, Is per cent; |.
Kansas City, IA per cent; New York. !
13, and Minneapolis. II, the report
shows.
Credit Curb Coming Soon.
In notifying all banks in Wash
ington of the coming regulation of |
installment credit by the Federal |
Reserve System, President Hugh |
Leach of the Reserve Bank of Rich
mond says:
The initial regulation of INSTALL
ment credit is a step towards car
rying out the purposes of the execu-
tive order by assisting in the adjust |
ment of public demand to the avail |
able supply of automobiles, house.
hold electrical equipment and other |
similar articles the production of |
which requires defense materials
especially metals-noW urgently re-
ouired for military and naval pur-
poses.
by regulating the terms of in |
stallment credit for the purchase of |
such articles, it is contemplated |
that demand will be dampened so
that greater effectiveness will be
given to other means adopted for
checking price advances and de-
voting materials, manufacturing fa-
cilities and man power more in
tensively to the defense effort. An
other objective is to assist in building
up a backlog of demand for such
articles until defense needs are |
lessened.
The regulation will be amended |
by the Board of Governors from
time to time as the need develops |
in the light of experience in its ad-
ministration and of changing condi-
tions. For the purpose of assisting
the Board of Governors in this re-
spect we shall be glad to receive |
any suggestions that you may wish
to offer as to changes that should |
be made"
Heard in Financial District.
d. j. Needham. general counsel
Of the American Bankers Associa-
ton. has returned from a trip to the |
West Coast, where he addressed sew
eral bankers organizations on the |
Washington situation, especially re-
garding legislation of special interest |
to the banking fraternity.
Harold C. Patterson of Auchin-
Gloss, Parker e. Redpath. is taking |
his vacation, most of which he is
passing at Cape May, N. j.
Ord Preston, president of the
Union Trust Co., was back at his !
desk today after short visit in
New York City