Evening star., 1942-09-09
New Gains Registered
By Demand Deposits
In Fifth District
S9l4 4,350,000 Volume
Far Above Year Ago
In Mid-JuIy
Ey EDWARD G. STONE

~f ~~~~~~ ~&AAAS w OAtS CNCl IA IAC
serve Bank of Richmond's month";
review just received here. o.
August IL they totaled $9I4,35O 0Ot
against $888, ,578,0 900 on July Is an,
only $722, ,l07, 900 on the same date
year ago.
Time deposits, however, appear t,
have slowed up, thousar dis of peopl
in this territory have diverted
portion of their funds to war bont
channels. Time deposits in thi
district on July II amounted Il
S204, 400. 900, a modest increase owe,
the total of s201 SIS 900 on july L
OF this year, but below the 5000.
5000 deposits recorded at the
same time year ago.
:! Loans to business and agriculture
In this district in the middle o.
August totaled Sal, ,744,000 above
the July volume of s141, ,626 900 anc
under $149 ZOO, 900 in August a yea!
ago.
liz d. c. Bank Debts Climb.
Debts to individual bank ac-
counts in Washington in July, pic
turing business conditions through
the movement of checks, totaleo
$423 ,845,000, a gain of / per cent
over the June total of s4l9, ,803 ,00t
and 20 per cent better than the
aggregate Of 1881 ,9Sl 900 a year ago
the report revealed. The July gain
In the fifth district was % per cen
ahead Of last year.
Employment in Washington
changed but little during July
There was drop of IL per cent in
the number of payrolls from June
and of 0.8 per cent in the amount
OF payrolls. Virginia payrolls showed
little change, but Maryland re-
ported a 3 per cent gain in the
number employed and "A per cent
In payroll amount.
Washington stood second in the
fifth district in July building per-
mits issued in 20 cities, SLABS, ,48;
comparing with $l,528,620 in Balti-
more, which took first place. In
spite of small permit figures in the
cities, a very large amount of work
is being done outside corporation
limits, the report says, most of it
being connected with the war effort.
There was a sharp drop in business
failures in the fifth district during
the seven months, 202 for $2,955 0Gn
comparing with 249 a year ago for
s2,731 900, according to Dun g. Brad
street. In July alone fifth district
failure liabilities totaled S5e2 600,
against only $4,000 a year age, a
jump of 1874 per cent, due to war
restrictions.
Mortgage Officers Named.
The 29th annual meeting of the
Mortgage Bankers Association of
America in Chicago the end of this
month will be devoted to discussions
OF wartime mortgage finance.
In addition to the regular business
meeting, there will be an election of
officers for the coming year. The
slate thus far reported includes
Charles A. Mullenix, Cleveland, for
president
Hereld G. Woodruff. Detroit, is
the nominee for vice president wniie
G. H. Galbraith, Tulsa, has been re-
named for election to the board of
governors for the term expiring in
1946.
Other mortgage bankers named
for similar terms on the board in
clude L. E. Mahan, st. Louis; STAN
ley H. Trezevant, Memphis; George
H. Dovenmuehle, Chicago, Frank C.
NAPLES, Cedar Rapids; John Scott,
Pittsburgh, and w. A. Clarke, Pnila
delphia.
Renominated for vice presidents
were Wallace Moir, Los Ange,es, Pa
chic Coast region, and Aksel Mel
sen, Denver, Mountain States. Other
regional vice presidential nominees
include v. c. Feemster, Wichita,
Southwestern States; Norman Lloyd,
Cleveland. North Central States; w.
A. Curtin, Hartford, Conn, Eastern
States, and o. G. Gresham, Bir-
ninghan, Southern States.
Investment Firms Merge.
Washington investment dealers
were interested in the report today
that the business of w. w. Lanahan
d. Co., Baltimore, is to be combined
with Alexander Brown & Sons, a
firm which was established in 1900
w. w. Lanahan will become a spe-
cial partner in Alexander Brown &
Sons.
Two of the present Alexander
Brown partners are of the sixth
generation of the founder. The
Lanahan firm was started in 1909
Robert " Hobbs, one of the firms
partners, has recently been on leave
TO serve as assistant executive man.
ager Of the Victory Fund Commit
tee of the 5th Federal Reserve dis
trict, and has just taken a perma-
nent position with the Treasury
The Alexander Brown firm has a
Washington office.
August Store Earnings Up.
Many store earnings reports show
an unusually successful August
Sears, Roebuck gain of 26 per cent
over last year; F. w. Woolworth. sc
per cent; G. C. Murphy, l44; w. T
Grant, 1856: Lerner Stores, 1862; and
Grown Drug, 1872 per cent.
Mariner S. Eccles, chairman of
the Federal Reserve System, has
been vacationing in Salt Lake City
Utah.
The United States Trust Co.. New
York, has declared the regular quar-
terly dividend of SIS share. In
l94l the bank paid $40 share, in
cluding extras. The stock sells fol
$l,045 a share.
The International Claim Associa
tion has worked out new method
of speeding up payment of life in.
surance claims of members of the
armed forces of the United States
the Army and Navy promptly pro.
viding the companies with copies oi
death certificates.
Today's Trading on Exchange.
Terminal Refrigerating g. Ware.
housing Corp. stock sold on the
Washington Exchange at so agair
today, unchanged from two sale.
yesterday.
Small sales of Washington Ga!
Light $5 preferred stock took place
at l01 around recent levels Bond.