Evening star. [volume] (Washington, D.C.) 1854-1972, 1942-12-08
Bank Deposits Show
Further Expansion
In Fifth District
Both Demund and Time
Accounts Moderately =.
Higher in October

Accounts Moderately -
Higher in October
BY EDWARD C. STONE.
Continuing their long upward
trend, both demand and time de-
posits in Al banks in the Fifth Re-
serve District rose moderately in
October, the Federal Reserve Bank
Of Richmond reported today. At
the same time debts to individual
accounts showed an 10 per cent
gain over october year ago. Bank
debts in Washington alone totaled
$451 1903 900 against $412.871 900 last
year, an advance Of 9 per cent.
Department store sales in the
fifth district amounted to $23,891,-
9O6 in October, 26 per cent ahead Of
last year in II reporting stores,
while sales In los furniture stores
in the district totaled $26,050 600, a
gain Of 2 per cent over the same
month in 1941. Sales of 215 whole
sale firms reached $17,857 900, prac-
tically the same as last year. Oc-
tober sales in eight Washington fur
niture stores were of 5 per cent
from October a year ago, but showed
a per cent advance over September
this year.
Distribution of consumer goods in
October set new records in many
lines where restrictions are not in
effect. People have money with
which to buy the goods they want,
the review commented, and appar-
emily the public is not providing for
next years sharply expanded pay
ments on income taxes this far
ahead of the date Of payment, holi-
day trade being in very heavy VOL
uIne.
The number of employees on pay
rolls in Washington increased about
l per cent from September to Octo-
Der and the amount of payrolls
scored a similar gain. Building
permits in 30 cities in october to-
tailed only $2,707,847 against s11,4s4,-
803 in october, 1941, the smallest
total figure for any month in many
years. October permits in the Capt.
tai totaled s1,566 1858, excluding Fed
eral building, and led the fifth
district.
Fifth district farmers were par
ticularly lucky this year in their
cash crops. The tobacco yield was
up 26 per cent and the price 81
per cent, while the cotton yield
scared 40 per cent over last year
and the price was 10 per cent higher.
the review stated.
d. c. Bond Sales, S30,O54.990
In the first complete report on
the success of the Washington drive
in connection with the Treasury's
SO 900, 100000 Victory Loan Cam
paign, it was announced that $780,
054.990 of Treasury issues had been
sold here in the past few days.
The Washington report was made
late yesterday at a meeting of the
Victory Funds Committee at bankers
headquarters, Chairman Winslow B.
Van Devanter presiding. Mr.. Van
Devanter stated that sales to
corporations had been especially
pleasing, adding that much of the
balance must come from individuals
with idle funds. F..
Other speakers included Y. E.
Booker, j. Clifford Folger, Edward
G. Baltz, Wilmer j. Waller and J.
Frank White. There was great
enthusiasm over the results SO far
obtained. The sales include all the
leading Victory issues now being
offered by the Treasury. -
There were nearly so of the citv's
Leading f1nanciers at the meeting.
Nash to Address Bond Club.
The annual meeting of the Bond
CLUB OF Washington will be held
on Thursday, December II, at 1890
at the Mayfower Hotel, with Wall
ter Nash of New leland, recently
named Minister to the United
States, as the guest speaker ].
Clifford Folger, club president, an
nounced today.
Mr.. Nash, in addition to his diplo-
matte post, Is minister of finance
and deputy prime minister of New
leland, member of the Pacific War
council and of the New Zealand
War Cabinet.
The luncheon is expected to b.
one of the most interesting tho
bond club ever had. The slate
drawn up by the Nominating Com
mittee, George M. Ferris, Chairman.
calls for the election of Myles III.
quail, partner in Y. E. Booker g. Co.
as president, succeeding Mr.. Foleer
Harold c. Patter of Auchincloss
farKer o. Redpath, is slated for the
vice presidency; and Edison B. Odds
member of the firm of Brown
GOODWIN & Olds, is expected to be
named secretary treasurer and
member OF the board of governors.
Lincoln Bank Votes Extra.
Directors of the Lincoln National
Bank have declared an extra diyi-
oend OF $3.50 per share, in addition
10 tne regular semi-annual dividend
OF $3.50 share, President FLOYD %
DAVIS announced today. Both diyt-
dends are payable January 2 to
stockholders of record December 18
"A similar extra dividend was de-
clared year ago at this time.
Auditors to Hold Forum.
The auditors section of the Dis.
trlct Bankers Association will meet
thursday evening at $50 at the Lee
Sheraton Hotel. R. E. Haycock, au.
ditor OF Riggs National; Willard s.
Yeatman. auditor, Hamilton Ma
tlonal; Lewis E. Thomas, assistant
cashier. Liberty National; Harry l..
Downey, Washington Loan g. Trust.
and Harold w. Denison of Riggs
Will conduct forum meeting dis.
cusSing bank operating problems.
Smith Radio Sales Manager.
Carleton D. Smith, general man.
ager Of Station WRC, has been made
sales manager Of MICS Washington
division. John H. Dodge, United
States Naval Reserves, who has
been sales manager, has gone into
the service after eight years con.