Evening star., 1943-03-10
War Financing Boosts
Bank Portfolios in
Fifth District
Security Holdings Up
81 Per Cent From
Levels of Year AGO
BY EDWARD {. STONE

BY EDWARD {. STONE.
Security holdings of al reporting
banks in the Fifth Federal Reserve
District in the middle of February
totaled sl.033078 900, of which all
but S6702l.O00 were Governme at
securities, sharp increase of 81
per cent over the like period a year
ago and 4 per cent over mid jan
uary this year, according to the
Richmond Reserve Banks monthly
review just received here.
Holdings of United States Treas
ury bills were 25 per cent higher
than in January of this year and
| 205 above the total in February a
year ago, Treasury notes we're up
IS per cent and Government bonds
Sc per cent. from last year.
The same banks reported a drop
of % per cent in total loans from
February a year ago, "a per cent
in business and agricultural loans,
but only 2 per cent in real estate
loans. These realty loans were l
per cent above mid-January. 1943.
Demand deposits were 26 per cent
higher than last year, while time
deposits were 7 per cent ahead of
February, 1912. Individual time de-
poSits were up 5 per cent and other
time deposits 33 per cent. All de-
pOSits were above January, 1943, the
review said.
Building Permits Improve.
The bank report states that build
ing permits in Washington in Jan
uary totaled s2,729,7l8 against 81
694505 year ago. and in the
Fifth District reached S6.830,3
against S6.739,931.
Construction contracts awarded
in the District of Columbia in 1912
amounted to 1874 900, up 81 per
cent from 1941, against an increase
in the Fifth District of 25 per cent,
as shown in the Dodge reports.
The survey adds that wholeSa lie
trade in five leading lines was ur
13 per cent in January over January
1912, retail trade gained 8 per cent
but life insurance sales tumbled 81
per cent. Employment, pay rolls and
farm income continued substantial
gains over last year. Department
store stocks in January were at the
highest level in recent years.
Progress in Fifth District ship
yards, as reflected by ship deliveries
continue to rise and is the backbone
OF the Districts spectacular employ
ment increase, the review says. In
addition to remarkable progress in
the two Navy yards, the merchant
shlpyards in January delivered Il
Liberty ships, tankers and 8 spe-
cial type craft.
Commercial failures are on the de-
crease, only II in January against
18 in December and 81 in Januar,
last year.
Years Payments, Sl,591 ,662.
The Equitable Life Assurance So.
ciety of the United States paid ST..
591,662 in benefits to District of Co.
lumbia families in 1912, it was an.
nounced today by Thomas I. Park,
inson, president, in releasing the
annual report. -.e o..
Of this amount s535 200 went te
widows, children and other bene-
f1ciaries in the District and s248.45:
to older persons in the form af an
nuities, while s8O8,O09 was dis.
tributed to policyholders in the form,
Of matured endoWments, dividends
and other payments.
ID. c. Store Collections Up.
Collections on open accounts ir
Washington department stores II
January were, 50 per cent of bills
due, same as the average for the
whole fifth district, and on install
ment accounts were 21 per cent oi
amounts due at the beginning of the
month, the Federal Reserve Bank OF
Richmond reported today.
In line with present curbs on
credit, receivables at the end OF
January this year were 80 per cent
lower than a year ago in Washing
ton, and down 36 per cent in the fifth
district.
Store stocks were II per cent
higher than year ago. while out
standing orders for goods were 28
per cent ahead of January. 1942
and 80 per cent in the fifth district
Orders in Richmond were up 81 per
cent.
Allotment Again Exceeded.
Series E War savings bond sales
in Washington in February totaled
S6,667 900, exceeding the quota set
by the Treasury by S267,OOO, the War
Savings Committee reported today
In the past three months E bond
sales totaled s22 $4,000, nearly 10
per cent above the combined
monthly quotas for the period
National sales of Series E bonds in
February amounted to 1898 500 900
the quota being S625 100000.
Sales in the Capital have been
we'll above the national average. the
capita average being very close to
the top. In 1912. Washington
ranked second in per capita pur-
chases, Connecticut being first.
Auditors Section to Meet.
Mlllard S. Yeatman, auditor of
the Hamilton National Bank, will
lead forum on bank operating
problems at the March meeting of
the auditors section of the District
Bankers Association tomorrow eve
ming at the Lee Sheraton Hotel,
starting at s o'clock.
The Equitable Life Assurance So
clety of the United States is dis