Evening star., 1943-08-06
Demand Deposits Up
Sharply in Fifth
Reserve District
By EDWARD c. STONE.


Demand deposits of Al reporting
banks in the Fifth Federal Reserve
District on July IA were 43 per cent
higher than year ago and l20 per
cent higher than on july IT. loan
the Richmond Reserve Bank renort j,
ed today in its monthly review.
Ihese deposits will rise substan-
TALLY further as banks are called on
to hnance a good part of the war
expenditure or receive the funds dis
bursed in that effort, the review
added.
Loan outlets have not been forth.
coming to employ the larger deposits.
nor are they likely to develop while
the war continues. Loans of these
banks in mid-July were 2 Der cent
lower than in the preceding month
and 70 below the like 1912 period.
turning to trade, the review says
that wholesale sales and sales of
furniture stores appear to be fiaten-
ing OF Although department store
inventories are still we'll above the
preWar level. they are falling rapidly
and must sooner or later cause a
leveling off or decline in depart
ment store sales.
Farm income in this district con-
tlnued to rise in substantial
amounts. During May farmers
received So per cent more in cash
than IN that month last year, with
crops up 81 per cent and livestock
products 54 per cent.
Bank debts in WASHINGTON in
June were up Is per cent over last
year and 8 per cent in the six
months. They were up 13 per cent
in June in the fifth district and ID
In the six months.
Building permits in Washington in
June totaled $2,551 ,023 against
$3,027,136 year ago. Permits in
the fifth district in the half year
totaled $22,957,087 compared with
s48 1886 ,290, the report said. 1
Retail furniture sales in Washing
ton IN June were 6 per cent below
June 1912, and down Is per cent in
the half year. The June drop in the
nth district was 10 per cent.
Wholesale trade in five leading
lines was only per cent ahead of
the preceding month, but % over
June of last year. Insurance sales
were 40 per cent better than a year
ago. the report concluded.
Loan Association 50 Today.
With resources totaling SIS 300, 900.
an all-time peak, the American
Building Association is celebrating
its 6sth anniversary today. Second
largest association of the kind in
Washington, it opened for business
on August 6, 1874.
After limiting business to the
Southeast section of the Capital, the
association began to branch out
rapidly in 1910 and accept mortgages
in other parts of the city. In 1880
assets totaled s7,500,000, less than
half their present levels.
Headed by Charles H. Kindle as
president, other officers include
Arthur c. Balser, vice president:
Wilfred H. Blanz, secretary; Howard
B. Kramer, treasurer; George A..
Brennan and Alton H. Helm, as
sistant secretaries; r. Lee Baxter
and Bernard j. Coyle, assistant
treasurers.
Directors are the senior officers
and Milton H. Prospect, chairman
Of the board; John E. Mergner,
Chatham N. Towers, Thomas S.
Sergeon, Charles A. Rossiter, DR..
William C. Farmer and w. Dudley
Spicknall.
Chiswell Heads Peoples Life.
w. w. Chiswell has been elected
chairman of the board and presi-
dent of the Peoples Life Insurance
Co. of Washington to succeed the
late F. F. Leith, it was announced
today.
Mr. Chiswell was one of the
founders of the company in 1903 and
has been active in the business since
that time.
S. W. Hauser, for many years
secretary and treasurer of the COM
pany, was elected vice president and
treasurer.
w. w. White was elected secre-
tary, he, too, having been with the
company many years.
Tax Authority Given Banks.
All % active banks in Washing
ton have qualified as depositaries
for withheld taxes, the Federal Re-
serve Bank of Richmond announced
today. Banks are already accepting
this money in. some cases in large
amounts. The service is expected to
expand steadily.
Woodward & Lothrop common
stock opened at 38a4 on the Wash
ington Stock Exchange today and
closed at 80, up five full points since
the sale of 27,500 shares to the
public early this week
The first sale today was 10-share
lot, the turnover for the session
being Is shares. The market closed
with 381a bid for the stock and