Evening star., 1943-10-14
Bank Loans Register
Sharp Increase in
Fifth District
BY EDWARD C. STONE.

cultural loans OF Al reporting bank
in the Fifth Federal Reserve Dis,
trict increased $13,000,000 between
August 18 and September Is, which
was nearly three times larger thar
the average seasonal increase ex.
perienced in a similar period in re.
cent years. the Richmond Reserve
Banks September review states.
The effect Of the Third War Loar
was reflected in loans to brokers ano
dealers in the week ended Septem.
Der Is when these loans increased
$4,000, 100000. the review said.
An increase of $l76,000,000 be.
tween August l8 and September l;
in total demand deposits was due ir
large part to the increase of 1926.
100000 in United States Govern.
ment deposits and an increase oi
S25 100000 in deposits of banks
both increases being due to war loar
financing, which had amounted tC
s1S2.0O0,000 by September Is.
Labor Shortage Grows.
Business levels in the fifth district
have changed but little recently
according to the survey. The man.
power problem has become more
critical as it affects some indus
tries. The number of employees ir
shipyards reached their peaks il
the early part of the year and have
since declined. as result of in
ability to replace employees enter
ing the armed services.
Construction contracts awarded
in the District of Columbia in July
amounted to sl053 900, off "a per
cent from the same month last year
and in the seven months totaled
only $lS,S580 900. down 79 per cent
the review stated
Retail furniture sales in seven big
furniture stores in Washington in
August we're % per cent under
August, 1912. but off only IA per
cent in the eight months.
Wholesale trade in the fifth dis
trlct was per cent better in Au-
gust this year than last, as reported
by 23l firms.
Advertising Speakers Listed.
Leading bank and business eXecu-
tlveS will address the 26th annual
convention of the National Finan-
Clal Advertisers Association which
opens in Chicago, October 10, the
usual four-day program having
been cut to three according to the
word received by Washington mem
bers today While the membership
here is limited, there is always
vide interest in the program.
This will be the first membership
gathering in two years as last year S
convention was conducted by
mail Among the speakers will be
Don U. Bridge, of the Treasury
Department; T. Spencer Shore
vice president, General Tire q Rub
her Co.; Earle L. Kelly. vice presi-
dent, Bank of America: James w
Irwin, Monsanto Chemical Co.; and
Capt. Eddy Rickenbackcr. Able
speakers will also address the de-
partmental sessions.
l.. E. Townsend. Bank of Amer
lea, is president of the association
while Lewis F. Gordon, vice presi-
dent, Citizens e. Southern National
Bank, Atlanta, is first vice presi-
dent.
Among those who will attend from
Washington are David Bornet. vice
president, National Savings e. Trust
Co.. and Robert l.. Flather, assis-
tant treasurer, American Security
81 Trust Co.
300 Insurance Leaders Meet.
With nearly 300 members and
guests present, the District of Co.
lumbla Life Underwriters Associa =
ton held the first fall monthly
luncheon at the Willard Hotel, the
attendance being the largest in sew
eral years.
Charles w. ODonnell, the new
president, presided and there were
many special guests present.
The guest speakers were Senator
Styles Bridges and Representative
A. L. Goodwin. The speakers out
lined the bills befores Congress
which would permit individuals to
deduct certain insurance premiums
from their income taxes.
The associations plans for the
gear were also outlined briefly bv
Mr.. ODonnell.
Insurance Men Confer.
Twenty-three representatives of
the Penn Mutual Life Insurance Co
from Washington, Baltimore and
Richmond held a field school con-
ference on wartime insurance prob
lens at the Willard Hotel here TODAY
Home Cffice executives from Phila
delphia were present. including E
Paul Huttinger, second vice presi-
dent; Paul S. Miller and Charles H
Smith.
Among the WaShingtonians at
tending were David Rosenberg. Ma
than Steinman, S. S. Kaufman. J.
H. Horrigan, Joseph A. Mari, T. r.
Crowley, T. j. Brown and George
Farquhar.
Home Financing Very Heavy.
During the nine years of the
Federal Housing administration
exlstance nearly 5.50O.OOO families
have been enabled to buy. build or
improve their homes, Commissioner
Abner H. Furgerson says in review
of accomplishments.
Private lending institutions oper-
atlng with the aid of FHA insurance
have advanced approximately
o0o,o00,00O for these purposes. he
adds.
There is still available about half
billion dollars Of unused insurance
authorization outstanding under
Title II of the National Housing
Act, or enough to finance construc-
ton of 100000 houses.
He says the FHA wants to be
prepared to aid private builders in
reviving normal buildings activities
Immediately after wartime restric-
tionS are lifted.