Evening star., 1943-09-17
Demand Deposits Top
Year Ago in Fifth
Reserve District
By EDWARD c. STONE.

Demand deposits in Al reportin.
banks in the Fifth Reserve Distric
totaled s1.72l, ,4o3, 900 on August Il
Of this year, an increase of $500. .3e5,.
900 over the like period a year ago
the Federal Reserve Bank of Rich.
rnond reported today in the Angus
review. They were, however, of
S25,276,000 from the preceding
month this year. During the year
individual demand deposits in.
creased by s22e, 1850, 900.
Total time deposits of s240, ,297, ,0OC
in the middle of August showed q
gain during the year of S27 ,899 00C
and S6.916,000 over the preceding
month this year on the same date
The Al banks reported that time
deposits of individuals alone gained
S20,915000 during the year and had
risen by $5,580,000 over July.
The same report states that debts
to individual accounts in Washing
ton banks in July were 10 per cent
higher than a year ago and in the
first seven months of the year were
8 per cent ahead of 1912.
Furniture Sales Down.
Retail furniture sales in the Capt.
tai in July were 6 per cent lower
than in the same month last year
and were off 13 per cent in the first
seven months of 1943.
Life insurance sale IN the Fifth
District made striking record In
July, being 81 per cent ahead of last
year and II per cent above June.
Wholesale trade in five leading
lines was Is per cent ahead of July,
1912, but per cent under the June
record this year.
prosperous department store sales
spot in July with 63 per cent trade
gain over the same month last year
Washington July sales were up
per cent.
The review also noted a substan-
tial gain in electric power produc-
tion all over the Fifth District.
Garfinckel Stock Plan Filed.
Officials of Julius Garfinckel &
Co., Washington department store,
have filed with the Securities and
Exchange Commission a registration
statement covering the proposed is
suance and sale of $4,000 shares of
51k per cent $25 par value preferred
stock and 1890 shares of 81 par
value common stock.
Proceeds from the sale of the pre-
ferred stock would be used to re-
deem the present cumulative con-
vertible per cent preferred stock
on October 8 at $27 so per share plus
accrued dividends. Any additional
proceeds would be added to working
capital, the statement says. Com
mon stock shares would be offered
at $3.50 to option warrant holders.
j. G. White & Co. will be the
principal underwater for the pre-
ferred stock, the same firm that
handled the original issue.
SEC Approves Big Note Sale.
The proposed issuance and sale by
the North American Co. of $34,881,-
500 principal amount of bank loan
notes to the Chase National and
nine other banks has been approved
by the Securities and Exchange
Commission, it was announced to-
day.
Proceeds will be used to redeem
North Americans outstanding $19,-
100000 principal amount of 31a per
cent debentures. due 1949, and $14,-
100000 principal amount of ga per
cent debtntures, due 1945.
As collateral, North American has
pledged 628,000 shares of Union
Electric Co. of Missouri common
stock, 418,5o0 shares of Cleveland
Electric Illuminating Co. common
stock, 40,500 shares of Wisconsin
Electric Power Co. common stock,
12,800 shares of Washington Railway
& Electric Co. common stock and
342, 900 shares of Pacific Gas & Elec-
trio Co. common stock.
New Loan Director Elected.
Eugene H. Phifer, active in the
construction and real estate busi-
ness for many years, has been elect
ed a director of the Columbia Fed
eral Savings & Loan Association,
Clarence E Kefauver, executive vice
president, announced today.
Mr.. Phifer was reared in Wash
ington, attended George Washing
ton University, and has been in the
real estate field since 1920.
Columbia Votes Dividend.
Directors of the Columbia Ma
tional Bank have declared a divi-
dend of So per share on the out
standing stock, payable october l
to stockholders of record Septem-
Der 20, President Frank ]. Stryker
announced today.
Directors of the Security Storage
Co. have voted the regular quarterly
dividend of 81 per share, payable
October IL to stockholders of record
October 5, Secretary Paul Alvey
reported today
The Treasury announcement to-
day that the $4,000 100000 Third
War loan drive had crossed the
halfway mark caused a great deal
of interest among bankers and in
vestment leaders in the financial
district. Results are considered
most gratifying.
Gas Common Leads Market.
Washington Gas Light common
was in heavy demand on the Wash
ington Stock Exchange today, 100
and so share lots changing hands
at 221a.
Washington Gas IS preferred also
appeared on the board, selling
at 10712.
Woodward & Lothrop common
was strong again today. coming out
at 40 ex-dividend. Potomac Power
6 per cent preferred moved at 119.
Garfnckel 6 per cent preferred
stock, which the company proposes
to redeem, now is quoted ex-dividend
on the exchange at q bid and 25ia
asked.
New York Bank Stocks
NEW YORK Sept. II 'iP,-National As
sociation Securities Dealers, Inc: