Evening star., 1944-07-20
Bank Loans Reduced
Upon Completion Of
Many War Projects
BY EDWARD C. STONE.

several washington banks report
declines in loans during the second
quarter, due chiefly to the letup
In demand for money for financing
of war contracts. For many months
banks in the Capital participated
freely in loans for the extension OF
war plants, power plants, war hous-
ing and countless other wartime
purposes, large sums being required
IN many instances.
changed, all these projects having
been completed, making unneces-
sary further financing of this type
Most such loans have been paid
off, millions of dollars being re-
turned to banking institutions here.
Other banks report increases in
loans in the past three months,
officials stating that an important
factor in the gains was the money
borrowed by patrons for the pur-
chase Of War Bonds during the re-
cent drive.
Big Bills Very Active.
Leonard p, Ayres reports a sharp
increase so far this year in the use
Of $1,000 bills. money experts being
convinced that large proportion of
the big bills are in use in black
markets, or to facilitate tax evasion,
or are for boarding. Something like
four billion dollars in large bills is
believed to be in use in illegal or
lllegltlmate ways, the economist says.
There are more than 80 million
500 bills in circulation, but it is
certain there are not in this country
80 million genuine and. legitimate
reasons for using s100 bills, he adds.
Banks have always used a few 81 900
bills in making large settlements
with other banks, but no such num-
Der as are now in circulation.
Big bills passed from hand to hand
leave no records, probably the rea-
son why so many are in use, Brig.
Gen. Ayres concludes.
Railroad Revenues Higher.
Seventeen Class I railroads in the
Southern region have estimated that
their June operating revenues were
greater than in June, 1943, by 3.5
per cent. Freight revenues were up
3.5 per cent and passenger revenues
80 per cent. The estimates do not
touch on trends in operating ex-
penses, taxes or final income results.
Woodward & Lothrop common
stock was very active on the WASH
1ngton Stock Exchange today, OPEN
ing at 40. new 1914 high, and clos
Ing at 49,. The preferred, opening
at l24 and closing at 1913, also scored
new peak for the year. The days
total trading was the best in weeks.
Garfinckel 5l2 per cent preferred
stock, selling on the Washington
Stock Exchange this week at 26ss. is
within "a of the high for the year of
27. The stock has drawn much at
tention in recent months. The COM
mon, at 1874, is also close to the high
for 1914.
ID. c. Bank Teller Turns Poet.
Miss Evelyn Gray. who has been
with the City Bank for two years
and at 10 years of age now is a teller
in the main Office, has written
poem on Confessions of a Brand
New Teller" The verses Just print
ed in the American Banker. picture
her feelings when she first took the
position, how she has come to like
1t and how she worked out the
many difficult problems which she
had to meet and solve.
Financial District Comment.
Edgar B. Rouse of Robert c. Jones
d Co.. who is chairman of the In
vestment Bankers Associations
Quotation Committe for Washing
ton, is passing his vacation at Ocean
City, Md.