Evening star., 1945-07-17
Bank Loans Register
Substantial Gains
In Fifth District
Ry EDWARD C. STONE.

Loans OF Al reporting member
banks in the fifth district on June
Is totaled $296, ,430 600, an increase
Of S15,l14,000 over May 16 and $685.
945,000 since June ID of last year, the
Richmond Reserve Bank reported.
Holdings Of United States Govern
ment loans revealed a sharp gain OF
S213, 100000 during the year. Assets
of $2,647 ,495,00 were S7o,575, ,O0C
higher than in May and $436, ,887, ,00o
above June, 1914. Demand deposits
were 1929 ,685, 900 in the II months
and time deposits, $56, ,458, 900.
During May retail furniture sales
in Washington were down 13 per
cent from May of last year, but In
the first five months of 1945 showed
no change from the same months in
1914.
One Failure During May.
In the fifth district there was one
commercial failure in May, with only
$4,000 liabilities, and 10 in the first
five months Of the year involving
$1,271 900.
Building permits, building con-
tracts, store stocks, life insurance
and bank debts increased substan-
tally in May over May, 1914.
In the first five months of 1945
bank debts in Washington we're up
IL per cent.
The June review says the most
important development in this dis
trict recently has been the attempt
to raise the production of cotton
textiles to the 1912 level. Produc-
ton in 1914 amounted to 10.7 bill
lion square yards compared with 1914
billion in 1912. Little improvement
in manpower is expected before the
fourth quarter, the review says.
Hecht Stock Offered Today.
Offered at $103 a share, $4,000
shares of Hecht Co. 394 % cumulative
preferred stock, 500 par, were
placed on the market today, the
proceeds to be used in redeeming
$500 of Az % preferred at $l05 a
share. Among members of the Of
fering group are Auchincloss, Parker
& Redpath; Alexander Brown &
Sons, Folger, Nolan, Inc; Hemphill,
Noyes, & Co.; Johnston, Lemon &
Co., and Merrill, Lynch, Pierce,
Fenner & Beane.
Hecht's net profit in the last fiscal
year amounted to $1,689,000, after
taxes. Both sales and profits have
advanced steadily in recent years,
the Washington store being one of
the most important of the COM
pany's sales outlets. The new stock
will be listed in New York shortly.
10000 More Stockholders.
President Walter S. Clifford of the
American Telephone S5 Telegraph
Co. reports an increase of 10000
stockholders since the first of the
year. There are now about $4,000
stockholders, twice as many as 20
years ago, holding an average of
% shares EACH The number of
phones in service is at record high
of 2l,772,000, up 191, 700 since the
beginning of the year. More than
half the stockholders have held their
shares 10 years or more.
Loan Assets Show Gain.
In a semiannual report, Clarence
E. Kefauver, executive vice presi-
dent of the Columbia Federal Saw
ings & Loan Association, states
that assets reached $1l 100000 on
June 80, a gain of $1,875,0 or 1863
per cent in the past year. Accounts
increased 81 ,500,0 and the associa-
ton advanced S1,953,00o on first
deeds of trust.
Life insurance sales in the Capital
in June totaled $6,833,00 or l per
cent ahead of June, 1914, the Hart
ford Sales Research Bureau reported
today. Sales in the first half year
reached $40, 1875 900 and were IA per
cent above the like 1914 period.