Evening star., 1946-05-05
Bank Loans Disclose
Sharp Rise in Year
In Fifth District
By Edword c. Stone


By Edword c. Stone
Loans by Al member banks report,
ing to the Federal Reserve Bank Of
Richmond totaled $404, 4,437 900 on
March 13, a gain of $106, $4,000 over
March a year ago, the Richmond
bank stated yesterday in the month
ly review. Loans gained S4,482,0 900
over February, 1916. Assets were up
$500 100000.
The Richmond review showed an
increase in security holdings during
the year of $215 43O, 900, the largest
advance being in United States Gov
ernment Bonds. Demand deposits
were up S304 ,267 900 from March,
1945, and time deposits, $60,435 900.
Deposits of individuals, both de-
mand and time, showed sharp
increases.
The review said there is no lack
of purchasing power in this area
as indicated by department store
sales, wholesale trade and life in
surance policies. Insurance sales in
February were 46 per cent higher
than year ago, store sales were up
19 and wholesale trade 26 per cent.
Unemployment is increasing but
has not reached significant proper
tions. The housing situation in most
industrial areas is very tight and in
a number of areas is critical. Build
ing permits in February rose to the
highest level for that month since
1925. But few houses can be COM
pleted, the review said.
Mortgage Financing Scars.
Nonfarm real estate financing In
the Nation reached a new post
depression high during March, with
mortgage recordings estimated at
s706,000,000, an increase of "a per
cent over February and II above
March, 1945. The average mortgage
in March was 1911. or 1854 more
than in March of last year, the ad.
vances keeping pace with the in.
creased prices of homes.
The March total for building and
loan associations of $227, ,408, 900 was
q per cent above February. Mutual
savings bank mortgages were up SO
per cent. In the first quarter real
estate financing was 70 per cent
greater than in the first 1945 quarter,
reaching s2,0l3,850, 900. e.
Home Ownership Bill Landed.
The Home Ownership and Rental
Housing Act of 1916, recently intro
duced in the House, is strongly
favored by Henry P. Irr, president of
the United States Savings and Loan
League, and by Executive Manager
Morton Bodhsh.
Mr.. Irr said the bill provides for
slum clearance by States and mu-
inequalities without turning the
whole program over to public hous-
ing zealots," and seeks to coordinate
Federal housing and real estate
credit activities without putting con-
troll in the hands of a tremendous
and aggressive Washington bureau
cracy.
capital Store Sales Rise.
In the first week after Easter, de-
partment store sales in Washington
were II per cent ahead of the cor
responding week a year ago and were
up l3 per cent in the fifth district,
the Richmond Reserve Bank re-
ported yesterday. There was drop
of rs per cent from the previous
week, this year, which witnessed the
peak of Easter trace,
In the four weeks ending April 27.
cumulative sales here scared 45 per
cent ahead of the same period last
year which included only one week
OF Easter trade. The rise in the
fifth district was 48 per cent and in
Baltimore 81 per cent.
New Sales Region Opened.
Establishing of a new sales region
IN Washington and appointment of
A. c. Frost as regional manager were
announced yesterday by Fred R.
Cooper, director of sales for Ora.
ham-Paige Motors and KAISER
Frazer Corp. Mr.. Frost was former
manager at Pittsburgh for both COM
panles. The Washington region is
one of three newly created areas.
The others are Memphis and Denver.
The Washington Office of Diebold.
inc, announces appointment of L.
b. Flaws as sales manager of its
systems products division. He was
with International Business Ma
chimes Is years, is a veteran of World
War and served as dollar-a year
man as War Production Board ad-
wiser in the last war.
Real Estate Bonds Climb.
Real estate bond prices showed
the sharpest advance in April of
any month this year. the Amott-
Baker averages revealed. Prices on
200 Eastern Seaboard issues were
up per cent over March. 1t was
the 46th consecutive monthly ad-
vance.
Moses S. Hecht, chairman of the
Hecht Co., says in his annual re-
port that earnings should improve
during the present year through
the elimination of the excess profits
tax, although costs may continue
to increase. He said the addition of
two floors will give the Washington
store $4,000 more square feet of SELL
ing space.
Hecht common closed the week
on the Washington Stock Exchange
with 4212 bid and 441s asked. The
final sale was at 40L4.
New Vice President Named.
Delong H. Monahan, who served
as a lieutenant colonel In the
Renegotiation Division, Army Serv.
ice Forces, in Washington, during
the war, has been elected financial
! vice president of the Provident
Mutual Life Insurance Co. OF
Philadelphia.
Clifton H. Luce, executive secre-
tary of the Independent Movers &
Warehousemens Association, Inc.
has been attending the annual con.
vention in Chicago. Frank Cooper
director at large, was also present
! from here.