Evening star., 1947-08-18
Furniture Trade Face,
Inventory Problems,
Bank Reports
By Donald B. HodIey

Furniture that does not match
quality and style of pieces currently
being produced Is acting as a re-
tardent on factory sales, reported
the Federal Reserve Bank of Rich
mond In review of the industry in
its current monthly review.
Employment in the industry
which Is an important one in the
5th district, held steady through
the first half of 1e47, however, and
production has shown moderate
improvement, the bank declared.
Upholstered goods inventories of
the less desirable types have been
fairly well disposed of by independ-
ent dealers, and substantial new
purchases Of these goods have been
made by these concerns. Large re-
tailers, however, still have a prob
lem Of lquidating this type of mer-
chandise and are not purchasing
heavily, the bank said. Prices in
general are holding peak levels and
some makers are guaranteeing these
prices against reduction in go days.
Sales of six furniture. stores in
Washington were 9 per cent below
year earlier in June and were 5
per cent below 1916 in the first half
of l947, the bank also disclosed.
In textiles, the districts largest
industry, production will be rising
or holding at essentially capacity
levels for the remainder of the year,
the bank predicted.
There have been shifts in loom
operations from heavy to light con-
structions, so that increased produc-
tion measured in square yards is
likely to exceed changes in cotton
consumption. ...
Reduced buying Of wholesalers
and retailers in April, May and early
June had only nominal effect on
prices and a negligible effect on pro-
duction. Export demand in the
meantime showed a strong upward
trend.
Bank Women Plan Conclave.
Ten members of the Washington
group OF the Association OF Bank
Women are planning to attend the
associations twenty-fiifth annual
convention at Atlantic City Sep
tember 26-28.
Reservations have been made by
Miss S. Winifred Burwell, National
Metropolitan Bank; Mrs. Elizabeth
M. Brotherhood, Miss Florence L.
Kelly and Mrs. Frances B. Poole,
McLachlen Banking Corp. Miss
Mary L. Chadwick, Washington
Loan g. Trust Co.; Miss Eleanor L.
Dankmeyer, Security Savings &
Commercial Bank; Miss Charlotte
A. Engel. National Savings & Trust
Co.: Mrs. Vera w. Rhine, Union
Trust Co.; Miss Lois A. White,
Hamilton National Bank; Mrs. Mar
garet S. Dwyer, Seat Pleasant
Bank, Seat Pleasant, Md.
Home Financing Aided.
New home financing aids are
established for the public and saw
ings and loan associations through
two laws of the 8Oth Congress Just
approved by the President, Harold
Lee. governor of the Federal Home
Loan Bank System, announced to-
day.
One broadens powers Of Federal
savings and loan associations by
permitting them to make unsecured
loans up to $500 for the repair
and improvement of home properties
when such loans are insured by the
Federal Housing Administration or
insured or guaranteed by the Vet
Grams Administration under the Gl
Bill of Rights. /
A second law amends the Federal
Home Loan Bank Act Of 1882 to
authorize the II district Federal
Home Loan. Banks to accept, as
security for advances to their mem
ber institutions, mortgages having
a maturity up to Is years, instead
of the present limit of 20 years
prescribed when the Federal Home
I Ioan Bank system was created.