Evening star., 1951-11-02
DC. I! Demand Deposits
Lose Sharp Increase,
Loans Drop in Week
By DonoId B. HodIey

meIuDeT banks mere dropped S3S,-
$1,000 in the week ended Octo-
Der "a after rising $33 3.441 900 in
the previous week. the Federal
Reserve Bank of Richmond an
nounced today. The total of $879,
299. 900 on october "a was $71 STA,
600 above year ago.
Debts or Withdrawals from
demand deposits totaled $256, ,345,-
600 in the week ended October "a,
a gain Of 8.3 per cent from the
previous week and % per cent
above the like 1850 week.
Outstanding loans of $309, ,697,- =
900 on october "a were $1.095, 900
below week earlier but SIC. .3o7,- =
900 above year earlier. Included
was a $1,702,00 drop in COM
mercial loans. Brokers loans were
down $277,000 and real estate
loans down $382.0O0. Other loans,
mostly consumer loans were up
$1.27A.
Named League Delegates.
r. w. Santelmann and T. Will
liam Blumenauer, jr., have been
appointed official delegates of the
District Building and Loan League
for the annual convention of the
United States Savings and Loan
League scheduled to open Novem-
Der 8 at Miami Beach, Fla. it was
announced yesterday by William
II. Dyer. president of the District
League.
Mr.. Santelmann is secretary of
the Metropolis Building Associa-
tion and is past president of the
District League. Mr.. Blumenauer,
an officer of Columbia Federal
Savings and Loan Association, has
been identified with savings and
loan activities for many years.
Mr.. Dyer announced that around
so savings and loan officials and
their wives will go to the conven-
ton from Washington.
Preview for New Branch.
President Daniel w. Bell and
other officers of American Secur-
lty q Trust Co. will welcome visi-
tors at a preview tomorrow in the
company's eighth and newest
branch at Wisconsin avenue and
Harrison street NV.
The preview will last from 9
am. to 8 pm. The new branch
will be open for business Monday
Its regular hours will be from 9
am. to 2 pm.
Designed by Mills g. Petticord
and Associates, the one-story
building will have air-condition-
ing, indirect lighting, a drive-in
window. a modern safe deposit
vault with the latest electrical
protective devices. a night de-
pository and large parking area.
Earl w. Leach is manager and
c. Carroll Morgan assistant
manager.
Bank of Washington Reports.
Despite drop of around per
cent in the third quarter, deposits
of the National Bank of Wash
ington totaled $100,711,713 on Oc-
tober 10. an increase of $685.
639 or 10 per cent from year
ago, a statement from President
Barnum L. Cotton disclosed 4
Assets en- October 10 totaled
$106,062,6l6. a decline of $685.
342 since June 80. but SIG, ,63l ,958
above October 4. 1850. Loans of
$15,307 ,2a2 were up $620,678 since
June and $3,237,0 above a year
earlier.
Holdings of Federal securities
totaled $64, 4,159.791, a drop of ST.
900,392 since June, but S6,877,473
above October, 1850. Cash and
due from banks amounted to $25,-
242,704, a gain of $598,008 since
June and $6.602,592 above a year
ago.
September Gas Loss Larger.
Washington Gas Light Co. and
subsidiaries had a seasonal deficit
Of $172.413 in September, COM
pared with loss of $132,651 in
September. 1850, but net income
for nine months this year was
$1,841 ,050. compared with $1,666,-
SAL a year earlier.
September revenues were ST.
207. .384 VS.. $1,129, ,424 a year earlier
and operating expenses increased
to $1,295,558 VS.. $1,224.989. Nine
months revenues reached $19,-
307,303 VS.. SIG, 1888, ,881. while oper-
ating expenses totaled $16,720,0
VS.. $14,147.561.
Mortgage Company Formed.
Formation of a new corporation
to carry on and expand the mort
gage operations of the w. r.
Kelley Co. was announced today.
Richard B. Duckett is president
and Robert J. Franey vice presi-
dent.
The new company, which has
opened Offices in the Investment
Building under the name of w. R.
Kelley Co., joins the interests of
the late w. r. Kelley with those of
Mr.. Duckett and Mr.. Franey. Mr..
Kelley started his company in
1923 and was one of the first
mortgage men to finance the de-
velopment of Arlington County.
The new corporation will seek ap-
proval of the Federal Housing Ad-
ministration as mortgage.
Lincoln National Gains.
Lincoln National Bank deposits
gained $3,821 1886, assets rose So
825, ,430, holdings of United States
obligations increased $1,991 .565,
cash and due from banks rose
$l,884, ,728, but outstanding loans
were reduced $126,297 between
the June 80 and October 10 con-
dition calls. Floyd E. Davis is
president.
October 10 totals: Deposits
$37 1867 .287; assets, $39,485, ,4O2;
Federal obligations, $12,944,519;
cash and due from banks, $13,-
268,911: loans, $11,8l5,036.
Changes since October 4, 1850:
Deposits, up $4,916,394; assets, ur
$5,003,619; Federal obligations, ur
$3,236,686; cash and due from
banks, up $2,541, ,996; loans, dowr