Newspapers / Wilmington Morning Star (Wilmington, … / July 12, 1940, edition 1 / Page 3
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expansion of n. c. HUB credit seen Twenty-Seven Per Cent Of Institutions Made 300,000 Loans In 1939 cHAPEL hill, July 11.—(M— Twenty-seven per cent of North ,• lina's commercial banks made C -e than 300.000 loans totaling p° j4i6.000.000 to business firms °',d individuals throughout the a(ate during 1939. it was announced E Robert M. Hanes, president of 'e American bankers association ' , president of the Wachovia Rink and Trust Company, at the Jvr.n Carolina bankers conference at°thp University of North Carolina tiprc tonight. jlr, Hanes gave the results of a ' ,jy of bank lending activity in North Carolina made by - the American bankers association. He stated that: -The survey, which was parti cipated in bv 54 banks or 27 per ttnt of the 196 commercial banks f North Carolina, showed a defin ite "expansion of bank credit in the fi,!d’ of new loans. The number a„d December 31 was 2,982 «reater or four per cent greater, of new loans madet between July ond the dollar volume of new loans made during this period was 27 104.175 or 50 per cent greater than reported by an equivalent number of banks for the previous six months. -The 54 banks reported that dur jno 1939 thev made: 141,212 new loans totaling $134,647,925. 177.160 renewals of loans totaling 274,331, 218. 4.984 mortgage loans totaling 7 762.044. a grand total of 323,356 loans amounting to $416,741,187.” Hr. Hanes said the survey also reveals that “business firms in the state are using only about one-half . . . ... 11__ + » v-v\ n in 01 me —... tained for their use on the books of the banks. Fifteen banks in the larger centers of the state reported that they caried on their books during the secondhalf of the year S5.690.800 i nopen lines of credit consisting of specific amounts of credit offered to and kept avail able for established borrowers for use as needed by them. Of this amount $2,710,274 or 47.6 per cent was actually used. ■ The average number of n e w loans made per bank was 2,615 and the average new loan was $954. The average number of renewals per bank was 3.281 and the aver-, age renewal was for $1,548. The average number of morgage loans per bank was 92 and the average mortgage was for $1,557. The North Carolina survey was part of a national survey of bank lending activity made by the American Bankers association. "For the country as a whole, 6.333 or 44 per cent of the com mercial banks reported that they made 24.998.000 credit extensions totaling $39,810,810,000 during the rear. These consisted of 12,680,000 new loans totaling $23,120,000,000, 12.033.000 renewals of loans total ing 15.791.000.000 and 285,000 new mortgaage loans totaling 899,810 000. "The number of new loans in creased 10 per cent and the dol lar volume increased 20 per cent. Mr. Hanes said “chartered bank ing is being attacked from many points, and therefore if it is to exist it must not only steadily im prove its management, asserts and services, but it must continually tell the public of its desire and ability to serve every sound finan cial need within the scope of its authority. It is not enough to be prepared to serve—the public must be told over and over of the dif ferent services chartered banking has to offer and of the desire which every banker has to sell these ser vices at a reasonable price.” 3 SAVE! SAVE! SAVE! kenew your fire or auto insurance ln a strong non-assessable mutual company. Current savings 25 per cent. F. E. LIVINGSTON & GO. mutual insurance (Continued from Page One) July ll (zp> ™ efseffi31 cotton"SrO'ving Alp‘n" clear _ Hi|fh ^“w Pfl70 tt'r^ -- | 1 BSSSS’^Sr: 5 £ rJ Boston, rain_ ?« S2 i Buffalo, rain_J" I, 5? Burlington, rain “ 59 o'S. Charlotte, clear- 89 71 o ofi Chicago, cloudy _ 7« n Cincinnati, rain _ 94 qq n'no Cleveland, rain .. ?q Betroit’ ci°Udy- 83 60 «-00 glXc^/- S S «•«? El Paso, cloudy_102 73 ono Tort Worth, cloudy __ 96 7,5 oioo Hnv’r<LSt°V? Cl0UCly — 92 80 0.00 Havre, clear_ 85 55 0 00 Jacksonville, cloudy _ 97 72 3*43 Kansas City, cloudy __ 84 75 040 t Si w4>st\ cloydy — 88 o!oo Little Rock, cloudy . 94 69 0.00 Eos Angeles, clear__ 57 3*30 Louisville, rain - 89 69 0*.43 Memphis, cloudv_ 87 71 nno Meridian, cloudy _ „ 07 947 Miami, cloudy _ 92 72 0 nr Minn-St. Paul, cloudy 70 BO L06 Mobile, cloudy- 83 70 0.59 New Orleans, cloudy _ 82 73 117 New York, rain- 91 73 1.45 Norfolk, cloudy - 95 72 0.00 Pittsburgh, rain_ 88 67 0 9r Portland, Me., rain __ 72 62 o'or Portland. Ore., clear _ 88 02 0 00 Richmond, cloudy_ 94 68 O.Of St. Louis, cloudy_ 92 72 o!oO San Antonio, cloudy _ 99 74 0.00 San Francisco, clear . 55 0 00 Savannah, cloudy _ 94 71 0 00 Tampa, cloudy - 92 75 0.00 Vicksburg, clear_ __ __ o or Washington, rain _ 94 73 o!qo Wilmington, clear_ 90 73 0.0C GERMANY^LAIMS SUCCESS IN SUB WAR ON BRITAIN (Continued from Page One) ed on the English Channel and At lantic coasts after knocking- out France. Comparison The claimed rate of destruction thus tvas more than 100,000 tons a week, against a weekly average of less than 65,000 tons lost by the United Kingdom by action of every kind during the 21-month period of unrestricted U-boat warfare loosed by Germany in February, 1917. Merchantmen sunk by the air force were not included in the high command’s figures, although bomb ers have been busy for weeks, especially against convoys. Only to day it w-as announced that German fliers had raided harbor facilities, airports and armament factories in the south and southwest English' coasts. Summarizing naval activity against British commerce since the beginning of the war, the authorita tive commentary service Dienst Aus Deutschland asserted 3,000.000 tons of neutral and "enemy” vessels had been destroyed. The loss, it added, was reflected by “the appearance of numerous shortages” in England. (The British, who lost 7,830,765 tons in the entire World war, have acknowledge losses in the present war which total nearly 1,000,000 tons. (The the house of commons today, R. S. Hudson, minister of agricul ture, said Britain had maintained its milk supply, its cattle and sheep supplies, and had “both a reserve of meat on the hoof and a large addi tional store of cereals . . . for what ever emergency arises this winter.’’ (Nevertheless, he declared, the country is facing a crisis immeasur ably more serious than in 1914 and food production in the next year must be increased lest millions go hungry.) Dienst Aus Deutschland also paid considerable attention to United States affairs. Referring to President Roosevelt’s defense message to congress, it ob served: “The repelling tone of the Roose velt declaration toward the authori tarian states isn’t being overlooked.” J. W. SUTTON ROCKY MOUNT, July 11—W-vJ. W. Sutton, 53, yardmaster at the Atlantic Coast Line Railroad here for 23 years, died today of a heart attack. Funeral services will be held here tomorrow morning. Survivors in^Cide his widow, and daughter, and four sons. PLANE CONTRACTS AWARDED BY U. S. (Continued from Page One) tions and inspection work, hitherto carried on independently. 2. Representatives of the industry agreed to uhdertake quick expansion of their plants, to place immediate orders for necessary tools and ma terials and to begin enlisting addi tional trained workers. 3. The Reconstruction Finance cor poration agreed to make loans im mediately available for this expan sion. 4. The National Advisory commit tee for aeronautics announced that it had begun work on new research facilities at Langley Field, Va„ and Sunnyvale, Calif., to improve further the airplanes it already has created. This committee is the government’s principal organization for reserach and design of airplanes. Bill Completed Congress, meanwhile, completed work on the $4,000,000,000 naval ex-, pansion bill and sent it to the White House. This measure, authorizing a 70 per cent increase in the fleet, was passed by the senate yesterday after an hour’s debate and today the house hastened to approve minor senate changes. The senate appropriations commit tee approved an appropriation of $25,000,000 for further development of power resources in the Tennessee valley area. The fund, it was ex plained, was necessary to speed pro duction of defense materials, particu larly aluminum for airplanes. A house committee approved the fund yesterday, but today Rep. Mc Lean (R-NJ) blocked a plan for the house to consider it immediately by unanimous consent. All TVA pro posals “will bear examination,” he said, adding: “I don’t want TVA to take advan tage of national defense to enlarge its own facilities.” Housing Program Chairman Vinson (D-Ga) of the house naval committee introduced legislation authorizing the navy to proceed with a $250,000,000 housing program for naval personnel and civilians engaged in national defense work. The measure is designed to author ize creation of a new marine corps base and a $15,000,000 expansion of naval trailing facilities. Although no site has been selected for the marine base, Vinson said it should be located at Guantanamo, Cul where the navy contemplates basing a sea-going version of Germany’s hard-hitting “panzer” divisions. Housing construction which the bill would authorize would be avail able for sale or rental to the expand ing naval or civilian forces engaged on the new naval building program at either navy or private shipyards. Senator Holt (D-WVa) told the senate, that persons who helped pay for a newspaper advertisement en titled “Stop Hitler Now,” included -- those who were ‘‘profiting” from the European war and “wanted Ameri can boys to protect their invest ment.” He named bankers, industrialists and motion . picture stars as among the contributors. Jesse H. Jones, federal loan admin istrator, told reporters that the RFC had made four loans aggregating $16,000,000 to private industry in con nection with the defense program. i He did rot identify the companies, I but said that a loan to the Packard Motor company was under considera tion. Packard is considering t he manufacture of 9,000 Rolls-Royce airplane motors, 6,000 for Great Britain and 3,000 for the United States. Jones did not say how much money Packard sought. SUICIDE RALEIGH, July 11.— {M—Dr. Cloyce Tew, Raleigh obstetrician, shot and killed himself this after noon at his father’s home here, Coroner Roy M. Banks said. The death was described as suicide by the coroner, who said Dr. Tew had been ill for some time. No inquest will be held. 3 It is estimated the United States will reach its population peak in 1980, with 158,335,000 persons. NOW 4 YEARS OLD 86.8 proof. This whiskey is 4 years old Oldetyms Distillers Corporation, N. Y. C. ’oLDfl DRUM BLENDED AND BOTTLED B^^ i ^ |aj§I| thecalvert DISTILLING CO. /Mg |P|K BALTIMORE. MD. JB& '^flr & & & A CALVERT r 0 D u c ^ I Mentis mid-summerI iShoe Sale! I * GROUP NO. 1 p- 1 1 LADIES' SOMMER STYIXS | l To Clear a. Orrly.*JLJ I TieS^nIn laST I I GROUP NO. 2 * I I LADIES' BEACH SANDALS | I Reduced to l| I aUvays use an- ■ I „ these bargains. y«u tan ■ I Step *°go°of beach sandals. 1 ■ other pair or so oi 1 I ★ GROUP NO. 3 _ rc 1 I $3.00 SUMMER SIJp | 1 Reduced to Only jL ^ b | I prepare for GROUP NO. 4 * I I CHILDREN'S REACH OR 1 I play sandals I 1 Special || I j Guarani Be11®'1!10!® - 11 59c£ Pairs^ljA^J II I U ... MnK.m front STRS^r _~|| |rr3Tl|j|g3jILjM B V K B^! K f Extra Large Genuine Cannon r Riiunil LHUi: Bath TOWELS CANN0N WITH THE PURCHASE OF 5 GALLONS OR MORE OF Exlra SUPER SHELL GASOLINE Large OIL CHANGE OR BATH SHELLUBRICATION TOWELS j Today and Saturday — July 12th and 13th 22" x 44" Market Park Shell Station FiralQua,il* 16th Street at Market Dial 9176 Reversible Colors MARKET PARK Shell Station 16th STREET AT MARKET Today and Saturday JULY 12th and 13th EVERY DAY many motorists in Wilmington and vicinity are changing to SHELL... because they have learned that SHELL'S high quality petroleum products save them money in the operation of their automobiles. That's why we are handling SHELL PRODUCTS. SUPER-SHELL—the only truly balanced gasoline — is especially made to save you money on today's stop-and-go driving. GOLDEN-SHELL OIL is fast-flowing for instant lubrication on starting—yet tough to withstand the high heat of steady running. SHELLUBRICATION—The Modern Upkeep Service — as sures you that your car has been lubricated according to the manufacturer's recommendations. TAKE ADVANTAGE OF THESE Free Services * TIRES—Checked regularly for proper pressure. Will add many miles to the life of your tires. * BATTERY—Tested regularly for water and condition. Long life and "ever-slari" are the results. I * WINDSHIELD—Cleaned every time you call. Makes driving safer, more pleasant. * LENSES CLEANED-Adds to night visibility and pro tection. * RADIATOR—Checked for sufficient and clean water, as suring motor efficiency. * REMINDER SERVICE — Oil Change, Lubrication and mileage records are kept, to remind you when service is needed. Prevents cosily repair bills. Clyde Harrelson, left, and James Kirkhum, ri»;ht, owner-op* erators of (he new and modern Market Park Shell Station. 2 NEW GASOLINES and a NEW SHARE - THE - ROAD EMBLEM to help yon SAVE on STOP-and-GO! uu **
Wilmington Morning Star (Wilmington, N.C.)
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July 12, 1940, edition 1
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