Evening star., 1932-07-30
NEW OFFICES READY.
FOR LOAN CONCERN.
Fidelity Association Will DC.
! cupy Own Home Next
!, Monday.
BY EDWARD C. STONE.

T The Fidelity Building Sz Loan Asso-
Aciation, which has been located in the
$National Press Building, will open for
Sbusiness Monday morning in its fine
xnew home located at 6l0 Thirteenth
kstreet northwest. Invitations have been
4sent out to bankers, business men and
Ehe general public to inspect the new
koff1ces.
The association was organized four
wears ago and has made an excellent
Showing, both before and since the de-
;pression clouded the business horizon
Ever since the opening, the concern has
kpaid regular dividends on savings ac-
counts and time deposits. During the
A7ast five months $50 new accounts have
pbeen added.
The officers and directors Of the
kuilding association include R. E. Milor,
lpresioent; Harry j. Miller, vice presi-
6ent; Borchardt, secretary; Mrs. Ruth
Is. Horner, assistant secretary; John l..
FLETCHER, treasurer; George D. Sullivan,
Meo E. Groege, G. p Bickford and Capt.
hharles o. Shaw. Fred B. Rhodes is
keneral counsel of the association. :,
The new building was constructed
with the needs of the building assocla-
tion constantly in view and AFFORDS
Gevery convenience for the prompt, con-
,venient and efficient transaction OF
building and loan business The COM
,pany is authorized to make loans. not
toalv in the District, but also In Mary
lland and Virginia, within radius OF 3O
hniles of Washington.
Financial Tension Relaxes.
The marked betterment of business
Stnnd banking seen in the past month mas
Skbeen based largely on relaxation OF
|kfinancial tension following the outnow
ifof gold, lessening OF international ana
4domestic political anxietleS accompany
ling the reparations settlement and con-
4pressional adjournment, Improvement
Mn commodity prices, Strengthening OF
lsecuritv markets, increased stability In
business indicators and generally good
icrop prospects, says Business Week. TO
ssome extent, also, the flush of optimism
undoubtedly reflects the rosy fingers OF
1.-THE dawn of relation expected to result
from administration measures.
But contraction of bank credit con-
tinues at about the same drastic rate
as in earlier months and consumer pur-
chasing power is being persistently cur
tailed by wage cuts for which work.
spreading plans cannot fully compen-
safe, while the movement for reduction
OF governmental expenditures grows
apace. Evidences of increasing employ
ment are still inconcluSiVe, save as to
the improved operating possibilities and
superior competitive position at low
price levels of smaller concerns with
light debt burdens and low fixed
charges, the review adds.
Some currency expansion may result
from active use of the new circulation
privileges by national banks, and ag-
gressive efforts are under way among
local lbanker-industrialist committees 10
convert idle credit resources into con-
structive work. But it Is evident that
the relation measures cannot become
effective for some months, and in the
meantime are being offset by continued
deflationary efforts in other directions.
The outcome depends upon the relative
strength and speed of these opposing
forces, the magazine concludes.
Graham Sees Recovery Progress.
Commenting on the third meeting of
the Banking and Industrial Committee
of the Fifth Federal Reserve District,
here this week, Edwin C. Graham, the
chairman, said:
1T is clear that the problems with
which our own and the other district
committees are dealing fall under three
main heads: Amelioration of distress
attending the depression; elimination
Of the fear which tends to produce
determination of the most effective
methods of putting funds to work, both
public and private.
There were many definite indica-
tions of a steady growth of confidence
and of the willingness of all forces to
combine to develop improvement of
economic conditions, he added Plans
were developed for completing the or
ganization of local committees to CO.
with the ~
various sections of the fifth district.
Those attending the meeting were
Mr.. Graham, Robert v. Fleming of this
city, G. Michael, Roanoke, Va; H. B.
Lewis, Charleston, w. Va; A L. M
Virgins, HartSville, S. c.; w. w. Hox-
ton, chairman of the board, Federal
Reserve Bank. Richmond; John J.
O'Connor, Chamber of Commerce of the
United States, Washington; H. G. Hos
kinson. Washington, secretary of the
committee.
New Standards Held Needed.
This economic debacle is not brief
incident in Americas forward career
from which 1t will recover speedily, says
the United Business Service of Boston.
THE false and eXtravagant standards
built upon inflated prosperity must
themselves be abandoned, and more
frugal and old-fashioned standards re-
stored.
Many of the economic policies
adopted during this depression have
been based on the principle that all
that Is necessary is temporary relief
plus stimulation of confidence, to set
the wheels in motion again. This is a
false premise" says the United Service
The fact must ultimately be recog-
nized that We face period in which
the standard of living, as measured in
terms of luXuries of the boom era, is to
be lower. People will have to accustom
Themselves to working harder for small
er returns"
Heard in Financial District.
Great Atlantic g. Pacific Tea Co. of
America declared the usual extra quar-
terly dividend of 25 cents on its COM
mon stock, in addition to the regular
quarterly dividends Of S1.50 on COM
mon and S1.75 on first preferred. Com
mon dividend is payable September l
to stock of record August 5, while the
first preferred dividend is payable Sep
tember l to stock of record August -.
Robert c. Jones g. Co., investment
bankers, with offices in the Shoreham
Building, have compiled special an
alysis on Bankers Trust. Irving Trust,
Chase National and National City
stocks, which is being distributed to
clients and other investors.
The Westinghouse Electric Co. today
mailed checks to holders of the pre-
ferred stock The company reports an
increase in the past II monthS OF
4C6S in the number of stockholders in
Westinghouse issues.
Virginian Rsilway reports for six
months ended June 80, 1882, net in
come of S82092l after taxes and
charges, equal to s293 a share on 279,-
$50 shares of 6 per cent preferred stock.
This compares with $l,290,296 equal
after preferred dividend requirements.
to $144 a share on 3l2,7l5 shares OF
common stock in the first six months
OF 1881.
YYnEc nEGY ME