Evening star., 1937-11-30
Tribute Paid to F.. c. Baltz.

III ~ \. DdllE-
More than 100 members of the Dis
trict of Columbia Building and Loan
League. which is made up of the lead
ing building and loan associations in
the capital, paid tribute at luncheon
at the Raleigh Hotel this noon to Ed
ward c. Baltz fellow member who
was recently advanced to the pres
idency of the United States Building
and Loan League.
Mr.. Baltz is secretary of the Per-
petual Building Association, a posi-
ton he has held for many years. He
is a former president of the District
Building and Loan League. having
done great deal of work in building
that organization up to its present
high status.
Today's luncheon program included
an address by Representative Everett
M. Dlrksen and several brief talks.
Mr.. Baltz expressed great appreciation
of the fine things said about him.
Arthur G. Bishop, this years president
of the District Building and Loan
League. presided.
1900 SHflStDlaS N1uDS opened.
Christmas savings clubs for 1898
were opened by Is Washington banks
today, enrollments to be accepted
until January under the same
weekly payment regulations that pre-
vailed this year. There is one sweep
Ing change, however, the banks having
abandoned interest payments on these
accounts.
The banks conducting Christmas
savings clubs include the American
Security & Trust Co.. Anacostia Bank,
Bank OF Commerce & Savings, Colum-
bia National, East Washington Savings,
Hamilton National, McLachlen Bank
ing Corp, Morris Plan Bank, Munsey
Trust, National Bank of Washington.
Water street branch; National Savings
& Trust, Riggs National Banks
branches only, Second National, Sc
curity Savings e. Commercial, Union
Trust and Washington Loan g. Trust
The falling off in the demand for
bank loans and the lower yield on
prime investments were among the
reasons given by Thomas j. Groom of
the District Bankers Association for
the discontinuance of interest pay
ments on these funds. This action
will make the 1888 clubs an unusual
test on thrift. While interest has been
lowered steadily in recent years, the
small return has been a more or less
important factor in the success of
the clubs in the past. How much
money far-Sighted residents OF the
Capital pledge for 1898 will be of
great concern.
Many members join the clubs in
order to be sure of extra money for
the holiday season. How large that
percentage really is, no bank official
can say. How strong the interest ap-
peal has been is also unknown.
Life Insurance Sales Studied.
The South Atlantic States as group
wrote S558, $685., 900 in new life insur-
ance in the first 10 months of this
year, gain of per cent over the
like period year ago, according to
the Hartford survey. Fifty-seven per
cent OF the companies did more busi-
ness than last year.
In October alone the South Atlantic
States reported new business totaling
S52,1l2,000, which was 4 per cent un-
der the same month in 1896.
In the list of States, South Dakota
led with a "a per cent gain, while
North Dakota came second with a Is
per cent increase. Arizona made the
third best showing in October with
a pickup of Is per cent. although
the total amount of new business
reached only S1,5580o0.
Washington insurance leaders be-
heve that the Capitals gain of 6 per
cent in the 10 months will be main
tanned during the rest of the year
and perhaps raised.
Power Bonds Get Exemption.
The Securities and Exchange Com
mission has issued an order exempting
the Potomac Electric Power Co., sub
sidiary of the North American Co.,
from the necessity of filing a declara-
tion under the Utility Act in connec-
ton with the issuance and sale of
S5,000,000 3A per cent first mort
gage bonds, due in 1866. All the
bonds are to be sold at private sale
to the Metropolitan Life Insurance Co.
The District Public Utilities Commits
sion has already approved the re-
Quested bond issue.
The West Virginia Pulp & Paper
Co., has filed with the Securities and
Exchange Commission a registra ton
statement covering $10.00OO00 first
mortgage bonds, due in 1852. The in
terest rate, redemption rates and Of
fering price will be filed by amend
ment. The maximum offering price
Is los. Brown Hartman a. Co. will
H. .a,ira eos.,