Evening star., 1937-11-26

.., - u.L- treasurer. AL CTe
annual meeting
earlier in the week these members
were elected to the Executive Commit
tee:
Chaplin B. Bauman, Oriental Build
ing Association: Carl j. Bergmann
Washington Permanent Building As
sociation; c. Clinton James. Colum-
bia Permanent Building Association;
Clarence E. Kefauver, Columbia
Building Association; Walter S. Pratt.
Equitable Building Association, and
Rudolph w. Santelmann, Metropolis
Building Association.
The annual report Of Secretary
Camp indicated that business trans
acted by the 20 members of the league
was the greatest in their history. Real
estate loans in excess of s3l 100000
were closed, of which approximately
IS per cent went into the financing of
new construction.
Collections have been uniformly good
during the period and the number of
foreclosures has consequently been
very small A further indication of
disposal of approximately one-third of
the real estate previously acquired by
foreclosure, reducing the total of this
account to about one-half of per cent
OF total assets.
Loans of S3l,00O,000 were dispersed
to $3.50 individuals. During the same
period 1880 persons opened invest
ment accounts. Activities of the build
Ing and loan associations accounts for
approximately 40 per cent of all the
home financing in the city and for
two-thirds of all home financing on
the amortized loan plan, Secretary
Camp stated.
Store Stocks Reported.
Stocks of goods on hand in Wash
ington department stores at the end
of October were only AZ per cent
higher than in October last year. COM
pared with 4 per cent in Baltimore,
is per cent in Richmond. 10 per cent
In a group of other fifth district
cities and 81 per cent as the average
for the whole district, a report COW
ering 20 leading department stores
discloses
The Richmond banks monthly re-
port, just RECEIVED, added that stocks
on hand in the stores here at the end
of October were So per cent higher
than at the close of September. They
were per cent higher in the entire
district, So per cent in Baltimore and
per cent in a group of other cities.
AS previously noted, retail sales in
the stores here were off per cent in
October from a year ago and were up
only 0.3 per cent in the first 10 months
Of 1887, against fifth district average
gain of per cent in the same period.
According to the Richmond figures,
November and December will be very
important test months in showing how
much. if any. trade this year runs
ahead of 1886. There have been plenty
Of predictions that trade in Washing
ton will wind up the year we'll ahead
of the 1896 mark.
Array Of Railroad Leaders.
A most unusual array of railroad
magnates will be in Washington next
Monday when the Interstate Com
nerce Commission will hear the appli-
cation for Is per cent increase in
freight rates and an increase in pas
senger coach fares in the Eastern terri
tory from cents to 21a cents a mile.
j. j. Pelley, president C the Asso-
citation of American Railroads, will be
the first witness, followed by julius H.
Parmelee, director of the Bureau of
Railway Economics. Among the other
witnesses will be Daniel Willard,
president of the Baltimore & Ohio;
F. E. Williamson, president of New
York Central; Hale Holden, chairman
Southern Pacific; S. T. Bledsoe, presi-
dent and chairman Atchison, Topeka
& Santa Fe; H. A. Scandrett, trustee
Chicago, Milwaukee, st. Paul e. Pacific
Railroad Co.; J. B. Hill, president
Louisville & Nashville; Ernest E. Nor
ris, president Southern Railway; L. r.
Powell. jr., receiver Seaboard Air Line;
H. D. Pollard, receiver Central of Geor-
gla, and I. B. Tigrett, president Gulf,
Mobile ~ Northern, also NJ w. Glenn
ent, president Pennsylvania Railroad.
B. & o. Net Earnings Lower.
October net operating income of the
Baltimore g. Ohio Railroad, reported
this noon, amounted to $2,456. $50, a
decrease of s999,814 compared with
October, 1896. Freight revenues to-
tailed sl2.552,603, but were $l,449,479
lower than in the same month a wear
ago. Passenger revenues scored a gain
Of $101,2s3.
Net railway operating revenues in
the first 10 months of this year to-
tailed $23.308,322. against $24,603, ,252
in the like period last year, a decrease
$1,2294 800. Freight revenues of
$l27.428,9S8 revealed an increase Of
$S,622,199. Passenger revenues of
$9,906, 169 were $607 .O53 ahead of last
year. At the same time, however.
there was an increase of $7,2S2,376 in
operating expenses, the report showed
New Member of Exchange.
John F. Hoffman, connected with
the investment firm of McKnew, Fair
fax s. Co., in the National Savings
& Trust Co. Building, became a men,
Der of the Washington Stock Ex-
change today. He takes the seat of
e. Donald H. McKnew, one of the firm
3 nartners and will be the company's
lily representative at the exchange
IONS He has been active in the
kncial district for some time and is
first new member to join the ex-
DhAnge in several months.
The Federal Reserve Boards in
dustrial production index in october
stood at 103 per cent of the 1923-25
average and Is points under the aver
age for the first eight months Of the
year. 1t is said that since that time
the index has dropped below the NOR
NAL" of 100 for the first time in 20
months.
Daily average sales of new auto
mobiles in October were 43 per cent
above October. 1886, 81 per cent above
October, 1885, and 10 per cent ahead
Of September of this year, the Com