Evening star., 1938-05-29

seasonal, cold and artbur Linn
rainy weather,
however, caused a drop Of about 10
per cent under the corresponding week
a year ago. The steady rain also was
the chief cause of a setback in retail
buying in the rest of the fifth district,
although gains were registered over
the previous week The slump in the
other cities was practically 10 per
cent.
Washington bank clearings were off,
Sl8.688,8S1 comparing with S23.749, ,75l
in the like period last year. Building
permits totaled S31l,8 against
S1,104.35O a year ago. when the figures
Included items of 1868 900 and S480000
for two new public school buildings.
Visitors to the Washington Monu-
ment were ahead of the previous week
and slightly under the same week in
1887
It Is generally predicted that the
first hot, fair weather will cause
sudden upward bound in retail shop
ping.
Linn to Address Bankers.
Twenty Years of Banking in the
District of Columbia is the title OF
an address to be delivered by Arthur
j. Linn. president of the Association
of Bank Auditors and Controllers and
controller of the Hamilton National
Bank, in the second session of the
District Bankers Association Conven-
ton at Hot Springs, June 9 to IL,
Feredrick P. H. Siddons. chairman OF
the Program Committee, announced
yesterday
Mr.. Linn's talk will be most timely,
as this will be the Goth anniversary OF
the associations convention. He will
discuss sources of funds. utilization OF
funds and earning and expense char
acteristics of all the banks in the Dis
trict, as well as the several classes OF
banks AS his study covers the 20-year
period, it will picture the changes in
banking from a statistical standpoint
during those years, Chairman Siddons
added
Mr.. Linn is a certified public ac-
countant of Maryland and the District
dIlu duGllOl VI llQlilClouo al V4SASc VII
banking, real estate and economic
problems.
Federal Charter Granted.
The Northwestern Savings & Loan
Association, organized in 1901, operat-
ing under Maryland charter, with as
sets of $2,355,000, has been granted a
Federal charter and insurance up to
S., 900 on each account and will open
its Office in the Colorado Building
June /.
The officers are Edgar v. Crittenden
president; William S. DeWhirst, vice
president; r. L. Houston Jones. vice
president; Howard S. Gott, secretary
treasurer; William K. Copenhaver, at
torney The directors are DR.. J. w.
Chappell, E. " Crittenden, w. S. Dew
hirst. Warner w. Stockberger, Howard
S. Gott, Frederick LeWton, w. r.
Tuckerman, Jesse H. Powell, William
K. Copenhaver, r. L. Houston Jones
and George Edward Scott.
The Takoma Park office will be main
tanned and the associations principal
loaning field will be in Montgomery
and Prince Georges Counties, although
the Federal charter permits loans
within 50-mile radius
Traction Bonds Work Higher.
Capital Traction IS again sold at 66
on the Washington Stock Exchange
yesterday, following sale few days
ago at the same price. These sales were
an advance of five full points over the
last previous sales at 81.
Capital Transit stock is displaying
more strength. While the last sale
was recorded at Z. the weeks quota
tions closed with bid and asked.
The better tone in the stock is partly
ascribed to the more favorable earn
ings statement for April, when the
company reported a net income of
$68,048.63, against $34,829.8 "a in April,
1887. gain of $33,2l879
The Foundation Credit Co. of Wash
ington, engaged in making loans, has
filed registration statement with the
Securities Exchange Commission COW
ering 10000 shares of per cent pre-
ferred stock, $40 par, and 10000 shares
of class "A" common stock, no par.
The stock will be offered in units of
twp shares of preferred and one share
Of common at $25 per unit. Proceeds
will be used for working capital, the
statement says
/, Financial District Notes.
The Washington Stock Exchange,
all the banks and investment houses
will be closed tomorrow, Memorial
Day.
While Wall Street has been report
ing painful number of cuts or omis-
sions in dividends, Washington cor
porations have been voting the usual
payments. Among firms soon to make
disbursements are the Potomac Elec-
trio Power Co.. Washington Railway g.
Electric Co., Lanston Monotype Ma
chine Co., Lincoln Service Corp. and
Peoples Drug Stores, Inc. Lanston
is mot local concern but the stock
is listed on the exchange.
One of the most important financial
news items of the week was the Bal
tirnore g. Ohio's announcement that
June l interest on its per cent
bonds, series "A" of 1895 and its 6
pei cent bonds, series "C' Of 1895, will
BE- paid. .