Evening star., 1939-09-28
Commerce & SAVINGS
Holders Re-eIect
Board Members
Election of Officers
Slated at Meeting
On October II
BY EDWARD c. STONE.

Stockholders of the Bank of Com
snerce g. Savings, at the annual |
meeting in Alexandria today, re-
elected the following directors for
the coming year:
Maurice D. Rosenberg, Thomas j. |
Groom, Joseph Sanders, Joseph H.
Milans, James E. Collihower. E. Tay-
lor Chewing, Albert S. Galley, |
Thomas N Beavers, Clarence A.
Weaver, William L. Bush, Vernon G..
Owen, Frank OWings and George M.
Quirk. The election of officers will
take place at the next meeting of
the board of directors on October II.
President Rosenberg reported that
since the last annual meeting prog
resS had been made in all depart
ments. He said that deposits are
now at an all-time high; that in the
year of 1898 the bank has expert
enced the best earnings in its his
tory; that because of increased earn
ings the bank is paying an annual
dividend of SIS per share on its
capital stock: that $4,000 had been
added to surplus during the year
and that surplus exceeds capital by
two and half times.
He advised the stockholders that
the book value of the stock is in
excess of four times it's par value,
and said there had been an increase
in loans during the year.
D. c. Repair Loans Rise.
Washington banks and ether
lending concerns are making an
increasing number of loans, under
Title I of the National Housing
Act, for repairs and Improvements
to property, it was learned in the
financial district today.
Title I loans on properties located
In the District of Columbia, as of
July 80 and granted since Febru-
ary 3, 1898, numbered 1896 and
totaled ST 622, ,154, against 3,402 loans
amounting to S1,476,012 at the end
OF June this year. or an increase
of 294 during July.
Title I loans by lending irstitu-
tions having their head Offices in
the District of Columbia ma de since
February 3, 1923, for repair work
on property in or out of the Capital,
numbered 1905 and amounted to
81, ,103 1863, while two months earlier,
on June 80, these loans numbered
1920 and amounted to S1,964 666,
an increase IN the two-month per-
iod of 285 loans and s139,2O3 in
amount.
Financiers said today that
majority of these Title I loans are
made by Washington hanks, al
though there are good many ether
lending institutions that are inter-
ested in them and are extending
them freely. Tie figures are based
on latest reports to the Federal
Housing Administration.
The loans are a decided help to
the building trades end have i'm
portant bearing on the labor situa-
ton here. For several years bank
officials have urged thtir patrons
to make all possible property i'm
provements and have furnished
much of the required money.
Garfinckel Issues Out Today.
Public offering of 10000 shares
of Garf1nckel & Co., Inc, common
stock at $40 per share and 10000
shares Of 6 per cent cumulative con-
vertible preferred stock was made
in Washington and all over the
country today.
Three Washington investment
firms were included in the under
writing group bringing out the new
issues and many other local firms
had the new stock for sale
Today's offering is the first of
Importance placed on the market
since the opening of the war in Eu-
rope 1t is also the largest stock
issue ever brought out in Wash
ington, with the exception of public
utility financing.
Distribution of the common and
preferred stock to the public means
passage of the big Washington de-
partment store from the Garfinckel
estate to the newly formed corpora
ton, move of far more than ordi-
nary interest.
New A. B. A. Division Chiefs.
At the American Bankers Associa-
ton divisional elections in Seattle.
Roland E. Clark, vice president of
the National Bank of Commerce.
Portland, Me, was elected president
OF the trust division, and Carl w.
Fenninger, Philadelphia, vice presi-
dent.
A. George Gilman, president of
Maiden Savings Bank, Maiden.
Mass, was elected president of the
savings division. and Roy R. Mar
quardt, assistant vice president of
the First National Bank of Chicago,
vice president
William S. Elliott, president of the
Bank OF Canton, Canton, Ga, was
elected president of the State bank
division, and Harry T. Bryant, presi-
dent OF the Parsons State Bank of
parsons, kans., vice president.
Melvin Rouff, vice president, Hous-
ton National Bank, was elected pres
1dent of the national bank division.
ana AndreW Price. president Ma
tlonal Bank of Commerce, Seattle,
vice president.
Building Valuations Rise.
In a comparison of building per-
NIT valuations in 20 leading cities in
the first eight months of 1889, Dun
& Bradstreet place Washington in
fourth place, with a total of s24,-
O32,771, against $16.322, ,4O6 in the
first eight months of 1898.
Naturally, New York topped the
list with permit values totaling more
than sl66,O00,O00 Los Angeles was
second, with Detroit third. Balti-
more was well down the list, with
valuations at $10,296,376, against
Sl0,978,781 year ago.
The same review states that
building valuations in the South At
lantic States in August alone