Evening star., 1939-02-20
Credit Association
Manager Predicts
Late Spring Upturn
Building May Lead
Business Advance,
.Heimunn Asserts
By EDWARD c. STONE,


spring upturn in business condition.
is forecast by Henry H. Heimann
executive manager of the Nationa
Association of Credit Men, in hi!
monthly review received today by
members of the Washington asso.
citation.
Secretary Heimann declares thai
the softening of business in January
was natural as there is always some
hesitancy after the holiday activity
The leveling process may not be
over yet. he adds, and looking at
the next few weeks, continues:
In the resumption of the recovery
movement the building industry will
contribute very materially to busi-
ness betterment. Residential build
ing appears to be headed for one of
its best years in decade. Railroad
buying. because of improving in
come, will be better during the year
The automobile industry should
register a Is per cent increase in
sales volume over last year Farm
income can be expected to increase
slightly although crops this year
may not equal 1898. The inventory
situation is favorable And credit
will be abundantly available for all
legitimate needs.
The impasse between Govern
ment and the utilities draws slowly
closer to solution. This industry
will be ready for a broad expansion
program whenever the political at
mosphere is substantially clear.
There is reason to believe the clear
Ing program is under way.
Continued Government spending
Will aid the consumers goods lines
and rearmament, here and abroad
will exert its influence on the heavy
goods industry. To some degree
the improvement is anticipated
partly because of the impossibility
of further deferment of certain
needed replacements by industry in
general Manager Heimann asserts.
Depositors Ignore Dividend.
Justus S. Wardell, receiver for the
Washington Savings Bank, said to-
day that depositors are very slow
IN claiming the remainder of the
recently declared interest dividend
OF 1924 per cent. Over 1000 cards
were mailed to certificate holders
and disbursement of about $35 300
has been going on since February 13.
Payment of this interest dividend
will result in a return to patrons of
110.24 per cent on funds represented
by claims filed in 1888, when the
bank closed. Mr.. Wardell said today.
He urges former depositors to be
more active in collecting their
money.
Receiver Wardell reports that the
removal of all records of the Wash
ington Savings Bank, the North
east Savings Bank, District National
Bank. Potomac Savings Bank and
Seventh Street Savings Bank to the
new quarters at 1914 K street NV.
was completed on February l.
Despite this fact many depositors
have called at the old Office in the
District National Bank Building,
which was recently sold.
Attend Philadelphia Banquet.
A delegation of six officers from
Washington Chapter. American In
stitute of Banking, were honor
guests at the annual dinner of Phil
adelphia Chapter, Saturday night.
Those present included Joseph r.
Fitzpatrick. Second National Bank,
president of Washington Chapter;
Edward NJ Blaiklock. Washington
Loan & Trust Co.: John M. Christie
Riggs National, j. Earle McGeary,
w. B. Hibbs & Co.; George NJ
Rowzee, Lincoln National. and Paul
j. Seltzer. American Security &
Trust Co.
The dinner was for junior bankers.
the Philadelphia Chapter planning
to give dinner for senior bankers
in March. Over 700 were present.
The entertainment was one of the
best the Washington Chapter men,
bers have enjoyed on any of their
visits to other cities. Their own
dinner takes place at the Willard
next Saturday night when the men,
bers and guests will number more
than 1000. The committee is now
struggling with the seating arrange
ments for so many people.
Committee Approval Seen.
There is every indication the Sem
ate Banking and Currency Commit
tee will report favorably on proposed
legislation to extend beyond July l,
1899, certain features of the Ma
tional Housing Act. The commit
tee also is expected to approve the
proposed increase in the amount of
mortgage insurance the Federal
Housing Authority may have out
standing from S3,0000O0 900 to
$4,000, 100000.
Stewart Mcdonald, F. H. A. ad-
ministrator, testified in favor of the
proposed legislation, declaring that
portions of the law due to expire
July l were responsible for 40 per
cent Of the business done last year
by the F. H. A. He said, however,
he was not advocating continuance
of that section which provides for
insurance of modernization and re-
pair loans. unless the F. H. A. be
permitted to charge premium for
this insurance to the actual lenders.
The housing administrator said
that in his opinion the banks and
ouIiSi ASIluAllS dSCllSlco WClc dDull-
dainty able to take care of all mod
ernization loan needs.
Heard in Financial District.
The preliminary report of the
Seaboard Air Line Railway for the
year ended December 81, 1898, shows
net loss of s7,59O,161, after taxes
and charges, comparing with net
loss of S4.63O,279 in 1887.
The Pennsylvania Railroad ex-
poets to be in the black in January,
compared with a net loss of 81, 1872
463 in January, 1888. Several other
big railroads are also reporting
marked improvement in earnings.
The Life Insurance Institute is
making plans for the second semes-
ter. William r. Williamson, ac-
tuarial consultant. Social Security
Board, will teach principles of Life