Evening star., 1939-08-15
Pepco Power Sales
Gain 7.38 Per Cent
Over Year Ago
Bank Mortgage Looms
Under Title II Gain
Further Here

increased its klloWatt hour sales IN
the District by 1888 per cent in
July of this year, as compared with
July last year, according to figures
made public today.
Total output rose from 63,385 ,22S
kllowatt hours in July, 1888, to 68,-
O61,648 this July, for gain of
4,676, ,42O. or 7.38 per cent.
Railroads and railways showed a
gain from 5868,343, to 6,117,087 dur
ing the same period for an increase
of 248.744 or 4.24 per cent.
Public street and highway lighting
showed a decrease of 1857 kilowatt
hours or O.50 per cent.
Other sales for commercial and
residential use jumped from S.
858,665 to 60,294 ,709 for a gain of
4,436,043 or 794 per cent.
Mortgage Loans Gain.
Mortgage loans made by lending
institutions in the District of Co.
lumbia, mostly banks and building
and loan associa tions, under Title II
of the Federal Housing Administra-
ton Act had climbed to total of
$l706l $3.50 by June 30, according
to F. H. A. figures.
These loans were made between
February 3, 1888, and June 80 on
$500 properties, the report showed.
During the same period mortgage
insurance loans under Title II of
the act had been made on 1870
properties located in the District
of Columbia in the sum of $8,944,-
750.
determination loans under Title
I of the act, made on 33,402 prop
critics in the District of Columbia,
totaled S1,476,012. During the same
time 1920 moderniZation loans
were made by lending institutions
maintaining Offices in the District
of Columbia in the sum of 81 1854 $685.
Daum Is Appointed.
Frederick A. Daum of the Securi-
ty Savings and Commercial Bank
has been appointed chairman of
the Audit Committee of Washing
ton Chapter, American Institute of
Banking, it was announced by
Francis E. Robey, chapter presi-
dent.
Mr. Daum is a graduate of the
A. l. B. and has served on several
chapter committees. Those who
will serve on the Audit Committee
with him include Robert G. Cries
of the American Security 81 Trust
Co., William A. Mcclure, McLach-
len Banking Corp, and Tudor Whit
on, Second National Bank.
Loan System Expands.
Planning to open the fifteenth
unit in its loan and discount organi-
zation which operates in the Dis
trict, Virginia, West Virginia and
Maryland, Southeastern Industrial
Bankers, Inc, with headquarters
here, has filed with the Securities
and Exchange Commission a regis
tration statement for floating an is
sue of 100000 in bonds and 10000
shares of common stock, totaling
$250000 capital structure, for the
Southeastern Industrial Loan Co.,
to be located at Salisbury, Md.
The bonds would be per cent 90
year registered debentures, and
would be offered in units of one
bond and five shares of common
stock at S125.
Clifton M. Eisele is president of
the Southeastern Industrial Bank
ers, Inc, which is the holding COM
pany for the IA units now operating
in this area. The new issues are
handled by the selling organization
known as Southeastern Investment
Co., Inc.
Preston Congratulated.
Ord Preston, president of Union
Trust Co and president of the Dis
trict of Columbia Bankers Associa-
ton, today observed another birth
day by working as usual at his desk
at the trust company. He was con-
graduated by many associates, as an
outstanding figure in the financial
community
Mr.. Preston, native of Cali
fornia, is a graduate of Andover
Academy in Massachusetts,, Yale
University, had experience in Wall
Street, where he did a banking and
brokerage business, and was former
ly president here of the Washington
Gas Light Co. He has been presi-
dent of Union Trust Co. since 1882.
d. C. Agents Qualify.
The local Phoenix Mutual Life
Insurance office has received word
that two of its agents, L. H. Riggles
and E. B. Zirkle, have qualified for
a convention of leading producers to
be held at Oyster Harbors, Mass,
early next month. This recogni-
ton was attained by only Sc men
in the country.
Financial District Notes.
Mrs. M. H. Buckingham, cashier
of the City Bank of Washington,
has left on a vacation trip to Con-
necticut.
Other City Bank officials who
have gone on vacation include
bernard M. Grant, assistant cashier
and manager of the Pennsylvania
avenue office; T. Eugene Elgin. as
sistant cashier, who is chairman of
the safety deposit section of the
District Bankers Association and
manager of the Georgia avenue Of
flee of the bank, and T. Edwin
Norris, assistant cashier and man
ager of the Connecticut avenue Of
flee, who has gone to New York
City.
Peoples Drug Dividend.
Peoples Drug Stores. Inc, re-
Gently declared regular quarterly
dividend of Is cents share payable
October 2, to stockholders of rec
ord September 8.