Evening star., 1939-11-22
Building and Loan
Associations Report
October Advances
Resources, Accounts
And Looms Climb,
League Heads State
By EDWARD C. STONE.


according to figures announced at
a meeting of the executive council
of the District Building and Loan
League held yesterday. Total assets
have reached $136, ,45O 900, with home
loan activity continuing at lively
pace, the report stated.
During October 2O2 construction
loans we're approved aggregating
81 1868 900, while advances of $1,444,-
900 were made on new houses not
previously financed. Other loans
brought the combined figure to So
100000, representing 874 separate
transactions, the report added
Continued growth during October
was indicated by the opening of 869
new accounts. Restrictions on the
amount of money to be deposited
monthly, which are in force in some
of the associations, tend to hold
down the number of new accounts,
league officers said today.
Surplus account of the combined
institutions remains in the neigh
borhood of $5,350,000, the report
concluded.
William N. Payne, jr., new presi-
dent, presided at the league council
session, held at the Raleigh Hotel.
Every member of the council was
presel t, including all the leagues
past presidents.
Griswold Elected Governor.
The National Association of Sc
curities Dealers, Inc, announced to-
day the election of B. Howell Girls
void, jr., senior partner of Alexan-
der Brown Sons Baltimore, as a
member of the Board of Governors
of the association from district No.
II, which includes the District of
Columbia, Maryland, North Caro-
lima, Virginia and West Virginia.
The Board of Governors consists of
81 members representing the IA dis
trlctS of the association IN the
United States.
The organization, successor to the
Investment Bankers Conference,
Inc, recently registered with the
Securities and Exchange Commits
sion as national securities associa-
Jlon under the Malonev amendment
to the Securities Exchange Act of
1884, which provided for the forma-
tlon and registration of such asso-
Citations.
Reports Wide Business Gains.
William M. Rothaermel, vice pres
ident and director of agencies of
the Continental American Life In
surance Co. of Wilmington, Del.
visited the De Force agency here
today. He reported that produc-
ton for the whole country was two
and half times larger in October
than in September and that the
Washington Office was ahead of
October, 1888, and the first 10
months of 1888. AS a result of re-
cent travelling he is highly optimis-
tic on general business conditions.
Mr.. Rothaermel said that J. Harry
Covington, Washington attorney, is
one of the two original directors
still with the company and added
that James A. De Force stood fourth
among the 80 leading producers in
October.
Bank Women Plan Dinner.
Mrs. Philip Sidney Smith, past
president of the Twentieth Century
Club, will be the guest speaker at
the November dinner of the Bank
Women's Club of Washington next
Monday evening at Mrs. KS Toll
House Tavern, Silver Spring, Md,
1t was announced today.
The clubs president, Miss Anne
Crawford will preside at the din
ner. this being one of the first
meetings since her election to the
office Miss Crawford is connected
with the McLachlen Banking Corp,
a graduate of Washington Chapter
American Institute of Banking, and
has taken special work in econom-
les in George Washington Univer-
sity.
c. & o. Votes 50-Cent Extra.
The 50-cent extra dividend on
Chesapeake & Ohio common stock
will be paid December 27 to stock
of record December II, while quar-
terly dividend of 6212 cents on COM
mon will be paid January l tc
stock of record December IL. Pre-
vious common dividends this year
were SO cents each in January
April, July and October.
October net income after all
charges amounted to $4,851 1856, ar
increase of s1,032,584 over October
1885, In the first 10 months OF
1889 the road earned $3.50 a share
on common, against s207 common
share year ago.
Mergenthaler Stock Higher.
Mergenthaler Linotype stock
opened at 1924 and climbed tt
16 at the end of today's session
of the Washington Stock Exchange
This was the highest the stock has
sold in some time, 10, so and 81
share lots changing hands.
Capital Traction first SIS were
again strong, $1,000 and $4,000
u ollSlCIo edhlIlS PioSC az ~, lll'
changed.
A single share of American Sc.
curity & Trust Co. stock moved al
242. Potomac Electric Power pei
cent preferred commanded 114l:
and the 512 per cent preferred ia.
Washington Gas Light common
appeared on the board today for thu
first time in many sessions, 2;
shares selling at 1924, up half &
point.
Heard in Financial District.
c. F. Burton, president of the
City Bank, reported the first Christ
mas bonus of the 1889 season today
extra compensation equivalent tt
half months salary having beer
voted by the Board of Directors tt
be paid during December.
John Saul was given a heart,
greeting as he assumed his nev
duties today as executive vice pres
ident of the American Security &
Trust Co. A handsome bouquet O
Rou,orc odorroI hic ofHoo JocL