Evening star., 1939-08-21
Two Federal SAVINGS
And Loan Groups
Show Big Gains
First and Northwestern
Associations Report
Increased Assets
By HAROLD b. ROGERS.

WI Savings dIlQ lOd1l
sociations in Washington have reg
istered substantial increases in total
resources, in line with the rapid
gain of such associations throughout
the country, it was disclosed today.
The First Federal Savings & Loan
Association showed a gain in total
assets of "A per cent during the II
months ending June 30, according to
Carl H. Ellingson, executive vice
president. Total assets of the insti-
tuition rose to $5,326,990 on June 80,
he reported.
There was net increase in saw
ings and investment accounts in tY{e
First Federal for the six-month pc
riod ending June 80 of $996,989
July also registered further gain,
with assets rising to $5675, ,462. Dur
ing July new loans totaled S55l 400
Thomas Somerville, Sd, is president
of the First Federal, which opened
March /. 1888.
Up Sharply in Half.
The Northwestern Federal Saw
ings & Loan Association registered
a gain in assets from S2,575,95l in
December, 1888, to 81 ,948 ,982 on June
30, 1889, substantial gain for the
siX-month period, according to How
ard S. Gott, secretary treasurer
During July there was a further in
crease of $4,000, he said.
The Northwestern Federal was
converted May, 1898, from the North
western Savings g. Loan Association
It's headquarters were moved to
Washington, under its new Federal
charter, and the former office in
Takoma Park, Md, is maintained as
a branch. E. V. Crittenden of Ia
koma Park, Md. is president.
For the country as whole, in
vestment "by the public" in shares
of Federal savings and loan asso-
Citations increased more than S227, :
100000, or 80 per cent, during the
year ending June 30, according to
the Federal Home Loan Bank
Board.
1885 Listed in Report.
Reports from 1886 Federals show
ed private investments" aggre-
gated S990,871 600, an increase of
s26.O0O,0O0 since May 31-almost a
million dollars every business day
the board revealed in its annual
survey. This compared with in
vestments of S763, 3,724500 reported
by 1876 institutions June 80, 1888,
and more than doubled the s432.-
100000 in private investments of all
luna an 1026
The private share investments
of nearly 100000 persons now rep
resent almost 83 per cent of the
total investments in Federal asso-
ciations," declared T. d. Webb, vice
chairman Of the Federal Home Loan
Bank Board. The II per cent of
Government investments in these
associations-all locally owned and
locally directed institutions estab-
lished since 1933-are carried on
the same basis as private shares.
The Government will receive ap-
proximately S3,90O,O00 in dividends
for the six-month period ending
June 80, making a total of approx
mately 23400,O00 paid on its in
vestments in the last six years
Ranked as Private.
The Federal Home Loan Bank
Board explained that Federal saw
ings and loan associations are not
Government instrumentalities and
should not be represented as such
"A Federal association" it was eX-
planned in statement which went
into the matter at some length, lis
strictly a private enterprise. It's
development is almost exactly an
alogous to the development of the
national banking system"
The first meeting of the new Fed
eral Savings and Loan Advisory
Council to confer with Home Loan
Bank Board will take place early in
the fall George w. West of Atlanta
Ga, is the representative from this
district
Rapid progress is being made by
the Liberty National Bank on its
reconstruction program for its build
ing, according to M. F. Calnan
president. Tile rebuilding, which
includes new basement vault, new
third-story elevator and extension
of counters on the first floor on the
space now occupied by the Old vault
is expected to be finished by Janu-
ary Is, he SAID. Seventy tons OF
concrete were poured in one day
late last week. Mr.. Calnan explained
when the walls and ceiling of the
new vault we're poured in one oper-
alton. extending from $50 am. tC
8p.m.
New Reserve Schedule.
All members of the Federal Re.
serve Bank of Richmond received
today official word of the new
time schedules" to go into effect
September l, by which the Fedora
Reserve System plans to speed W
collection facilities, for the benefit
of all concerned.
After study of the new rules
based on revised Regulation j.
local bankers expressed the opinion
that the new system would be vel.
coined as beneficial to both the
banks and the public.
In his letter of transmittal to loca
member banks, President Hugh
Leach of the Federal Reserve Bank
of Richmond explained the changes
in its check collection services were
designed to reduce the number ol
sorts and the amount of work IN.
cident to the preparation of cash
letters by member banks for de.
posit with this bank or its branches
1T will be noted" he added, re.
ferring to the revised check collec.
ton circular and time schedules
that commencing September l., al
checks payable anywhere in tn;
United States will be credited il
three days or less after receipt"
On account of the fact that some
banks in the country, however, art
not members of the Federal Reserve
System, this promise of three day.
or less" may not be applicable tt
all checks, local bankers explained