Evening star., 1940-05-22
Building Associations
Report Increases
Ii Loans in April
2S League Members
Finance 200 New
| Houses in Month
BY EDWARD c. STONE.

District Building and Loan League
reports substantial progress by thu
% members of the association ir
April, q total of 874 loans being
granted against 798 In March.
These advances aggregated $3.-
$4,000 and consisted Of 215 loans
for construction, 209 for new house.
not previously financed and 45t
other loans. The report was made
at the May meeting Of the executive
council at the Raleigh Hotel yes
terday.
In April 1,244 share accounts
were opened, the report added, with
the total now due members reach
ing $130,772,971. The grand total
of association resources has reached
$1A7021, 900 while surplus for the
% units is now $40, ,745, ,785, the state
ment showed.
William N Payne, ir., president OF
the League, called for report from
chairman Chaplin B. Bauman out
lining the program for the second
annual outing to be held at the
Washington Golf and Country Club
on June 10. The dinner will be
preceded by a golf tournament in
the afternoon.
De Butts on S0uthern's Board.
Harry A. De Butts, of Washing
ton, vice president of the Southern
Railway. was elected to the board
of directors to succeed r. S. Ray
nolds, of Richmond, FOR three-year
term, at the annual meeting in
Richmond yesterday.
Directors reelected for three
year terms were President Ernest
L. Norris of Washington, Guy Cary
and jeremiah Millbank of New
York. Election of officers will take
place next Tuesday in New York.
In his annual report, President
Norris listed these needs" for the
Southern and railroads in general:
81. A normal and sustained rate
of industrial, agricultural and busi-
ness activity;
'2. Adoption by the Government
of definite national transportation
policy providing for fair, impartial
regulation of all modes of CONNER
cial transportation, so administered
as to preserve the inherent advan-
tages of each A fair field for all
and special favors for none.
IS. A compensatory level of rates
so that the financial credit of the
railroad industry may be fairly
earned and maintained.
-. A reduction of costs, impossible
for management alone to control,
such as taxes, public impositions
and other expenses, to level that
can be fairly paid with justice to the
employees and owners of the prop
critics."
The stockholders authorized pur-
chase of the Georgia Midland Rail-
way Co., Georgia Midland Terminal
Co., Asheville & Craggy Mountain
Railway Co. and the Asheville
Southern Railway Co., subject to
approval by the Interstate Com
merce Commission.
Accountants, Bankers to Meet.
The District of Columbia Institute
of Certified Public Accountants has
invited the presidents and credit
officers of all local banks to din
ner-meeting at the May1ower Fri
day. The meeting. which will be
called to order by President Harold
c. Anderson, will consider questions
relating to accountants reports in
the light of recent developments in
the practice of accountancy, with
particular reference to the use Of
accountants reports in connection
with applications for bank credit.
Both the District Of Columbia In
stitute of Certified Public Accoun-
tants and the District of Columbia
Bankers Association have special
committees working toward Coop
Grafton and the improvement of
professional service relations be-
tween bankers and accountants. G.
H. Pope, president Of the Munsey
Trust Co., is chairman of the
Bankers Committee and William
Gordon Buchanan is chairman of
the Institutes Committee on Co.
operation with Bankers.
A panel OF bankers. consisting Of
Thomas j. Groom, Bank of Com
merce & Savings; H. T. Bisselle,
Riggs National; w. R. Forster,
Hamilton, and Arthur j. Linn,
Hamilton National, has prepared
questions relating to bank credit
phases OF accountants reports
which are to be answered by the
following panel of accountants:
Goodwin P. Graham, Joseph K
Meyer, Henry S. Owens and Ben
jamin Regardie.
Garfinckel Dividends Voted.
The directors of Julius Garfinckel &
Co., Inc, announce that at meet
Ing yesterday they declared the regu-
lar quarterly dividend of 371a cents
share on the company's preferred
stock, payable June 20 to stock
holders of record June Is, and the
regular quarterly dividend of 171a
cents share on the companys COM
mon SIock, payable June 10 10 SCock-
holders of record June S.
The Board of Governors of the
Washington Stock Exchange today
listed l10,010 shares of Julius Gar
f1nckel & Co., Inc, common stock
for trading on the exchange and
$4,000 shares of Garfinckel preferred
stock. Since this stock was sold to
the public several months ago, both
these issues have been dealt in over
the counter.
The common stock closed today
with s bid and 10 asked and the
preferred was quoted at 251a bid
and u asked. No sales.
Today's Trading on Exchange.
Fifty shares of Washington Gas
Light common stock sold at 211a on
the Washington Exchange today
Other stocks were also lower.
Mergenthaler Linotype figured in