Evening star., 1940-06-23
D. {. Business Makes
Favorable Showinu
In First Half
Bankers Are Cheered
/, By Trend in Loans
And Earnings
By EDWARD C. STONE.

BY EDWARD c. STONE.
With six more days to go, Wash
ington is winding up one of the best
business and financial first half years
on record. Bankers expressed the
belief yesterday that June's final
figures will reveal the same favorable
trend registered in the previous five
months.
In the first five months of 1910
bank clearings scored gain OF $685.
S93,798 over the like 1899 period,
reaching a total Of $545, ,094 ,929 AZ
and indicating a substantial trade
pickup. Bank deposits at the time
OF the last condition call made by
Controller of the Currency Preston
Delano were at the highest point on
record and are now said to be higher
than at the end of March. Further
more, termination of the intangible
tax in the District means that there
will be no excessive Withdrawals at
the end of June as had been the case
for several years.
Bankers said yesterday that the
demand for loans is holding up well
and that in spite of cheap money
profits have been favorable. Build
ing and loan leaders also report an
excellent half year. The demand
for loans on new homes in this
territory has been extra good, they
say. Latest reports to the District
Bankers Association and to the Dis
trict Building and Loan League have
been highly gratifying.
Retail Trade Exceeds 1899.
In the first five months of this
year department store trade in
Washington was 5.3 per cent better
. than last year, the Federal Reserve
Bank of Richmond reported. The
Richmond Bank stated yesterday
that retail trade in the first two
: weeks of June also was ahead of
the same week year ago.
Postal receipts in the five months
were well ahead of last year, express
shipments were higher, telephone
calls and the number of telephones
both electricity and gas sales dis
closed the same upward trends.
Earnings of the four big utility
corporations have been better than
In the first half of 1899 with one ex-
ception, in this case the drop being
very slight.
Life insurance sales in the first
five months of 1910 were per cent
under the 1899 mark, although the
last report from Hartford was one
of the best this year. Members of
the District Life Underwriters As
sociation said yesterday that the
June total is expected to make the
six months average ahead of 1899.
A host of other indicators show
the same rising trends in the period
under review.
Appleby Heads Loan Group.
Charles A. Appleby was reelected
president of the Kenilworth Building
, g. Loan Association at the annual
meeting OF stockholders and directors
held in the last week. Samuel K.
Murphy was reelected vice presi-
dent; Fletcher " Shipley, secretary,
and Granger G. Sutton, treasurer.
Elmer N. Bozarth, of the Chesa-
peake & Potomac Telephone Co.,
was elected to the board of directors,
other members of the board being
the Rev. Kenneth G. Buker. Mrs.
Jennie r. Driggers, j. Leo Kolb and
DR.. Jancey r. King
The officers reported steady pro-
hn
nounced declaration of the semi-an-
nual dividend of ~ per cent, paya-
bic July IS.
Auditors Section to Meet.
The auditors section of the District
Bankers Association will hold its
final meeting of the year next
Thursday at the Wardman Park
Hotel when five members of the
executive council will be chosen for
the year 1940-1941. The nominees
follow:
H. Norman Glascoe, Union Trust
Co.: William B. Mehler, jr., City
Bank; Lewis E. Thomas, Liberty
National; D. D. Whitcraft, Riggs
National; Vernon Dorman, American
Security & Trust Co.; Harold w.
Denison, Bank of Commerce & Saw
ings; James c. Elgin, w. B. Hibbs &
Co.; c. c. Guertler, McLachlen
Banking Corp; E. G.. Childers, Nor
ris Plan Bank, and Reginal D.
Watkins, Munsey Trust Co.
The expected guests include all
OF the officers of the D. c. Bankers
Association and, their wives. H.
Norman Glascoe, retiring chairman,
will preside.
Insurance Agents Win Trip.
/ AS a result of outstanding work
during the year, the following men,
bers of the John L. McElfresh
Agency will attend the Connecticut
Mutuals educational conference at
Hot Springs, Va, tomorrow and
Tuesday: Edward H. Won Deck, H.
Richard Fredenburgh, Frank T.
Koons, Walter A. Miller, Roger M.
Stuart. John c. Bane, Maurice
Geens, Selby B. Hardwick and j.
Donald Mclaughlin. Members of
the companys home Office staff will
conduct tne cDcferenre.
Dean r. Hill of Buffalo. N. Y,
has been nominated as the next
president Of the Mortgage Bankers
Association of America to succeed
Byron T. Shutz, Kansas City. Nom
3nation in the association has always
been tantamount to election. Sew
eral members of the association are
Washingtonians.
Financial District Comment.
Amendments to the Securities Act
OF 1888 appear more likely as a
result of letters between Chairman
Jerome N Frank of the Securities
and Exchange Commission and EN-
NETT F. Connely, president of the
Investment Bankers Association, an
agreement having been reached re-
garding a conference on the subject.
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