Evening star., 1940-10-20

III ~ 4 ~ "a a
Ernest NJ. Fisher weeks gained Il
per cent. In the same week Balti-
more sales gained "a per cent and in
a group of other cities sales jumped
81 4 per cent. In the four weeks un-
der review these same cities reported
q rise of l45 per cent over the -four
weeks ended October IA. 1899.
Retail sales in the Capital we're
off II per cent from the previous
week this year, down per cent in
Baltimore and 33 per cent in a
group of other cities. presumably
due to warm weather. The average
for the fifth district was 16 per
cent under the previous week, the
Richmond report disclosed
Trade is mounting every week
over the same siX-day periods a
year ago The two weekly reports
30 far in October indicate figures
for the full month will reveal
sales gains as good or better than
IN September.
Fisher Bank Guest Speaker.
Members of the District Bankers
Association will pay special tribute
to the American Institute Of Bank
lngs 40th anniversary at the fall
meeting in the American Security
Building tomorrow afternoon at
o'clock President A. M. McLachlen
has extended invitations to the past
presidents Of WASHINGTON Chapter
and most of the invitations have
been accepted. about 90 in all.
Washington Chapter. organized in
1901, had as its first vice president
w. Frank D. Heron. now vice prasi-
dent of the Union Trust Co. Mr.
Heron will be at the meeting
Edward M Blaiklock, present
chapter president, will introduce
the past presidents to the assem-
blage. 1t was announced yesterday
that all the chapter officers and
members Of the Board of Governors
have been invited to the meeting
A record attendance was predicted
yesterday The chief speaker will
be DR.. Ernest M Fisher. director of
research in mortgage and real
estate finance of the american
Bankers Association. who will
speak on Banks and the Mortgage
Situation in Washington
Banks Seeking Defense Loans.
Washington bankers already are
seeking loans under the new law
which allows the financing of the
expansion Of plant and equipment
and the production of materials for
national defense purposes by per-
mitting the assignment to banks
and trust companies of claims under
Government contracts. These con-
tracts now become first-clasS bank
collateral.
A study of the bill shows that
unless otherwise expressly permitted
the assignment must cover all
amounts payable under such con-
tract. and not already paid, and
such assignment cannot be made &C
more than one party and is not
subject to further assignment, but
the assignment may be made to one
party as agent or trustee for two OF
more parties participating in such
financing. This means that more
than one bank may join in big
loans and in this way put idle money
TO work.
OF special interest to the banks
Is another provision in the bill
which states that ANY contract
entered into by the War Depart
ment or the Navy Department may
provide that payments to an assignee
of any claim arising under such
contract shall not be subject to
reduction or set off, and if it is so
provided in such contract, such
payments shall not be subject to
reduction or set off for any indebt-
edness of the assignor to the United
States arising independently OF
such contract"
The fact that banks in one city
may take part in big industrial
defense loans in other cities is
expected to mean great deal to
these lending institutions in the
way of increased earnings. as well
as giving them an opportunity to
participate actively in supporting
the defense program.
Gas Stock in Lively Demand.
Washington Gas Light issues were
In excellent demand on the Wash
ington Stock Exchange yesterday
Gas preferred figured in five con-
secutive sales involving 10 shares al
1857, the recent new high level
Gas common also was wanted, d
small sale taking place ex-dividend
at the strong price of 24as. Other
Issues were neglected.
Members of the District of Colum-
bia Building and Loan League Ex-
ecutive Committee will meet Tues
day noon at the Raleigh Hotel
Secretary F. Wilson Camp an
nounced yesterday The annua.
meeting of the full league member
ship is slated for Tuesday evening
October 20, at the same place.
Gross revenue from the air ex-
press service of Railway Express
Agency for August increased 80 per
cent over August. 1899, to record
for any one month since the start
of the service in 1927, the Air
Express Division of the agency re-
ported Shipments for the month
toto1ed on ORA an increase of ~