Evening star., 1940-06-25
Building and Loan
Assets in Capital
Top S15O,OOO,
New AII-Time Record
Reported by 28 Units
To League Official
BY EDWARD C. STONE.

Building and loan associations in
Washington have amassed total
assets in excess of $3.50, 600, ac-
cording to combined balance sheet
report released today by F.. Wilson
Camp, secretary of the District Build
Ing and Loan League This is the
highest point ever recorded in the
79-year span of building and loan
operations in the Capital, he said.
Analysis of the report which
covers the month of May discloses
a gain in assets of $3,441, 900 over
the preceding month. The increase
is. mainly from mortgage loans
placed as this item now stands at
$140,685 900 as against $137 1886, 900
in April. AS rediscounts and bor-
rowed money remained at substan-
TALLY the same figure, the amount
of new share account money ac-
cepted kept pace with the expan-
sion in advances for home financing
A breakdown of the 956 loan
transactions made during May dis
tributes the lending activities as
follows: Construction loans, 235
totaling sl,290,000; loans on new
houses not previously financed. ST.
5000 represented by 277 advances;
other loans, 444 aggregating ST.
$4,000.
During May, 1,019 new share ac-
counts were opened with the num-
ber of close-outs relatively small
Total surplus account of the %
units continues to remain in excess
of S10.550,000, Secretary Camp
stated.
Building Contracts Mount.
E. H. Keefe, Washington sales
manager of Dodge Reports, said to-
day that the Washington Metro
politan Area participated in the
record-breaking residential build
ing activities reported during May
for the larger part of the country.
The residential building contract
total for 81 States east of the
Rockies in May was per cent ahead
of May, 1889, and the highest since
August, 1929, he said.
Residential building contracts
awarded for work in the Washing
ton Metropolitan Area reached ST.
419,000 in May, according to Dodge
Reports. That is SO per cent ahead
of the corresponding 1889 valuation
of $5,559,000.
The work and materials called for
In the residential building contracts
awarded throughout the Washington
area during January through May
had cumulative value of s24 4,704,-
BOO. In 1899 the month level
was $28,638,O0o.
Mr.. Keefe said the facts as they
are known at this time lead us to
believe that the private construction
upswing will continue throughout
the rest of this year. However, in
this fast-moving era, new facts could
change the picture with little or no
advance notice
1t is expected that the national
defense program will include large
volume of emergency housing in ad-
elition to Army, Navy and industrial
construction, he concluded.
Robinson Heads Phone Club.
Charles A. Robinson, vice presi-
dent and general manager of the
Chesapeake & Potomac Telephone
Co., has been elected president of
Alexander Graham Bell Chapter,
Telephone Pioneers of America, it
was announced today He succeeds
Joseph Ball of the accounting de-
partment of the G. & P. Co.
Other officers elected at recent
meeting of the chapter at the An
napolis Roads (Md) Country Club
are Joel H. Carpenter of the G. & P.
plant department, vice president;
Pearl Gentry of the traffic depart
ment, secretary-treasurer; Frank
Sargent of the Western Electric Co.,
and Maude Dickel and L. J. Taylor
of the c. g. P, members of the
executive committee.
The chapter, composed of men
and women who have completed 81
or more years in telephone service,
has $50 members.
Banks Ready to Aid Nation.
President Roosevelt was assured
yesterday by Robert M. Hanes, presi-
dent of the American Bankers As
sociation, that the Nations banks
are ready to coordinate their efforts
and cooperate in the national de-
tense program.
The assurances given the Chief
Executive by Mr.. Hanes were in
dorsed also by Harold V. Amberg,
president of the Association of Re-
serve City Bankers
The two bankers stated that pri-
vate industry today is better
equipped to serve the Nation in an
emergency than in 1917.
The hope was expressed that the
aid of the banks will be used Ito
the fullest extent possible to the
end that the fiscal requirements of
the Government will be correspond
ingly reduced"
National Dairy Profits Rise.
While earnings of the National
Dairy Products Corp, which has two
units in Washington, ran behind
1889 in the first five months of 1910.
June earnings are expected to bring
the half-year results up to around
IS cents per share, against $1.01 in
the same period a year ago, accord
ing to the Wall Street Journal. The
warm weather is assigned as the
chief reason for the earnings i'm
provement.
The Republican Convention was
absorbing practically all the atten-
ton in the brokerage houses here
today. Brokers commented on the
fact in the early trading that utility
stocks, which moved upward yester-
day on the possible success of the
Willkie boom, were quiet today. The
ticker was crowded with convention
notes.
Exchange Trading Is Active.
Washington Gas Light preferred
stock again sold at 103 on the Wash
ington Exchange today. The days
largest sale was in Mergenthaler