Evening star., 1940-06-30

period since 1890
In every one of the first six months
Of the present year clearings in
Washington were ahead of the same
months year ago. The June report
completes the results for the second
quarter. Judging by bank check
activities, there has been no letup
in business momentum in the final
month.
. ClearlngS by months in 1910 COM
pare as follows with the like months
in 1899:
1910. 1899.
January --- $1O7,137 ,O93 s96 ,424 SOB
February - 93,153,1s9 82,7339O0
March ----- 11O,284 900 03.916350
April ----- 115,580,390 99,73O 563
May ---- 118,940,256 96,395 800
June ------- 118,279.253 108, ,44685l
Regular Dividends Declared.
Directors of the Washington Gas
Light Co. have declared the regular
quarterly dividend of 37la cents per
share on the common stock, payable
August l to stockholders of record
July Is and the regular quarterly
dividend on the $3.50 preferred stock
of $1.12l2 per share, this being pay
able on August 10 to stockholders
of record July 81, it was announced
yesterday by President Marcy L.
Sperry.
Directors of the Terminal Re-
frigerating & Warehousing Corp.
have declared the regular semi
annual dividend of $3.50 per share
on the outstanding stock, payable
July l to stockholders of record at
the close of business June %, Sec
retary Jerry P. johnson announced
yesterday.
Sharp gains in rail earnings were
reported at the end of the week.
Net income of the Pennsylvania
Railroad in the first five months of
1910 amounted to S9,272 ,069, against
s2,296,224 for the like period in 1889.
President Ernest E. Norris of the
Southern Railway said May net was
$685. ,689, against deficit of $3.50, ,909.
Mortgage Loans on Increase.
The Federal Home Loan Bank
Board reported yesterday that home
mortgages financed in the District
of Columbia in May totaled 1915
and amounted to s5,550000, the
figures comparing with 1922 mort
cages valued at $5,150,Oo0 in May a
year ago.
During May savings and loan
associations handled 568 mortgages
amounting to 1854 900; insurance
companies. 56, totaling s376,000;
banks and trust companies, 1l3,
amounting to S63S, 900; individuals,
299, for $4,000, and others, 279,
amounting to ST $1,076,000.
Home loans numbering 502 and
amounting to $1,737850 were made
by ~ savings and loan associations
in Maryland and 443 totaling S1,207,-
900 were made by % similar associ-
ations in Virginia, the report said.
Freeman Sees Economic War.
Addressing the graduating class
at the Graduate School of Banking
at Rutgers, which included several
Washington bankers, DR.. Douglas
Southall Freeman, editor of the
Richmond News Leader, predicted
an economic conflict between the
United States and totalitarian pow
ers, rather than an actual war of
arms.
DR.. Freeman declared that the
economic warfare would begin as
soon as Germany integrates the
conquests it has made and that it
would be essentially struggle be-
tween the barter system of interna-
tional trade and the gold-transfer
principle upon which the United
States is, now dependent.
Millions of our Americans have
been absurdly frightened over what
they regard as imminent war and
certain INVASION" DR.. Freeman de-
clared. "It is futile perhaps to tell
them that invasion continues highly
improbable; but it is in order to tell
them that the economic war of con-
tinents will begin as soon as the
Germans can integrate their con-
quests.
1--WE shall have perhaps rs per
cent of the worlds gold at the COM
mand of the American bloc; the
Reich thinks it has IS per cent OF
the brains and believes it can muster
a like percentage of the force of the
world behind barter The conflict
of ideologies ends, as it usually be-
gins, in an economic struggle"
Financial District Comment.
Holders of Capital Traction stock
will receive the recently declared
dividend of Is cents per share to-
morrow. Many other Washington
stocks are also to pay dividends in
the next few days.
Trading on the Washington Ex
change Friday saw Capital Traction
bonds reach 1907 after transac-
tions at 100, while Washington Rail-
way & Electric as moved up to 107l2,
O gain Of nearly points.
The Federal Savings e. Loan In
suranee Corp. noted the sixth ami
versary on June 27, with assets
mounting, losses nominal and $780,
900 investors now being given pro-
lection, officials said yesterday.