Evening star., 1940-11-20

The share Edward c. Baitz'
holders approved a motion to trans
fer S25000O from the undivided
profits account to surplus account
which now stands at S3,500000 |
Brisk demand continues for home
loans, Mr.. BaltZ stated, with an
unusually large number of applica-
tionS from buyers who are entering |
the home ownership for the first |
time
Prior to the election of officers, |
committee of shareholders read a
resolution praising the work of
Secretary Baltz for his part in /
. keeping the association in the front |
rank as the largest organization of
the kind in the United States The !
resolution was adopted.
Officers reelected were Arthur G. .
Bishop, chairman of the board; |
Marvin A Gusts. president; Vernon |
G. Owen, vice president; Edward |
c. Baltz, secretary; Franklin w. |
Harper, treasurer; William H Dyer, |
assistant secretary; James c. Roy, |
assistant treasurer: William H. Rip
pard. auditor.
Directors include Thornton w.
Owen. John c. Scofield. Samuel
Scrivener, William G. Schafhirt and
Messrs. Bishop, Gusts, Vernon
Owen, Baltz and Harper
Banks Boost Title III Loans.
Washington banks continue to |
make a large number of insured /.
mortgage loans under Title II of the /
Federal Housing Administration
plan.
Up to October l. commercial banks .
In the Capital had granted 1896
cumulative loans. amounting to Sl0,- |
681.570 and other lending institu- ]
tions had allowed Title II mortgages /
loans numbering 2,346 aggrega ting /
Sl5.09966 This makes total Of
4442 loans for s25. .78l 43O. accord /
Ing to F. H. A. reports to the Dis .
trict Bankers Association.
At the same time, lending lnStitu- |
ttons whose head Offices do not |
have to be in the District. have made |
POPS similar loans on properties
located in the District, amounting
to s12.505 .450.
Gross loans which include some
eXpirations, under Title II, from .
January through September, made |
by commercial banks numbered 10 |
and for S47l,700, and by other lend |
ing institutions, 975, for S., ,166 400. |
making total of 1,045 loans in the
sum of S5,638 100 This compares
with 923 in 1899 for s4,68O,2OO, the
report states.
Holiday Buying Starts Early.
Washington merchants report that .
holiday trade got away to a par
tlcularly early start. Stores are al
ready crowded with Christmas buy
ers, even before Thanksgiving. One
Washington bank president said to- /
day he had already completed his
Christmas shopping.
In his monthly letter to the WASH |
ington Association of Credit Men. |
Henry H. Heimann, executive Secre-
tary of the National Association, de-
clares that business activity is one
problem before the country that /.
can be eliminated for the present. /
He says the defense program can
not help but insure a generally |.
favorable business volume for many |
months ahead
Savings Bank Officers Named.
The Board of Trustees of the East |
Washington Savings Bank. meeting
yesterday, elected John N. Brick |
head assistant treasurer, according |
to announcement today by Secre-
tary-Treasurer s. w. Earnshaw.
Ernest E Herrell was elected a
member of the Executive Committee |
and John G. w Beall was elected |
chairman of the Executive Com |
mittee.
John H. Hanna. chairman of the
board of the Capital Transit Co.,
has been elected to succeed himself |
as class B director in the Federal |
Reserve Bank of Richmond. Presi- !
dent Hugh Leach announced today. !
James c. BrasweN, president of the
Planters National Bank, Rocky |
Mount. N. c.. has been elected a
class A director, also to succeed |
himself. Both are three-Vear terms. |
Small Business Aid Pushed.
The Federal Reserve Bank of
Richmond is cooperating with the
National Defense Commission in
efforts TO render greater aid to So
called small business. The repre-
sentative of Small-business activ-
tiles at the head Office in Rich
mond will be R. w. Mercer. with
w. R. Milford at the Baltimore
branch and w. T Clements at the
Charlotte branch The men will be
glad to hear from bankers or bus
lnessmen and help speed up defense
loans in every possible way.
1t is requested by President Hugh
Leach that communications be ad-
dressed directly to these officers.
The loans are to be made with the
understanding that the Govern
ment defense contracts be assigned
to the banks as collateral.
Exchanges to Close Tomorrow.
The Washington Stock Exchange
and all Washington Offices of the
New York Exchange and other big
markets will be closed tomorrow for
Thanksgiving. The banks, building
and loan associations and all
financial institutions in the city will
also be closed.
A week from tomorrow, when
some 16 States are observing
Thanksgiving, the New York Stock
Exchange will be open and the Of
fees in those States will be operat-
ing as usual Employees will be in
hard luck so far as having the day
off is concerned.
On the Washington Stock Ex-
change today, Washington Gas Light
preferred stock figured in a small
sale at LOG. Other issues were ne
elected.