Evening star., 1941-06-29
D. {. Banks Hit
Higher Levels
For Half Year
Deposits and Other
Indices Disclose
New Records
BY EDWARD c. STONE.

DN EDWARD I. SIONE.
Washington bankers declared yes
terday that the first six months Of
1941 had been one of the best half
year periods in many years in both
banking and general business. Bank
earnings in the Capital have been
highly gratifying, loans have shown
an uptrend, deposits are now at a
new all-time peak.
The banks have maintained their
regular dividends during the six
months. several extras have been
declared and in some cases funds
have been added to surplus accounts.
The banks have taken an active part
in national defense efforts, granting
many loans for supplies and selling
a large number of defense bonds
over their counters.
Bank clearings in the first five
months of this year showed a gain
of $142 .627 $50 over the like period
a year ago. reaching $687 .722 .589 %.
ClearingS in Washington in May
shattered all previous marks for
any month on record, and it is
known that the June figures will
also be very impressive.
Loan Associations Booming.
The Capitals building and loan
associations have just reported a
new high mark in combined assets.
a very heavy demand for loans dur
ing the half year and a steady gain
in the number of new accounts.
Loans for home building and flnanC-
ing have been predominant
Trading on the Washington Stock
Exchange has recently displayed i'm
provement and prices have held up
well in the half year. Earnings of
the public utility companies have
been excellent although expenses
have also advanced.
Retail trade has revealed constant
expansion. latest reports indicating
a gain of about 20 per cent in de-
partment store sales over the first
half of 1910.
Life insurance sales were up 9
per cent in the Capital in the first
five months of the year Both tele-
phone stations and calls have re-
Gently reached the highest point
on record. Postal revenues at the
City Post Office. express shipments.
electricity kilowatt, hour sales. have
all entered new high ground in
the past six months.
At the same time. building fig
ures In the District kept pace with
other leading indices. .
Higher Taxes Cut Gas Net.
The Washington Gas Light Co.
reported to the Public Utilities
Commission Yesterday that the re-
suit of operations for the first five
months Of this year was net
income of S1060,372. as against
s1,107,4so for the same period in
1910, a decrease of s47118. All of
this decrease resulted from an in
crease in taxes, which amounted to
Sl08.203 for this period
The report also shows gas sales
Of 991,7 1913 NJ cubic feet for the
month compared with 1.067.384 NJ
cubic feet for May last year. There
were l70.318 meters in service in
the District of Columbia on May 81.
l94l, a 7 per cent increase over
last year.
The company expended approxi-
nately S147.O00 in MAY and s571 900
In the first five months of this year
for extensions to its property in
Washington
Heavy Phone Outlay Voted.
Expenditures amounting to ST.
e77,000 for the construction of tele-
phone plant and installation of
equipment in the District of Colum-
bia have been authorized by the di-
rectors of the Chesapeake & Po-
tomac Telephone Co, according to
Charles A. Robinson, vice president
and general manager. This brings
the total authorized for expenditure
for the first six months of 1941 to
$6,775 ,000 an increase of more than
27 per cent over the first half of
1910.
Due to a growing demand for tele-
phone services as result of defense
activities. 81 .298 900 will be spent for
the day-to-day work of installing,
disconnecting and moving telephone
facilities on subscribers premises
and for minor outside plant con-
struction during the third quarter
of 1941, an increase of approximately
so per cent over the same period of
last year.
Financial District Comment.
Ord Preston has just completed
nine years as president of the
Union Trust Co. during that time
deposits have more than doubled
Preston w. Grant has been as
signed to the Washington office
Of the Travellers Insurance Co.. in
the casualty department, effective
July 2. Mr.. Grant has been man.
ager of the insurance department
of the National Savings g. Trust
Co.
The Riggs National Bank Club is
having the annual weekend outing
at Colonial Beach, a large num-
Der of members having headed for
the Virginia resort yesterday after
noon.
The City Bank Club, made up
of officers and employees of the
City Bank, had a supper and dance
at the Carlton Hotel last evening.
Mrs. James N. w. Mcclure was
chairman of arrangements.
The National Stationers Associa-
ton reported here yesterday that
business in the Washington area
In May was more than IS per cent
ahead of last year.
The Federal Reserve Board re-
ported yesterday that department
store sales in the Fifth District
from January to June 81 were 10
per cent above the like 1910 Pc
HinA