Evening star., 1941-05-25
New Record SET
By Building and
Loan Assets
DC. Associations Show
Sl5,460,4 ,443 Increase
Over Year Ago
BY EDWARD c. STONE.


and Loan League, reached a new
peak of 162,481535 on April 30,
against S14702l.O92 a year ago, an
increase of S15,46O,443, Secretary
F. Wilson Camp reported last night.
Mortgage loan activity disclosed
an increase of 'S14274,540 over the
corresponding period in 1910, Mr..
Camp added Cash on hand moved
up 81 ,035 ,S67, while borrowed money
al rediscountS dropped $355,535
during the year.
New share money, Mr.. Camp re-
ported, showed a gain OF $l2,878 l66,
rejecting the steady growth of the
Capital Surplus and reserves moved
up to Sl2.1l2,992 during the year.
Comparisons with March were also
favorable, a net gain of S2,l63,765 in
combined resources being reported.
The April loan total reached S4,699.-
558 Of this mortgage total, S3,435,-
900 was for new homes and other
construction, Mr.. Camp said.
Sale Plan StirS Interest.
New York reports that the North
American Co. plans to sell its hold
ings of Washington Railway & Elec-
tric common stock to a syndicate of
investment bankers for resale to the
public, aroused great interest here
yesterday. 1t is expected that the
distribution TO the public will take
the form of participating units
similar to those already issued as
dividend payments on North Amer
lean common stock.
Sale of the stock by North American
has to be registered with the Securi-
ties and Exchange Commission. The
stock cannot be sold without regis
tration as it is owned by a holding
company and involves control of
other companies. In Sucn cases
S. E. c. approval has to be obtained.
Later the plans of investment houses
for reselling the stock also have to
be registered with the S. E. c.
Washington Railway e. Electric
units were quoted yesterday in the
financial district at 14ai bid and 49,,
asked. They sold OFF recently when
the North American Co. announced
plans to pay common stock dividends
in these units during the rest of the
year. Many of the units were
quickly converted into cash by
holders all over the country. Now
that North American will issue no
more such units, they are expected
to strengthen in price.
North American has controlled
Washington Railway & Electric for
nearly 20 years. Reduction of hold
ings by using w. R. & E units as
dividends was opposed by the S. E. c.
as it would have taken three or
four years.
Railway & Electric owns half Of
the stock of the Capital Transit Co.
which gives North American in
direct control of the transit company.
When the Railway common stock is
sold. North American will have no
further interest in Capital Transit.
OUlucllNciScI Oil II lug dill
DR.. E. A. Goldenweiser, economist
and director of the Board of Gov
ernors of the Federal Reserve Sys-
TENS Division of Research and Sta
tistics, will be one of the principal
speakers on the program of the
23d annual convention of the Dis
trict of Columbia Bankers AsSo-
citation, it was announced yesterday
by President A. NJ McLachlen. The
convention takes place at Hot
Springs June 5-8.
Mr.. Goldenweiser will speak on
THE Role of Credit in Defense"
He has been with the Reserve Board
since 1919 and held his present posi-
ton for 16 years A graduate of
Columbia and Cornell Universities,
he has been in Government service
"a years. He is author of a book
on The Federal Reserve System
in Operation and editor of the
Federal Reserve Bulletin.
Maryland to Sell Bonds.
The Maryland State Roads Com
mission announces the forthcoming
sale of approximately S1,000,000 in
bonds on June 2. Bidders will be
asked to indicate the rate of interest
in their bids, the maturity dates to
be set later by the commission.
The proceeds of the offering will
be used for the purchase of dhe
property of the Claiborne Annapolis
Ferry Co. which the State of Mary
land plans to operate about June 10,
the announcement said.
Net railway operating income of
the PENNSYLVANIA Railroad in April
totaled S6,025.764, an increase Of
Sl93.222 over April a year ago, In
the first four months Of this year
net railway operating income
amounted to S26.271 ,822. against
s21966,4O4. a gain of 1906, ,8O8 over
the like 1910 period
Financial District Comment.
Washington Railway & Electric As
were strong on the Washington
Stock Exchange yesterday, $500 mov-
Ing at 108i2.
I, J. Roberts and John M. Christie,
both Riggs National Bank officers,
left Washington yesterday to attend
the national convention of the
American Institute of Banking in
San Francisco.
Dollars and Sense, Washington A.
I. B. Chapters official publication,
edited by A. E. Henze, appeared in
the financial district yesterday. The
May issue is unusually interesting
and pictures all chapter activities,
including the recent election.
T. Stanley Holland. trust officer of
the American Security & Trust Co.,
has returned to the bank after
short illness.
The Commerce Department re-
ports that rural sales of general
merchandise in the first four months
of 1941 were 16 per cent better than
q year ago.
The May meeting of the District
of Columbia Building and Loan
League will be held Tuesday noon
at the Raleigh Hotel The annual
outing will be held June l8 at the
WASHINGTON Golf and Country Club.