Evening star., 1942-10-01

Loan Association 81 Years Old.
Today marks the SD anniversary
of the founding of the National
Permanent Building Association,
third largest building and loan or
ganization in the city. Latest re-
ports show that total resources now
exceed $12,500,000, an increase in
assets of over $65o,0O0 since last
year
Robert E. Buckley, president,
stated today that the annual meet
ing of the shareholders to elect Off
GERS and directors will be held Fri
day afternoon.
Mr.. Buckley added that the an
nual statement, distributed today,
shows a substantial gain in the
surplus and reserves account, with
real estate loans representing first
liens on improved property in the
District and nearby Virginia ex-
ceeoing the s12,000,oo0 mark for the
first time.
The association is under super
vision of the Treasury and is a
member of the Federal Home Loan
Bank System, the United States
Savings and Loan League and the
District Building and Loan League
Spendable Income Cut Urged.
This country is losing the war
on the first front of finance even
while a second military front in
Europe is only a hope and a blue
print" Edward c. Acheson, assistan.
professor of finance. George Wash
ington University, told the District
of Columbia Control, Controllers In
stitute of America, at the first fall
meeting at the Carlton Hotel.
IT imitation comes to this country
1t will cause confusion, waste man.
hours and break down all manage
ment, causing every legally run in
dustry to become bottle neck.
To control imitation the national
spendable income should be reduced
to the level of consumer goods tol
sale. DR.. Acheson expressed the
opinion that there are too many
"blocs" working for their own petty
interests and these must be elm
mated before the United States car
hope to win this war. Bankers car
and must help inaugurate a strong
sound financial policy.
Victory Bond Rally Planned.
All officers and directors of tn,
IS member association of the Dis
trict Building and Loan League hav
been invited to a War bond rail-,
and dinner at the May1ower Hotel
next Tuesday, by Edward C. Baltz
chairman OF the committee. Wash
ington associations have been asket
to buy 100000 of the bonds TO
their own accounts.
Clarence E. Kefauver. who presid
ea at yesterdays monthly meeting o
the league, as President Wilfred H
Blanz is now recovering from al
operation for appendicitis, appointed
Edward L., McAleer, Chaplin Bau
man and E. K. Jones members of tn
Nominating Committee to select of
f1cers for next year, election bein
set for october 81.
S. Wilson Camp, secretary, re
ported that in spite of construction
curtailment, real estate loans ag
gregated $l65 ,218, ,93l on August 81,
gain Of $6,836,824 in the past veal
Share money gained $9,l49, ,l08 in tn
same period, while total resource
moved up to $l77,254,269, a ne,
high-water mark.
ClarksOn Joins Auchincloss.
Auchincloss, Parker e. Redpatf
New York Stock Exchange firm, an
nounced here today that Frederic
H. Clarkson, who has been a partne
in Winthrop, Waterhouse a. Co., ha
become partner in the Washingto
concern. He will be in the New Yor
ONCE.
Mr.. Clarkson is former vic
president of the Irving Trust CO
where he was in charge Of the in
vestment department. He has bee
q stock exchange Arm partner sine
1926 and for several years was
member Of the Board of Governor
OF the Bond Club of New York.
Today's Trading on Exchange.
Potomac Electric Power 51a pe
cent preferred sold at Hay on tn
Washington Stock Exchange toda,
up half point from yesterday. Th
stock closed with ia bid and nor
offered.
Holders of Capital Transit stoc
have just received the third quartz
dividend OF 80 cents per share. TT
dividend on Peoples Drug Stor'
common also has Just been distrit
uted.
W. Linn Hemingway, newly II
stalled president Of the America
Bankers Association, has mar
friends among Warrington hnAl
eders. He halls from st. Louis.