Evening star., 1942-12-24
D. {. War Bond Sales
Top & Millions
In Big Drive
Van Devonter Reports
58-MIIIion Quote
Oyersubscribed
BY EDWARD c. STONE

Committee, announced today thai
safs in Washington in the Treas,
nys huge War bond campaign
reached $62, ,659,745.
The Capitals quota was 5S,0O0,.
600, which means a very substantial
oversubscription and some remark
able results in the last three days
of the campaign which closed yes
terday.
The sales reported by the chair
man included those made through
the Washington banks by bankers
and by investment bankers, plus a
large number of other sales reported
through the Federal Reserve Bank
of Richmond.
More detailed figures will be
available shortly. MI. Van Devanter
Is elated over the results, as is Vice
Chairman Y. E. Booker. The goal
was a most difficult one to reach
and was attained only by phenome-
nal saleSmanship, cooperation and
hard work.
1t was learned from the Treasury
today that the national campaign
has netted sales of more than Sl2,-
600 100000 War bonds in the So
000,000,000 drive. The 1000, 900 900
total, already reported, has been
substantially exceeded.
Title ! Loans Decline.
Washington bankers reported to-
day that title l loans for repairs.
alterations and general improve
ments to property in the District
have recently shown a decrease over
last year and were considerably
lower in the first nine months of
this year than a year ago.
Exact figures are not available as
they have not yet been reported
by the Federal Housing Admins
tration, The cause of the letup
In these loans, bankers say, is both
the lact of priorities on certain
building materials and a shortage
Of men for this type of work.
The FHA reports that the volume
of property Improvements over the
whole country declined in the first
months of the year but less sharply
than private residential construc-
ton. The value of permits for addi-
tons, alterations and repairs to all
types of property during this period
was 26.9 per cent less than for the
same period last year.
The same FILA review states that
the volume of new mortgage invest
ments showed a continued down
ward tendency, due largely to the
curtallment Of private residential
construction. This drop was about
20 per cent under last year.
Under the FILA program the
principal amount of one to four
family residential mortgages in
sured under titles 2 and of the
National Housing Act during the
first nine months of 1912 for the
whole country was S714635 036, an
increase of 1876 per cent over the
like 194l period The increase re-
fleets completion of projects started
late in 1941 and early in 1912, be-
fore wartime curbs on building be-
came fully effective.
Pepco Earnings OFF Slightly.
Net earnings of the Potomac Elec-
trio Power Co. in November totaled
1927 ,2e7.58, a slight drop of S4,037 %
compared with the like month a
year ago, according to the monthly
report filed today with the Public
Utilities Commission.
Operating revenues amounted to
sl,749 ,050.60, up $l99, ,991 50, or 1891
per cent. Operating revenue deduc-
tions called for sl,275 1923 rs, which
was Sl99, 1872, or 1884 per cent
more than last year. Taxes re-
quired S380,84484, a jump of sl24,-
705.32, or 4869 per cent.
Net income IN the first II months
of the year totaled S3,526, ,6374l, off
S92,65057, or ESQ per cent from last
year in the ike period. Operating
revenues were up $2,l24 57965, or
1852 per cent over last year, but
operating revenue deductions called
for $2,2l0.08644 more than in l941
an increase of 1898 per cent.
Taxes required $1.228, ,77093 more
than last year. or "A per cent. OPP
Grating expenses were up more than
S94l 900, or 1851 per cent, the report
stated.
ABA Headquarters to Move.
The Washington office of the
American Bankers Association,
which has been located in the
Washington Building for the past
five years, will be moved across
the street to the National Savings
e Trust Building on December 30.
1t was learned in the financial dis
trict today.
D. J. Needham, general counsel
Of the association, is head of the
Office. His assistant, J. o. Brott, and
other ABA officers are also located
In the Capital, although the main
executive Offices are in New York.
The new Offices will be located on
the top floor of the trust COM
pany's building, formerly occupied
by the brokerage firm of Auchin-
Gloss, Parker & Redpath.
Investment Bankers Entertain.
Brown. Goodwin g. Olds. invest
ment firm, held their annual Christ
mas party at the Columbia Country
Club last evening The affair, at
tended by their clients and other
business associates, drew many bank
officers. Guests were welcomed by
L. Clarke Brown and Edison B. Olds,
Mr. Goodwin being in the service.
The Bank of Commerce & Savings
held its annual Christmas party at
the Congressional Country Club
Monday night, featured by dinner
and other special Yuletide festiy-
tiles.
The First Federal Savings & Loan
Association IS distributing a very
interesting 1943 calendar which in
cludes a timely picture Of the water
front Of Tripoh, North Africa. near
which so many United States Army
and Navy men are now located and
where history is in the making. The
calendar also includes a picture Of
Mount Rainier.
Washington Gas Common Active.
Washington Gas Light common
registered six sales involving 100