Evening star., 1943-07-04
Bank Earnings Rise,
With D. {. Deposits
|At New Peaks
BY EDWARD C. STONE.

| ~ LIZ w &AAsD os ~ OA'A$e
Washington bank officials stated
yesterday that the tirst half Of 194a
was one Of the busiest six-month
periods In years. due to the unpre-
cedented war boom in the Capital
and to many other factors. Bank
earnings were better than in the
first half of 1912. deposits scored an
aggregate gain of more than $50, 500
600. while loans On war supplies
helped offset the lag in commercial
borrowing. Income from very large
purchases of Government War
Bonds reached new high figure
War and business activity gave
bank clearings a lift Of $10,500, 1872 in
the half year. Department store
trade trade again registered excep-
tional activity and in the first five
months Of the year was 7 per cent
ahead Of the like 1912 period.
Postal revenues, express ship
ments end the number Of telephones
In service all reached new all-time
high levels, rejecting the Capitals
business expansion. Life insurance
sales, which started out very slowly
revealed a sharp turnabout in the
second quarter.
Building, Loan Assets Up.
Building and loan association Of
ncers also reported an excellent half
year. Assets of the associaa tions in
the District Building and Loan
League at the end of May totaled
5,796141. an increase of $l1.751.
83o over the same date a year ago.
1otal mortgage loans, although de-
creaslng. remained ahead OF last
year, and new accounts continued to
reveal substantial gains.
Practically all securities on tho
washington Stock Exchange moved
upward. Every bond ended June
lar above par. Capital Traction S.
were the most popular bonds, while
Washington Gas Common and
Mergenthaler Linotype led the
stock trading.
Investment Demand Rises
Investment dealers said Yesterday
that the half year had seen great
Improvement In the demand for
high grade securities. Bond prices
have held up well, investment de-
mand for the few new issues pick
ing up sharply right after the Sec
ond Liberty Loan Drive.
Washington's brokerage houses
saw a sweeping upturn in business
In the six months, mainly because
OF the return of many 1000, ,OOO-
share days on the New York Stock
Exchange.
The Capitals four big utility cor
porations enjoyed substantially
better net earnings in the first five
months than year ago. only one
reporting slight decrease. Operat-
lrg revenues showed tremendous in
creases but heavier taxes and other
expenses held down final results.
First Federal Assets Climb.
Total assets of the First Federal
Savings & Loan Association on June
80 amounted to $13,413.235, an in
crease in savings accounts for the
half year of Sl,848, ,956. according
to the semi-annual statement dis
tributed yesterday. During the Pc
riod the association invested 81 200, :
| 600 in Government securities to aid
in War financing.
! c. H. Ellingson. executive vice
president, reported that the direc-
tors had declared dividend at the
rate OF 3 per cent per annum, bring
ing total dividends disbursed in the
past five years to Sl,083,757. Re-
sources and undivided profits or
June 80 reached s652,O25, he an
nounced.
Baltz Heads New Committee.
Edward c. Baltz, secretary of the
Perpetual Building Association. has
been named chairman of the special
Postwar Committee of the District
Building and Loan League, Presi-
dent Wilfred H. Blanz announced
yesterday. The committee will work
with "a other leaders in the United
States Savings and Loan League.
The other members are Carl J
Bergman, Edward K. Jones. r. w
Santelmann, Clarence E. Kefauvel
and Carl H. Ellingson.
Oriental Yearly Report Out.
| The annual statement of the Ori-
entail Building Association. out yes
terday, discloses that resources have
now exceeded the $7500,000 mark
Surplus stands at $724 ,259 while the
82-year- old institution has cash and
United States War bonds amounting
to 100000. John G. Kolb. treas
urer, reported a most satisfactory
year.
| Addison Law Chairman.
Francis Addison, jr., president OF
the Security Savings g. Commercial
Bank, for many years chairman OF
the Law and Legislation Committee
of the District Bankers Association
has been requested to continue in
service. President A. Scott Offutt
announced yesterday. The other
members are:
Robert v. Fleming. Riggs National
vice chairman; C. F. Burton. City
Bank; John A. Reilly. Second Ma
tional; George E. Hamilton, jr.
Union Trust: H. H. Mckee, National
Capital; Corcoran Thorn, American
Security & Trust, and Floyd E
Davis, Lincoln National.
d. C. Store Collections Up.
The Federal Reserve Bank OF
Richmond announced yesterday that
Washington department store COL
lections during May were II per
cent of the bills due at the begin
ming of the month. A year ago only