Evening star., 1943-03-31
By EDWARD c. STONE.


crease production, release workers
for other employment or otherwise
further the war effort"
Any bank in the SO designated
areas may apply to the regional di-
rector for exemption from the 48-
hour week under the above outlined
conditions, the bulletin concludes.
Loan Experts Hear Reports.
One of the largest gatherings in
recent months attended the monthly
luncheon and meeting of the Dis
trict of Columbia Building and Loan
League, held at the Capitol Park
Hotel yesterday. Members heard
from several committee chairmen,
including C. Clinton James, legisla-
tive; Clarence E. Kefauver, uniform
practice, and Carl J. Bergman, Red
Cross building and loan leader.
Wilfred H. BlanZ, president, In
troduced James I. Vankeuren, presi-
dent of the Capital Savings and
Loan Co. of Lansing, Mich; w. F.
Morrison, Bells Savings and Loan
Association of Chicago, and Morton
Bodfish, executive vice president of
the United States Savings and Loan
League, also of Chicago.
Sales Off Exchanges Heavy.
Merrill Lynch, Pierce Fenner &
Beane have published a 28-page
booklet entitled of Board Securi-
ties Business which tells how this
business is handled, where it origi-
mates and sets forth the legal restric-
tions and other rules governing these
transactions.
Accordingto the firm, the value OF
securities traded off board, 1nclud-
ing United States Government Sc
curities, is substantially greater than
the value of securities traded on the
organized securities exchanges,
amounting to sl75,567 100000 as Of
December 81, 1912, compared with
about $1OO billion of board secur-
tiles.
Exclusive of U. S. Government
securities, which amounted to $780,
$4,000 900, as of December 81, 1912,
the off board business was valued
on that date at 100000, 100000.
February Gas Net Declines.
Gross operating revenues of the
Washington Gas Light Co. for Feb
ruary, 1943, reported to the Public
Utilities Commission today, were
$l.325,77O, compared with $1,3l3,7 ,756
for February last year, an increase
of $12,014. Operating expenses in
S2,497 to total of STOOLS Sis. result
ing in a gain in net operating rev.
enues Of $9,517.
Incorporating income was ap-
proximately the same as last year,
while income deductions amounting
to $88,836 were $15,030 higher. The
final figure for February this year
was $3.50 below last year, being
$257 1858.
The company's net income for the
first two months of this year was
$5OS,741 compared with $472,374 last
year, an increase of S36,367 despite
an increase of $81,813 in the provi-
sion for taxes.
The report also shows gas sales
OF 2,138,593 M cubic feet for Febru-
ary this year compared with 2.126,-
O6O M cubic feet last year. Meters
in service in the District of Colum-
bia increased 5,271 over last year to
a total of 184,964.
The company expended approx
imately $218,700 in February and
S59O5OO in the first two months of
this year for extensions to its prop
erty in Washington.
Installment Loans Again Drop.
The Federal Reserve Board an
nounced today that consumer in
stallment loans of the four main
groups of lending institutions de-
clined per cent in February. The
decline for the year ending Febru-
ary was 81 per cent.
Commercial banks showed the
largest percentage decline, 8 per
cent, while loans of other cash lend
ers declined about 4 per cent during
the month.
The volume of installment loans
made by the four agencies in Febru-
ary was $124,OO0,00O, up 6 per cent
from January, but 80 per cent under
February, 1912.
Loans made by commercial banks
were down 81 per cent from last
year, while new loans by credit
unions, industrial banks and small
loan companies were 80, 26 and 81
per cent, respectively, below the
same period last year, the Reserve
Board stated.
Airlines Office Moved.
The Pennsylvania Central Airlines
will move its city ticket Office from
the Woodward Building to the lobby
of the new Statler Hotel at Sixteenth
and K streets NV. tomorrow, 1t was
announced today by H. E. Kennedy
district traffic manager.
All seats in the brokerage. houses
were taken again today when the
New York Stock Market opened,
following yesterdays busy session
when 329 new 1943 high marks were
reached and some stocks sold at the
highest prices since 1897.
Allen on Aviation Board.
George E. Allen, former District
Commissioner, was elected direc-
tor of the Aviation Corp, at the an
nual meeting in New York yester-
day. He is vice president of the
Home Insurance Co., director of the
War Damage Corp. and numerous
other financial concerns.
Mr.. Allen Is also special assistant
to the chairman of the American
Red Gross, member of the Executive
Committee of the Boy Scouts of
America and the National Founda-
ton Of Infantile Paralysis. He re-