Evening star., 1943-06-24

Virginia " +25 --22
West Virginia ----- +15
North Carolina ----- 80 +23
South Carolina 1890 40 &c
Building, Loan Assets Mount.
Assets Of the member associations
of the District Building and Loan
League. as Of May 81. reached an
other new high of S165, ,796141, an
increase of $1l,751 800 over the COM
parable date year ago, and gain
of Sl,0000o0 over April Of this year,
according to the monthly report of
Secretary F. Wilson Camp, made
today.
Analysis of the report reveals a
substantial increase in cash on
hand, this item rising from $780,
9l6 in 1912 to IS 607.54 while hold
ings of Government war securities
also scared sharply, now totaling
S9.593108, compared with only 81
o87.327 last year New share money
increased during the year to a rec
ord amount of s166,562 eO3.
AS expected, advances for mort
gage loans declined somewhat, al
though the drop was not as severe
as anticipated. The total amount of
mortgages outstanding. while less
than shown on April 80. is still above
the amount listed in May. 1912. The
various associations handled S2,829,-
443 in purchase. construction and
other loans during May. bringing
the mortgage figure up to sl64 300
O93.
New accounts exceeded those
started year ago, with CORE
spending decrease in closed &C
counts. Together, the 25 members of
the league had 1889 borrowing
and investing members at the end
OF May, the report concluded.
Paper Mills Vote Interest.
Directors of District OF Columbia
Farer Mills, Inc, have authorized
payment on July of one years
interest on the company's outstand-
ing rer cent first mortgage bonds
Of 1916.
The bonds have been in default
since July /, 1898. Coupon No 5,
due July /, 1893, and coupon No
6, due January /, 1899, should be
presented at Riggs National Bank
on or after July /, l943. There are
outstanding in the hands of the
public a total of S549000 Of these
bonds.
Notices of the coming payment
were being mailed to the bond
holders today, President G. L. Nicol-
son announced.
Lanston Stock Par Reduced.
Stockholders Of the Lanston Mon
otype Machine Co., meeting in
Alexandria today, voted to reduce
the par value Of the stock from S10O
per share to S25 per share, and to
amend the charter to carry out
such reduction. The stockholders
voted to decrease the amount of
outstanding stock from $4,000 900
to S45O0000 and transfer this
amount to surplus account. The ac-
tion was taken to simplify the capi-
tai structure
Directors were reelected for the
coming year, including J. Thilman
Hendrick. chairman of the board;
Harvey D. Best, DR.. John o. La
Gorce. Henry Parsons, James E.
CollifloWer. William E. Schooley,
Louis B. Warren. Roger J. White
ford and John w. Drye, jr.
At the organization meeting, j.
Thilman Hendrick was reelected
chairman of the board; Harvey D.
Best, president; T. Frank Norman,
executive vice president; John j.
John J. Meadth, vice president;
John A. Ferguson, secretary; Will
fred Bancroft. treasurer, and Har-
vey w. Monks, assistant treasurer.
Heavy Financing Forecast.
The Investment Bankers Asso-
citation sees a huge demand for cap
ital after the war from railroads,
airlines and other transportation
services. The railroads are expected
to spend 81 ,000000O0O a year for 10
years, of which $600.O00,000 is likely
to come from earnings and reserves,
indicating that the roads may enter
the public capital markets for $400,-
100000 a year.
The associations Railroad Secur-
tiles Committee also estimates that
airlines will need $500, 100000 in
the first 10 years after the war.
The committee is continuing its
work and will make more complete
report at the annual convention in
November, it was announced from
Chicago today.
Life Agents Lead Company.
The Berkshire Life Insurance Co.
announced today that j. E. Nc
Combs, Washington Office general
agent, was the company's leading
producer in the first five months of
this year. The WASHINGTON office
also led all the other agencies in
the same period.
Joseph Brown of the Washington
cfI7ce stood fourth in the company
IN the five months. He led the en-
tire staff of fUll-tirle AGENTS from
March l to June !. The head office
reuo"t also st@tcd TT business in
Nav was 81 Per cent ahead of May,
1cE2.
Capital Transit Active.
.Ccrita! T"-'~-.t 'cd trading on the
'''~-"n 'c~k Exchange today
= / "5-.''""e turnover at 80
" - N Cos $ preferred and
C. i cc'>>r'on we're also in de-
r II ~''.~.-g ~Yiccs.
= - - '"con meeting of the
z 80 '-'|'rg and Loan League
vi 'o''e 'o,H"e nett Tuesday at the
C-r I'll T2rA t-ctel. 4