Evening star., 1944-07-09
Bank Jobs Given
Ioca!|YNeeded' !
Rating Here
VINO Move Expected
To Aid Search for
New Employees
BY EDWARD C. STONE,

In Washington have been granted
the locally needed" designation b.
the War Manpower Commission, i
was announced yesterday.
The application was presented b,
. special committee composed O
Robert v. Fleming, president, Rigg,
National, chairman; Francis G. Ad.
olson, jr., president, Security Say.
tngs & Commercial, and A. Scot
Onutt. vice president, City Bank
and immediate past president Of tn.
District Bankers Association.
Ernest B. Connolly, acting area di.
rector, notified Mr.. Fleming thai
the commercial and savings bank.
IN the Washington ID. c. area hac
beed added to the list of industries
considered locally needed, the action
to become effective tomorrow, July
TO-
The locally needed designation
entities banks to the same recogni-
ton as If they were included in the
War Manpower Commissions list OF
essential activities, for any employ
ment stabilization purpose and in
connection with the recruitment and
referral of workers by the United
States Employment Service.
Locally needed" designations
also serve as guides for local selec.
tive service boards in considerine
occupational deferments OF reg
lstrants over Is years of age. In ad.
dition to the benefits obtained, the
banks have to add certain special
duties under the employment stabil.
lzation plan, Mr.. Fleming added.
Mortgage Financing Mounts.
For the first month since 194l
non-farm mortgage financing dur
Ing May exceeded $400, ,000, 900, gain
ing 10 per cent over April and "a
over May, 1943, the Federal Home
Loan Bank Administration reported
Yesterday. Mortgages recorded In
the name of individual lenders
reached their peak since the figures
were first compiled in 1889 Build
ing and loan associations made the
largest number of loans.
In the first five months of the
year, mortgage recordings aggre-
gated $1,754 100000 an increase of
80 per cent over 1943. In May alone
building and loan associations made
&139, ,748.000 In loans; insurance
companies, s2l. .794 900: banks, s79.-
OBS, 900; mutual banks, $l4,882, 900;
individuals. S95, ,73O, 900: other mort
cages, $50 1858, 900; total, s405 ,0s5 900.
Store Sales Up Sharply.
In a sharp advance, department
store sales in Washington for the
week ended July rose 8 per cent
above the same week last year, the
Reserve Bank of Richmond report
ed. Sales were off 3 per cent from
the previous week. Sales for four
weeks, ending July /. were 4 per cent
above a year ago. comparing with a
per cent gain in the whole fifth
district.
Federal Buys More Bonds.
The semiannual report of the
First Federal Savings and Loan AS
sociation. distributed yesterday,
stated that the firm had invested
81 900 900 in United States secur-
tiles since July l, bringing the total
In such investments to s3,525,000.
On June 80 assets totaled $16,354,-
308. another all-time high. Mort
gage loans of $12,447,67l showed a
gain of $706,16l in the last six
months, while savings and invest
ments increased by 81 l301 ,061 in the
same period. Reserves and undivid-
ed profits now total $775,466.
Dollars and Sense Appears.
The July issue of Dollars and
Sense, put out by Washington Chap
ter, American Institute of Banking,
has appeared in the financial dis
trict. Edited by A. E. Henze. Union
Trust Co., it is filled with chapter
news and reports. The great num-
ber of changes In bank employees
caused marked increase in class
attendance during the year. The
class in job instructor training drew
the most students, 102.
Bond Issues on Increase.
During June the voters OF 81
communities in II States approved
the issuance of municipal bonds to-
taling $16,593 ,255, as compared with
$l9, 9,o36 300 during May, according to
the Daily Bond Buyer. The figure
for June. 1943, was $15,99S, 500.
During the past few months there
has been a gradual increase In the
number of municipalities authoriz-
ing bond issues.
Bank Stock at New Peak.
National Bank of Washington
stock reached a new 1914 peak
during the week when it sold at lis,
up points from the last transfer.
The 30-cent dividend on Hecht
Co. common will be paid on July 81
to stockholders of record July Is.
Quarterly Income Shares will pay
OBSERVATION-DISCLOSURES