Evening star., 1945-07-22
10 THE SUNDAY STAR, Washington. D. c.
SUNDAY, a. lsls
Northeast Building
Elects Sherwood
Board Chairman
BY EDWARD C. STONE.

James L. Sherwood, charter mem,
Der and president Of the Northeas'
Building Association for 20 years
was elected chairman of the boarc
at the annual meeting and Schuyler
s. Symons, vice president, elevated
to the presidency, 1t was announced
yesterday. At the time, w. s. Tor
BERT. general counsel, was named
executive vice president.
Mr.. Symons and Mr.. Torbert also
are charter members of the associa-
tion which was founded in 1915
Other officers elected include H. C.
Althoff, vice president; Raymond
G. Williams, secretary; j. z. Payne
treasurer; Edith Y. Gouge, assistant
secretary-treastIrer. Mr., williams is
q former officer Of the Metropolis
Building Association and is now
president of Washington Chapter,
American Savings and Loan Insti-
tute. +.
The annual report disclosed a new
peak In resources and increased
holdings IN Government bonds.
Capital Store Sales Soar.
Department store sales in the
Capital for the week ended July IA
scared 80 per cent above the corre-
spending week year ago, the Rich
mond Reserve Bank reported yes
terday. Sales here were 26 per
cent ahead Of the preceding week
this year but one week had six busi-
ness days and the other only five.
Cumulative sales in the four
weeks ending July IA were 18 per
cent heavier than last year. Sales
IN the Fifth District were up "a
per cent in the week under review
and 81 per cent in the four weeks,
all gains being the sharpest in sew
eral weeks.
The Richmond bank also report
ed yesterday that department store
sales in the Capital In June were
IL per cent better than in June a
year ago and 10 per cent higher in
the first half year. Sales in the
whole district were up IS per cent
in June and II in the six months.
$500 Loans Made on Homes.
The United States Saving and
Loan League reported yesterday
that building and loan associations
had made up to June $500 loans
to veterans for home ownership, in
volving about $l6,500,000.
Repayments on home loans and
other loan payments were IS per
cent ahead of last year, the report
said. At the same time the asso-
Citations put out 81 per cent more
money in loans.
Deposits in the five months we're
far ahead of any other similar Pc
riod, the review said.
Mortgage Loans Wiped Out.
James Twohy, governor of the
Federal Home Loan System, an
nounced yesterday that mortgage
repayments to building and loan
associations in the system totaled
more than billion dollars In 1914,
much more than in 1943.
New mortgages totaled 81 ,318 ,000,-
900, Is per cent increase. New
share accounts gained $8l2 900 900
or II per cent; purchase of Govern
ment bonds increased sharply, with
cash and government bonds now
representing % per cent of assets,
the report said.
Semi-Annual Dividend Voted.
Directors Of the American Fire In
surance Co. of the District Of Co
lumbia have declared the regular
seini-annuai dividend Of 3 per cent,
payable August I to stockholders %
record July rs. 0"'
The best half-year earnings rec
ord in nearly 10 years just reported
by Penn Central Airlines is indica-
tive Of the vast amount Of traff1c
which the airlines are getting back
as more and more planes are re-
turned from war service. The ad-
vance from IA cents per share to 81
cents is impressive. Extension OF
the airline's system into New York
will mean much to future income.
President Keen for Thrift.
According to N. T. Paterson, vice
president, Farm and Home Savings
& Loan Association of Missouri,
President Truman was actively en-
gagged in the savings and loan busi-
ness shortly before he entered po-
htical life.
Harry Truman started by solicit
ing savings accounts and loans, and
not only urged monthly savings but
the owning of home by small
monthly payments. He practiced
what he preached by setting aside
a small sum each month in the as
lA/~~ks.~x@s e.