Evening star., 1945-08-26

ager of Servel, Inc, Union Trust
Building, with which firm he has
held important positions for 20
years. Previously, he was closely
associated with Thomas A. Edison.
The other officers are G. L. Smith,
j. S. Bartlett, C. T. Matthews and
c. j. Sparks.
Capital Store Sales Climb.
Washington department store sales
for the four weeks ending Saturday,
August 18, revealed a Is per cent
gain over the like 1914 period, the
Richmond Reserve Bank reported
yesterday The average upturn for
the fifth district was Is per cent and
16 per cent in Baltimore.
Due to the two victory holidays,
were 2 per cent lower than in the
corresponding week of last year and
% per cent under the record for
the preceding week this year. Both
these percentage declines were the
same for the whole fifth district.
Sales in the Richmond district in
the first seven and a half months of
1945 were II per cent better than
last year, same gain as the national
average.
Ration Banking Nearing End.
The OPA has instructed banks to
close all ration banking accounts on
ratlon-released gasoline, fuel oil and
processed foods, as of August 81.
No more deposits are to be received,
the records to be retained for a year
or until further notice.
Ration banking for shoes, meat
fats and sugar is to continue. This,
however, may end shortly, bringing
to a conclusion a long and very
valuable wartime aid to the Govern
ment.
Washington banks have rendered
their full share of this type of
service, many special clerks being
required to carry on the work. They
were compensated by the OPA.
Funds for Housing Ample.
District Building and Loan League
officials received word from Chicago
yesterday that the Nations loan
associations and cooperative banks
have $4,000 100000 ready to speed
home construction.
Morton BodflSh, executive vice
president of the United States Saw
lngs and Loan League, said the
money is available for use at once
and mot dependent upon Govern
ment innovations, guarantees or
appraisals.
War veterans have already bor-
roWed more than 100000 from
building associations, for new homes,
and many new applications are now
pending, he said. Reconversion to
the production of houses should now
be but a short process, he added.
Foreclosures at New Low.
Continuing an unbroken trend
that began in 1884, nonfarm real
estate foreclosures in the United
States dropped to 7,785 during the
first half of 1945, lowest total in 10
years, Federal Home Loan Bank
officials reported yesterday.
This record compared with e,19o
foreclosures in the first half of 1e44
and 252 200 in the full year 1888
under the impact of the depression
and mortgage panic of that period.
The bank officials are greatly i'm
pressed by the ability of present
nome owners to meet their mortgage
obligations, but do not expect the
recent foreclosure rate to go much
lower
t, Financial District Comment.
Eldridge D. Kendrick, secretary of
the District Bankers Association,
has returned from a vacation in
Detroit and Cleveland.
F. Witcher Mccullough has be.
come assistant to the president OF
thes Chesapeake & Ohio Railroad.
He was formerly on the. legal staff
of the Public Works Administration
and later secretary of the National
Bituminous Coal Commission, with
headquarters here.
Wallace Fulton, executive manager
OF the National Association of
Securities Dealers, said here yester-
day that long study by special
committee will be given to ways of
improving prospectuses on new
issues, recently criticized by the SEC.
James Parker Nolan is committee
chairman.
Washington Gas Light officials
look for steady increase in income
as new gas heaters become available
for installation.
Summer closing of the New York
Stock Exchange on Saturdays ended
YESTERDAY.