Evening star., 1945-07-08
Riggs National Bank
Reports Assets Above
s3OO,OOO,OOO
BY EDWARD c. STONE.

vi b4lC 4l1cb blti1C AAA tAlC NANy
history, Washington has $300,000,-
600 banking institution-the Riggs
National.
Pointing to beacon lights in the
banks growth, Robert v. Fleming
president, said yesterday that pub
lished resources on March 4, 1886,
stood at $102, ,855, PIT; on December
81, 1912, at $207, ,754, ,654, and on June
80, 1945, reached s304 1893, SIT.
- Deposits on December 80, 1895,
totaled $100, ,805, ,799, and on June
80, 1943, had climbed to $211 ,564, ,422.
They crossed the $500, ,000, 900 mark
last Monday, July 2, Mr.. Fleming
announced.
Established in 1886 as a private
institution, the bank was national
lied in 1896 and when 100 years old
listed resources of $100, 600 900.
Peoples Drug Sales Improve.
Registering substantial improves
ment over May, net sales of Peoples
Drug Stores, Inc, in June totaled
$2,911 ,017.93, against $2,766, ,58348 in
June, 1914, an increase of $144, ,434.45,
or So per cent, officials reported
yesterday
Sales in the first six months of
this year amounted to Sic ,729, ,734.70
in comparison with $16,542, ,781 SIS in
the like 1914 period, a small gain
Of $186 6,953.15, or IL per cent, the
report showed. There were 100
stores in operation this year against
131 last year.
Department Store Sales Up.
Continuing recent gains, sales in
Washington department stores for
the week ended Saturday, June 30,
were 16 per cent ahead Of sales in
the corresponding week a year ago,
the Richmond Reserve Bank an
nounced yesterday.
Capital sales were off per cent
from the preceding week this year
but cumulative sales in the four
weeks ended on June 80 were IA
per cent ahead of the same period
in 1914.
Sales in the fifth district were up
IT per cent for the week ending
June 80 and 19 per cent in the
four weeks, compared with last year.
Wilson Heads Loan Group.
Harry G. Wilson has been re-
elected president of the Metropolis
Building Association; John Scriv-
ener, vice president; Rudolph w.
Santelmann, secretary, and Martin
T. Weigand, treasurer.
Fred G. Dieterich, formerly with
R. G. Rankin & Co. of this city and
New York, was made assistant treas
urer to take the place of Raymond
c. Williams, now secretary of the
Northeast Building Association.
The directors are George M.
Seibert, William A. Simpson, Arthur
Seagren, H H Wilson, j. w. Hardell
and the officers. Metropolis re-
sources exceed $7,0O0,000.
Stock Far Oversubscribed.
The offering of 4s3 $50 shares of
Seeger Sunbeam Corp. common
stock at $23 share was far over
subscribed, Johnston, Lemon & Co.
reported yesterday. Steps will be
taken at once to list the stock on
the New York Exchange.
The firm is large manufacturer
Of electric refrigerators, the largest
Stockholder being Sears, Roebuck,
as well as the largest purchaser of
the product. The company has no
bonds ahead of the stock. This
issue was one of the largest in COM
mon stocks marketed this year.
Assets Exceed SCI 200, 900.
Assets of the First Federal Saw
ingS g. Loan Association are at a
new high of $2l $3.50, ,976, President
C. H. Ellington said yesterday in
a semiannual report. Savings and
investment accounts made a net in
crease of $1,975, 1866 in the half
year, while mortgage loans gained
1921 ,666.
The association has loaned more
than $500,000 to veterans for the
purchase of homes, Mr. Ellingson
said, pushed the sale of War Bonds
and purchased for its own account
81, 900 bonds during the seventh
drive, bringing the total to $6,625, 900.
Real Estate Bonds Higher.
Prices of 200 real estate bonds,
including several Washington issues,
advanced 2 per cent during June,
according to the Amott-Baker aver
ages, the 36th consecutive month
showing gains. The average price
on June 80 was 1894 per $1,000
bond compared with $307 three
years ago and S521 at the begin
ming Of this year, or SO per cent
in the longer period and IA in
l945. Hotel issues topped the gains
with TIA per cent.
State and municipal bond ap-
prevails in June totaled $75 $4,000,
compared with only S16 6,593, ,255 in
June year ago, the Daily Bond
Buyer announced The tAtal for
May was sac, 6,399,75 Bond ap-
prevails in the first half of 1945
showed marked increase, Sta, ,535.-
750, comparing with $60,183,892 in
the same months last year
Mortgage Financing at Peak.
Nonfarm real estate financing in
the Nation climbed to a new peak
in May when mortgages totaled
$487 ,000, 900, higher than the April
record and 20 per cent ahead of
May of last year. the Federal Home
Loan Bank reported yesterday. The
average mortgage amounted to So
1898, about Z per cent above the
12-month average.
Caleb r. Magee has been ap-
pointed vice chairman of the Car
Service Division of the Association
of American Railroads, in charge of
freight-car equipment, and Arthur
H. GaSS, vice chairman in charge
OF paSsenger-car equipment, in a
move to meet growing rail problems.
Financial District Comment.
Fridays session of the New York
Stock Exchange showed how well
the Federal Reserve Board is curb
ing speculation. There were only
five new 1945 highs. Before margins
were boosted to rs per cent, many
sessions recorded around 100 new
high marks. The letdown probably
was only partially due to the Re-
serve Boards action
The Reserve Board has no in
tention of raising margins above
rs per cent, according to a state
ment in reply to wild New York
rumorS.
The Fidelity Trust Co. of Baltf-
more and the Public Bank of Mary
land are planning to merge, form
ing a S60,000,000 bank.
First-quarter investments In the
Nations building and loan associa-