Evening star., 1946-07-14
|2,012V Veterans Loans
Approved in DC. Area
lin First Half Of 1916
By Edword c. Stone

In the first six months of 1946, tbs
Veterans Administration approved
1,767 loans under the CT Bill Of
Rights on homes in Washington and
nearby Virginia and Maryland. and
in the same period approved 245
loans TO business, making a total Of
2,0l2 loans, it was learned yesterday.
Officials added that 1,20l commit
ments had actually been made on
home loans and 223 on business
loans, total of l,424.
The home loans involved an aggre-
gate of s3,94l ,554 and the business
loans s257, 1865, total of s4,193,919,
the survey revealed.
Both building and loan associa-
tions and the Capitals banks have
been very active in helping veterans
obtain loans and the Veteranss' Ad-
ministration now processes" them
rapidly.
Saturday Closing Assured.
AS noted elsewhere in today's Star,
President Truman yesterday signed
the bill allowing Washington banks
and building and loan associations
to close on Saturdays the year
around
Beginning next week. the banks
will open at 9 Am. instead of $50
and close at 2 pm, as at present,
Friday will be the late day, the banks
being permitted to remain open until
6 pm. instead of $50, Robert V.
Fleming. chairman of the Washing
ton Clearing House Associate an
nounced yesterday.
While the District Bankers Asso-
citation sponsored the bill in Con-
gress, the clearing house fixes bank
ing hours. Anticipating the Presi-
dents signing of the bill, directors
of many banks have already fixed
hours. Others will do so at once.
Bank employees will now be on
the same five day basis as Federal
employees. Judging by the number
of patrons waiting to get into the
banks in the morning. the public
Will appreciate the earlier daily
opening.
Individual Savings Drop.
| The Securities and Exchange
Commission reported yesterday that
savings by individuals in the first
quarter totaled s2900,000 900, lowest
rate since the middle of 194l, and
only a third of the amount saved
IN hte previous quarter.
The decline is attributable to the
drop in disposable income and re-
fleets a marked decrease from war
time levels in the proportion OF
| income saved, the commission said.
| During the three months indi-
VlduaS added large sums to hold
ings OF cash and deposits, Govern
ment securities. private insurance
and investments in savings and
loan associations
| Disclosing another sharp advance,
| department store sales in the Capi-
tai for the week ended July s ran
% per cent ahead of the cor
responding period year ago, but
because of the July holiday were
u per cent under the previous week
this year. the Richmond Reserve
Bank reported yesterday.
/ Cumulative sales in Washington in
the four-Week period ended on july
3 showed a sharp gain of % per cent
over the like 1945 period. In the
whole Fifth District, sales were up
IL per cent in the week under review
and % per cent in the four weeks.
| the report stated
From January through July s, the
Federal Reserve Board reports that
| department store sales in the Rich
mond district were % per cent ahead
of last year. The largest gains were
made in the New York and Mime
apolls districts. "a per cent. The
average for the Nation was q per
cent
Financial District Notes.
Bernard L. Boteler has been ad-
mltted to the Quarter Century Club
OF the International Business Ma
chlnes Corp. He is manager of the
Washington plant, is native of the
Capital and was educated in the
public schools.
The Association of American Rail-
roads stated yesterday that the
/ united States issued its first num-
oered patent just 110 years ago and
II was for locomotive.
Wesley H. Beckwith has been
named Washington sales manager of
the portable division of the Roval
typewriter Co. He held similar
position in the Cleveland-P Pittsburgh
area before war service in the NAVY
Washington brokers say there has
rarely been time when buyine was
more selectlve on the New York
/ Stock FSC6a0pe tbon ~ ir ,,o,-