Evening star., 1946-07-07
First Federal to Expand.

In his semiannual report to mem
bers, c. H. Ellingson, president of
the First Federal Savings and Loan
Association, says it is expected the
building adjoining present head
quarters at 6l0 Thirteenth street
NV. will be ready for occupancy
by August /. The building, acquired
some time ago. is being completely
remodeled to meet association needs.
The report states that in the past
eight years assets have grown from
100000 to more than $4,000 900,
the business having completely out
grown the original Office space. The
additional quarters will double
present facilities.
Mr.. Ellingson states that trust
funds subject to court order may
now be legally invested with the as
Soclatlon, a matter of vital impor-
tance to the company's future. The
association continues to press loans
to veterans, $3,0OOO0O already having
been loaned on homes under the CT
Bill of Rights.
nights LApIt lufDOFTOW.
Rights for the purchase of Bank
OF Commerce g. Savings stock ex-
pre- at pm. tomorrow, nearly all
the present stockholders already
having exercised their rights and
ordered the new shares.
Considerable activity has been re-
ported IN the rights, which have sold
as high as sl35 right. Each pres
ent stockholder has the right to buv
two shares of the new stock for each
share now owned.
The new stock may be purchased
at $3.50 a share while the bid for the
old stock, ex rights, stands at s275
a share. The new stock is being
Issued in connection with the banks
plan TO add 100000 to the capital
structure through the sale of 1000
new shares.
Metropolis Adds Director.
Clifford H. Jenkins, florist and
resident of Southeast Washington.
was elected a director of the Metrop-
oils Building Association at the an
nual meeting just held.
Rudolph w. Santelmann, secre-
tary, reported that assets passed the
s9,000,000 mark for the first time
during the year All officers were
reelected. including Harry G. Will
son, president; John Scrivener, vice
president; Mr.. Santelmann, secre-
tary; Martin T. Wiegand, treasurer.
and Fred G. Dietrich, assistant
treasurer.
Directors include George M. Sic
bert, William A. Simpson, Arthur
Seagren, Harry H. Wilson, C. r.
Grotf, c. S. Walker, John w. Hardell
and Messrs. Jenkins, Harry G. Will
son, Scrivener, Santelmann and
Wiegand.
Store Sales Again Climb.
For the week ended June %. de-
partment store sales here were %
per cent above a year ago, the Rich
mond Reserve Bank reported YES
terday, but were l per cent under
the preceding week this year.
Cumulative sales for four weeks
ending June % were also % per
cent better than last year. while
sales in the whole fifth district
were up "a per cent in the week
under review and "a per cent in
the four weeks.
Glass l railroads in the Southern
region in the first five months of
l946 had an estimated net income.
after interest and rentals. of 81 .5OO.-
600 compared with a net income
OF SAL 4l,399,2S4 in the same period of
1945. For May alone, they had
an estimated deficit, after interest
and rentals, Of $4,000. 900 compared
with net income of S7,824,218 in
May, l945.
Financial District Comment.
Passed by both branches of Con-
gress, officials and employees are
eagerly awaiting the President S
signature on the bill which will
close the city banks and building
and loan associations the year
around. As soon as the bill is
signed, the Clearing House Asso-
citation will adjust the hours on
other weekdays to absorb the Sat-
urday hours, either by longer days
or by one late afternoon.
A booklet entitled THE First
Century" is being sent by the Con-
necticut Mutual to Washington
clients. The Washington office was
opened in l649, very soon after the
company was established. The CON-
pany now has S1,4 O0,000,000 in
surance in force and is the sixth
Oldest in the United States. J. L.
McElfresh is general agent here.
Walter M. Bastian has been re-
nominated as treasurer of the
American Bar Association. He is a
former president of the District Bar.
Mortgage financing in May was
almost double the record for May
of last year, the Federal Home
Loan Bank reported yesterday.