Evening star., 1947-12-21

IA Pei. Above 1916
During November
By Edword c. Stone


In November totaled $11,470,0O0, q
notable gain Of IA per cent over Mo-
vember. 1916, while new policies for
II months Of 1947 reached s118.791
600, only 2 per cent under the same
period year ago, the Life INSURANCE
Agency Management Association re-
ported at Hartford yesterday.
November sales in Maryland
amounting to $20,142,0 900 were also
IA per cent ahead of last year. The
11-month total of $208, ,163, 900 was
of S per cent from 1916.
Virginia sales of $21 ,465. 900 in Mo-
vember were up per cent and a
total Of $228, IT'S 900 in the longer
period was within per cent of the
1916 mark. Sales In the Nation were
up 10 per cent in November and
down 4 per cent In the II months.
Yule Trade Breaks Record.
Washington merchants reported
yesterday that Christmas trade had
broken last years records which in
turn set all-time peaks. They do
not know yet how much the holiday
gains will be.
Department store sales in WASH
ington for the week ended Saturday,
December 13, climbed II per cent
above the corresponding week last
year, and were II per cent ahead of
the previous week this year, the
Richmond Reserve Bank reported
yesterday.
Cumulative sales in the four weeks
ended on the same date were 7 per
cent better than year ago, same as
the 5th District gain. Fifth District
sales for the week were up IL per
cent and in IL months per cent.
Financing Records Broken.
Despite higher prices on homes
and building materials, 1947 figures
on home financing will show that all
records in the Nations history have
been broken, even exceeding 1916,
Charles F.. Scott. president of the
National Savings and Loan League,
said yesterday.
On the basis of the latest figures
received in the Washington office.
mortgages recorded by all types Of
lending institutions and by individ-
uals will approximate $4,000, 900, 600
this year, way ahead of the S10,-
500, 600 900 in ls46, Mr.. Scott said.
In Chicago Morton Bodfish, exec
utive chairman of the United States
Building and Loan League, stated
that $212, 2,0O00 900 in earnings would
be distributed to patrons this year,
these dividends being per cent
ahead of 1916.
Bethesda Bank Votes Extra.
Directors of the Bank of Bethesda
have declared an extra dividend Of
l per cent and the regular semi
annual payment of per cent. pay
able January 2 to stock of record
December %. The board also voted
a Christmas bonus of three weeks
salary for services exceeding one
year, with lesser amounts to others,
S. Walter Bogley, president, an
nounced.
The Potomac Electric Power Co.
has applied to the Public Utilities
Commission for authority to issue
SIS 100000 35-year first mortgage
bonds, the proceeds to be used for
officials of the Arlington Trust
Co. announced yesterday that effec-
tive on January l, the interest rate
on savings accounts will be increased
to 2 per cent on deposits up to S. 900;
with per cent in excess of $1,000.
Executive Council to Meet.
The District of Columbia Building
and Loan League Executive Council
will meet Tuesday at the Mayflower
for luncheon and a business session.
Christmas bonus checks were dis
tributed to employees of the WASH
ington Loan & Trust Co. at the
annual dinner dance held at the
Carlton Hotel
Bank of Commerce & Savings
officers and employees had a Christi
mas dinner and dance at the May
flower last night. Bonuses were
distributed.
Earl G. Jonscher, American Sc
curity & Trust Co., will be an early
speaker before the class in invest
ment analysis at American Univer-
sity, conducted by DR.. Nathan A.
Baily.
Dividend Payments Due Soon.
Among issues listed on the WASH
ington Stock Exchange which will
pay dividends in the next few days
are Capital Transit, American Tele-
phone. Potomac Power commons
and preferred, National Capital
Bank, Lincoln National, Bank of
Washington, Commerce g. Savings,
Prince Georges Bank, Columbia
Title Insurance, Real Estate Title
Also Carpet Corp, Garfinckel
Mergenthaler Linotype.
Peoples Drug and Woodward &
Lothrop.
Buyers of the new Washington
Gas common stock will receive q
'7Ac dividend on February /.
Business at Top Level.
Henry H. Heimann, executive
manager of the National Association
If Credit Men. said yesterday the
light letup in business activity pre-
iicted for the last quarter did not
levelop because of pentup demand
:aused by war shortages. In look
ng at 1948, he said.
Remember, 1948 is an election
'ear. Don't. take too seriously some
# the charges and countercharges
bout business, labor and other
economic segments. Concentrate
N your own business Job and l948
'ught to prove q good year for
'ou."
The Bank Of Virginia has been
lllowed to open two branch Offices
n Richmond, by raising capital
~ $500,000. A hearing on the Bit
erly opposed branch at Norfolk
las been set for next month by the
'tate Corporation Commission.