Evening star., 1949-11-10
DC. Demand Deposits
Show Gain in Week,
Business Loans Drop
By Edword G. Stone

By Edword c. Stone
Demand deposits in Washing
tons Reserve member banks and
trust companies showed q t6, ,000,-
900 gain in the week ending No.
vember 2 over the previous week,
the Richmond Reserve Bank re.
ported today. Savings deposits
were unchanged.
Commercial loans were down
over $4,000. 900, the total of $92,-
$4,000 comparing with $94,054.-
600. Real estate loans totaled
$80,476,0 900. practically the same
figure as in the previous week.
Investments showed q substan-
tial increase, s4e1 .782 900, COM
pairing with 4,055, 900. Total
assets revealed an increase of
about $6,00o,0O0.
National Airlines, Inc, reported
today that operating results for
the three months ending Septem-
\ ber 80 showed substantial i'm
provement over the same 1948
quarter. although a loss of $751;
313 was incurred. This includes
$340,911 for depreciation, leaving
an actual cash loss of $180,402.
ID. c. Bankers Honored.
F. Raymond Peterson, new pres
ident of the American Bankers
Association, has announced part of
his appointments for the coming
year. Washington bankers being
among those receiving special
honors.
William J. Waller. president of
the Hamilton National, was made
a member of the Executive Com
mittee of the Committee on Fed
eral legislation.
John A. Reilly. president of the
Second National Bank. was made
member at large of the same
committee.
A. Scott Offutt. vice president
OF the Union Trust Co.. was named
member of the Federal Legisla-
tive Council for the District. He is
also a member of the ABA Execu-
tive Council. an honor given him
by District bankers.
Robert H. Lacey. vice president
OF the National Metropolitan Bank,
is State vice president of the ABA
for the District.
Francis G. Addison, jr., president
OF the Security Savings & Com
mercial Bank. is member of the
State Legislative Council for the
District.
Robert v. Fleming, president of
Riggs National, will again serve
on the Committee on Government
Borrowing.
Other Washington bankers may
appear on committees yet to be
announced by the new ABA chief.
s1,5oo.o00 Issue Awarded.
Lehman d Co., of New York
was awarded the $1,5Oo, 900 bond
issue to finance expansion of the
municipal light plant at Hagers-
town. Md. Mayor Herman an
nounced. The average interest
rate on the bonds will be 1891
per cent.
Western Maryland Railroad
stockholders will vote December
Is on d new general m6rtgaRe,
the directors having authorised q
plan for exchanging present first
mortgage per cent bonds due
IN 1852 for a series of new gen.
eral mortgage bonds.
The new bonds, to mature in
1865, are to bear 41a per cent
interest until October /, 1862, and
per cent after that. The ice
must pass on the proposal.
Airline Earnings Gain. .
Northwest Airlines today re-
ported profit of $2,611. .789 before
income taxes for the three quar-
ters Of 1949 against a loss of ST.
l20,251 in the corresponding
period last year. President Croil
reported that new equipment has
caused sharp upturn in traffic.
The recent refinancing program
has been completed.
DR.. Edison H. Cramer, chief. d.
vision Of research and statistics.
Federal Deposit Insurance Corp.
recently addressed 225 bankers at
four-county meeting held in
Frederick, Md. .
The Baltimore National Bank
has elected two new vice presi-
dents. N. F. Mueller and George
D. F. Robinson. jr. Mr.. Mueller is
an expert on credit and past pres.
ident OF Chesapeake Chapter, Rob.
ert Morris Associates. Mr.. Robin
son is president of the Baltimore
Life Insurance Trust Council.
Purchasing Director Named.
D. V. OLeary has been appoint
ed director Of purchasing and
stores for United Air Lines. fol-
lowing the resignation of r. K.
Moore. who is entering private
business. Veteran Of IA years in
air transportation, Mr.. OLeary
is a native of Washington and
graduate in electrical engineering
at Catholic University. Before
joining United in 1885 he was
with the Baldwin Locomotive
Works for seven years.
Dividends Announced