Evening star., 1949-11-22

two-year term ],
as president OF v.,,..-
the District T. l. "eAe.f'
building and Loan League at the
October election.
Mr.. McAleer has been leader
in the building and loan field II
Washington for many years ane
recently has been especially active
in national association affairs, the
Chicago dispatch said.
Washington Sixth in Permits.
Washington stands sixth among
25 cities having the largest build
ing permit totals in the first IL
months of the year, according te
a summary by Dun & Bradstreet
District permit valuations stood al
s68,570,S18 against the much low
er total of $42.465,453 in 1948.
New York, Los Angeles, Detroit
Chicago and Houston led WASH
ington in the order named. Phil.
adelphia was about $2,O00,o0O un'
der the Capital with San Fran
cisco, Dallas and Baltimore COM
ing next in order.
Baltimore permit valuations to-
tailed ,226,140. Permits issued
in 2l5 cities in October were the
highest on record for that month.
Bank Loans Holding Firm.
The Federal Reserve System
and the entire commercial bank
ing system are in an exceptionally
strong position, according to the
latest Axe-Houghton survey. In
event of a further decline in gold
stock, reserves would be ample to
support further credit expansion
without bringing about marked
tightening of interest rates.
Commercial. industrial and ag-
ricultural loans are only IL per
cent under the peak of December
%, 1948. Real estate loans reached
a new high record on October 26
Consumer credit loans also reached
a new high mark on November 2
so that total loans of the report
ing Federal Reserve banks, in
Guiding loans on securities, are
only AZ per cent under last De-
cember, the report stated.
Mayfiower Earnings Gain.
The Hilton Hotels Corp. reports
that net earnings of the May
flower Hotel in Washington were
equal to 16 cents per share fol
the nine months ended September
80. compared with 13 cents in the
like period a year ago. Hilton
Hotels, which owns SO per cent
of the Mayaower stock received
$3.50 ,569 this year againH $710. .55e
in 194s.
Melvin Marques, deputy reg
lister of wills for the DiStrfct, will
take up tine work of his Office at
a meeting Of the safe deposit Sec
ton of the District Bankers As
sociation next Tuesday evening at
the La Fayette Hotel, Mrs. Bur-
dette H. Monroe. chairman, an
nounced today.
Ralph Smiley. consulting man
agement engineer. will address
American University students to-
morrow on Industrial Manage
ment."
Sales Clinics Announced.
The National Automobile Deal
ers' Association is planning for
four special sales clinics at the
annual convention In Atlantic City
in February. Three Washington
men will take part, j. M. Sanders
Edmund o. Carl and Tom Wheel
er, all veteran auto dealers.
The Washington Stock Ex-
change will be closed Thursday
along with the New York ex-
change. Peoples Drug Stores
common sold at 36s4 on the local
board yesterday, a new high fol
the year. Union Trust, at 381a
also reached a new 1949 top. as
did Garfinckel common, at 1734.
Despite a gain of 81 400 ,00o, ,00C
in resources during the past year
William K. Divers, chairman o1
the Home Loan Bank Board, urgee
savings and loan leaders in Chi
cago today to step up their cam
paigns to promote thrift. He
would appeal most to small rather
than large investors.
Merrill Lynch, Pierce. Fenner &
Beane are distributing review o1
Canadian oils, dealing with pro-
duction, transportation, flnanc.
ing, outlook and current earnings
on common stocks.