Evening star., 1950-06-13
Building and Loan
Associations Double
GI Home Lending
By Edword c. Stone

SSWob0 StVtC
The pace of CT home lending
in 1850 has been stepped up by
the Nations building and loan as
sociations until it is twice that of
last year. Henry A. Bubb, presi-
dent of the United States Saw
ings and Loan League, revealed
today.
Through the first quarter of
this year an estimated $143 mil
lion had been advanced by saw
ings associations to World War II
veterans under provisions of the
CT Bill. This compared with $72
million for the first three months
of l949.
Dollar volume of CT lending by
savings associations is % per cent
of the overall total by all type
of mortgage lenders, same ratio
as year ago.
Stock Rights Mailed Today.
Rights were mailed today to
stockholders of the National Bank
of Washington authorizing sub
scription to the new stock, follow
ing yesterdays approval of the
directors plan to split the stock
10 shares for / and double the
outstanding capital.
The new stock is being offered
on a share-for- share basis to
present holders at $40 a share.
The rights will expire on July 7.
The bank will now have capital
OF $2.1 million and surplus of the
same amount, a total of $4.2 mil
lion. The plan to double the cap
ital was approved unanimously.
President Barnum L. Cotton an
nounced.
The new move is expected to
give the stock very much wider
distribution. The present stock
is listed on the Washington Stock
Exchange, but there was no sale
last year, the highest bid being
$500 share.
The bid on the exchange yester-
day was 1925 a share, with no
stock offered for sale. The stock
carries a 6 per cent annual divi-
dend. The bank has become the
fourth largest in the city.
BoneSteel On Program.
Verne C. Bonesteel, chief ex-
aminer of the Home Loan Bank
System, will address Washington
Chapter, Society of Savings and
Loan Controllers, at a dinner
meeting tomorrow evening at the
Burlington Hotel. William H.
Rippard, chapter president, will
preside.
Commerce Secretary Sawyer
was to address the controllers of
the National Retail Dry Goods
Association. at luncheon at the
Statler Hotel this noon.
Alben w. Barkley will take part
in a celebration at Knoxville
Saturday marking the introduce
ton of natural gas into that inn
portant industrial area by the East
Tennessee Natural Gas Co.
Record Meeting Planned.
The annual meeting and dinner
of the auditors section of the
District Bankers Association, to
be held at the Mayflower Hotel
tomorrow night, will have the
largest attendance on record, be-
tween 1876 and 200, Chairman Full
ton H. Dixon announced today.
The program includes the elec-
ton of officers, Tudor Wilton, as
sistant vice president of the Sec
ond National Bank. being slated
for the chairmanship. John r.
Cocker, assistant cashier at Riggs,
is expected to be vice chairman,
with Roger S. Quinn, auditor of
the Washington Loan & Trust Co..
down for secretary.
New members of the Executive
Council are to be chosen and there
is a contest for treasurer.
Another Section to Meet.
AS previously announced, the
22d annual meeting of the safe
deposit section of the District
Bankers Association will be held
at the Mayf1ower on June 20, with
Mrs. Burdette Monroe, Union
Trust Co.. presiding. Shane Nc
Carthy, author and lecturer, will
speak and Ralph Mittendorff will
entertain with feats of magic.
The Executive Council will be
elected for the 1950-51 term. It
is expected that Claude E. Miller,
present secretary and treasurer,
will be the next chairman.
Banker to Take Vacation.
Frederick P. H. SiddonS, vice
president of the American Secur-
ity g. Trust Co. and retiring presi-
dent of the Washington Board of
Trade, will leave the Capital
shortly for a vacation at Haven.
Me.
John r. Waller, president of the
International Bank. Jackson place,
and president of the Rutland Rail-
road, will attend the 45th reunion
of his class at Yale the latter part
of this week.
Giles H. Miller, jr., of Culpeper,
slated to be the next president of
the Virginia Bankers Association,
has lot of friends among WASH
ington bankers. The Virginia
bankers are in session at Hot
Springs.
To vary the program a. bit,
Washington bankers will go to the
Homestead, at Hot Springs, next
year, for their convention.
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