Evening star., 1950-01-25
District Banks Report
Real Estate Loans Up
S1,637,0OO in Week
By Edward G. Stone

Washington banks in the week
ending January 18 scored a sub
stantial gain of 81 1,637, 900 to total
$50, 1885, 900, the Richmond Re-
serve Bank reported today. Com
mercial loans were off slightly.
Member banks in the Capital
increased their investments dur
ing the week by $3,198,0 900, most
of it in Government bonds.
Both demand and time deposits
were off slightly during the week
and assets also were lower, the
report revealed.
Liberty Has Best Year.
Earnings of the Liberty Ma
tional Bank for 1949 were the
highest in its history, President
w. T. Vandoran told stockholders
at the annual meeting yesterday
Profits were $l90,359 compared
with $153,444 in 1948.
Investments increased from
$8.230,187 to $10,011,336; loans o1
$11 ,593.914 represented an increast
of $365,013 over the previous year
Deposits increased by $2,149, ,37t
to total s33,193,275 at the yeal
end, while the personal loan de.
partment saw loans pass the ST..
100000 mark.
Godfrey L. Munter, attorney
former president of the District
bar, leader in the Board of Trade
and trustee of National Univer-
sity, was elected a director. He
succeeds the late Tracy L. JEFF
fords, is a Mason. and belongs tt
the Elks. Roundtable, University
and Columbia Country Clubs.
Busy Days for Speakers.
Secretary of Commerce Sawyer
will be the banquet speaker al
the annual meeting of the Amer
ican Association of Advertising
Agencies at White Sulphur Springs
late in March.
Alvin j. Steinberg, head OF the
Capital Credit Corp, addressed
the Collection Agencies Confer
ence just held in st. Louis. He
is national chairman of the Edu-
cational Committee.
Attorney General McGrath and
Senator Byrd. Democrat, of Vir-
ginia will be the speakers at the
convention of the National Auto
mobile Dealers Association in At
lantic City. February So.
Evans Woollen, jr., former ABA
president, gave the Senate Com
mittee on Banking and Currency
the associations views on the
pending Federal Deposit Insur-
ance legislation. He reviewed
every proposal in detail.
Bank Reports High Earnings.
Bruce Baird, president IF the
National Savings 81 Trust Co.,
reports gross income for the year
1949 as $1,577,162; net earnings
of $233,179 and the addition of
$113,179 to undivided profits.
The bank carried 31,576 ac-
counts at the year-end, including
1884 special checking accounts,
with no minimum balances The
SD annual report did not in
clude more than 2.400 Christmas
savings accounts opened since
November Is. Personal loans are
now 80 times higher than 10 years
ago.
The income from service charge
in 1949 totaled Ss9,950, up s4,747.
The trust department added 86
new accounts. valued at S6,449.-
758, while the safe deposit de-
partment reached a new occu-
pancy ratio, making the best year
to date. The year in real estate
management, leases and sales was
also very active.
Chapter Meeting Tonight.
Tonight's educational dinner of
Washington Chapter, American
Institute of Banking, will set a
new attendance record. C. r.
Davis, prominent Richmond
banker, will be the chief speaker
at the Kenwood Country Club
Samuel c. Rednan will preside as
educational chairman and Stephen
o. Porter, chapter president. will
speak briefly.
Robert E. Carlin has been ap-
pointed Government and Embassy
representative for National Air
lines in Washington, being pro-
NOTED from the local sales de-
partment staff.
Appointment of Alex r. Durand
as territory manager in Washing
ton and parts of Virginia and
Maryland for the General Tire &
Rubber Co. was announced today
He has had IL years tire expe-
rience.
Samuel NJ Ain, former Bureau
of Internal Revenue actuary, en-
tered private practice today as a
consulting actuary on pension
matters, with Offices here and in
New York.
Woodward Stock Sold.
The 26,500 shares of Wood
ward & Lothrop common stock
which was placed on sale yester-
day by nine Washington invest
ment houses, was heavily over
subscribed, it was announced to-
day. Many dealers wanted a lot
more stock than they were al
lotted.
The department store looks for
a big increase in sales when the
new store on Wisconsin avenue at
the District line is completed
This is one reason for the present
lively demand for the stock. deal
ers said. The stock was priced at
$34 a share.
Life insurance purchases in the
United States set an all-time
record in 1949, the years total oi
$23, $4,000, 900 representing an in.
crease of nearly half a billion ovel
the previous year. The 1949 pur.
chases were 90 greater than those