Evening star., 1950-09-07
Fifth District Banks
Show Record Earninqs
In First Half Of 50
By Edword c. Stone


member banks in the Fifth Dis
trict, Including Washington,
reached a new peak in the first
six months of 1850. a total OF
$74,441 900 comparing with $69,-
342, 900 in the same 1949 period,
the Richmond Reserve Bank re-
ported today.
Net profits amounted to $19,-
2e9 900 against $17,214,000 last
year. Expansion of bank loans
in the Richmond District. which
climbed to an all-time high of
Sl,733,0O0 on June 80. accounted
for a major part Of the current
increase.
Expenses showed an increase of
5 per cent while net profits in
creased IL per cent. Cash divi-
dends expanded IL per cent. Cur
rent operating earnings Of more
than STA million were IA per cent
higher than last year. The up
turn was mainly in earnings on
loans.
Current operating expenses In
the half year increased 5.3 per
cent, the Richmond Bank stated
Security Bill Analysed.
A summary of 1.-THE Social Sc
curity Act Amendments OF 1880
has been prepared by D. j. Need
ham, general counsel of the Amer
lean Bankers Association, and for
warded to State secretaries. This
is the bill which adds about 10
million persons to the security rolls
and increases benefits to those al
ready receiving Government aid.
Mr.. Needham lists many other
measures of special interest to
banks. after pointing out that
Congress recently has spent most
of it's time on defense measures
Between June 26 and August 26.
some % bills we're introduced IN
Congress which are of vital con-
Germ to the banks. The status OF
these bills is included in the latest
bulletin.
Swanson Takes New Post.
Walter S. j. Swanson, public
relations man. has been appointed
assistant to Edwin C. Barringer,
executive vice president of the In
stitute of Scrap Iron & Steel. Inc,
in the Dupont Building. He was
formerly publications editor OF the
National Highway Users Confer
ence and prior to that a member
of the Washington staff OF the
National Association of Manufac-
turers.
Johnston, Lemon & Co., Wash
ington Investment house, is par
ticipating in an offering Of $4,000
shares of Tobin Packing Co., Inc,
common stock, priced at $8.75 a
share.
United Air Lines experienced
the heaviest holiday travel in its
rostory over the Labor day week
end, James B. Miller. District sales
manager. announced.
Many Stocks Ex-Dividend.
Many stocks listed on the WASH
trgton Exchange will pay dlvi-
dends in the next few days which
have already been declared.
Capital Transit will pay 81 quar-
terIy following the doubling OF the
payment at the last meeting OF
the directors. Sc
other stocks now being quoted
include Potomac Elec-
trio Power common and preferreds,
Virginia Electric & Power com
mon, Peoples Drug Stores and
both Woodward & Lothrop issues,
Mergenthaler Linotype lost an
ether point on the Boston Ex-
Grange yesterday, selling at Sc.
Weeks Bank Loans Rise.
Loans by II Washington banks
IN the week ending August 30
revealed an increase Of $2,6O3 600,
the Richmond Reserve Bank re-
ported today. These member
banks reduced investments, mainly
by selling Government bonds.
Total assets were down SILL
223, 900 on the week. Demand de-
posits showed a moderate decline
while time deposits registered a
small advance, the review stated.
The Wcmen's Committee OF
Washington Chapter, American
Institute of Banking, is not to be
outdone by the men. They will
hold their annual fall dinner
Tuesday, September 19, at the
Willard Hotel.
The United States Savings Bond
Independence Drive Committee
Edward c. Baltz, chairman. will
hold a reception in honor of vol
unteer workers at 5 pm. today at
the Mayfower Hotel.
" Station Would Reorganize.
Radio Station WQQW, Inc,
which operates the Good Music
station in Washington, today filed
. petition in the United States
District Court seeking to reor-
ganize the corporation under
Chapter 10, Title IL of the United
States Code.
The purposes Of the move are
to strengthen the corporate struc-
ture and to make ample capital
funds available for future expan-
sion, according to M. Robert
Rogers, vice president and general
manager of the station.