Evening star., 1950-02-01
District Banks Report
Commercial Loans Up
Sl,308,0O0 in Week
By Edword G.. Stone

Bank reported today. Real Estate
loans stepped up $577. 900 in the
same period.
Total investment moved from
$507.733.0 900 to $514,581 900, the
sharp upturn being mainly due
to heavy buying of Treasury bills
and United States Government
Bonds.
Total assets were down SILL.
100000 during the week. Demand
deposits also were under the pre-
vious week but savings deposit:
scored an advance of $764 900, the
report stated.
Clearings Cause Surprise.
Washington bankers were sur.
prised by the gain of $74.788,28,
in bank clearings in January ovel
January, 1949, as reported by ths
Clearing House Association. Clear.
ings reached 1911 ,334,353, an all.
time peak.
Bankers said today an increas,
In foreign settlements in the bank
here took place in January. Thes'
Cancelled checks raised the tota
considerably. There were slight.
more dividend payments than (
year ago, another factor in highel
clearings.
Building Awards Increase.
Building and engineering works
as measured by valuation of con
tracts awarded. increased so PEE
cent last year over the 1874,
volume, in the Washington metro
politan area, the F. w. Dodge
Corp. reported today. Contract!
totaled $34o.316,000 in the area
last year compared with 1927 $751;
600 in the previous year.
Non-residential awards totalec
$l12, 1888 900, an increase of 6.
per cent; residential contract.
amounted to $205, ,781 900, up 81
per cent, while public works anc
utilities awards aggregated $21,.
$4,000 to show a % per cent
drop.
December Gas Sales Rise.
Sales of gasoline in Washing
ton in December totaled 16,401,-
538 gallons compared with 14,576,-
200 in December. 194S, an increase
Of 1.s25,338 gallons.
Ralph M. Lane has been ap-
pointed sales manager of the
radio and television department
of Southern Wholesalers. Inc. He
was formerly with The Hecht Co
The National Bank of Wash
tngton appears for the first time
in the American Bankers "Blue
List" which is made up of the
Nations 800 top-ranking institu.
tions, based on deposits. Rigg.
National, American Security anc
the Hamilton also are listed.
Earnings Of the Washington
Gas Light Co: for the year 194s
were equal to $1.68 share or
the common stock against $l.69 q
year ago.
Power Debentures Called.
Virginia Electric g. Power Co.
has called for redemption on
March 2 100000 outstanding
3B per cent convertible deben-
lures. due April /. 1868. These
debentures are convertible on or
before February 20, 1850, at
s16.66A per share of common or
six shares per 500 of debentures.
A dividend of 80 cents per share
will be paid on March 20 on the
common stock issued in CONVEX
sion.
Payment will be made on March
2 at 1o2 and accrued interest
on all debentures not converted
into common stock before Febru-
ary 20. The common stock, listed
on the Washington Exchange, is
now selling around $19.25 a share
Housing Bill Attacked.
The United States Savings and
Loan League leveled sharp criti-
cism today at the administrator
so-called "middle-income" housing
bill, labelling it "unsound" anc
dangerously inf1ationary."
A statement issued by it's Leg.
islative Committee condemned the
bill now pending in Congress a.
being Gin effect, the first seriou.
proposal for subsidized Govern
ment housing for middle income
families"
The committee attacked mos
vigorously the pending Legislation
which would set up a new Govern.
ment agency with authority tx
issue $4,000, 900 900 in 100 per CEN
direct loans to housing co-opera.
tiveS.
Stocks Strong on Exchange.
Woodward 81 Lothrop common
Is selling on the Washington Stocl
Exchange at 36, a new high fol-
1880. The stock has been in strong
demand in recent sessions.
Capital Transit has ignored the
drop in net income in 1949 from
1913 and is selling around 27h
high for this year and for 1949
The stock gained 4 full points il
January.
Potomac Electric Power, mos
active issue on the board, climbed
to 15B yesterday, new high fol
194s and 1850. Another extra
strong stock is Washington Ga,
common, selling around 241a.
New Manager Appointed.
II. M. Shepard, manager of H. J
Heinz Co., Knoxville sales branch
has been named manager of tn
Washington sales branch. it wa
announced today.
Mr.. Shepard succeeds D. r
James who has been appointe'
manager of the company's newl
established chain store sale
branch in Philadelphia.
Chicago Livestock 49,.
CHICAGO, Feb. l 044 (UsDA).-salab
hogs, 13,000;, steady to 25 cents lower Q