Evening star., 1950-07-13
Bank Assets Climb
In Fifth District
And Washington
By Nelson M. Shepard

py NetSon NJ. Sneporo
Total assets of $3,645, ,476,0 900 for
Federal Reserve member banks
in the Fifth District on July S,
represented a gain of SAL, 1893 900
from a week earlier, and were
$210,855, 900 above a year earlier,
the Federal Reserve Banks of
Richmond reported today.
Washington member banks
shared in the general uptrend
the total of $1,061 500, 900 in as
sets on the reporting date being
$16,539,000 higher than for q
week earlier.
Loans reported by the Washing
ton banks totaled $267 $3.50, ,0OC
compared with 1859 ,464,000 or
June %; real estate loans &C.
counted for $94, 100000 as against
$94.958,000; demand deposits to.
tailed $812, ,633, 900 compared with
$797 ,059,000, while time deposit.
totaled sits, ,401 900 against $179,.
$4,000.
Bank Dividends Declared.
Directors of the Washington
Loan and Trust Co. yesterday
afternoon voted quarterly divi-
dend of per cent on stock of the
company. payable August 1 te
stockholders Of record July 20
This is equivalent to 80 cents a
share on the new stock recently
split 10 to /, o. Schweinhaut re-
ported.
The election by the directors OF
Lundeen V. Steele, Al, as an as
sistant treasurer of the bank. with
which he has been associated since
1880, also was announced by
President Alfred H. Lawson. Mr..
Steele was head note teller in the
main Office at the time of promo
ton.
He started like many other bank
officials at the foot of the ladder
as a runner. For many years he
was with the West End Office in
various capacities.
Mr.. Steele is a graduate of the
American Institute of Banking
and is one of the enthusiastic
golfers of the Army and Navy
Country Club. His father was Mai
Gen. Harry L. Steele. at one time
chief of Coast Artillery in the
Army.
Insurance Gains Shown.
A 10 per cent increase in new
business for the Connecticut Mu-
tual Life Insurance Company al
the end of the first half of the
year, boosted the company's in
surance in force to an all-time
high of $2,039, 9,126,844, it disclosed
today.
Topping the So billion mark fol
the first time in it's history, the
Hartford, Conn, headquarters re.
ported the gain of $79,110,971 fol
the first six months of 1850 wa.
the greatest volume of new busi.
ness recorded by Connecticut Mu.
tual in its history during any
corresponding period. This ole
line company has written insur.
ance in Washington for 101 year.
and John MacElfresh is now in
charge of the local Office in the
Woodward Building.
Insurance Directors Named.
Two new directors elected by
stockholders of the National Un-
ion Insurance Co., of 900 F street
NV. are Frank j. Luchs, vice
president of the firm of Shannon
& Luchs. and Thomas F. Maher,
jr.
At a meeting of the stockhold-
ers this week the following direc-
tors were reelected: James H. At
kinson, William L. Beale, C. Mel
son Bean, Morris Cafritz, Floyd
E. Davis, Winship I. Green, Alfred
H. Lawson, Fred L. Lutes. William
H. Barbury, Walter S. Pratt, jr.,
and Andrew Saul.
Bond Vacancy Filled.
Malcolm Matheson, jr.. has been
elected a member of the Board OF
Directors of the First National
Bank of Alexandria to fill the
vacancy caused by the death oi
William A. Moore, jr. The new
director is particularly we'll known
in the nearby Virginia area, hav-
ing engaged extensively in build.
ing operations for Is years ir
Alexandria, Arlington and Fair.
fax Counties.
The election took place yester.
day at board meeting. Mr.. Math.
eson is native of Gloucestel
County, Va. He attended tht
Episcopal High School in Alexan.
dria and Princeton University. HI
Is married to the former Emma
Henry Tompkins of Washington
and resides in Fairfax County
near Mount Vernon. Mr.. Mathe.
sons Office is in Alexandria.
Capital Airlines Net Rises.
Operating profit of Capital Air.
lines for May was $260,186, ar
increase of $49, ,628 over May, 1949
President j. H. Carmichael has
reported. The net profit after
taxes also increased over the same
period from $173,816 to $214,668
Total operating revenue for May
was $2,546,019, exceeding Septem-
ber. 1949. the former highest
month in the company's history
by approximately $45,000.
Mr.. Carmichael said the work
ing capital position of the COM
pany improved in May over April
by approximately 100000. The
company also showed an increase
of approximately 5000, 900 revenue
passenger miles flown in May over
the same month last year.