Evening star., 1950-07-24
10 Million Persons
Have Accounts With
SAVINGS Associations
By Edword c. Stone

By Edword c. Stone
Persons having savings &C
counts in the Nations building
and loan associations crossed the
10 million mark for the first time
in the first half of 1850, Henry
A. Bubb, president of the United
States Saving and Loan League,
reported today.
A member from one out OF
every four non-farm American
families now is registered on the
rolls of these institutions, he said.
At the end of 1949, he added, &C
counts numbered 9,8S7 900, an in
crease of 130 per cent over the
total back in 1886.
This gratifying increase reflects
the prosperous nature of the times
and the increased interest in ma
tional thrift, Mr.. Bubb said.
Bank Earnings Increase.
WaShington's 19 banks showing
highly satisfactory earnings in the
first half year, Controller of the
Currency Preston Delano reported
today.
Net earnings of $5,153 900 from
current operations in the first six
months of 1850 compared with
$4,402,000 in the like period a
year ago, an increase of $750,000.
Total earnings from current op-
erations amounted to $13,828, 900.
Current operating expenses re-
quired $2,440,000 against $685.
600 a year ago. Taxes on net
income called for $1,547. 900
against $1,341 900 last year.
The annual rate of net profits
to capital funds was 925 per cent
compared with 7.61 per cent in
the same 1949 period, Mr.. Delano
stated.
Capital Gift Show Opens.
The Washington Gift Show
opened at the Willard Hotel yes
terday on such a big scale that
the exhibits are taking up three
floors in the hotel.
The response from exhibitors |
and buyers alike has been most |
satisfactory so far, the manage
ment said. The public turned out |
in very large numbers yesterday
to see the exhibits and the same
was true today.
The number of firms exhibiting |
gift items, artWareS, decorative
home accessories and a host of !
other products is impressive.
Assets Reach S31,243,149.
The First Federal Savings &
Loan Association had total assets
of $31 ,243,000 on June 80, c. H.
Ellingson, president, stated in a
report distributed today.
The First Federal has $25, 1885,
093 in first mortgages, $9,778,64
being in guaranteed home loans to
veterans. The report shows $25,-
755, 1886 in savings accounts.
Surplus and reserves now total
$2,263, ,372, Mr.. Ellington stated.
Insurance Leaders Convene.
Key statesmen from Washington
and II States are attending the
Eastern Sales Conference of the
Lincoln National Life Insurance
Co., which opened a three-day
session at White Sulphur Springs,
w. Va. New developments in life
insurance will be reported by ma
tionally known speakers.
Knott Hotels Corporation, which
manages the Houston Hotel int
Washington, has just purchased
the Robert Treat Hotel in Newark
and the Stacy-Trent in Trenton,
Albert w. Slender, New Jersey
hotelman, was the seller. Each of
the two hotels was built at a cost
of 50 million. The Knott chain
operates in New York and II other
Eastern cities.
Mrs. Georgia Neese Clark, first
woman treasurer of the United
States, will address the annual
convention of the Pilot Club at the
Statler Thursday noon.
E. R. Shepard, formerly with |
the Bureau of Standards, and |
Corps of Engineers in Washington,
has joined the staff of the Hinch-
man Corp, engineering firm in
Detroit. He is an expert on cor
rosion of metals.
City Stores Offers Exchange.
City Stores is making a stock
exchange offer for the minority
holdings of Oppenheim, Collins g.
Co., Inc, and Franklin Simon g.
Co., Inc, subsidiary chain stores.
City Stores now owns a majority
of the common stock of the two
subsidiaries which deal in wear
ing apparel in Washington, New
York, Philadelphia and number
OF other Eastern cities.
Charles F. Gill has been ap-
pointed manager of the Capehart-
Farnsworth Corporations territory
which includes four nearby States.
Potomac Electric Power COM
mon sold in four small lots at
1872 on the Washington Stock
Exchange today, new low for
the year.