Evening star., 1950-01-24
Assets Gain Reported
By Building and Loan
Associations Here
By Edword c. Stone

n associations comprising the
District Building and Loan League
amounted to 1857, ,O58,517, a gain
of more than $17,000,000 during
1949, a summary by F. Wilson
Camp. secretary, disclosed today.
Patrons improved their accounts
by $29,00o,000, the statement
showed, with amounts due share
holders rising to $318,248,392, the
largest total ever recorded. Loans
on first mortgages increased ST.
100000 to $235 ,2S7, ,438.
Reserves and surplus stepped UP
$3,000,000 to total $33,7e0,619
Secretary Camp announced. The
number of customers increased
substantially, the present 100000
investing and borrowing members
being gain Of 10000 over 1948.
New Director Elected.
Stockholders of the Federal
Storage Co. elected P. M. Deming
who is secretary of the company
a director at the annual meeting
The other directors are Bruce
Baird, H. r. Barbee, Daniel l.
Borden, M. F.. Calnan, Henry P
Erwin, D. P. Gaillard, James M
Johnston. A. N. Miller. Carroll
Morgan, E. K. Morris, D. F. Rob-
erts, F. N. Towers, c. G.. Warf1eld
and Robert w. Wilson.
Officers we're reelected and a
dividend of 81 a share on the
common stock. declared, payable
February 7 to stock of record jan
uary 26.
James M. Johnston, partner in
the investment firm of Johnston,
Lemon & Co., has been elected
to membership in the Philadel-
phia-Baltimore Stock Exchange.
He is the first Washington men,
ber.
Caldwell c. Kendrick, for years
counsel for the Old Dominion
Bank, in Arlington, has been
elected director, President Edwin
T. Holland announced. This bank S
deposits recorded a 80 per cent
jump during 1949.
Don Gray, in the automobile
business here for 27 years, has
been appointed director of the
Used Car Division of the Trew
Motor Co.
Store Show at Shoreham.
The Rohm & Hass Co., Phila-
delphia. is holding four day ex-
hibition at the Shoreham to pre-
sent practical methods of store
modernization by the use of
plexiglass. The exhibit ends
Thursday night.
z. K. Walsh, formerly sales
manager for the American Can
Go. in the Baltimore Washing
ton area, has been appointed
manager of sales for the Atlantic
Division. He succeeds T. E. Al
wyn, in native of Washington
and has been with the firm 20
years.
c. Carney Smith, general agent
OF the M1tRaf Benefit Life, New
ark, addressed 80 general agents
of the company meeting In Bell
aire. Fla.
w. Neal McCord, general agent
of Atlantic Life, has been present.
ed special production honors at a
company meeting in Boca Ration,
Fla.
Roy c. McGuiness of the Home
Life Insurance Co., wrote in excess
of $1,000.000 in new business in
1949, winning fifth. place among
all company representatives.
Howard w. Kacy, first vice pres
ident. Acacia Mutual Life, has
been reappointed vice president for
the District, of the American Life
Convention, by President S. j. Hay.
Riggs Enjoys Unusual Year.
Net operating income of the
Riggs National Bank in 1949
amounted to $1,784,993, as COM
pared with $1,591,726 in 1948,
largest earnings In the long history
of the bank. President Robert v.
Fleming stated in his annual re-
port. This net was equal to $3.50
a share against $31.84 a year ago.
Mr.. Fleming commented on the
tremendous activity in the con-
struction of new homes, apartment
houses and Office buildings in the
District during 1949 but added a
word Of caution. eff building is
continued at the present rate with
out a corresponding increase in
population, over-production of
housing and Office units could re-
suit" he warned.
Daily average loans in 1949 were
higher than in 1913; deposits were
$14,65o,878 lower at the yearend
mainly because of a let-down in
foreign accounts since the end of
the war. The bank gained In the
number of commercial accounts
but in line with the general trend
suffered a loss in savings accounts
both in number and dollar volume.
Woodward Stock Offered.
Washington investment houses
headed by Merrill Lynch. Pierce,
Fenner & Beane are offering
$4,000 shares of Woodward g.
Lothrop common stock at $34 per
share. The stock has been held
by a relative of one of the found
ers who is not a store official.
Robert c. Baker, executive vice
president of the American Sc
curity & Trust Co., is attending
the ABA National Credit Confer
ence in Chicago.
The Frank Parson Paper Co.,
Inc, will hold open house for
customers and business friends
tomorrow In the new Office and
warehousing building at Six
teenth and Okie streets NE.
Shareholders of the Northwest
ern Federal Savings g. Loan AS
sociation reelected Howard s
Gott president at the annual
meeting when all other officers