Evening star., 1950-03-16
Record Bank Earnina!
And Loans Reported
In Fifth District
by Edword c, Stone

W IuN0Tu ~. StOnS
Loan expansion late in 1949
brought the total volume of loans
of 479 member banks in the Fed
eral Reserve Bank of Richmond
to a new record level and raised
current operating earnings to a
new peak.
The Richmond Bank says the
1949 gain in earnings was more
than 5 per cent over the preceding
year. Expenses increased 81 mil
lion, mainly due to higher wages
and salaries. Fifth district banks
retained So per cent of their prof
its, compared with 81 per cent by
all member banks in the United
States. Dividends voted were up
per cent.
Consumer installment loans
constituted the most important
factor in the increased volume.
Retail automobile installment pa
per increased more than 35 per
cent and home improvement in
stallment loans were up 20 per
cent.
Loans to brokers and dealers in
securities expanded by Sc per cent
during the year to reach $14.6
million. A 81 million decline in
aid to farmers was in CCC guar
anteed loans. Other farm loans
increased.
Demand deposits were off less
than l per cent. while time. de-
posits were up per cent, the bank
review stated.
Security Savings Extra.
Directors of the Security Saw
tngs & Commercial Bank have
declared the usual semi-annual
dividend of 4 per cent and an
extra dividend of 1 per cent, Pres
ident Francis G. Addison, jr., an
nounced today. Both are payable
March 81 to stockholders of rec
ord March "A.
The Security and Exchange
Commission has approved plans of
the Appalachian Power Co.. of
Roanoke. Va. to sell $25 million
worth Of 30-year first mortgage
bonds. Competitive bidding will
be employed and the proceeds
used for construction.
Washington department stores
reported per cent rise in stocks
on hand at the end of January
against the same date a year ago,
the Richmond Reserve Bank an
nounced. Outstanding orders for
merchandise were up 6 per cent
and receivables Z per cent COM
pared with January 81, 1949.
Industrial Area Expands.
The Richmond Reserve Bank
says two recent announcements
by the steel industry are of par
ticular Importance to the Fifth
Districts largest metropolitan
area, Baltimore.
One disclosed $50 million
program for further expansion of
Bethlehem Steel Corporations
Sparrows Point mills, one of the
largest outlays ever made in the
Fifth District for the expansion
OF a single manufacturing plant.
The second announcement may
be Of even greater significance to
the Port of Baltimore since it dis
closed the United States Steel
Corporations intention to make
this port its east coast entry for
iron ore from its vast and re-
Gently discovered deposits in
Venezuela.
Shell Dealers Meet Here.
The 1850 advertising and mer-
chandising program of the Shell
Oh Co. was outlined at a meeting
OF 135 dealers at Hotel 2400, call
ed by D. Russell Myers, Washing
ton manager.
Other sales representatives pres
ent included E. A. Cunningham,
Charles H. Mead, jr., Paul F.
Causey, both of Baltimore, and
E. H. Cain and John E. Davis,
New York. Sales in Washington
and surrounding territory have
expanded steadily during the past
year.
The Lincoln Service Corp. has
elected R. v. Hannemann con-
troller, advancing him from as
sistant treasurer. Charles Del
mar was reelected president at
the annual meeting and all other
officers were retained.
Hecht Common Goes Higher.
Hecht common climbed to 1894
on the Washington Stock Ex-
change today, another new 1850
high mark. Sales totaled 26o
= shares.
Capital Transit. which recently
had a run-up to 80, sold down to
2712 on a 92-share turnover.