Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-06-21

May 81, it was reported today by
The new. peak was $50. 059.8
342,436 on the same date last y
First mortgage loans of the
a new peak Of $7O6,396, 1856. up
$8l, 820,762 from $624,576,173 a.
year earlier. Cash and Govern
ment securities amounted to-
$63,351,846, an increase Of
$3,275.544 from $60,076,302 on
the same 1855 date.
Invested capital totaled $780,
60S,2l4 on May 81. gain of
$74,082,71O from $606, $780, 04 O.
year earlier. Reserves of $685.
517,377 were $5,907.241 ahead Of
$57,610,136 a year ago.
Advances to the associations
also rose to $24. 11O.000, a gain of
$7,O15, 900 from $17,095. 900 at the
end of May last year.
Mr.. Camp reported, however,
that May settlements for con-
struction, home purchases and
refinancing Of existing mortgages
were down to $l9,098,003. a de-.
crease of $1.282,937 from the
same month in 1855.
The associations had the names
of 375, 1875 borrowing and invest
ing members on their books on
May 81, q net gain of %, 154 GUS
toners in II months.
Dollars Waltz In and Out
OF Savings, Loan Ofiices
Dollars are waltzing in and
out of savings and loan associa-
tions at an unusual rate and
leaders in the industry are keep
ing close watch Of the varying
pattern of dividends paid for
savings.
A new report from the Fed
eral Home Loan Bank Board
shows that while an imposing
S5,295 100000 was added in new
accounts of the Nations ASSOC
Citations in four months of this
year, an almost equally imposing
$3.825, 100000 went out another
door in Withdrawals.
Remaining on balance was a
much less imposing net gain OF
$1.47O 100000. The inflow was
1868 per cent above a year ago,
but the outgo was "a per cent
higher and the net increase was
only 3 of / per cent greater
than a year ago.
While taxes have taken some
of these waltzing dollars and
other types of business offering
still higher income have at
tracted others, sharply COMPETE
tive dividend rates among asso-
Citations themselves have been
a major factor in the big turn
over.
Conservative leaders in the
industry say rate wars have sent
funds from first one place and
then another. The waltzing doll
lars have lured some savings
!. and loan associations to pay far
higher dividends than they can
afford to pay and still main
tain adequate reserves to pay
customers on demand.
Leading Washington area as
sociations have had a policy Of
not advertising rates and also
discouraging any publicity about
them, arguing that to do other
wise might open the gates to this
kind of competition.
Rumb0ugh Heads TOtaIisatOr
Under Universal Products
With the announcement that
Universal Products, Inc. has
acquired 98 per cent of the COM
mon stock Of American Totalisa-
tor Co., it was learned today
that Stanley NJ. Rumbough, jr.,
of Bethesda, will continue as
president Of Totalisator.
Mr.. Rumbough, a White House
aide for the first two years of
the Eisenhower Administration,
: formerly was director of Totali-
sator, which has a Baltimore
plant. The sale to Universal
Products already had been ar
ranged recently when he was
elected president and he will
represent the new interests.
MIR. Rumbough said the new
management will carry out a
diversification program for To-
talisator, which also has &C.
quired all stock of General
Register Corp. Of Long Island
City, N. Y, and the largest sim
gle interest in c. p. Glare & Co.
OF Chicago. The former COM
pany makes ticket-issuing equip
ment and latter manufactures
electrical relays and control
equipment.
Mr.. and Mrs. Rumbough and
their three children will move
to the New York area.
Alexandria National Bank
to Open Fifth Office
Alexandria National Bank will
nV,at, ite ffth nff7na Of QoQ South