General Motor Sales
For June Are Third
Best in History
Reach 173,212 Mark,
Against 124,618 in
Same 1939 Period
By the Associated Press.
NEW YORK. July 8.—Genera]
Motors Corp. announced today that
its sales to consumers in June were
the third best for that month in its
history.
The company sold 173,212 cars
and trucks in the United States,
compared with 165,820 in May and
124.618 in June of last year.
Only in June of 1926, when the
total was 189,756, and in June of
1928. with a figure of 174,085, did
General Motors sell more cars to
the consumers than in June of this
year.
Motor circles said the substantial
rise in consumer buying was pre
sumably due in part to the fact
there was a temporary slump in
business coincident with the tumble
of the securities markets in May and
to expectations in some quarters
that next year's models may be
somewhat costly because of the
effect of the armament program.
Sales to dealers in the United
States in last month were 151,661,
a substantial decline from the total
of 171,024 in May, as dealers re
duced their stocks, but were well
above 124,048 in June of last year.
Sales to dealers in the United
States in the first six months of
1940 were at a record for the history
of the company at 1,013.034, com
pared with 738.788 in the first half
of last year. The previous record
for first half sales to dealers was
in 1936, at 978.274.
Sales of cars and trucks to con
sumers in the United States in
first six months totaled 941,821,
compared with 700.461 in like 1939
period.
Total sales to dealers in United
States and Canada plus overseas
shipments were 167.310 units in
June, against 185.548 in May and
139.694 in June 1939.
Realty Market Displays
Stability in Half Year
By the Associated Press.
CHICAGO, July 8—Real estate
market conditions have shown less
change the past six months than
in any corresponding period in more
than 10 years, the semi-annual sur
vey of the National Association of
Real Estate Boards indicated.
Newton C. Parr, president of the
association, said this testifies to
“something quite stable in our na
tional economy” in view of world
wide changes due to the European
war.
01 LI C UUIU UJt U U l 1UUI\ lil
creased industrial activity as a re
sult of the national defense pro
gram and prospects of increased re
quirements for industrial space,
some effects of wartime uncertain
ties are visible in the survey, Farr
said.
In 47 per cent of the reporting
cities sales were more active than
a year ago, while only 15 per cent
showed business was slower. Prices
now hold at least to last year's
level in 72 per cent of the cities,
have improved in 13 per cent and
declined in 15 per cent.
Residential single-family dwelling
rents are up in 33 per cent of the
cities and down in 8 per cent. Apart
ment rents have risen in more cities
than the number in which there
have been declines. Fewer cities
now have falling interest rates com
pared with six months ago, although
30 per cent reported further de
clines.
Denmark to Maintain
Payments on Bonds
By the Associated Press.
NEW YORK. July 8.—Denmark
will maintain its record in serving
Its external loan, despite German
control of the nation, announce
ment by the National City Bank in
dicated today.
The bank said funds were received
for payment of the July 1 coupons
of Kingdom of Denmark 20-year 6
per cent bonds of 1942 and that
license was obtained to disburse
these funds up to July 10 in accord
ance with a presidential decree af
fecting such payments. Bonds of
the issue have been outstanding in
the amount of $30,000,000 since early
1922.
BUSINESS SUMMARY FOR FIRST HALF-r-The above chart shows changes in six important
| barometers.
I - -
Railroads' Position
Improved by Gains
In Loadings
Impressive Earnings
Recovery Registered
During May
Special Dispatch to The Star.
NEW YORK. July 8— Railway
freight traffic is holding well above
1939 levels and has recently been
rising in better than seasonal fash
ion, according to the Financial
World, which states that the rail
roads are making the most of this
improvement with the best year in
! a decade well within reach.
‘‘For the first five months of 1940
the country's class I roads reported
aggregate gross revenues of $136,
000.000. or 10% per cent; more than
a third of that increase was car
ried through to net railway operat
ing income, increasing the latter by
$52,000,000. or 49 per cent. For the
month of May alone, the showing
was even more impressive. Gross
rose $32,000,000, or 12 per cent, of
which nearly half was carried
through to net—and this figure
rose by 73 per cent. On the basis
of the performance so far, net in
excess of the $165,000,000 for 1936.
the best year since 1930, seems well j
within reach for 1940,” says the!
magazine in its forthcoming issue.
‘‘Though the roads as a whole
seem adequately equipped to handle
even the greater volume of traffic
in prospect for later in the year,!
improving earnings and a desire to
render the utmost in efficiency in j
connection with the country’s de-!
fense program may well bring an
other wave of equipment purchas- '
ing before the year is out, furnish
ing additonal business to the car;
and locomotive manufacturers.”
I .
Brisk Furniture Buying
Reported at Chicago
B> the Associated Press.
CHICAGO, July 8. — Furniture
buying by retailers attending the
midyear manufacturers’ shows in
Chicago is normal and in instances
above normal reports from Amer
ican Furniture Mart and Merchan
dise Mart officials indicated today
at the close of the first wTeek of
the expositions.
Lawrence H. Whiting, president j
of the American Furniture Mart,
said dealers are buying for their
full 90-day requirements from the ,
time of delivery. There is neither
speculative nor hand-to-mouth buy
ing, but rather a compromise.
“This attitude of the home fur
nishing buyers is due largely to the
expectation that the increase in their
volume thus far this year over 1939
will be maint^red. The gain up
to now has avfaged better than
11 per cent, and Imp manufacturers
report increases in orders at higher
than 20 per cent over a year ago,”
he stated.
W'hiting said that all branches of
the home furnishings industry are
sharing in the brisk buying, includ
ing furniture, major home appli
ances, floor coverings, lamps and
juvenile items.
Attendance is running 10 per cent
ahead of a >ear ago, and is the
third highest in history for the fur
niture mart summer markets.
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B. & 0. Loadings Hold
Well Above Year Ago
By the Associated Press.
BALTIMORE, July 8.—June car
loadings of the Baltimore & Ohio
Railroad totaled 213,505 loads, an
increase of 30,919 over June, 1939,
but a decrease of 896 from May of
this year. Loads for the week ended
July 6, totaling 46.340, represented a
gain of 8.575 loads over the corre
sponding week a year ago, but de
clin?d 5.601 loads from the preivous
week ended June 29, 1940.
Unfavorable Outlook
For Spring Wheat
Bolsters Prices
Dry Weather in Some
Sections Reduces
Crop Prospects
By the Associated Press.
Unfavorable prospects for the
spring wheat crop have given do
mestic markets a firmer tone, the
Agriculture Department said today.
Dry weather in some sections of
the spring wheat belt reduced 1940
production prospects. At the close
of the week moisture was badly
needed in North and West North
Dakota. Good growdh was reported
over most of South Dakota and
Minnesota.
In Canada prospects were main
tained fairly well, except in South
Central and Southern Saskatche
wan where moisture was lacking, j
The outlook for the bread grain crop j
in Europe remains uncertain, the
department said, but harvests much j
below last season were forecast for
a number of important producing i
areas.
weavy marketings of new winter
wheat, including more than 1.500
cars received at Fort Worth and
nearly 7,500 at Kansas City, showed
exceptionally high quality with a
large percentage grading No. 2 or
better.
The department said no export
trade in winter wheat was in evi
dence despite announced continu
ance of the export subsidy program
on wheat and flour inaugurated in
1938.
Prices of corn and oats advanced
around a cent a bushel. A larger
part of the more than 5,000.000
bushels received at principal ter-!
minai* dui'hg the week represented
Government shipments on export
sales or deliveries on previous con
tracts.
Cool, wet weather retarded growth
of the new corn crop in the Upper
Ohio Valley. Progress was described
as fair to good in Illinois, good in
Iowa,.
At Chicago July wheat closed
Saturday at 76% cents a bushel
compared with Friday’s close of
77%-77%. July com closed at 60%
cents compared with Friday's close
of 61%.
Washington Exchange
SALES.
AFTER CALL.
Peoples Drug Stores com.—15 at
18%.
Potomac Electric Power 5%% pfd.—
5 at 114.
BONDS
PUBLIC UTILITY.
Bid Asktd
Anacostia A Pot 5s 1949_lOOU 102%
Ana Ar Pot Guar fis 1949__ 108
Can Traction 1st 5s 1947. _ lOOVa 102
City A- Suburban 5s 1948__ 100 102%
Georgetown Gas 1st 6s 1061 115 _
Pot Elec Pow 3%s 1968 __ 106
Washineton Gas 6s I960_124 _
Wash Rwj A Elec 4s 1951_. 1061/* _
MISCELLANEOUS
Col Country C 1st 4%s 1057 103 _
Ter Rt * W Co 1st 4%s 1948 100 _
STOCKS
PUBLIC UTILITY.
Amer Tel fc Tel (9)_*160%
Capital Transit * .25)_ 12 13%
N & W Steamboat (4)_*65 7(1
Pot Elec Pow 6% pfd (fit_ 114 115
Pot El Pw 6%% pfd (5501_112%
Wash Gas Lt com (1.60)_ 24% 26
Wash Gas Lt pfd (4.5(1) ___ 102% 104%
Wash Ry & El com (gild) __ 730 __
Wash Ry & El pfd (5)_ 109 _.
BANK AND TRUST COMPANY.
Amer Sec & Trust Co (eR)__*225 _
Bank ol Bethesda (176)-. 3u 38
Capital (v4) 165 _
Com & Savings (ylO.OO)_ 300 _
Liberty (6) 168 180
Lincoln (y5) _ 200
Natl Sav & Tr (4 00) 195 220
Pr Georges Bk & Tr (t.60) 1!) 25
Riggs (e8) 240 270
Riggs pfd (6) 101
Washington (6)_ 120 _II
Wash Loan & Tr (e8)_225
FIRE INSURANCE
American <t6) _110 _
Firemen's (1.40) 26% - _
National Union (.76)_ 14 18
TITLE INSURANCE.
Columbia (k30)_ 14 18
Real Estate imO)_160 _
MISCELLANEOUS.
Carpel Corp (2.00)_ 24 29
Garflnckel com (.70) - 8% 10
Garflnckel 6% cu cv pf (1.60) 23% __
Lanston Monotype (2.0(1) _ 27% 30
Lincoln Serv com (tl.OO)_ 18 22
Line Svc 7% or pf (3.60)-- 46% 62
Mergenthaler Lino (P oll) _ 14% _ _
Natl Mtge & Inv pfd (d.20> 3% 4%
Peop Drug com new (tl.OO) 18 _
Real Est. MAO pfd (.50) 5% 6%
Security Storage (5) *82 -_
Ter Ref * Wh Corp (3) 53 60
Wdwd A Loth com (s2 00) 40 52
Wdwd & Lothrop pfd (7)— 112
•Ex dividend
tPlus extras d 20c paid June 16. 1040.
e 2% extra g *14 00 extra paid Decemoer
23. 1930 k 20c extra m*1.60 extra
P 50c paid September 20. 1938. s $2.00
Paid in 1939 125c paid July 1, 194(1.
vjl.00 extra paid January, 1940. y *5.00
extra.
Dry Goods Market
NEW YORK. July 8 I/P).—Dry goods:
Cotton cloth selling agents reported list
less trading. Demand was fair for rayon
fabrics with a pick up expected in finished
ioods Trading in silk goods remained
auiet. June raw silk deliveries were the
lowest for a 30-day period In 20 years.
Buying of woolen piece goods slowed con
siderably although mill activity continued
brisk.
Steady Upward Trend
For Second Half
Predicted
Increasing Stimulus
Of U. S. Armament
Spending Foreseen
BOSTON, July 8—Major business
trend during the second half will be
upward under the growing stimulus
of United States armament spend
ing, says the United Business Serv
ice in its special midyear appraisal
report.
The service points out that con
tinuation of the war would acceler
ate the current recovery, while an
early peace would probably bring a
temporary letdown, the extent of
which would depend on how soon it
came. The defense program is
gaining momentum, and the longer
peace is deferred the more moderate
will be the repercussions from a
cessation of foreign war orders. Re
gardless of possible near-term in
terruptions, however, the Nation is
entering an extended period of pro
duction activity.
Other forecasts covered by the
special report include:
AUUUMllrtl pKKIULWUU - OUULUU
average about 10 per cent above
1939 for the full year, regardless of
European developments. Emphasis
will be on war materials, but con
sumer lines will also benefit from
rising employment and pay rolls.
Commodity prices—Longer-term
trend is still upward. Continuation
of war would accelerate rise later
in the year. Peace would lessen
demand for war materials but stim
ulate call for other items. No ‘‘wild
inflation” of prices is in prospect.
Retail trade—Full-year dollar
volume should average 8 to 10 per
cent above 1939. Urban trade will
improve more than rural, but latter
will be bolstered this summer and
fall toy record Federal benefit pay
ments.
Steel—Continued war will lift
1940 output close to 20 per cent
above 1939. Early peace would be
unsettling temporarily. Second
half operations should average
around 85 per cent of capacity,
bringing full-year average to 75 to
80 per cent, against 61 per cent
in 1939.
Building—Residential and indus
trial will continue to hold above a
year ago. Public works will show
little change; utility contracts
should pick up somew-hat.
Automobiles—Earlier forecast of
about 4>2 million cars and trucks
this year still looks about right.
This will be 15 per cent gain over
1939. New-car stocks, although
laige, are not excessive relative to
sales. Industry will benefit from
armament work and increased
military truck orders.
U. S. Treasury Notes
NEW YORK. July 8 —Prices quoted
in dollars and thirty-seconds:
Approx.
Rate.—Maturity. Bid. Asked, yield.
lVaS Dec.. 1840_101.7 101.0
112S Mar . 104 1_101.16 101.18
13§s June, 1041_101.17 101.10
l‘,4S Dec.. 1041_101.27 101.20
l*%s Mar.. 1042 _ 102.28 102.30
2s Sept., 1042_ 104.4 104.0 .08
134s Dec.. 1042_ 103.28 103.30 .13
l1 as June. 1043 _101.20 101.30 .45
Is Sept., 1043 _101.16 101.18 .51
1 VsS Dec.. 1043_ 102 102.2 .52
is Mar.. 1044 _101.14 101.10 .50
34S June. 1044 _ 100.17 100.10 .Ho
Is Sept., 1044 101.10 101.18 .HI
%S Mar.. 1045_ 100.2 * 100.4 .72
-•
Crude Oil Prices
TULSA. July 8 (JP).—Base crude oil
prices: Mid-continent area. Illinois. $1.05:
Oklahoma-Kansas. gravity scale, HO cents
to $1.10: North. North Central and West
Central Texas, gravity scale. 71 cents to
$1.03. •
East Texas. $1.10: West Texas, gravity
scale. 53 cents to 05 cents: North Louisi
ana-Arkansas. gravity scale. 73 cents to
$1.05; Rocky Mountain area. Salt Creek,
Wyo.. fcravity scale. 8H cents to $1.10,
Eastern area. Pennsylvania grade (Brad
ford-Alleghany). $2.25; same grade in
Southwest Pennsylvania Lines. $1.00; same
grade in Eureka Lines. $1.84; Corning.
$1.12.
Money Market
NEW YORK. July S UPV—Call money
steady: 1 per cent. Prime commercial pa
per. 1 a per cent. Time loans steady; 60
00 days. I1/*; four-six months. IV2 per
cent. Bankers' acceptances unchanged.
60-00 days. per cent. Four months.
**-h2 per cent. Five-six months. 5«-r« per
cent. Rediscount rate, New York Reserve
Bank. I ivr cent.
Federal Land Banks
NEW YORK. July 8 UP).—Federal Land
Bank bonds:
Rate. Maturity. Bid. Asked.
4s July. 1946-4 4 _11(1% 111%
3V«S May, 1955-45 _106% in7V4
3s July, 1955-45 _105% 106%
3s Jan.. 1956-46 _105% 106%
3s May, 1950-46 _105% 106%
Steel Quotations
NEW YORK, July 8 (TP)—Steel prices,
per 100 pounds, fob. Pittsburgh: Hot
rolled sheets, base price. 2.10. Galvanised
sneets. 3.50. Steel bars. 2.15.
PtrustmoneyI
W • Low Ratea Ij
1 • Prompt Servica I
K Monthly Payment Loans as I
ft low as $6.33 per $1,000, per ft
■tmonth. M
A. CONSTRUCTION ML
m, loans Mm
F. H. A. LOANS
BOSS & PHELPS
MORTGAGE CO.
Loan Correspondent
John Hancock Mutual Life Ini Co.
U1T K at N.W. NA. 0300
a
Aufo Firms to Finish
Model Changes by
End of Month
Earliest Shutdown
Program in History
Now Under Way
By the Associated Press.
DETROIT, July 8.—Practically
all of the motorcar industry’s as
sembly plants will be closed by the
end of the present month for the
change-over to new models, says
Ward’s Automotive Reports in its
current issue.
Last week, the trade publication
says, five plants—Cadillac, Hudson,
Nash, Packard and Studebaker—
closed down for change-over opera
tions. Noting that Uje completion
of the 1940 model output through
out the industry this month will
bring the earliest shutdown pro
gram since the fall introductions
of new models were inaugurated,
Ward's adds:
“First resumptions of operations
on 1941 models will be seen before
the end of the month. Several
plants will be in production on 1941s
by mid-August, and the indication
now *is that all factories will be in
1941 model runs by mid-September,
and quite likely earlier.
Commenting on the retail sales
situation, the survey says that de
liveries continued their mid-June
advance right through the end of
the month, and continues:
“Some companies anticipate bet
ter business in the current period,
due to the fact that many States
begin half-year license-plate sales
on July 1.
“A better market appears to be
developing for used cars at this
period. Anticipations of higher
prices later on are factors. It may
be, also, that the decline in new
car buying was not accompanied
during May by as precipitate a drop
in second-hand car sales, which
would tend to reduce such stocks.
"July 1 saw the new defense
taxes go into effect, and there was
immediate reaction within the in
dustry. » * • Packard adjusted its
j retail prices ahead somewhat to
offset various excise taxes. The
advances ran up to around 2 per
cent; they averaged somewhat
above 1 per cent from original 1940
prices. Base prices in the 110, 120
and 160 series were left unchanged,
but other models wTere advanced
$16 to $30.”
Lumber Output Off
2 Per Cent in Week
Lumber production during the
week ended June 29 was 2 per cent
less than in the previous week,
shipments were 4 per cent greater,
new business 6 per cent greater, ac
cording to reports to the National
Lumber Manufacturers Association.
Shipments were .2 per cent above
production, new orders 3 per cent
above production.
Compared with the corresponding
week of 1939, production was 5 per
cent greater, shipments 1 pet- cent
less and new business 1 per cent
greater. The industry stood at 73
per cent of the seasonal weekly
average of 1929 production and 73
per cent of average 1929 shipments.
Reported production for the 26
weeks of 1940 to date was 8 per cent
above corresponding weeks of 1939,
shipments were 6 per cent above
the shipments and new orders were
5 per cent above the orders of the
1939 period.
Smith, Barney Plans
Philco Stock Offering
B? the Associated Press.
NEW YORK, July 8.—Plans are
under way for public offering later
this week of 325,000 shares of com
mon stock of Philco Corp., Smith,
Barney & Co., who will manage the
offering, announced today. The issue
will represent the first public
financing of the radio and elec
trical concern since its formation in
1892.
London Tin Prices
! LONDON, July 8 f^Pi.—Tin easier: spot.
| 5s bid. £264 15s asked; future. £264
: 5s bid. £264 10s asked.
Weekly Financial High Lights
hy the Associated Press. . Latest week. Prev. week. Year ago.
1— Steel production... 74.2% 86.5% 38.5%
2— Auto production.. 51.975 87.550 42.784
3— Freight carloadings ... 752.326 728,096 661,404
4— Stock sales.—1,385,010 3,585.410 1,442,130'
5— Bond sales . $18,478,300 $24,269,150 $17,908,200
Final three ciphers omitted in following:
6— Electric power produced fkw. h.) 2,51-4,461 2,508,825 2,300,268
7— Crude oil produced (bbls.). 3,639 3,846 3,463
8— Security offerings... $18,479 $94,999 $26,997
9— Bank clearings .. $6,199,541 $4,841,832 $5,078,205
10— Demand deposits.... $20,681,000 $20,495,000 $17,220,000
11— Business loans... $4,399,000 $4,387,000 $3,833,000
*2—Excess reserves _ S6.810.000 $6,800,000 $4,290,000
13— Treasury gold stock.... $20 063,000 $19,871,000 $16,136,000
14— Brokers’ loans .. $262,000 $276,000 $495,000
Money and Bank Rates:
| Call money, N. Y. Stock Exchange.. 1% 1% 1%
| Avg. yield long-term Gvt. bonds.. 2.31% 2.32% 2.16%
New York Reserve Bank rate- 1%* 1% 1%
: Bank of England rate ..- 2% 2% 2%
Sources: 1—Am. Steel Inst. 2—Ward’s. 3—Asso. Am. Railroads. 4
and 5—N. Y. Stock Exchange. 6—Edison Institute. 7—Am. Petroleum
Inst. 8—Poor’s. 9—Dun & Bradstreet. 10 and 11—Reserve member banks
in 101 cities. 12. 13 and 14—Federal Reserve.
Commodity Price
Changes in Week
By the Associated Press.
NEW YORK. July 8 —A long list
of raw foodstuffs and key industrial
materials declined in cash markets
this week.
The Associated Press weighted in
dex of 35 wholesale commodities,
based on 1926 as 100, declined to
71.79 from 71.86 in the previous
•week. A year ago the index, ad
justed for seasonal and long-term
trends, stood at 65.62.
The recession in prices for indus
trial staples was attributed to the
apparent delay in the placing of
actual orders in the defense pro
gram.
Hog Prices Jump.
A bright spot was a sharp vise in
hogs. In Chicago stockyards the
porkers sold at the best prices since
April after consistently advancing
for days. Consumption require
ments have broadened while re
ceipts have fallen off.
Also higher were lard, hides, oats
and rye. Government purchases
helped lift flour.
Wheat declined on heavy re
ceipts at principal Southwestern
markets as the 1940 harvest got into
full swing. Com also slipped.
Copper sold at the lowest since
war broke out last September. Ex
port buying virtually stopped and
domestic consumers were wary with
! new business.
Rubber and tin were trimmed as
market places heard plans for ex
pansion of shipments under present
quota systems. The rubber quota
was raised Friday and action was
expected on tin in the near future
Steel scrap continued the slide of
| the last few weeks although steel
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mills again hiked output schedules.
Others in the minus column were
silk, wool, cotton, corn, lamb, cocoa,
sugar, linseed oil, turpentine and
| coal.
The Associated Press index with
its components follows:
Previous Year
July 5. week. a«o
35 commodities_ 71.70 71.86 65 62
Industrials __88.06 88.55 78.4o
Pood _ 49.70 49.42 47.19
Livestock 73.86 71.20 70.55
•Grains and cotton. 69.42 70.37 58.'4
Textile . 58.51 59.09 55.33
Non-ferrous metal - 78.55 79.66 71.55
•New J 940 low.
Western Wheat Sales
To Chinese Approved
By the Associated Press
The Agriculture Department said
it had approved last week sales of
about 600,000 bushels of Pacific
Northwest wheat for shipment to
Chinese importers.
The sales were made under the
Government's export subsidy pro
gram.
The department followed its policy
of withholding details of the trans
actions and the amount of subsidy
which would be paid exporters.
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Favorable Rate v;
FIK81 OECD Of TBUS1 ONLY j(
GEORGE I. BORGER
643 Indiana Sia B.Sf.
Nat’l 0380
SAVE MONEY
Here you eon- start with $1.00
to $10,000. It will earn divi
dends payable semi-annually.
Every account insured up to
$5,000.00 by a II. S. Govern
ment agency.
^l(*fiT*rWE$-TEWr
SAVINGS & LOAirmJL
No- 1 Colorado Bldg.
klA 733C 0 8 il 14th NW
iw A. / 333 Branch Takoma Pk.
Charter No. .36::5 Reserve District No. 5.
REPORT OF CONDITION OF THE
Columbia National Bank
Of Washington, in the District of Columbia,
at the close of business on June 29. 1940.
Published in response to call made by
Comptroller of the Currency under Section
5211, U. S. Revised Statutes.
ASSETS
1. Loans and discounts (in
cluding *157.74 over
drafts! SI. 548.984 91
2. United States Government
obligations, direct and
guaranteed 1,536,190 09
3. Obligations of States and
Dolitical subdivisions 68.750 00
4 Other bonds, notes and
debentures 265.052.00
5. Corporate stocks, includ
ing stock of Federal Re
serve Bank 18.000.00
0. Cash, balances with other
banks. Including reserve
balance, and cash Items
in process of collection 2.877.399.58
7. Tank premises owned
8160.330 89: furnit u r e
and fixtures. *16.280.12. 176.611 01
1! Other assets_ 1.616.66
12. Total assets_*6,492.604 66
LIABILITIES.
13. Demand deposits of indi
viduals. partnerships, and
corporations *4.006.588.84
14. Time deposits of individ
uals. partnerships, and
corporations 1.397.21696
17. Deposits of hanks 142.518.56
18. Other deposits 'certified
and cashier s checks, etc.) 18.786.81
19. Total de
posits *5,565.111.17
23. Other liabilities_ 43.257 08
24 Total liabilities_ *5 608.368.25
CAPITAL ACCOUNTS.
25 Capital stock:
(c) Common stock to
tal pai . _ *250 000 no
26 Surplus 350.000.00
27. Undivided Profits_ 207.617.37
28. Reserves __ _ 76.619 04
29. Total capita! accounts *884.236.41
30. Total liabilities ana
capital accounts . _ *6.492.604.6S
MEMORANDA
31. Pledged assets 'book value):
(ci Assets pledged to ouallfy
for exercise of fiduciary or
corporate powers, and for
purposes other than to se
cure liabilities _S990 00
(ei Total _ *990 no
City of Washington. District of Columbia, ss:
I. ROBERT H LACEY, cashier of the
above-named bank, do solemnly swear that
j the above statement is true to th# best of
my knowledge and belief.
ROBERT H LACEY.
_ Cashier
Sworn to and subscribed before me this
5th day of July. 1940.
(Seal.) JOHN W. SCOTT.
Notary Public.
Correct—Attest
ROBERT H LACEY.
HARRY BLAKE
FENTON !W FADELEY.
ERNEST C. GUY
JAMES A MESSER
JOSEPH H MILAN'S,
EDGAR MORRIS
JAMES ODONNELL. Jr,.
FRANK J. STRYKER.
HARRY 8. WOLF.
Directors.
ON IMPROVED D. C. AND
NEARDY MARYLAND
PROPERTY
For buying, rebuilding or refinancing at
prevailing rates of interest.
Loans repayable monthly.
No charge for appraisal if loan is not made.
Interest charged only on unpaid balance of
principal.
Equitable Co-operative
Building Association
915 F ST. N.W. ORGANIZED 1879
l|UATICm/|[r
%3\7'trman<nj/^u
lfc^T- £«ii-n'
WE MAKE HOME LOANS ON DISTRICT
AND NEARDY VIRGINIA PROPERTY
• Building conditions within this k
orea are very active, exceeding al*
most any ether spot in the country.
Thousands of these new home
owners are financing their prop* *
erty through this Association . . .
having found our plan of operation
to be most desirable.
Our officers will be pleased to
discuss the matter with you.
Remember We Have Had Nearly
50 Years ol Experience
NATIONAL PERMANENT
BUILDING ASSOCIATION
UNDER SUPERVISION OF UNITED STATES TREASURY
719 TENTH STREET. N. W. NATIONAL 0254
MEMBER OF: Home Loan Bank System • United Steles Building and
Loan League • Djsfjicf ol Columbia Building and Loan League rw