Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-14

Joint STOCK lana A. A. zinn'
n DSsln9 amounted to sass, $50, de-
cline of S5,018,150 from corresponding
period last year, when they were ST.
ao7 goo. For the nine months ended
September they we're $16,375, 033, drop
of S15.92246 from the nine months OF
1928. when they were $32, 297 800.
Federal intermediate credit banks also
showed decreases in loans closed Tor the
period. when the figure amounted to
Sl2,e79,58l, a drop of $5,043, 423 from
quarter of last year, when the figure
was $l8,O23,O0 and also reduction
for the nine months period to $26 1884,
735. or S1,919,849 from the total for
corresponding period last year OF $2S,-
854,584. Discounts for the quarter IN
creased. however, by So 42o $40 70 $!4,-
nine months rose to $62,164,977 from
$53,709, 285.
The decrease in loans, which has been
going on over a period Of two or more
years, is attributed to several factors
chief of which is the desire OF the banks
to improve the quality Of their loans
rather than increase the quantity.
linn Heads Mortgage Bankers.
A A. linn, recently elected president
of the Mortgage Bankers Association OF
America Is vice president OF the Com
merce Trust Co., in Kansas City, MO-,
which operates in seven States adjacent
to Missouri and handles vast amount
of business in farm and city loans as Tar
South as Dallas and San Antonio. He
was raised on a farm, has been in the
mortgage business for % years and last
year did splendid work as chairman
of the national cost accounting commit
tee of the association. In accepting
the Office of president, he said:
lrNoV1 fNNVV
not kept abreast of the times. The
management has failed to analyze ana
study the business, so absorbed have
they been in the mere detail OF their
business, but need for more study on
the managerial factors Is in evidence,
and the more progressive and outStand-
ingly successful mortgage bankers are
finding that analysis, retrospection, pre-
diction and execution are all to be used
for the successful conduct Of the bust-
ness Mortgage bankers today are more
on the alert for changing conditions
and are thus able to avoid new diff
culties and at the same time overcome
some of the errors of managerial judy
ment that have taken place.
1.-The careful study given to the tech
meal part of the business has already
shown the value thereof. The appli-
cation OF sounder management policies
viii be of even greater benefit"
Insurance Sales Show Gains.
Reports received by washington In
surance agents state that new paid-for
life insurance production during Octo-
Der of this year was 81 per cent greater
than during October of last year. Such
insurance during the first 10 months
of 1929 was So per cent greater than
during the corresponding period Of last
year, according to Association of Life
procidnnfC The rnNnnil0fiOn
aggregates the new business records
exclusive of revivals, increases and divi-
dend additions-of a member COM
panies, which have 81 per cent of the
total volume of life insurance outstand-
ing in all United States legal reserve
companies.
For the 10-month period the total
new business of all classes written by
the A companies was SIC, 609, 888, 900
this year, against $10,023, 573, 900 last
year, an increase of So per cent. New
ordinary insurance amounted to $7,256,-
$4,000, against 1921, $4,000, an in:
crease Of 80 per cent. Industrial
amounted to $2,414,8e6. 900, against 81
243, 529, 900, an increase OF TO per cent
Group amounted to $685., 686, coo, against
$l,058, 429 900, a decrease OF 11.3 per
cent.
Financial Notes and Comments.
The Southern Railway has asked
Interstate Commerce Commission per-
mission to issue $3,690,000 Of Az per
cent equipment trust certificates, series
&C." partially to finance new rolling
stock costing $4,640,000.
Wild Rose Shores, where the Wash
ington Stock Exchange members are
to be entertained at an oyster roast
Saturday afternoon, was the country
home of the late John F. Waggaman,
\ A.. ID.
For many years the estate was the
scene Of much Southern hospitality. It
has recently been subdivided and Presi-
dent Groeg 0. Watson of the exchange
has fine Summer home there. The
other hosts are Maj. Ennalls Waggaman
and Frank B. Pryor.
The directors of the North American
company have decided not to extend the
rights offered on common stock beyond
November IS. Changes in market con-
ditions are the reasons assigned for
this action.
Some of the local banks are report
ing large number of new savings &C.
counts. Losses in the stock market have
caused many depositors to turn back
to the savings banks for safety.
During 1880 expect the bond bust
ness to show definite upward trend
and to have one of its best years." said
John Moody before the Chicago Bond
mems Association.
Where is the bottom?" is the ques-
ton bankers, brokers, investors and
margin traders are asking. In loca,
broker offices today a more cheerful
view of the Wall Street situation seemed
to prevail.
CAPITAL Traction Closes at 751z.
Fifty shares of Capital Traction stock
sold today at 75H and five more shares
closed the market at 1872, the two sales
apparently being a reflection of yeSter.
days fare ruling by the Utilities Com
mission.
In the bond division, Washington Ga
bonds, series A, sold at 100H, and the
B bonds moved at 10l, both sales being
very small. Railway g. Electric A
came out at 81.
Bank stocks were active. Commercial
National sold at 258, District Nationa
came out at 218, Riggs National sold q
525, Security Savings 81 Commercial
came out at ass and the final banl
stock sale was in National Bank o
Washington at 200. During the session
300 shares of Washington Mechanics
Servings Bank stock sold at SO.
Two hundred shares of Lanston solt
81 ITO. Mergenthaler registered 1921
pes Drug Stqrcs changed hands a
LEI End other miscellaneous stock
moTcd around recent levels.