Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-09

Inc u8OlL, OF
rather the custom, of paying for homes
on small installments has been de-
cided influence In making washington
city Of home owners, although since
the war the heavy apartment building
and especially the decided lowering Of
rentals in the last year, aided by q
desire for the comfort and convenience
Of the modern apartment, ha3 changed
the trend somewhat.
AS an evidence Of the prompt manner
in which home buyers meet their pay
ments, the president of one of the larg-
est trust companies, said:
I'VE are carrying thousands Of these
notes that we have discounted for
customers. In reporting on collections
last month there were but few de-
linquencies out Of the entire number
and these were not refusals, but prob
ably only short delays. OF course notes
not met are promptly charged back to
the customer"
Inquiry for high-grade mortgage loans
paying 511 per cent net continues ex-
cellent, and this in spite of the over
issues, low quotations on some existing
building loans and denouements of an
unfavorable character.
Building operations are slow, but IL is
not due to any difficulty in finding
cash when the would-be builder seeks
It, for the banks have ample cash seek
ing employment.
Two Errors Of Commission.
A biblical quotation appearing in this
column recently inadvertently trans
posed the words 'is' and "there" TO
make the sentence read, 'There is no
balm in GiIead," whereas It should
have been an interrogatory, els there
no balm In GiIead?"
An anonymous correspondent called
attention to this almost inexcusable err
ror. It is to be hoped that it was not
serious in its effects as the correspond
ent feared 1t might be, nor yet In the
added remark NOR in the New York
stock market"
The second error was due entirely to
ignorance by q reader-a bank official
Reference was made to the provisions
Of the original McFadden law by
which national bankers were limited In
their purchase of real estate bonds to
one-year maturities. A subsequent
amendment of the section referred to
gave them the right to buy maturities,
also to make loans thereon. There Is
at least one banker in this city who
Is also ignorant Of the change, and It Is
essentially his business to know banking
law. -
Apologies are offered for both errors,
with exception noted in the matter Of
balm in the market.
It remains to develop just what eff
feet the recent elections will have on
the market and on the next preSiden-
tial campaign. One would be daring,
indeed, to try to forecast it.
IL Is likely that the uncertainty, po-
Etically or otherwise, whichever way one
takes it, win further delay recovery
and "the return to normally" which
has almost been forgotten.
The utter indifference Of big inter-
ests in the Street Is discouraging and
Is the one thing noticeable these days.
National City Views.
The economist of the National City
Bank is inclined to favor the theory
that the stock market Is grinding on
bottom" using the letter "U'' to Illus
trate his position, expressing the further
opinion that there may be a long PEE
Rod of the lower curve Of the letter be-
fore the final upright is reached-the
length thereof being decidedly uncer-
tain.
Two paragraphs in the National City
monthly review are interesting:
"Let those who assert that the pres
ent world confusion Is unprecedented
only remember back to 1921. Europe
exhausted by war and in serious danger
of revolution; currencies collapsing;
South America and Australia, then, as
now, acutely affected by the heavy fall
in raw material prices; docks and ware
houses the world over filled to overflow
ing with unbelievable American mer-
chandise; banks burdened with pro-
tested foreign exchange items. China In
moratorium and in the Far East Japan
suffering from the after effects OF q
panic which proved to be the first
warning of the coming storm Yet
such conditions, desperate as they an
peared at the time, did not prevent re-
coyery, once started, from proceeding
at rate which COMPOUNDED the pessi-
mistS.
"If it be true that the problems now
pressing for solution, involving, as they |
do, such questions as international |
debts, tariffs, destinies of empire and |
readjustment Of industry and agricul- |
ture everywhere to new scale of VAL |
ues, are more complex than those of |
l921-and here It would be well to !
make allowance for the human ten |
dency always to regard current diff !,
culties as the most perplexing ever ex- I
perienced-we still see no reason for /
falling to face the future with conf
dence. Obviously the full measure of !
for all depends upon the
solution of these problems,
but we do not believe that the world |
need stand still In the meantime Trade /
throughout practically all countries |
would seem necessary before long, II
only to take care OF the barest needs
of consumption"