Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-31
Home Mortgage Payments
Being Met With Much
More PromptneSS.
INTEREST IN INVESTMENT
ALSO REVEALS INCREASE
Building and Loan League Reports
Greater Activity in Resi-
Dental Buying.
Special Dispatch to The Star.

Special Dispatch to The Star.
CHICAGO, May 3o.-Subtle signs Of
good times in the making are seen in
three majcr surprises which the invest
ing public is spring.ng on building and
lean associations. according to the
United States Building an! Loan
League. in its quarterly survey IT coast
to-c-ast conditions. Borrc I,rs are
meeting their installment pa nents on
home mortg ges with unlocked Tor
promptness, dollars seeking investment
in building and loan are m uniting. ana
bargain hunting in the Ior-sale resi-
Genital areas has started, the leagues
member essoci tons report.
The organization speaks for the lead
ing savings, building and lean aSsocla-
tons and cooperative banks in the
c-untry. on the basis OF findings during
the past 10 d rs Of inquiry.
A general restoration OF confidence
in financial institutions as a substitute
for safety deposit boxes and tin cans
buried in the backyard Is indicated by
these right-about faces on the part OF
the public, says H. Morton Bodflsh,
executive manager OF the league, in re-
porting the summary of building and
'can conditions. The demand fer build
ing and lean shares he's increased 20
per cent oyer 1880 in scme areas. in
other sectors it has grown so great that
individual investments are limited to
5000, and in still other areas new ac-
counts are being refused because of
-bundance Of money in the associations,
Mr.. Bcdflsh points out.
More Confidence Shown.
1.-THE hcme buyer and the weekly
week money saver will have real influ-
ence on the business conditions this
Summer" says the league manager mo
diagnosis OF things about to CINE will
be complete without considering the
small community investor who is show
ing his confidence so clearly. 1t is lcgi-
cal that the man with small sums to in
vest should be the most cautious. Since
he now shows a willingness to put his
savings to work rather than continuing
to hoard them. we may be sure that
confidence is permea ting the whole in
vesting public. Too many people make
the mistake of expecting prosperity TO
arrive with the bare of trumpet. Ac-
tually the beginnings of revival are al
ways found in such trends as We point
out here They are never noticed by
men on the street.
collection of the inStallments due on
home mortgage loans has rot been so
easy in the past two years as it is now.
This indicates not only a return to
steadier incomes for the moderate and
low-salaried people, but also reversion
to old-tine enthusiasm for an owned
home-a tendency which will go far to-
ward stabilizing conditions in industry
and community life. Paying Off the
installment due on the house before the
pay check is consumed in the purchase
of other lesser necessities and luxuries
indicates that the masses are weighing
values and making sound judgment,
which augur well for their future
standard of living. The whole survey
points to increasing welfare for the
great ma shortly"
Home Buying Increases.
The combination OF plentiful money
for first mortgage loans with bargain
prices in residential real estate is show
ing its effect in increased home buying,
especially noticeable in the last few
weeks, several of the league directors
in various sections of the country re-
port.
Prosperity glimpses cleaned from the
statements of the leagues officers and
directors included in the June l fore
cast apply to many angles Of the busi-
ness.
"Modernization loans are in demand
probably to greater extent than at
any previous time" says Ward B.
Whitlock, Springfield, ILL.,, second vice
president of the league
Money is very plentiful in Boston
cooperative banks building and loan
associations and new accounts are
being refused" says Ernest A. Hale. Bos-
ton. immediate past president Of the
league.
Conditions in Washington.
Loan demand is strong in this ter
rttory, there is a noticeable increase in
home buying because of the fact that
this Is a buyers market and property
can be bought more reasonably at this
time than before the depression" says
G. Clinton James, WASHINGTON, D. c..
league director in the Southeast. "Peo-
pie are installing modern heating plants
and modern lighting systems and mod
ernizing their plumbing There seems
to be an optimistic trend In this terri
tory that things are getting better"
There Is a very definite trend TO-
ward bargain hunting among home
buyers at this time" says Lee c. Stidd
Portland, Greg, league director In the
Far West.
There is demand for loans" saws
William p. Siegert, Philadelphia, an
other director. The lowered prices OF
real estate are beginning to bring about
considerable activity with home buyers
and from all appearances this activity
Will increase during the next few
months"