Evening star., 1932-11-19

Bought Thousands of Homes.
These funds were employed in fnanc-
ing the purchase OF thcu1ands Of dwell
ings here. he pointed out, in reviewing
the growth of the building and loan
business during the past decade.
The percentage of occupant -owned
homes in the country increased Ircm
44.6 to 46.8 per cent between 1929 and
1890. The actual increase in owned
homes during the period was 8. JUS:
Building and loan associations nnanceo
approximately 4,346,0O0 homes curing
the same period. Mr.. Quinter states
The greatest increase IN assets OF Inns
class of home finance institutions like
wise was recorded in the past decade,
he points out. The assets OF the WASH
inpton associations rose from $50 ,l25, l25
in 1920 to SIS. .404 900 in 1880. and had
reached the level of S85, ,765 ,598 at the
close of the past month.
The assets of the associations OF the
country as a whole amounted 10 SZ'-
5Ie.9l4,97l at the end OF 1920 ana mao
increased to $8,828, GIL 1925 at the end
of 1880.
Funds invested in home ownership:
he declares, go to create the Klno oI
wealth which develops permanent rooCs
of civic pride and community advances
IN education ana cuIluIe'
Will Aid Employment.
Use of funds loaned by the Federal
Home Loan Banks for the mooernl1a-
rIon of dwellings will open up large
fIeld for EMPLOYMENT, it was predicted
TODAY by the United States League OF
R1ildfne and Loan Associations.
FROM a quarter to a half billion OF
dollars could be employed in this pnase
of home improvement, the league eStl-
mates. on the basis OF nnolng thaV
rs per cent of the homes OF the coun-
trv are in need Of modernlzatlon OF
Executives of building and loan asso-
Citations of the country, which are ell,
qible for membership In the Feoeral
Home Loan Banks, were 1ouno 10 oe
favorable to the plan for employment
of loan funds for modernlzatiotl "olA'
the league reports
Campaigns to reduce unemployment
bv encourag ging home Improvement have
bsen successful in the past year ana
reif wherever funds were available, Ward
p whitlock. Springfield, Ill, president
Of the league, declares. Home Loan
Bank funds will provide faclltles 10
etart modernization on a large scale.
he believes.
IS Per Cent Out Of Date.
So little modernization has been pos
sible in the past three years that IS
per cent is a conservative estimate
for the number of homes now out OF
date, the league president said.
State conventions of building and
loan associations in different sections
of the country during the past month
took the position that reloanlng tner
Home Loan Bank borrowings for MOD
ernization projects would serve as
real contribution toward recovery. sec
retaries of individual associations, re-
plving to league query, show SIM
liar trend OF Thought. .,.
It has been estimated that the Wo,k,
men receive half the money expended
for such home modernization projects
as re-roofing, painting, improvement, oi
Hghting and ventilation faclltleS.
changing of architectural design ano
exterior arrangements of houses, IN
xtallation of insulation devices ana gen.
eral repairs to dwellings.
Seventy seven cities OF large ana
moderate size have put on mooernlMne
campaigns, with subsequent reouctlon
of the percentage of their unemployed
ANYWHERE from 80 to so per cent" says
Mr.. Whitlock THE United states De-
Dartment Of Commerce has directed ac-
tiyities in encouragement OF these en-
terprises. 1t has run against one ma
ior difficulty, lack Of financing on the
part of thousands of home owners who
really want to improve the value OF
their property by modernlAng. Inc
Home Loan Bank funds supply the
answer.
Ideal Time for Repair.
Low cost of building materials makes
the present the IDEAL time for all
families to go about improving their
homes in appearance and comforts, ano
therefore In value. Repairs which cost
between $500 and S2.500 in 1928 may
be made for $3.50 to $4,000 today.
THE gain in employment which Will
result from this financing goes beyond
the group of workingmen who would pe
hired to do the actual repair and mod