Evening star., 1932-08-13

For the, fiscal year ended June 80,
1881. "a building and loan associations
of the District reported assets totaling
$77,992, 900.
Just a year ago, H. F. Cellarius of
Cincinnati. secretary-treasurer of the
United States Building and Loan League,
reported that the "a savings, building
and loan associations operating in the
District of Columbia had reported as
sets totaling SIS, 100000 for the calendar
year 1880.
Home Loan Board at Work.
The current figures on local building
and loan association activities were
made public as the newly appointed
members of the governing board Of the
new home loan banks were engaged in
laying the foundation for the operation
of this system which will have as its
main function the discounting of first
mortgage paper, secured on dwellings,
so that home-lending institutions, prin-
cipally the building and loan assocla-
tions and the insurance companies, may
turn additional funds into new loans on
conservatively appraised residences.
In this connection it is revealed that
William S. Quinter, secretary OF the
Building Association Council OF the Dis
trict. acting at the direction of Presi-
dent Bauman, has written to Chair
man Franklin W. Fort of the Home
Loan Bank Board, suggesting that one
of the regional home loan banks, eight
to twelve in number, be located In
Washington.
It is pointed out to the members of
the Home Loan Bank Board that it was
deemed appropriate that one of these
banks be located in Washington, princ1-
paIly as a matter of convenience. be-
cause of the importance of the building
and loan ASSOCIATION activities here and
since the regional office OF the Recon-
struction Finance Corporation has peen
located at Richmond Va.
The importance of the business OF the
local building and Aoan associations IN
the financing Of homes here Is lnolcateo
ia the current figures showing that dur
ing the first six months OF this yeer new
, loans totaling $9,658 .046 nave peen re-
uored by members of the Building AS
sociation Council of the District which
have submitted reports to date.
These loans provided financing FOR
total of 2,670 dwellings purchased by
local residents, according to 1nforma-
ton revealed by the office OF Secretary
Ouinter of the local council.
The S84, 1927 OF assets reported by
IA members of the local council OF
building and loan associations was SAID
to represent approximately 95 per cent
of the grand total Of the assets of all OF
the II building and loan associations
listed as local institutions in this field,
as of June 80, 1892. About 80 per cent
of these assets, it also Is reported, are
made of first mortgage loans on dwell
ings here.
5,24O New Accounts.
During the first six months OF this
year also, the office OF Secretary Cuin-
ter reuorts, there have been added TO-
tai of 5,240 new accounts opened by
associations which are members OF the
District council.
The loans reported during the past
six months, as expected, are reported to
have been made up largely of loans Tor
the refinancing of dwellings originally
purchased under other financing ar
rangements.
Monthly reports received by the
Building Association Council from its
members show a gradual rise in the
total of assets of the member bodies.
For December last, 13 associations,
computed to represent SO per cent OF
the total assets of all associations here,
reported assets totaling $8l 1929, 600.
For January this year, 13 assocla-
tions, representing SO per cent OF the
total assets of all associations here, re-
ported assets totaling $82,683, 700.
For February IS associations report
ing to the council revealed assets total
ing $83,093 ,o36, this being computed