Evening star., 1935-03-15
BANK LOANS RISE
IN HOUSING DRIVE
$3.50, 900 Provided for 979
BorroWers-Renovizing
Activity Mounts.
BY EDWARD C. STONE.

banks here have made loans aggre-
eating s53o00O to 979 borrowers, it
was announced by Frederick P. H.
Siddons, president of the District
Bankers Association today. This fig
ure does not include the large number
of loans made by the building and
loan associations or money loaned by
business firms under the security fea-
ture of the housing act
President Siddons stated that there
had been an increase in the number
of applications for renovizlng loans in
the last few days, the added momen-
tum being supposedly due to the ap-
proach of Spring and better weather
conditions for carrying on outside re-
pair work and renovationS. Just as
soon as the weather gets bit more
settled, the District Bankers AsSocia-
ton will renew its advertising drive
for loans and this campaign is ex-
pected to give new life to housing
improvement expansion.
Special attention was devoted to
the housing situation at the weekly
luncheon of members of the District
Bankers Association at the Willard
this noon. Two speakers from the
Federal Housing Administration ad-
dressed the local fnanciers, Director
J.H. Gilchrist and James E. Woodruff,
executive assistant and director Of the
Washington unit.
Mr.. Woodruff reviewed the present
status of the campaign in the Capital
and reported steady progress and
growing interest. The IS canvaSsers
who have been touring the city and
advising with home owners on the
best methods of improving their
property, have met with marked sue
cess and have outlined large amount
of work which will be undertaken this
Spring. 1t is also announced that the
housing drive is progressing steadily
all over the country, President Roose-
welt stating only the other day that he
considers the interest shown as one Of
the most important phases OF re-
eovery.
American Stores Sales Gain.
Sales of American Stores Co., which
has very large group Of stores in
this territory, showed marked i'm
provement in February over the same
month last year. For the four weeks
ended March 2 sales totaled S9,418,-
SO4 against S9,074,434 in February.
1884. an increase of s344,370 or 3.8
per cent.
For the first two months of the
present year sales amounted to $40
O49, SGT in comparison with S19,677,300
q year ago, an increase of S372.227 or
10 per cent. February sales were not
only ahead of February last year but
also better than the record for jan
uary, when business showed 0.2 per
cent increase over January. 1884.
Gov. EccleS of the Federal Reserve
Board has suggested to the House
Banking and Currency Committee an
amendment to the banking act of
1885 setting up a general objective
of voluntary policy in place of
mandatory price level objective pro-
posed by a member of the COM
p1ittee.
The amendment proposed by Gov.
EccleS would read lit shall be the
duty of the Federal Reserve Board
to exercise such powers as 1t pos
sesses to promote conditions making
for business stability and to mitigate
by its influence unstabilizing fuctua-
tions in the general level of produc-
tion, trade, prices and employment,
SO far as may be possible within the
scope of monetary action"
Bell System Guards Employees.
The recent annual report of the
American Telegraph & Telephone Co.
contains some very interesting facts
on the pay roll deduction plans for
life insurance in which 58,700 en-
ployes are included. Monthly pre-
MUM deductions last year amounted
to S424,0OO, with $158,oo0,000 insur-
ance in effect.
At the end of the year $4,000 en-
bloyes were using savings plans, I'M
der which employees may arrange for
regular deductions from salary in
specified amounts to be deposited for
them in savings banks.
Under the plan for employees pen
sions, disability benefits and death
benefits, which was established in
1918, service pension paid from the
pension trust funds in 1884 to retired
employees of the Bell System Tele-
phone Cos. amounted TO $4,019,848.
In carrying out the pension pro-
visions of the plan, the companies of
the Bell system charge to expenses
currently amounts actuarially deter
mined which will, with interest there
on, provide sum sufficient to pay
service pensions at the time employees
are retired.
Bond Move Grips Attention.
There was wide interest among
bankers and investment dealers in the
financial district today over the Treas
ury's official announcement of the re-
demption on June Is of all the First
Liberty Bonds, aggregating about
1898 100000. Some exchange offer
to holders is now expected.
Retirement of this Liberty Bond 3la
per cent issue will bring a great many
of the bonds out of estates and from
the portfolios of wealthy investors who
were particularly interested in them
because of the tax-exemption feature,
as we'll as the satisfactory yield in
these days of low interest rates.
1t is also announced that the Farm
Credit Administration plans to redeem
on May l $162 100 900 Federal Land
Bank SIS and replace these obligations
dU AOWCL AdVC, w VIC d11llOu1lCCO
shortly.
Bond dealers here today said they
look for more active demand for
State and municipal bonds in view of
the latest Government refinancing
plans. Calling all outstanding First
Liberties leaves the Treasury with
only the remaining two series of
Fourth 414 Liberty bonds to deal with.
These will be called on Apri, Is for
redemption of refinancing on october
Is.
Washington Gas Bonds Strong.
Washington Gas Light SIS, 1860, were
very strong on the Washington Stock
Exchange again today, selling at 115h
on a $1,000 turnover.
Washington Gas IS, series B, also
appeared on the board, $500 changing
ownership at 1895. Other bonds were
rr,,iot 1ritt, hide firm