Evening star., 1935-02-16
BANKS PUSH HOME
RENOV|z|NG DRIVE
Loan About $4,000, 900 to
$1,000 Property Own
ers in u. S.
BY EDWARD C. STONE.

GlOnS CO-OpeIhtlIlS Will tAic rCocid Oh
Housing Administration In its mod
ernization credit plan have made
close to $4,000 individual insured
loans to property owners for repairs,
additions and alterations, involving a
total of approximately $4,000, 900.
statistics just made public by the
Housing Administration show. The
figures do not make allowance for the
30-day lapse between the time the
loans are made and the filing of re-
ports covering them with the Federal
Housing Administration.
At present, 12,456 financial insti-
tutions having resources totaling S44,-
373,000,000 have signed the admins
tration's contract of insurance, quail
flying them to make loans insurable
by the Housing Administration. Each
institution is protected against loss up
under this plan.
The Housing Administration, by
careful analysis of its figures and
study of reports from community
campaign chairmen all over the coun-
try on work undertaken without the
aid Of borrowed money, estimates the
total dollar value of modernization
jobs created under the better housing
program to be more than S245, ,C00, 900.
In addition, various private indus
tries have told the Housing Admins
tration they will spend approximately
80,000,000 for bettermentS and re-
placements during the present year.
the operations to be paid for out of
the purpose.
Canvassers operating in the field
have received $4,000 pledges from
home owners for work involving ex-
penditure Of s23O,0OO,O0O This re-
port is based on surveys in 1894
cities, in which nearly 100000 calls
were made by field workers. The av-
erage amount of insured loans made
to date is $423; the average repay
ment period % months.
Insurance Mounts in Year.
President Bradford H Walker of
the Life Insurance Co. of Virginia re-
ports a gain of S18,000,000 during
1884 in insurance in force, bringing
the total as of December 81 to $780,
O15,756. This is more than six times
the increase in business in 1888. At
the same time assets increased OYER
$3,000,000 and surplus advanced by
S348,000.
Capital, surplus and contingency
reserves at the end of the year
amounted to $14,886,407. The Vir-
ginia company paid to policyholders
and beneficiaries, including policy
loan advances, S8,303347. President
Walker states
Gross income in 1884 amounted to
$16.4O5.935. and premium income
stood at S12,594,534 the report says.
The report just made is the sixty
fourth annual statement, and during
that time the company has made total
payments under policy contracts of
more than $96,000,000.
The company closed the year with
cash on hand in the banks,
amounting to over So 2,0O0, 900, an in
vestment of $8,13O,789 in United
States Government bonds and more
than S32,000,000 in mortgage loans
on real estate President Walker be-
lieves the years results show sound
improvement in the economic condi-
tions in the territory served. While
there are important branch Offices in
Washington, the home Office is in
Richmond.
Bankers Here for Banquet.
Many financiers from out of the
city have already arrived to attend
the thirtieth annual banquet of
Washington Chapter, American In
stitute of Banking, which takes place
at the Willard tonight, Aubrey o.
Dooley, chairman of the Information
Committee, announced this noon.
More than 700 members and guests
will be present, including Government
officials and bankers from New York,
Philadelphia, Baltimore and Rich
mond.
The decorative scheme for this
years affair will portray combina-
tion Of Valentines day and the period
Of the gay COS, reminder of the
early banquets of Washington Chap
ter 80 years ago. The chapter records
show that those early dinners were
attended by many men who achieved
distinction in national affairs. among
them being William Jennings Bryan,
Uncle Joe Cannon, former Speaker of
the House of Representatives; John
w. Weeks, former Secretary of War;
John Sharp Williams, former con-
troller Of the currency; Joseph w.
Bailey, United States Senator from
Texas; James E. MARITIME United
States Senator from New Jersey; John
Burke, Treasurer of the United States,
and John Temple Graves, the latter
one Of the leading orators of his day.
General Chairman James C.
Dulin and his committee members
have been greatly surprised over the
unusual number of reservations. 1t
will be by far the biggest banquet in
years.
Whitney Notes Market Aims.
In a radio speech on Security Mar
kets and the People" Richard Whit
ney, president Of the New York Stock
Exchange, said the exchange serves
the public by barring corners and re-
quiring understandable corporate re-
ports. He said the reason the eX-
change invited committee of 10 to
serve as an Advisory Committee was
to obtain the public viewpoint for the
guidance of the exchange in its eff
forts to serve the public. adding that
the success with which a security
market can function depends to
great extent upon the cooperation
Of the public.
There are now three safeguards of
the public interest: The self interest
Of the security market which requires
full protection Of its clients; repre-
sentation of the public by the ad-
visory group, and the governmentally
appointed commission under the Sc
curities exchange act.
Mr.. Whitney stated that some of
the common errors on the part of the
public were that they thought the ex-
change buys and sell securities; that
1t fixes the prices, and that 1t is re-
sponsible for booms and depressions.
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