Evening star., 1937-06-16

E#$#$$$#A IA III ana graduated IN
SssssN - s""ssss sS% 1915. serving on
all the important
committees. becoming director and
subsequently vice president In 1926
he was president. He has just COM
pleted his fourth term as member
Of the Educational Committee of the
Illinois Bankers Association, acting
as chairman for the past two years.
In National Institute affairs the new
president has been chairman or a
member of many committees and has
participated in the annual conventions
for many years. He was elected to
the executive council in 1882 and vice
president at the Seattle convention a
year ago.
1t is expected that he will visit
Washington Chapter next Winter at
the time of the annual banquet.
Home Loan Records Smashed.
For the sixth consecutive week all
prior records for outstanding advances
of the II Federal Home Loan banks
were exceeded on June S, according to
a report today from Preston Delano,
governor of the Federal Home Loan
Bank system.
On that date the total of credits out
standing to member institutions stood
at sl55,550,196, as compared with
Sl46,2S45l9 on May I, when the re-
cent rise began.
These credits are employed by the
1859 member thrift and home-finan
associations of the bank system to sup
plement their funds in meeting the
growing demand for loans for the con-
Struction and purchase of homes.
Since their creation late in 1882
these banks have advanced a total of
s325,752 900 to members and received
repayments aggregating sl7o, 2o2,O 900.
6Sl Mortgages Insured Here
Home mortgages accepted for insur-
ance by the Federal Housing Admin
Stration during April 1887 numbered
l22l4 and totaled S50042, 100 in
amount. This represented a gain of
80 per cent in number and go per cent
n amount over mortgages accepted
during the same month of 1896. and a
galn of IA per cent in number and l3
ser cent in amount over those accepted
during March, 1897.
The April operations brought the
lotals of home mortgages accepted for
insurance to 189,045 in number and to
1852, 2,389,217 in amount. Mortgages
selected for appraisal-Which includes
al apparently eligible mortgage in
,urance applications-passed the bill
'on-dollar mark late in April and at
hat time were being recorded in the
administrations 81 local insuring
offices at the rate of S2,50O,O00 a day.
The Housing Administration reports
hat through April 80, 1887, in the
District of Columbia e91 mortgages
had been accepted for insurance, ag-
gregating s4,984,190.
Installment Sales Growing.
In his monthly letter to the Wash
ngton Association of Credit Men,
henry H. Heimann, manager of the
NATIONAL association, calls attention to
he steady increase in installment SELL
ng. He says much of the recent alarm
based on opinion rather than factual
Information. He says he does not con-
lder the situation alarming.
He reports that installment financ-
'ng houses have taken steps to correct
he length Of installment payments
which in some lines have recently been
extended. There is a movement to
equire heavier down payments and
estI1ct the time Of liquidation. He
concludes:
With respect to the volume, it is
my opinion that there is much over
ptatement Of the increase in certain
antagonistic quarters, with occasional
understatement of the increase by
1ome of those who are engaged in the
business. Such factual figures as
have been before me do not indicate
hat generally installment sales are
getting out of bounds"
Heard in Financial District.
Shields q Co. have oponed Wash
lngton office in the American Security
Building. Richard G. Lyme, formerly
with the First Boston Corp, will be in
charge of the office.
The West Virginia Roads Commits
sion has asked for bids on June % on
Sl,460,000 315 per cent bonds, the
proceeds to be used for bridges. The
bonds will be dated July /, 1887, and
mature July /, 1882, being callable
after three years at 103.
Holders of Paramount Pictures stock
in this city were much interested in
reports Of the annual meeting, at
which attacks were made on the sal
aries paid high officials. Many hold
ers here bought the common stock
between 10 and 80, which is now selling
around 10 and paying no dividend.
washington brokers report that con-
siderable investment buying has been
noted in recent New York Stock Ex-
change sessions in spite of the heavy
price recessions. 1t is evident that
many investors believe that the recent
declines have brought about some real
bargains.
d. C. Exchange Active Today.
Trading was lively on the Washing
ton Stock Exchange today. Capital
Transit opened at 10A and closed at
10. washington Gas moved at II
American Security g. Trust at 295 and
Railway & Electric preferred at ll0h
Potomac Electric Power 51a per cent
preferred came out at 112.
Potomac Electric Power 4l4s again
sold at l02, and Washington Gas SIS
1858, appeared on the board at 1851.
CUBA SHIPS MORE SUGAR.