Evening star., 1937-03-19
MORTGAGES
INSURED IN D. c.
Federal Housing Accepts
Loans of Banks InvoIv-
ing $9,O65, $50.
BY EDWARD c. STONE.

District OF Columbia banks Qnder
title II of the Federal housing act,
involving total of 9,065,960, &C
cording to a report just announced
by the District Bankers Association.
Washington banks have also been
especially active in making loans un-
der title 1 of the Federal housing
act, which covers home construction
work in the way Of repairs and altera-
tions. Up to the beginning of Febru-
ary the banks here had made 8,811 of
these loans, involving total amount
of S4,307150. The time for making
loans under title I expires April l,
and, while there are bills in Congress
asking an extension of this date, very
little effort right now is being made
to get action on any of these measures.
District bankers reported today that
they are constantly making further
insured loans under title II. So far,
however, there has been no partlcu-
lar rush to obtain funds for Spring
building work. it was said. AS the
season opens up with the weather more
favorable for outdoor work, the de-
mand for housing loans in the Capt.
tai and surrounding territory is ex-
pected to improve as it did last Spring.
The latest report, dated January
81, shows that within the District of
Columbia the banks had made 632
insured mortgage loans, amounting
to S4611,590 The banks. however,
are allowed to make loans outside the
limits of the Capital, this account
ing for the much larger figures re-
ported above.
Up to the beginning of February
Virginia financial institutions had
granted 3525 Of these insured mort
gage loans, involving a total of S14,-
953,994; Maryland had negotiated
2,728 for a total of S11,730.470, and
West Virginia had allowed 926, with
the total standing at S3933,2l0.
Spaid New Vice President
At a special meeting of the Wash
ington Stock Exchange today w. w.
Spaid was elected vice president of
the organization to fill the vacancy in
this Office caused by the death of Karl
w. Corby. At a meeting of the board
of governors he was also elected a
member of the board to take Mr.. Cor
bys place. He is head of w. B. Hibbs
e Co., the firm in which Mr.. Corby
was a partner at the time of his death,
and has been a member of the Wash
ington Exchange for many years.
President James n. Johnston pre-
sided at today'S meeting c. J. Cock
eler is chairman of the board of gov
,,-i,r t1A t,oI inc
Capital Traction SIS sold at 9312, Po-
tomac Electric Power 512 per cent
preferred at 113 and Mergenthaler
Linotype at 50l2.
Woman Underwriters Meet
The Women's Division of the Dis
trict of Columbia Life Underwriters
Association had most enjoyable
luncheon meeting yesterday noon at
Wesley Hall, the guest speaker being
Miss Sophia Bliven, head of the
women's division of the Penn Mutual
Office in Philadelphia. She is also
chairman of the Division of Family
Finance and Insurance General Fed
Grafton of Women's Clubs, in the
Quaker City.
Miss Bliven stressed the opportuni-
ties and responsibilities which rest
upon women as life insurance under
writers, giving most interesting ad-
dress based upon her own wide expert
ence in the business.
Miss Alma McCrum, chairman of
the women's division of the local Or
ganization, presided. Special atten-
ton was called to the approach of
iFa Tr,c A o1a
cation of woman underwriters from
Baltimore was present.
Security Safeguards Studied.
Opposition to duplicating the work
Of the Securities and Exchange Com
mission by setting up State commits
Bions to regulate securities sales was
expressed by Attorney General John j.
Bennett, jr, of New York before the
National Association of Securities
Commissioners in New York today, the
Associated Press says.
He favored instead the injunctive
type of law, similar to that in effect
In New York, by which sellers of
fraudulent securities are "classed as
crooks and treated as crooks"
I'm the final analysis" he said, "the
crooked securities dealer is the one to
be ferreted out-driven from the busi-
ness and put in jail, where he be-
longs"
The principal weakness of the COM
mission form of regulation he said,
was the implied approval of either the
commission or the dealer.
ITO arm an unscrupulous stock
salesman with security that bears
even the implied approval of State
body, suggesting as it does prior in
Vestigation by the State, is tantamount
to insuring his successful salesman
ship" he said. "To arm a salesman
with an official license is to disarm
suspicion as to his wares"
Flather on Storage Board.
William j. Flather, jr, has beer
elected a member of the Board of Di-
rectors of the Security Storage Co., II
was announced in the financial district
today. Mr.. Flather is head of William
J. Flather, Inc, a firm dealing II
mortgage loans, located for severa
years at 1903 H street northwest.
The directors of the Security Storage
Co. have also declared the regular
quarterly dividend of S1.25 share or
the capital stock, payable April 10 tt
stockholders of record at the close o.
business April 6.
Stockholders in SO common issue
and 30 preferred issues on the New
York Stock Exchange decreased il
number during 1885, according to {
survey in the exchanges bulletin
Tracing the trend over the period o
eight years for which comparable rec
prds are available, the survey conclude
that in general as stock prices hav
advanced the number of holders hav'
decreased and that as prices decreased
the number of holders advanced.