Evening star., 1937-05-22

bership of the association up to 324
AN all-time high.
Mr.. O'Donnell is a member of the
Board OF Directors of the Under
writer's Association, member of the
Safety Committee Of the National
Association of Life Underwriters and
former treasurer of the District of
Columbia Life Underwriters Associa-
ton.
Low Mortgage Rates Forecast.
Mortgage interest rates, regardless
OF the general money trend are likely
to continue low with the average
rate for the country as a whole for
the remainder of the year approxi-
mately SIG per cent, according to
survey by the Mortgage Bankers
Association, made from data supplied
by its members in al States and an
nounced today by George H. Patter-
son, secretary. Average mortgage in
>tereSt rate for the Eastern States
Will be per cent, and for the South
ern States, 5.33 per cent
That very little change either up
or down can be expected in this rate
OF slightly more than per cent is
seen from the fact that 80 per cent
of the membership replying stated
that they do not believe a lower rate
can be expected, while SO per cent
expressed the opinion that they do
not look for higher rates, according
to MIR. Patterson. Of the II per
cent who foresee higher rates, none
expect a rise of more than one-half
of l per cent, he said.
Results of the survey Indicate
mortgage money will continue in
plentiful supply thus providing one
OF the most important reasons for
a continuation of the increase in
building, particularly in residential
construction Mr.. Patterson said.
Adams Lauds Economy Signs.
Growing evidence that the House
OF Representatives appreciates the i'm
portance of its responsibilities as the
Initiating body in Federal spending
and lis now looking for opportunities
to reduce the burdens of Government,
Is one of the most refreshing signs
of the times" Orval w. Adams. first
vice president, American Bankers AS
soclation, said at Atlantic City last
night in an address before the New
Jersey Bankers Association
Mr.. Adams discussed the relation
ships between a reduction in Federal
activities, Government expenditures,
borrowing and economics, balancing of
the budget and the restoration of local
selfgovernment in the States.
With the purse strings held tight
with Government activities confined
to pursuits and undertakings not in
competition with private enterprise
with encouragement given to regulated
competition in business with private
pay rolls enlarging and unemployment
diminishing the Federal Government
will, as a matter of course. make fewer
demands upon the resources of the
people
These developments would mean 8
rapid approach to balanced budget
he said, and "the cessation of the in.
flation of credit through Government
borrowing. When that is achieved, feal
Of violent fluctuations in money value.
will automatically take flight. That i
the essence, the purpose and the re.
suit of balanced budget"
Woman Speaks on Insurance
The necessity for a planned life in
surance program in every family which
takes care first of the most urgen
demands that can be anticipated wa!
urged in an address by Mrs. Heller
H. Schaefer Of this city before thu
Soroptimist Club Of Montgomery
County Mrs. Schaefer's speech wa!
part of the local program for Life In
surance week, being observed currently
throughout the Nation.
Mrs. Schaefer said that the program
should be designed so as to meet thu
greatest hazards of life-the danger
Of dying too soon and leaving helples.
dependents to shift for themselves ane
the danger of living too long and bein(
confronted by penniless old age by
having outlived personal earning
power.