davidaulloa/AmericanStories huggingface dataset:
Evening star., 1937-01-23
MORTGAGE PLAN
URGED BY LEHMAN
State Bank Proposal Recommended
to New York Legislature
by Governor.

~ NVsSAAVAs
A State mortgage bank plan for
New York State was recommended by
Gov. Lehman In his message to the
State Legislature now in session.
This repeats his recommendation of
last year. The Mortgage Commission
Of the State Of New York, appointed
in 1885 to study the whole subject OF
real estate mortgage action, reporting
to the Governor and the Legislature
in January, 1895, after examining
mortgage practice in % countries,
recommended establishment of State
mortgage banks, these to be privately
owned, but under State regulation.
The New York proposal is in line
with the proposal for . central mort
gage agency for the whole country
which the National Association Of
Real Estate Boards asks to be created
at the present session of Congress.
In opening q market for mortgages
under proper safeguards a central
plan embracing the mortgage struc-
ture Of the country obviously would be
simpler and more effective than an
attempt to reach the goal by action
OF the separate States, officers OF the
association point out.
The associations Committee on
Real Estate Finance, in q report made
at its recent annual convention by
Edward A. MacDougall, New York,
chairman, and approved by the dele
gate body, reafirmed the belief Of the
association in the need of a mortgage
discount agency.
Evening star., 1937-01-23

3/1O0 Of per cent OF the cost Of
providing quarters for one family in
the two Federal slum clearances now
being constructed In New York City,
which average better than $4,000 per
family. In Queens Borough. the aver
age cost Of housing . family in prt-
vately built apartments was $2,700 in
1895, according to the United States
Department of Labor building permit
figures. Land cost might add $500
or less making the total cost $500.
About 1850 families were provided for
In 1885. The apartment average per
family for all of New York City was
3,400 without land. These are fairly
low costs as they must be, II our
working population Is to be housed.
The six-hour day would increase our
private costs about one-third, and on
Government construction with its re-
strictions and increased labor din.
culties, costs would rise one half.
The Government housing program
Of 1885 cost $3.50, 100000 and provided
for 10000 families. This is but mere
fraction Of the country's needs. In
New York City more than 10000 fanli-
lies have applied for the 1000 quarters
now being built under the Federal pro.
gram. We need, Immediately per.
haps, $4,000 new low-rent quarters
here, and certainly q million more
throughout the United States. In
creasing their cost to an appreciab!e
extent will make the task Of private
capital all the harder and will add
tremendously to the expense OF any
direct governmental program.
We are already experiencing some
difficulty Of labor shortage on govern
mental building work where there Is
Evening star., 1937-01-23
FEW F. H. A. LOANS

OF more than half billion dollars
of residential first mortgage loans now
on the books Of more than 200 mort
gage lending and mortgage investing
institutions in 80 States and the Dis
trict Of Columbia, only slightly more
than 4 per cent of the total represents
F. H. A. financing, according to a
survey just completed by the Mort
gage Bankers Association Of America.
OF reports received from 222 institu-
tions in % States and the District
OF Columbia, the total amount Of resi-
Dental FIRST mortgage loans on the
books OF 204 amounted to $546, ,997,-
1924, Of which $4,000. .46s63 rep
resented F. H. A. financing by II Of
these institutions, or slightly more
than 4 per cent. One hundred and
fifty-one institutions made no F. H. A.
loans
Evening star., 1937-01-23

union mechanics, helpers and laborers
exclusively. under agreement with
building trades unions. In other
words, it is union shop association,
bound by its very constitution and by
laws to employ union men. On such
q basis, believe I may discuss the
union situation with propriety, and
would make the following points in
proof that q six-hour day in the
building trades would immeasurably
hamper any extensive development of
home building:
I would undertake to advise you that
the six-hour day in the building
trades would never be accepted by our
labor unions. except as hourly wages
were increased to give the same daily
rate for six hours as for eight. For
example, an approximate S12-a-day
wage for eight hours work is now our
scale In many trades. That is $3.50
an hour. Mechanics now earning $12
will not accept o six-hour day with a
total wage of only SO. They have
always demanded and are now asking
the same daily rate for decreased
hours. In this case it would mean 81
an hour, or a rate OF $16 for an eight
hour day. This, Mr.. President. would
actually mean an increase Of 33h per
cent, because in building operations
we must have an eight-hour day.
You, of course, understand that in
building construction there are very
few machine operations, the work be-
ing nearly 100 per cent manual.
You can be assured that labor in
our field has very seldom accepted a
Evening star., 1937-01-23

!essened hour day with lessened total
daily wage and, in the opinions Of every
employer Of our association. as well
as labor officials, will not do so under
% Federal regulation. Since in resi-
dental construction labor wages and
salaries will run close to so per cent
Of the total building cost, the six-hour
day would increase residential cost by
IS per cent on wage increases alone,
and perhaps S per cent more due to
the ineficiency of trying to operate
under a 30-hour week. Already on
many P. w. A. jobs your administrator
has had to authorize 40-hour week.
Much Of the material going into
house building is non-union, and is
manufactured under an eight-hour
day basis. I refer to bricks, lumber,
plaster stone, laths, hardware, pipe,
steel, trim and the like. The same
argument applies here. perhaps to
slightly lessened degree because am
Evening star., 1937-01-23

not as conversant with the material
industry as with my own. Certainly
We can count on an additional 10
per cent increase on total building
cost due to a six-hour day In the ma
terial end. That would bring total
increase OF 80 per cent in house con-
struction cost were the six-hour day
established.
Estimates Of the number Of new
homes which are urgently required to
be built within the next nine years
range upward to 100000. the latter
being the total given recently in
the A. F. of L., publication, the Fed
erationist. Certainly new quarters
for several million families are neces-
sary by 1889. Of1cials Of your ad-
ministration state the greatest need
for adequate quarters is in the low
wage levels where no more than SIS
a month or even less, can be afforded.
This amounts annually to less than
Evening star., 1937-01-23

. 30-hour week restriction, mechanics
preferring the 40-hour week on pri-
vate work. This is an indication OF
labor attitude. More serious, how
ever, would be the effect on w. p. A.
workers, who are reluctant in many
cases to leave the security Of w. P. A.
for even q 40-hour week building job.
Were private building operations re-
stricted to q 30-hour week, sincerely
doubt that many w. p. A. mechanics
would be tempted into private en-
ployment. A very definite higher in
come is necessary to get such building
workers to accept private work.
I can only repeat. in conclusion,
that labor's demand for q six-hoar
day cannot be reconciled to low-cost
housing.
Evening star., 1937-01-23

and activity Of the Winston-Salem
bank, President La Rogue announced
that notices and dividend checks have
been sent to the members, or stock
holders, showing that the net operat-
ing profits in 1896 reached $255, $40 50,
which is $9,742.3s more than the 2
per cent dividend declared in 1885.
The directors. however. declared q
dividend Of IA per cent, aggregating
$l46, ,077.5s, leaving $5S.434.sl to be
added to the surplus account OF 1885
operations after deducting required
statutory reserves. After payment Of
the 1896 dividend, the bank now car
ries reserve Of $l51,143.14 and has .
surplus or unallocated profits Of $64,.
062.74, the statement shows.
OF the 920 loans Of $10,s18,860 made
in the fourth district, embracing the
seven States Of Alabama, Florida.
Georgia, Maryland, North and South
Carolina, Virginia and the District OF
Columbia, II loans were made in the
District, aggregating $6s0.o0o, Presi-
dent La Roques statement shows.
"Ofiicers and directors Of the Fed
eral Home Loan Bank OF Winston.
Salem are deeply gratified at the
splendid showing made by the bank
for the past year, and we are especially
pleased with the top and near top
position taken by this bank when
its operations are compared with those
of the IL other banks, q number Of
which are larger than the bank in
this district" said President La Rogue.
'The figures indicate healthy and
increasing growth Of building and
loan activities In these seven States
and the District Of Columbia In their
objective Of helping more people Of
limited means to live in their own
homes"
Evening star., 1937-01-23
HEATING BUSINESS
SHOWS BIG GAIN
Equipment and installation,
Including Plumbing,
$1,5OO,OOO,OOO.
Special Dispatch to The Star.

Special Dispatch to The Star.
CHICAGO, NJ, January 23.-Stimu-
lated by the national housing act,
equipment and installation in 1896
exceeded $500, 100000. according to
Norman j. Raider, secretary OF the
Plumbing and Heating Industries Bu-
reau. This Is an increase of about 35
per cent over the 1885 turnover for
the industry.
Individual firms participating ag-
gressively in local better housing cam
paignS report increases up to 200 per
cent over last year, according to the
bureau.
With construction accelerated in
1887 under the 20-year mortgage in
surance plan of the Federal Housing
Administration, industry leaders pre-
dict that sales next year will show
. greater increase" Mr.. Raider said.
$500. 100000 Plumbing Turnover.
"A breakdown on sales of the in
dustry for 1886 shows turnover
of about $500, 100000 in plumbing and
$500,000,000 in heating and air-con.
ditioning, including installation.
Plumbing sales include in addition
to bathtubs, lavatories, closets and
sinks such other essential items as
laundry tubs, water heaters, water
softeners, shower cabinets, pipe, valves,
fittings and grease traps
"A substantial percentage of the
heating and plumbing equipment sold
in 1896 was used in the moderniza-
ton of residential. commercial and in
dustrial property" Mr.. Raider points
out.
Also accounting for. the mounting
sales total" he continued, "is the
fact that the house built in 1896 has
more plumbing and better heating.
A study Of specifications shows the
increasing ratio Of plumbing and
heating sales to the building dollar.
whereas years ago the typical
house had only one bath room, two
bath rooms on the second floor with
a powder room on the first floor are
standard requirements today. In fact,
q number Of new houses provide a
bath for every bed room. With the
increasing use Of the basement for
recreation purposes. plumbing facili-
ties are being provided.
Public Demand for Heating.
"Publc demand for automatic heat.
ing and conditioning accounts for
the increasing ratio of the building
dollar invested In the heating plant.
New developments and refinements
IN existing products introduced in
1886 include streamlined safety bath
tubs, bathtubs with seats, cabinet
1avatories and sinks, noiseless closets,
plumbing fixtures in matched sets,
Winter air-conditioning equipment
for use with steam and hot-water
heating plants. Summer cooling equip
ment utilizing well water. noiseless
underfeed stokers and pumps to force
the circulation of a hot-water heat
ing plant.
These significant improvements in
plumbing and heating equipment COM
bined with the shortage of housing,
the abundance of mortgage money
available and the current wage in
creases, bonuses, and dividends will
tend to push up sales in 1887 to near
boom-day proportions. in the opinion
OF industry Leaders," Mr.. Raider con-
eludes.
Evening star., 1937-01-23
Baths Need Cabinets.

II the size and arrangement Of the
bath room makes them possible, built
in clothes hampers and linen cabinets
are great conveniences.
Evening star., 1937-08-06
GENERAL MOTORS
TO BOOST PRICES
Other Producers Also Expected to
Fall in Line With Ford
Announcement.
By the Associated Press,

By the Associated Press.
DETROIT, August 6.-Plans for
stepping up the retail prices of all
General Motors automobiles were an
nounced yesterday
Following closely upon the price in
crease announced by the Ford Motor
Co. and the statement of General
Motors Chairman Alfred P. Sloan. jr.,
that price boosts were inevitable,
Cadillac La Sale, Oldsmobie, Pontiac.
Chevrolet and Buick divisions of the
corporation disclosed that the retail
Hstlngs are to be increased.
Effective August 9, Oldsmobile prices
are to be increased s45. After August
IA Cadillac units will be raised sl00
and La Sale $50.
Buick division disclosed that the
amount Of its increases. which will be
effective August 9, will be s45 to 500.
Chevrolet announced that prices
would be increased by $50. effective
August g. Reports said Pontiac would
increase prices approximately s45.
Because many producers were un-
derstood to be awaiting price actions
by Ford and General Motors, au-
thorltative sources indicated a belief
all other producers will follow the
same course. All have been affected by
the increased cost of materials and
higher wage scales.
Evening star., 1937-08-06
EXCESS RESERVES
OFF TO MILLIONS
Decline Due to Increases
in Circulation and Treas
'' ury Deposits.
By the Associated Pres

Excess reserves of Federal Reserve
system member banks declined SllO.-
100000 to 100000 900 during the week
ended August 4
The Federal Reserve Boards weekly
condition statement showed the de-
crease in these lendable funds vas due
largely to an increase in money in
circulation and a climb in Treasury
deposits with Federal Reserve banks.
Money in circulation increased s44,-
000,000 during the week to s6 .469 OOO,-
600. The outflow of funds into circu-
latlon, which is usual over a month
end reduces excess reserves in approXi-
mately the amount of the outflow.
Treasury deposits with Federal Re-
serve institutions rose s8l 900 GOO for
the week to 5000 100000. This increase
indicated shift of money from COM
mercial banks to the reserve inStitu-
ton.
The drop in excess reserves was the
third successive weekly decline. the
total decrease amounting to $780,
100000.
For the week ended August 4, the
board reported It's holdings of Govern
ment securities remained UNCHANGED
at s2526,OoO.O00
A $4,000 GOO increase in holdings Of
treasury bills vas Offset by a s5,OO0,-
600 decline in holdings of Treasury
notes.
Changes in member bank reserve
balances and related items during the
week and the year ended August 4,
1887, were reported as follows:
Evening star., 1937-08-06

CHICAGO August s uFN Omitted States
Department of Agriculturel .-Hoes. 5000,
including 500 direct; hogs from 30
pounds down, steady to 10 higher than
Thursdays average: heavy hogs steady to
Is lower: spots 25 of on butchers from
$50 pounds up; packing sows steady; top
1sO-230 pounds. 13.35-13.60: 150-170
pounds 13.25-l3.5O: 24O-30O pounds.
l2.5O-13.55; packing sows IL 14O-12.15.
Cattle, 1000; calves 500; common and
medium Grass steers on peddline basis;
Tor fed offerings. but neslieible supply on
severe pressure; only low cutters and cut
!ers getting dependable action At 4.25-
shipper account but rank and file grass
crop of value to sell at 6.OO-7.25 in very
narrow demand: grass heifers at 700
1870 weak sssds at 5e1s seesnt decline bulls and
7.25; good and choice vealers. II .OO-12 90.
Sheep. 5000. including 3, 900 direct: ac-
tive strong on bulk OF all classes al
though top native Spring lambs 10 lower
than Thursdays extreme: bulk good to
choice natives. IL 11.OO-11.25 to larger In
terests; slaughter ewes. 4.25a5.75.
Evening star., 1937-08-06
CORD SHARES UP
ON CURB MARKET
Score Fractional Gain on
Reports of Deal for Shift
in Holdings.
By the Associated Press.

NEW YORK. August (P).-Hold-
Ing fractional gain in late trading
Cord Corp. shares set a fast trading
pace on the Curb Exchange today AS
the market responded to reports deal
was about to be signed for the sale
OF E. L. Cords holdings to a Wall
Street syndicate Cord shares sold as
high as 5, up =.
Elsewhere movements were mixed
Some activity developed in mining
shares on reports of brisk demand for
metals, including zinc and copper.
Hecla, Hudson Bay Mining, Eagle
Pfcher and Consolidated Copper picked
up fractional to a point gains.
Also little higher were American
Gas a. Electric, Technicolor and
Bower
Small losses were recorded in United
Gas, American Cyanamid B." Excello
and Niagara Hudson.
Evening star., 1937-08-06
BOSTON WOOL MARKET.

BOSTON. August Up UNITED States
Department of Asrculture) The wool
market was moderately active on fine
Western woods today. but slow on other
lines. Quotations were mostly firm
CountTy-packed medium fleece Ohio and
Michigan woods. including combng and
clothing lengths. three-eiehths and quar- =
ter blood together. held around AZ cents
in the grease, delivered East. Around 40
A. cents in the grease delivered was
asked for average and lighter conditioned
Minnesota woods and 3S-40 cents for
heavier shrinking lots
Similarly packed medium Dakota Uools
were offered at 35-3S cents in the grease
delivered. A moderate quantity OF light
shrinking uools sold recently at 81 cents
Evening star., 1937-08-06
New Bank Firm
To Be Organized
By Equity Corp,

9S, the Associated Press.
NEW YORK. August equity Corp,
an investment trust, and the Ameri-
can General Corp, its subsidiary. have
formed an investment banking firm
known as the First York Corp, which
will participate in undertakings,
Fhort-term financing. recapitalization
|Rnd reorganizations.
The stock of First York is entirely
owned by the two investment trust
hrms.
The formation of the investment
banking firm was made known in the
report to shareholders made by David
M. Milton. president Of American GEN
eral, who is the SON. in-law of John D.
Rockefeller, jr.
With its participation in underwrit-
Ing issues, the First York's organiza-
tion will mean a consolidation in the
business Of the two investment trusts.
Evening star., 1937-08-06
THE WEATHER

District of Columba-Partly cloudy
probably local showers tonight and
tomorrow; not much change IN tenn
perature; gentle, variable winds.
Maryland-Partly cloudy, probably
local showers in central and west por-
tons tonight and tomorrow; not much
change in temperature.
Virginia-Partly cloudy. with local
showers tomorrow and in west and
extreme portions tonight; slightly
warmer in extreme southwest portion
tonight.
West Virginia-Probably local show
ers tonight and tomorrow: slightly
warmer in southeast portion tonight.
River Report.
Potomac slightly cloudy. Shenan-
doah very cloudy at Harpers Ferry
Great Falls, clear; Chain Bridge, clear
today.
Evening star., 1937-08-06
FIREsT0NE BONDS CALLED.

NEW YORK, August s (P.-Fire-
stone Tire q Rubber Co. of Cali
fornia has called for redemption Sep
tember l at 1919 of principal and
accrued interest s75O,oO0 of 15-year
sinking fund IS, due 1912 Firestone
Cotton Mills has called for redemp-
ton September /, at the same call
price, $500, 900 Of 20-year sinking fund
bonds, due 1948.
Evening star., 1937-08-06
NEW YORK PRODUCE.

NEW YORK, August P-EsRs
1G197; easy. Mixed colors. standards,
21A-22h: nrsts 2Oha2O&: seconds. 49,
20 Other mixed eggs unchanged
Butter, 1905: steady. All Grades un-
changed. Cheese. 146.76s; firm. Prices
unchanged
Dressed poultry generally firm. Frozen
chickens roasters. 1929. Frozen turkeys
(Northwestern e. SouthveStern), 15-2SE
Other dressed prices unchanged.
Live poultry by express, irregular
Broilers, leghorn. %: Rocks. IS: Reds
25-25: crosses, 25-27. Fowl colored, .O-
"a: Leehorn. 1921: old roosters. l6: hen
turkeys %; ducks. 13.
Evening star., 1937-08-06
BROKERS' LOANS GAIN
81 MILLIONS IN WEEK
By the Associated Press.

By the Associated Press
The Federal Reserve Board reported
that last weeks loans to brokers and
dealers on securities held by report
ing member banks in New York City
totaled s1,1750OO, 900.
The total for the week ended yes
terddy represented an increase Of
s34 0O0000 when compared with the
previous week
Loans for the corresponding week
a year ago totaled S945 100000,
Evening star., 1937-08-06
NEW YORK SUGAR.

NEW YORK. August 8 Lp.-sugar fu-
tufes were steadier today on trade and
ness was comparatively lisht In the No.
contract traders were inclined to limit
operations and await Developments in
September No. 3 sold at 255 and
March ct 2.40 or point net hieher. In
No. 4 September sold up to 1904 and
market at the beginning Of the last hour
held around the best
Evening star., 1937-08-06
FOREIGN MARKETS.

LONDON. August R.-With the ex-
ception of trans-Atlantics, which were
markets closed hisher today. Trading
was quiet. Mining issues were the best
gamers.
PAR1S.-The Bourse closed steady today
after an uneven start Industrial ana
international issues improved. Govern
ment bonds were in better demand. Bank
Of France recovered an early loss and
ended IS points higher. Suez Canal
gained 2O5 points.
Evening star., 1937-08-06
TEXTILE FIRM GIVEN
CHARTER IN VIRGINIA

BY the Associated PRESS.
RICHMOND, Va, August 6.-The
State Corporation Commission grant
ed charter yesterday to the Textile
Corp. of Petersburg. which listed as
officers Herman Ballon of New York
as president, Henry Deschemacher of
Hanover Pa, as vice president, and
Nathan Magill of New York, secretary.
The proposed concern, incorporated
with maximum of 100 shares of no
par value common stock, states in
the charter application that it in
tends to manufacture textile of wool,
silk, rayon, linen and cotton and
various garments in which these tex
tiles are all or part of the material.
Evening star., 1937-08-06
M'CRORY SALES UP.

NEW YORK, August 6 LPy.-JuIy
sales Of McCrory Stores Corp, retail
chain operator in 25 States, increased
A per cent to s3.132, ,94s from s3.0ol.-
SAB IN July last year Seven months
sales totaled s2l,513,986 against $40,
694. in the same period last year,
an increase Of SO per cent.
Evening star., 1937-08-06
GOLD IMPORTS DECLINE
SHARPLY DURING WEEK

|Ay the Associated Press
Gold imports totaled S23.962, 5S2
during the week ended July 30.
The Commerce Department said
Today this figure compared with $780,
p63, ,446 IN the previous week
Silver imports were set at S704 075
Ind 1891 $50 for the respective weeks.
Gold and silver exports were negligible
Evening star., 1937-08-06
S. E. C. ISSUES REPORT
ON MEMBER DEALINGS
By the Associated Press.

By the Associated Press
The Securities Commission reported
today that tranSa ctions for their own
accounts Of members Of the New York
Stock Exchange in the week ended
July 10 amounted to POTS per cent of
all transactions on the exchange
The members trading included SOL
per cent in transactions initiated on
the floor of the exchange, 446 per
cent initiated off the floor, and 933
per cent by specialists.
On the New York Curb Exchange,
member trading was 2054 per cent Of
the total.
Evening star., 1937-08-06
RATE CUT SUSPENDED
ON LUMBER EXPORTS
BY the Associated Press.

hSsUC
The Interstate Commerce Commits
sion suspended yesterday from August
3, 1897, until March 6. 1888, the op-
GRAFTON of proposed reduced export
rates on lumber and forest products.
The rates would be applicable to
shipments from Decatur, Ala. to New
Orleans. La; Gulfport, Miss; Mo-
bile. Ala, and Pensacola, Fla.
Evening star., 1937-08-06
Security Offerings
Decline Sharply
In Summer Lull

By the Associated Press.
NEW YORK, August 6.-Declines in
corporate issues in the bond market
and the usual Midsummer lull in
financial activity were factors in
sharp drop in financing this week, in
vestment circles said today.
New issues fell to Sl3,586 ,494 in
the week ended August S, from S37,-
947669, a special compilation by
Poor's Publishing Co showed In the
like week a year ago the total was
S52 966,857.