Evening star., 1937-09-20
Insured Mortgages Reported.

JUNG --------- ol,Il9,ZoI 0U,3IZ,lU
July ------- 56,836,381 52,431 500
August ----- 59,129, ,528 53,718,863
Insured Mortgages Reported.
Home mortgages accepted for in
surance by the Federal Housing Ad-
ministration during July numbered
9,l59 and totaled $37,485,500 in
amount. For the first seven months
of 1887 accepted mortgages numbered
68,465 and totaled S281 ,216,816 in
amount, as compared with 56,05l
mortgages for s223,642.18 for the
same period of 1886, gain of 22l
per cent in number and 257 per cent
in amount.
The National Housing Administra-
ton reports that mortgages accepted
for insurance in the District of Co.
lumbia in the first seven months OF
this year numbered 726 and in amount
totaled $5,270,84o.
Insured mortgages in Maryland
numbered 1922 and amounted to
s15.499,985, in Virginia numbered
3,743 and amounted to $l7,7l9,544, and
In West Virginia totaled 1,246 and
$i3,332,154 in amount.
The cumulative gro.s total of home
mortgages for the whole country ac-
cepted for insurance through July 81
numbered 220,223 and amounted to
$500, ,260,8 1888. the report states.
d. G. Store Collections Fair.
Twenty-four per cent of the pay
ments due Washington department
stores at the beginning of August were
paid during the month, the Federal
Reserve Bank of Richmond reported
today. This was a fair percentage,
although receivables collected in the
whole fifth district reached 25.8 per
cent. Baltimore payments were also
ahead Of the record here.
Store stocks were 10 per cent higher
In August this year than at the end
Of August, 1896, and ended the month
IS per cent higher than at the end
Of July this year, the report added
In the first eight months Of 1887
store stocks in Washington were
turned 2.566 times, against the lower
figure Of 2.459 times for the whole
fifth district.
Good Fall Earnings Forecast.
Although fnal.cial sentiment is at a
low ebb, there are no present evidences
that the Fall business outlook has
taken on as dark hue as recent
stock market action would seem to
indicate. Business is still good, and
signs continue to point to an increas-
ing tempo in the months ahead While
labor costs are higher, 1t appears now
that earnings and dividends in most
lines will continue to be substantial
during the remainder Of 1887, United
Business Service, Boston, says today.
The Washington Office of the Rail-
way Express Co. announced today that
July express traffic was 5.26 per cent
ahead of last year. With the business
moved by the express agency in July
estimated at 9,757,901 shipments, the
increase recorded totals not far from
half million more than last year.
This Is the thirty third consecutive
month that these monthly increases
have been reported.
Arundel Corp. Of Baltimore, en-
gagged in the sand, gravel and con-
tracing business, reports for eight
months ended August 81, 1887, profit
Of $850,336 after depreciation, etc.,
but before Federal income taxes, COM
pairing with profit of $470,S5s in first
eight months of 1886. Joseph B.
Hogan, president, stated that new
contracts received since June 80, 1887,
totaled $425, 100, and contract work on
had is approximately $8,500,000.
Safe Deposit Section Meets.
The Safe Deposit Section of the Dis
trict Bankers Association will hold its
first meeting of the season Thursday
evening at o'clock in the board room
of the American Security a. Trust Co.
Mrs. Helen r. Sharpe, Bank of Com
merce 81 Savings, is chairman of the
section this year, the first woman to
hold this Office. The latest problems
facing safe deposit operations in the
banks will be discussed.
Joseph A. Broderick, member of the
Federal Reserve Board, will address
the Savings Banks Association of New
York at the annual convention to be
held at White Sulphur Springs, w.
Va, October 20-22. Other speakers
will include William r. White, super
intendent of banking in New York
State
Chairman Leo T. Crowley of the
Federal Deposit Insurance Corp. will
address the Kentucky Bankers Asso-
citation next Thursday at Louisville
on Government Supervision of Banks
and Banking"
Noted in Financial District
The death of A. C. Beane, founder
of the brokerage firm of Fenner &
Beane, will mean no change in the
firms operations or capital structure
1t was stated at the Office here today
His death, at only 49 years of age
was great shock TO his associates
Washington brokers we're puzzled
over the weakness of the New York
stock market at the opening today
There were as many explanations a,
stocks selling off, many of which wer,
only guesses. Rarely have there beer
more different factors bearings on th'
market than at present, brokers say
Bankers assert that the old order ha
changed and insist that business /
going to improve this Fall, regardless
OF the market and any action it ma,
take.
Banks here have been notilled b
the Chicago Federal Reserve BAN
that on September 26 Chicago will b
on Central standard time instead O
Central daylight time.
Gas Stock Leads Market.
The new Washington Gas Ligh
preferred stock led trading on tn
Washington Stock Exchange today
opening at 99 The next transaction
included q 50-share block at 983.
the market closing at 98A.
Two bank stocks appeared on tn
board, Riggs National common record
ing 5-share sale at 3l0 and Ameri
can Security a. Trust figuring in
10-share sale at 280.
Potomac Electric Power 5l2 De
cent nreferred u,as strong o1 srd .