Evening star., 1938-11-29
Defense Plans Called
Trade Stimu|ant Of
First importance
Industrial Leaders PUSHING
Expansion, Says A. B. A.
MAGAZINE Review
By EDWARD C. STONE.

are called "a business stimulant OF
first importance in the immediate
future" in the monthly survey of
the condition of business in the
December issue of Banking, official
publication of the American Bank
ers Association.
Directly, through prospective
spending of $1,OO0,000,000 in 18
months" the survey points out,
land indirectly, through the mobi-
lization of industry, national defense
has occupied wholly unaccustomed
place in the middle of the business
picture" =
The survey states that business
improvement has become general
and remarks that from the stand
point of business the chief result
of the election seems to be a
demonstration that business is no
longer tied to the apron strings of
government.
Leaders Push Expansion.
"a more influential element In
the situation" the survey continues,
has been observable ever since mid
year in the increasing disposition of
industrial leaders to go ahead with
their plans for expansion without
regard to governmental policies.
This has been fostered by increasing
harmony between governmental
agencies and business leaders"
An improvement in business is
again reflected in Bankings cross
section index obtained from poll
of 5000 bank directors and business
men in all sections of the country
and in leading lines of activity.
With the November poll showing 80
per cent reporting better business
conditions, "a per cent seeing busi-
ness as remaining static, and q
per cent reporting decline, the
canvass for the second time this
year shows more business reporting
a rise than an unfavorable trend
The October poll showed 35 per
cent reporting upward trend, 81
per cent remaining the same, and
80 per cent in decline, the survey
concludes
Building Boom Echoes Heard.
That the country is on the verge
of major upswing in building was
reported to the District Building
and Loan League at the luncheon
meeting held at the Raleigh Hotel
this noon, when reports from the
recent Chicago convention of the
United States Building and Loah
League were presented. This pre-
@f 0F
that meeting.
A resolution passed at Chicago
declared that this boom in home
building need not be delayed since
the time tested monthly payment
plan in all of its details is available
in more than 1000 building and
loan associations which have S2,000,-
100000 to lend on home financing
in the coming year.
Another resolution passed by the
Chicago convention pointed out that
the grounds for the emergency use
of public money in home financing
no longer exist, urged the cessation
of such Government activity through
two immediate steps: Cd The ter
mination of the activities of the
r. F. c. Mortgage Co. as to resi-
dental mortgages, and CD the liq-
uidation of the Home Owners Loan
Corp.
A special tribute was paid by the
members of the Washington league
to Edward c. Baltz for his very sue
cessful year as president of the
League. He relinquished his duties
at the Chicago meeting.
Virginia Bankers Plan Cruise.
The forty-sixth annual conven-
ton of the Virginia Bankers Asso-
citation will take the form of a cruise
to Bermuda, sailing from Norfolk
May II on the Queen of Bermuda
and returning May 10. according to
reports from New York. Business
meetings will be held at sea and the
ship, which will serve as hotel will
remain at Bermuda for nearly two
full days with opportunity for op-
tlonal shore program, surf bathing
or outdoor sports on the island.
All arrangements, including an
entertainment program, will be in
charge of Thomas Cook g. Son, sole
agents for the cruise, today's report
said.
Three Dividends Declared.
Three industrial loan companies
affiliated with the Southeastern In
dustrial Bankers, Inc, have de-
clared regular quarterly dividends
on both preferred and common
stock. payable December 10, Clifton
M. Eisele, president of the parent
company, announces. Dividends
will be paid stockholders in the
Silver Spring Industrial Savings &
Loan Co., HagerstoWn Industrial
Savings & Loan Co. and Southeast
ern Loan Corp, Roanoke, Va.
Amounting to per cent on pre-
ferred and 10 cents a share on
common, the payments will exceed
$4,000.
Banks Announce Club Plans.
The following Washington banks
announced today that they will
open their Christmas Savings Clubs
for 1889 tomorrow:
American Security & Trust Co.,
Anacostia Bank. Bank of Commerce
& Savings, Columbia National,
East Washington Savings Bank,
Hamilton National, McLachlen
Banking Corp, Morris Plan, Mum
sey Trust, National Bank of WASH
ington (Water Street branchD
National Savings & Trust, Riggs
National Bank branches only, Sec
ond National, Security Savings &
Commercial, Union Trust and
Washington Loan g. Trust Co.
Christmas Club enrollments will
be accepted until January 7. No
interest will be paid.
Heard in Financial District.
Stanley Carr, broker connected
with the Washington office of Fen
ner Beane, who suffered broken
leg hy fall on the ice, is progress