Evening star., 1938-02-23
BANKS TO SUPPORT
HOUS|NCPROCRAM
Capital Institutions Planning
to Push Loans Under
Federal Act.
By EDWARD C. STONE.

Washington banks are planning TO
point out the advantages of loans un-
der the amended Federal Housing Act,
expand this type of business and re-
new their efforts to assist in the ma
tional recovery program.
Banks in the Capital made a SUBJ
stantial number of such loans under
the original Federal Housing Act, the
amount of money involved in build
ing improvements playing an impor-
tant part in stimulating business con-
ditions here. The money was con-
fined largely to alterations, rather
than new construction, and a large
amount of such work carried to COM
pletion.
Now that such loans are again al
lowed under Title I, the banks are not
only willing but glad to make further
loans of this type. The Advertising
Committee of the District Bankers
Association, of which Thomas J.
Groom is president, is working out
plans for bringing the availability of
Title loans, as well as their value,
to greater public attention. 1t is re-
ported that the banks have ample
funds for as many loans as are de-
sired, provided the loans are consid-
cred sound.
Storage Net Reveals Increase.
The recent annual report of the Sc
curity Storage Co., as presented by
c. A. AspinWall president, disclosed
that net earnings increased slightly
over the preceding year. Gross earn
ings showed a larger increase, but
higher taxes and labor costs absorbed
most of the increase, leaving net earn
lngs of $l02, 2,415.l6 for 1887.
Taxes were $4,9789l higher than in
1896, President Aspinwall said, and
the pay roll increased $4978.9l. There
was also an increase in office work to
comply with various governmental re-
quirements. At the end of the year
the companys assets totaled $780,
457.55. against 81 40,573.75 at the end
of 1886. Capital of $50O,O00 and sur
plus of S250,000 were unchanged Un-
divided profits stood at $56562.55 and
reserve for depreciation at S4O4. .087. SO.
During the year the company paid
100000 in dividends ending the year
with 236 stockholders.
President Aspinwall paid tribute to
the late Clarence F. Norment, sr., who
was member of the. board for many
years. Two new directors, William j.
Father, jr., and Chauncey G. Parker,
jr.. were elected. The company's
nlSiNnSS f,,r y,
extended during 1887.
In addition to Mr. Aspinwall, the
officers include c. w. Pimper, vice
president and treasurer; Charles P.
Ravenburg, secretary: Paul Alvey, as
sistant secretary Helen Howison, as
slstant treasurer; c. j. Mattimore, su-
perintendent, and c. A. Ridell, mana
ger cold storage department. Among
the directors are H. L. Rust. jr.; Cor
coran Thorn and Lloyd B. Wilson.
Advertisers Pick Fort Worth.
Eliot H. Thomson of the Washington
Loan g. Trust Co.. member of the gov
ernlng board of the Financial Adver-
Users Association, back from a meet
ing in New York, reports that the an
nual convention will be held at Fort
Worth, Tex, on October 81, November
!, and 8.
Officers, directors and members of
the associations senior advisory coun-
Gil adopted a resolution taking recog-
milton of the increase of small or per-
sonal loan departments in banking,
expansion of checking services on a
non-balance basis, and extending IA
cilities OF loan departments to keep
pace with the requirements of the
construction industry for building new
houses and undermining old ones.
Newspaper advertising was referred to
oy this body as "a vital factor in the
public and customers relations Of
oanks," and is being looked to as a
vehicle to reflect the work of banks
IN adjusting their facilities to con-
stantly expanding requirements of
more individuals.
ID. C. Insurance Sales Mount.
New Life insurance in the District
i Columbia in January started off
1883 with rush, showing a 4 per cent
gain over January, 1897, the Life
insurance Sales Bureau at Hartford
reported today. Average sales for
the whole United States revealed a
~ per cent drop, which means that
washington was l6 per cent above the
rest OF the country.
January business in the rest of
this territory held well, as insurance
sales in Maryland were within
per cent of the 1887 January mark
and in Virginia were within per
cent of the business done a year
ago.
Eickhoff Talks to Paint Club,
II. A. Eickhof of the Paint Sec
non, Bureau of Standards, addressed
the recent February meeting of the
washington Paint Salesman's Club at
the Continental Hotel on the tests
ana formulas of paints and varnishes
as used at the bureau. His most
informative address was followed bv
many questions from members.
several new members were admit
ted and more are to join the club
next month. The attendance was
the largest since the club was Or
ganlzed. Plans are now under wav
Tor the club to cooperate with the
PAINT and Varnish Club of this city
20 conduct a cleanup, paint-up and
oeautify Washington" campaign.
Market Interest Revived.
Despite the downpour, stock ex-
change offices in Washington were
well filled at the opening today, fol-
lowing the holiday. The market was
much stronger, due mainly to the
drmer market in London. The ma
jority of stocks opened considerably
higher than they closed Monday. A
more optimistic atmosphere was noted
than has prevailed in most recent
sessions. While brokers were cau-
tious in their forecasts, some said
they believed the tide was turning
for the better.
Today's Trading on Exchange.
On the Washington Stock Exchange
today trading was featured by four