Evening star., 1938-10-17
LOAN ASSOCIATION
IN NEW QUARTERS
D. c. Branch of HyattsVi|Ie
Concern Opens Much
Larger Offices.
By EDWARD c. STONE.

Fourteenth street NV. the move be-
ing made to secure much more floor
space and a location on street level.
The commodious new quarters are
up to date in every detail, the Offices
presenting a striking appearance in
equipment, decorations and furnish
ings In addition to the complete ar
rangements on the street floor, the
basement contains large vault, recre-
alton room for employees. which among
other features has a kitchen and din
ing room for their personal use,
Thomas H. Welsh, the president,
said today that the Hyattsvile Build
ing Association is the largest institu-
ton of its kind in Maryland. Estab-
lished in 1887, the association now has
assets in excess of S8,000,000, more
than 4,5OO shareholders and nearly
2,7OO first mortgage loans on nearby
Maryland property. A semi-annual
dividend has been paid regularly since
organization he said. adding that no
withdrawal notice had ever been fled
with the ASSOCIATION.
Practically all the loans in force at
this time are on real estate in Prince
Georges and Montgomery Counties,
Mr.. Welch stated. While the loans
are on Maryland property, many of the
borrowers are employed in Washing
ton and it is easier for them to deal
with an office in the city.
Officers include Harry J. Patter-
son. chairman of the board; Thomas
H. Welsh, president: j. Donald Clagett,
vice president: P A. Blundon, secre-
tary; James A. Thompson, treasurer.
Abner Weltmer. assistant secretary,
and Fred w. Pimper, assistant treas
urer. and Thomas H Welsh. Jr.. at
torney
The directors are James H Baden,
George N Bowen. J. Donald Clagett,
Stephen A. Miller. Harry J. Patterson.
L. G. SasScer. Julius P Stadler. B. o.
L. Wells and Thomas H. Welsh.
Insured Mortgage Increase.
The Federal Housing Administration
reported today that home mortgages
accepted for insurance were steadily
on llle IlCI6dSe III " dSllIllS lUll llC
amount involved is also going up
steadily, the report said.
Gross MORTGAGES accepted for lnsur-
ance in Washington numbered only
four in August, 1887, and involved by
s38.6OO In August, 1898. the number
had increased to A and the money
involved to S228,000
So far this year in the District of
Columbia the number of mortgages
accepted for insurance has reached
1876, amounting to Sl.l83 800. the re-
port said.
Another report states that property
improvement loans in the whole coun-
try insured by the Federal Housing
Administration under the amended
provisions of Title I Of the National
Federal Housing Act attained new
monthly high of 100000 in August.
Impressed by Advances.
Bankers, bond dealers and brokers in
the financial district express surprise
over the extent of recent improve
n1ent in business and industrial con-
ditions. They say that recovery is
becoming very real.
Right now business is Surging ahead
into new high ground rapidly. Pro-
duction, distribution and employment
are all better, bankers point out Buy
ing of raw materials, especially cot
ton, has revently been impressive.
Washington bankers consider the
amount of freight being moved as one
of the best indicators. Car loadings
have recently made notable improve
ment, steel operations are higher and
the new models are expected to boost
automobile sales.
All retail sales need to put volume
ahead of last year here and in many
other places. is cold weather, in the
opinion of many merchants.
Speakers Added to Program.
DR.. Roscoe Pound, former dean of
Harvard Law School. and J. P. Wench-
el chief counsel of the Bureau of
Internal Revenue. we're announced to-
day as additional speakers at the con-
vention of the Investment Bankers
Associate White Sulphur Springs,
October 1929 Mr. Wenchel is to
discuss recent proposals for eliminat-
eminent and municipal bonds and
DR.. Pound will discuss recent trends
in legislation from the standpoint of
the student of political science.
Small New Association Chief.
The Morris Plan Bankers ASsocia-
tion. in convention at White Sulphur
Springs, elected Harrv E. Small, vice
president and secretary of the Morris
Plan Bank of Cleveland, to the presi-
dency of the association for coming
year. L. D. Lacy, Oklahoma City,
was elected first vice president and
H. D. MCGOWAN. Worcester, Mass,
second vice president. Mr. Small sue
ceeds Ralph w. Pitman of Richmond,
who has been president for the last
three years Willard G. Barker, Wash
lngton, made an important committee
report.
League Counsel to Meet.
The District of Columbia Building
and Loan Executive Council meets to-
morrow at 1890 at the Raleigh Hotel,
President G. Bishop acting as chair
man A full attendance is expected.
Reports from Edward C. Baltz and
c. Clinton James, delegates to the
recent European congress, will be
heard and recommendations concern
ing the welfare of the league will be
drawn up for presentation to the
annual meeting on Tuesday evening.
October "a. The latter meeting will
be held in the boardroom of the
Oriental Building Association, 600 F
street NV.
Today's Trading On Exchange.
Capital Transit stock opened the
weeks trading on the Washington
Stock Exchange, a good sized turn
over being recorded at 8. unchanged
from the last previous sale. Poto
mac Electric Power 6 per cent pre-
ferred stock was strong, five shares
moving at lisa
a Tlnotyne annearaS IN