Evening star. [volume] (Washington, D.C.) 1854-1972, 1938-12-03

ACC amendments 900:
went into effect $';@*a
and F. H. A. P.D. Houston.
loans we're revived.
The week of October 81 witnessed
the record number of loans ex-
tended, 1875 being the total for all the
banks. The fall weather proved
ideal for repair and alteration work.
high temperatures keeping this type
of business at much livelier pace
than usual at this season of the year.
For the past six weeks loans have
averaged SO week.
Throughout the year banks in the
Capital have done everything in
their power % extend loans of this
kind, cooperating with all appli-
cants in order to help the building
situation. Results have been most
gratifying, much better than ex-
pected.
Reports from the Federal Housing
Association up to October 81 disclose
than 2,456 Title loans, totaling ST.
O99,087, had been made from Febru-
airy 3 by all lending institutions
whose head offices are located in
the District of Columbia.
In the same period 1925 Title I
loans, for a total of $796, 432, were
made on District of Columbia prop
erty by all lending institutions.
Houston Guest of Bankers.
P. D. Houston, recently elected
second vice president of the Ameri-
can Bankers Association after one
of the sharpest contests in associa-
ton annals, was guest of the District
Bankers Association at yesterdays
weekly luncheon at the Willard Ho-
tel.
introduced to the banking experts,
Mr.. Houston spoke informally on
various banking matters and as an
officer of the A. B. A. offered his
services at all times to the member
banks. He was very cordially greeted
at the end of the luncheon.
Mr.. Houston is chairman of the
board of the American National
Bank, Nashville, Tenn; past presi-
dent of the Tennessee Bankers AS
ISOLATION, former treasurer of the
A. B. A. and former member of the
Executive council.
Bank Adds $4,000 Surplus.
H. Prescott Galley. president of the
National Savings & Trust Co.. an
nounces that the surplus account of
the company has been increased to
81 100000 by the transfer of $780,
600 from the undivided profits &C
count, which latter account still
shows a balance in excess Of $500, 900.
This material addition to the sur
plus of the company is added evil
dence of the progressive policy of
this institution, which is approach
ing a record of three-quarters of
century of business in the District
of Columbia, Mr.. Galley COM
mented.
Christmas Club Checks Paid.
Christmas savings club checks
totaling around $500 900 were sent
this week to 10000 members who
kept up their payments throughout
the year in Is Washington banks
The checks now being cashed have
already become a real factor in
Christmas trade in the Capital.
The average distribution per men,
Der amounted to nearly $50, accord
ing to estimates made today. This
Is vastly better showing than the
average for the clubs all over the
country, which was SAT per member
against $45.55 for 1887.
As near as can be estimated from
past experiences, the club funds will
be used as follows: Christmas pur-
chases, 32.4 per cent; permanent
savings, 26.7 per cent; year end
bills, IA per cent; taxes, 81 per cent;
insurance premiums. 9.3 per cent;
education, travel and charity, AZ
per cent; mortgage interest, 23 per
cent and unclassif6ed, IL per cent.
The percentages were worked out
by the National Christmas Club
Corp. on the basis of a great many
letters from individual members.
Municipal Bond Issues Curbed.
Voters of POI municipalities located
In SO States during the month of
November approved municipal bond
issues aggregating $31,732,124 as
compared with $40 ,920, 443 bonds ap-
proved during October, according to
The Daily Bond Buyer.
For the second successive year No.
vember bond elections have reversed
the trend of many years when No.
vember approvals were almost in
variably larger than disapprovals.
This year the defeated projects
outnumbered approvals almost 8
to !.
Exchange Stocks Strong.
Prices were strong on the WASH
lhgton Stock Exchange today, the
market opening with five $1,000
transactions in Capital Traction SIS,
all at 83k.
National Savings & Trust Co.
stock appeared on the board at
2051a and Capital Transit reached
the high mark of the week when
two 2O-share lots changed hands
at 80.
New Commissioner Sworn.
Edward c. Eicher was sworn in
70 as a member of the Securities and
Exchange Commission yesterday.
Commissioner Eicher was active
in Congress In the creation OF the
public utility act and the Mallory
act to regulate over-the-counter
trading. He served as a member of
the House Interstate and Foreign
Commerce Subcommittee that
drafted the utility legislation.
Mr.. Eicher expressed qualification
at the reports of virtually unani-
nous compliance by utility holding
companies with the S. E. c. request
for tentative indignation plans.