Evening star., 1938-09-27
DC. REPAIR LOANS
INCREASE SHARPLY
Average Per Week Climbs
From 40 and so to IS,
Hoskinson Reports.
BY EDWARD C. STONE.

Hilleary G. Hoskinson, president of
the District Bankers Association and
vice president of Riggs National
Bank, announced today that there Is
= notable increase in the demand for
loans from Washington banks under
Title I of the National Housing Act.
In midsummer the banks in the Cap
ital made an aggregate OF about 40 or
50 Of such loans q week. In the last
three weeks the average has jumped
to about IS loans a week.
In spite of the fact that the fall
season is particularly favorable
time for all repairs and property reno
vations, the demand for money to
finance such Improvements is apt to
reveal let-up. At least it often has
In the past For that reason the
present increase in applications for
loans is considered particularly graft
Tying.
The District Bankers Association in
augurated campaign last February
to supply funds for building i'm
provements. Since February 3 the
banks in the association had granted
a total of 1861 such loans up to
yesterday.
For the week ended September %
these institutions granted 80 such
loans. In the previous week the
number was 66. Bankers expressed
fbo Iooliof toJov fbof tho doro Nd will
continue. and they would not be sur
prised if the average number extended
should reach 100 week.
The situation is helpful to the
building supply trades and also i'm
portant to employment. 1t was fur
ther announced today that all build
ing and loan associations in the Capt.
tai are continuing to grant large
number of loans for building purposes.
War Would Cut Down Exports.
Looking at the effects of European
war on American business, Banking,
Official organ OF the American Bank
ers' Association, said today that the
immediate effect would probably be
q decline in our exports, drop in
the prices of our securities and COM
:nodities, interruptions in the transfer
of funds by gold movements and gen.
eral hesitancy in business.
Later commodities necessary in
war making and securities which de-
pend upon them would certainly ad-
vance, as they have already shown
a tendency to do. while other COM
modities and securities would prob
ably pursue an irregular course. In
19l4-l9l7 the United States, as the
chief neutral supplier Of goods of
many sorts for the warning nations,
found the situation profitable ma
terially If not spiritually
Banking sees mo cause for a de-
moralization of business in the United
States because of war across the ocean.
Possibly We would be deprived of GER
tain European markets, but the in
creased exports to Latin America of
goods they now buy in Europe would
more than make up the difference"
Business Seen on Even Keel.
The A. B. A. October review adds
that the depleted condition Of in
ventories in all lines of trade may
prove the most important factor IN
the fourth quarter outlook.
Banking's cross-section index re-
fleets to some extent "the hesitancy
caused by our own elections. involv-
ing issues of considerable economic
significance, and by the war business.
The latest polls, covering 5000 bank
directors and business leaders, showed
IS per cent reporting an upward
trend, SO per cent saying that their
businesses were just holding their own
and 81 per cent testifying to down
ward trend" Last months index
showed % per cent upward, ~ per
cent unchanged and IS per cent down.
ward
THE general disposition of business
is to proceed on fairly even keel in
spite of war worries and several OBJ
vious motives for caution" according
to the monthly report.
Insurance Agency Celebrates.
Commemorating the appointment of
Joseph C. Lewis in September, 1845,
as the first Washington agent of the
Mutual Benefit Life of New Jersey,
the H. Lawrence Choate agency Of
that company yesterday held its an
nual meeting at the Annapolis Roads
Club.
William H. Gather, field service
manager. and Mildred F. Stone, agen-
cy field secretary, represented the
home Office Edward Carlough of the
Newark agency, Edward Hutchins,
president of the Pioneer Laundry;
Vernon W. Holleman. general agent
of the Home Life of New York in
Washington, and Paul D. Sleeper, gen.
eral agent of the Aetna Life, were
other guest speakers.
Special honors were awarded to
Walter T. Lawton. Joseph w. Gibson.
Dwight T. Scott and Theodore E.
Gero for good work in the summer
"full-speed rum"
In reviewing the work of the last
year Mr.. Choate emphasized the in
creased earnings of the agents, which
averaged $500 for the entire per-
sonnel; progress in developing thor
ough programming service and the
addition of three unusually able men
to the organization.
Members of the agency in attend
ance at the 93d anniversary meeting
were Raymond l.. Bland, Walter w.
Bohan, George c. Campbell. William
A. Campbell, H. Lawrence Choate,
Theodore E. Gero, Joseph w. Gibson,
Elinor M. Hickerson George T. How
ard, Adoplh Krechel. Walter T. Law
ton. Francis F. Miller, Frank D. Roach,
Charles M. Schwab. Dwight T. Scott,
Sherman A. Smith and Groom Walker.
Underwriters Open Season.
Richard w. Griswold, new president
OF the District of Columbia Life Un-
derwriters' Association, presided at the
first luncheon meeting Of the fall sea-
son at the Willard Hotel this noon,
very large attendance being present.