Evening star., 1940-08-09
4,O38 F. H. A. Loans
Made in D. {. Area
Through June
Mortgages Under Title II
Valued at S23, ,60s, $50,
Survey Shows ,
BY HAROLD B. ROGERS.

SuTVey SnoWS
BY HAROLD b. ROGERS.
Mortgage insurance loans made
under Title II of the Federal Hous-
ing Administration by lending insti-
tutiens whose head Offices are in the
District of Columbia numbered 4,03s
as of June 80, 1910, and were valued
at s23, SOC $3.50.
These figures from the F.. H. A.
made public through the District
Bankers Association showed also
that 1880 of the loans were made
by banks, amounting to $10,465, ,27o.
Other lending institutions made
2,45s of the. loans, with value Of
$l3,143,o6o.
Such loans, it was explained, are
made on projects and mortgages
that are considered economically
sound"
In the language of the Senate
Banking and Currency Committee
which approved Title II of the F. IL.
A. Act, this type of loan sis intended
to utilize the best available means
for achieving a sustained long-term
residential construction program,
with a minimum expenditure Of
Federal funds, and maximum re-
lance upon private business enter
prise"
The financial district has shown
interest in a speech recently by E. A.
Pierce, partner of Merrill Lynch, E.
A. Pierce e. Cassatt, in which he
declared the New York Stock Ex-
change nov is awake to it's re-
sponsibilities and fully recognizes
the need of selling itself to the pub
lie"
"a great change has come over
the exchange management's spirit, ,"
he told the Rotary Club in Detroit,
land its view of the place this in
stitution plays in the Nation S
economy"
The principal fault of the New
York Stock Exchanges manage
ments for many years, he declared,
lay in its never having educated
members out of the notion that the
exchange was private club an
swerable to nobody except its sell
elected managers. Members had
not generally recognized that the
exchange in a sense was a public
utility which, in the long run, could
CT
to the public's needs and reaction,
he stated, and only recently has the
exchange demonstrated any recog-
milton of the need of selling itself
to the public.
Loans Total S3,170,500.
Mortgage loans on District of Co.
lumbia properties, amounting to
$3.170,500, were held by Massa-
chusetts Mutual Life Insurance Co.
on June 80, it was announced today
Its assets invested in the District
of Columbia at the end of 1889 were
$5.782,O00.
Policyholders and beneficiaries
throughout the country received
S25,178198 from the Massachusetts,
Mutual in the first six months of
this year. During the period 1880
new policies for s63,652,172 we're
sold.
John F. Cremen, the company's
general agent here, predicted that
life insurance sales probably would
increase as the national defense
program progresses Such sales rap
idly increased during the World
War, he said, and the years i'm
mediately following.
Orders 10 Rehired.
The National Labor Relations
Board has found that the Bank of
America, San Francisco, had EN-
gagged in unfair labor practices" and
ordered the institution to rehire 10
discharged men. Pointing out that
the bank engages in interstate COM
merce, the board declared the bank
must cease discouraging membership
in the C. 1. o. or any other labor
uniop
Earle Sapp, general agent of the
New England Mutual Life Insurance
Co., won the annual golf tourna-
ment of the managers section of
the District of Columbia Life
Underwriters, held Wednesday at
the Burning Tree Country Club, it
was announced today. He retains
possession of the Managers Section
Cup for the coming year.
Others participating in the tour
nament were David S. Bethune,
manager, Equitable Life Assurance
Society; John L. McElfresh, general
agent, Connecticut Mutual Life In
surance Co.; Adrian Waring, gen.
eral agent. Columbian National
Life Insurance Co.; Harold D.
Kraft, general agent, Provident
Mutual Life Insurance Co.; Joseph
A. Mari, general agent, Penn Mu-
tual Life Insurance Co.; John D.
Marsh, general agent, Lincoln Ma
tional Life Insurance Co.; Joseph
A, Barbeau, manager of Washing
ton agency of Acacia Mutual Life
Insurance Co.; W. j. McCausland,
manager of Washington agency
of Acacia Mutual Life Insurance
Co.; Vernon w. Holleman, general
agent, Home Life of New York;
Bernard Wilmer, general agent,
State Mutual Life Assurance Co. of
Massachusetts,; Walter Merritt, jr.,
agency field assistant Home Life
of New York; T. w. Cook, general
agent, National Life Insurance Co.;
Raymond A. Du Four, general agent,
Pacific Mutual Life Insurance Co.;
Robert G. Gilmore, manager, Bank
ers' Life Co. of Iowa; Wilson Bat
ten, Washington manager, Retail
Credit Co.
Also attending the luncheon but
not participating in the tournament
were Frank Strunk, general agent,
Columbian National Life Insurance
Co.; Richard Griswold, manager,
Guardian Life Insurance Co.; James
A. De Force. general agent, Conti-
mental American Life Insurance Co.
Personal Mention.
Joseph Dowdall, manager of
Winthrop Mitchell g. Co., has re-
turned from vacation in New Jersey.
J. Wesley Clampitt, jr., assist
ant secretary and assistant trust
officer of the Union Trust Co., has
left on vacation at Ocean City, Md.
DR.. Eliot T. Thomson of Wash
ington Loan e. Trust Co. who also