Evening star., 1940-06-18
Insured Mortgages
In Capital Reveal
Sharp April Gain
Looms Under Title |
Also in Good Demand,
Housing Review Shows
BY EDWARD {. STONE.

trict of Columbia scored sharp ad-
vance in April this year over April
1889, the Housing Administration
reported today
There were so mortgages accepted
In April amounting to $345 900
compared with only 81 accepted in
April year ago, for total of $212,-
400. In the first four months OF
1910 there were 1913 mortgages ac-
cepted, amounting to SLIT, TOO.
The same report states that i'm
provement loans under Title I OF
the National Housing Act as
amended June 3, 1899, numbered
165 in April this year and amounted
to S79,044.19. In the first four
months of 1910 these modernization
and property improvement loans in
the Capital numbered 1912 for the
total amount of $814,17l.87.
Title I loans in Maryland in April
numbered $40 and amounted to
1921 ,257.74 and in the four months
totaled 6,302, amounting to s2,554,-
955.25. In Virginia April Title 1
loans reached 534, totaled 1892 ,129 80
and in the four months, 4,O74, in
the sum of $1,953,31326.
Both Insurance Types Needed.
In these tragic days, when one
has the feeling that the world is
crumbling to pieces. and the very
foundations of civilized living are
threatened, one of the rocks of our
economic existence is insurance, both
public and private, Fowler V. Harper.
general counsel, Federal Security
Agency, told the Chartered Life Un-
derWriters Chapters of Washington
and Baltimore at the Cosmos Club
last night.
When one considers the billions of
dollars that are invested every year
by the citizens of this country in
both individual and social insurance,
he recognizes magnificent tribute
to the commercial and political in
,stitutions of democracy. he said.
Here is one of thousand answers
to the taunt of dictators that dem
,ocracy lacks virility and confidence
in its ability to insure it's future.
The attitude of the Government
is not that of commercial COM
.petltor. For the sake of national
safety and economic stability we
want people to have all the insurance
they can get, from whatever source,
Mr.. Harper continued. We are in
the business only because the basic
security cannot be universally dis
'trlbuted on a voluntary plan. OF
course, there is limit to insurance,
public or private. but it is not the
limit of what the policyholder can
afford to spend but what he can
afford to save. My belief is that
there is no conflict of interest be-
tween private insurance companies
and the insurance program of the
Government, the speaker concluded.
Directors Honor Associate.
Directors of the McLachlen Bank
Ing Corp. recently presented loving
cup to A. M. McLachlen, vice presi-
dent, treasurer and director. in con-
nectlon with his election as presi-
dent of the District Bankers Asso-
citation, at the Hot Springs conven-
ton. The cup is very beautiful and
Is inscribed with the names of all
the banks officials The presenta-
ton was made at meeting of the
directors by his brother, Lanier P,
McLachlen, president of the bank
and former president of the bankers
association.
Advertising Drive Planned.
Merrill Lynch, E. A. Pierce &
Cassatt shortly will inaugurate Ma
tlon-wide advertising campaign, de-
signed to place before the public the
basic policies of the firm and the
services it offers. The advertising
will run in IS newspapers. ma
tlonal general magazine and 4
financial periodicals. Insertions are
to appear at regular intervals over
the remainder of the year. Accord
Ing to announcement by the WASH
lngton Office. Thomas w. Brahanv.
manager. the firm will include it's
basic policies in the advertising. as
well as explaining the services rem
dered.
Bankers Honor G. F. Williams,
A. M. McLachlen, president of the
District Bankers Association, TODAY
appointed the following bankers to
represent the association at the
funeral OF George F. Williams. for
many years counsel and trust officer
OF the Lincoln National Bank: A. S,
Galley, vice president of the Lin
coin National William B. Willard,
vice president, National Savings e.
Trust Co.; A. Scott Offutt. vice
president, City Bank, and M. D..
Rosenberg. president Bank Of Com
merce & Savings. Services were to
be held this afternoon at the Ia
koma Park Presbyterian Church.
Mr.. Williams had rendered the Lin
coin bank very long and valuable
services.
Z. S. Bond Exchange Popular.
The Treasury Department an
nounces that reports from Federal
Reserve Banks indicate that $279.-
334,900 of the $352, ,993, ,450 3ss per
cent bond issue called for redemp-
ton on June IS had been exchanged
for l per cent 34 year Treasury
notes, 70 per cent of the 165, 1000
holders having elected to make the
exchange. The remainder of the
bondholders accepted $73,665 100 in
cash instead of the new notes.
Today's Trading on Exchange.
Fifty shares of Washington Gas
Light common stock sold at "a on
the Washington Exchange today, up
2 fun points from the last sale.
Capital Transit registered a Is
share sale at IL, unchanged, and
Potomac Electric Power IS figured
in a small sale at 1872.
Mergenthaler Linotype was strong
er today. q shares changing hands
at IA. compared with the last previ-
ous sale at 1885.
The I. c. C. has authorized the