Evening star., 1941-10-22
Further Expansion
In Title | Loans
kDiscIosed
Reports From Bonk
Association and r. h. A.
Cover Third Quarter
BY EDWARD c. STONE.

X
BY EDWARD c. STONE.
Title I loans for repairs and othel
property improvements in the Dis
trict of Columbia disclosed a further
advance during the third quarter
of this year, according to reports
from the District Bankers Associ-
alton and the Federal Housing
Administration.
From January through September
Title I loans under the June, 1889
amendment to the Federal Housing
Act, granted by institutions with
head Offices in Washington, num-
bered ,966 and amounted to $8,272, ,-
$50, a gain of 1903 loans since June
80 and Of S3,107,574 in amount
during the third quarter.
At the same time loans made on
property in the District by loaning
institutions either in or out of Wash
ington numbered It'll and amount
ed to 1881 500 gain of $275649 in
the last three months. and 565 IN
the number Of loans extended.
Through September of this year
cumulative Title l loans under the
June, 1899. amendment, by inStitu-
tions with head offices in Washing
ton, had reached 10,394 for a total
of Sl2,742046 and on properties To-
Gated in the District by any loaning
institutions, numbered 6,l67 for
S2732,4lO. This makes a total of
1851 loans involving S15,474,456.
In the first nine months of 1941,
q total of 6,737 loans were granted
for S91O4,279; this large sum eing
used in the extensive employment
of labor and in the purchase of a
great many different building ma
terialS.
Building, Loan Assets Jump.
The building and loan associations
OF the District of Columbia increased
their assets over $l,000,000 during
the month of September. according
to a comparative balance sheet of
the combined institutions released
today by F. Wilson Camp, secretary
of the local league. Total resources
rose from s168 246 ,625 on August 81
to s169, 1854. .324 on September 80
Compared to the same period of
last year the gain in assets totals
over S14,000,000 as the balance sheet
last September showed Sl54 ,592 ,248.
First mortgage loans listed at $l44,-
869, ,703 last year have climbed to
Sl59 ,134, BAL, an increase of S14,264.-
638. New share money kept pace
with the demand for home loans
climbing from $135 ,438 ,645 in 1910 to
s1468l0.654, q gain OF $ll,372.OO9.
Surplus and reserves revealed a sub
stantial climb, rising from Sll,591,-
895 to $l3.746,948.
September was a banner month
along with the previous two months
IN mortgage loan activity. The
statement discloseS that S5,1ll ,22l
was for new homes and construction
purposes. During September, 1910,
the loans totaled $4,249 900.
The report concludes with COM
parison of new share accounts
opened with the member associations
during the period this year against
last, New accounts are up II per
cent with close-outs proportionately
smaller, Mr.. Camp said.
. Help for Small Business.
Henry H. Heimann, executive
manager of the National Associa-
Gon of Credit Men. asserts in his
monthly review that no executive
OF a small business should assume
that his particular line does not fit
IN with any defense work, for de-
ferse needs are numerous and va
RED. Assuming that present facih-
ties cannot produce items needed
for defense, they can in many in
stances be adapted to defense pro-
duction by relatively slight diversion.
And the Government will help pro-
vide the money, he says. He con-
tinuesi
Remember that # Is not neces-
sary to go TO Washington to get de-
Tense work. 1t is, in fact, inadvls-
able to 60 there. You stand much
better chance of getting defense
work by going to the district repre-
sentatives of the Contract DiStribu-
tion Service, one of whom is located
In or near your city. You can there
by save both time and expense.
Remember, too, that in trying to
bet Government business, exercise of
sa1e same aggresSiveness necessary
for obtaining private business is es-
sersiei. Small businessmen should
Dot reach an arbitrary conclusion
sS1et Their situation is hopeless"
Mergenthaler Stock Strong.
Mergenthaler Linotype stock was
again in demand on the Washing
ton Stock Exchange today at rising
prices. The stock opened with 10
shares selling at 263s, up Il from
yesterdays close.
The stock then moved up to 261z,
The high for the year, reached re-
Gently. Sales at this figure included
one 1O0-share block, 10 shares and
two smaller lots. making the days
turnover 205 shares. The market
closed with 26 bid and 26l2 asked.
Washington Railway & Electric
4s were also in demand in today's
market. Three $1,000 transfers were
registered at 1882, same as the last
previous sale. The high for the
year in this issue is 109 At present
prices the bonds yield 295 per cent.
Financial District Comment.
The Washington Office of Merrill
lynch, Pierce, Fenner & Beane par
ticipated today in the offering of
27OOO shares of 5 per cent cumula-
tive preferred stock 500 par value
OF Safeway Stores, Inc, priced at
S109 per share. The proceeds are to
be used in the purchase of National
Grocery Co.
Net earnings of the Chesapeake &
Ohio Railway in the first nine
months of this year were equal to
1929 per share on the common stock,
In comparison with S314 per share
In the like period a year ago.
The Commerce Department re-
ports that sales of general merchan-
S;em In tho fret rine n1Onthc of