Evening star., 1941-11-25
Steady Rise Revealed
In Capital Loans
Under Title i
Increase Of S437, 500
In Third Quarter
Reported by F. H. A.
By EDWARD STONE.


TO reports iust made to the District
Bankers Association by the F. H. A
From January to the end of Sep
tember commercial banks in the
Capital granted 224 such loans
against l09 at the end of June, or
an advance of lis Title II loans
In the third quarter. These loans
amounted to S950,l50 at the end
of September, compared with $5l0,-
$50 in June, a third-quarter gain
Of s439,5OO
Loans under Title II made by
other lending institutions with head
Offices in the Capital, from January
through September, numbered 1905
and amounted to S6,478,90O. max
ing a total during the period 1929
insured mortgage loans in the sum
of S7,429050. In the first nine
months of this year loans unded
Title II on properties located in the
District of Columbia by lending
institutions either in or out OF the
city numbered 357 and amounted
to Sl,887,5 $50, the report said.
Title II mortgages accepted for F..
H. A. insurance since they were
started in 1885, from institutions
with head Offices in Washington, are
included in the review. CONNER
cial banks had granted up to the
end of September ,636 loans total
ing sl1.64O32O. Other institutions
had allowed 4.3257 In the sum of
s22, 1871 060, making a total OF 6.O93
loans for $34, ,407 $3.50.
Lending institutions located either
IN or. out of the Capital have nego-
tiated 2,517 such loans on properties
located in the District for total
of s15.085,OO, the survey reveals.
Title loans in the Capital, report
ed few days ago, disclosed similar
notable gains.
Today's Trading on Exchange.
Washington Railway & Electric
Is opened trading on the Washing
ton Stock Exchange with a $1,000
transfer at the strong price of l08i4,
followed by $500 sale at the same
price. The last previous sale was 4
higher.
Capital Traction IS also appeared
on the board today, $1,000 moving at
los, unchanged from the last sale.
Potomac Electric Power per cent
preferred came out on a small sale
at lis. off Is from last week.
Capital Transit stock registered a
transfer of 100 shares at 1874, off an
eighth of point.
Exchange members said today
that a good many recent sales have
been for tax purposes. this being the
main reason for several fractional
declines.
Initiation Curbs Hinted.
The midmonth letter of Merrill
Lynch. Piece, Fenner G. Beane, dis
tributed in the financial district to-
dav, is devoted wholly to the sub
iect of imitation. War conditions
are fostering imitation; the admin
istration is trying to counteract the
rise in living costs. but a certain
amount of initiation seems inevitable.
the review says.
No one procedure to protect capi-
tai and income has proved wholly
reliable in the past. as most OF the
commonly accepted initiation hedges
have pitfalls. Common stocks are
believed to offer some protection
against rising living costs, but the
question of selection is more I'M
portant than ever before" the let
ter concludes.
Virginians Push Bond Sales.
Many of the ablest bankers IN
Virginia are giving lot OF time
and energy to pushing the sale OF
United States Defense bonds among
the Old Dominion banks. Members
of the Virginia Bankers Defense
Savings Committee, in charge OF the
drive. include:
j. Harvie Wilkinson. jr.. vice presl-
dent State-Planters' Bank & Trust
Co, Richmond: G. Franklin Lenz,
president Citizens Marine Jefferson,
Bank, Newport News: Thomas H.
Blanton, president Union Bank Il
Trust Co., Bowling Green; j. Nell
son Benton, vice president First
National Bank. Danville, and z. D.
Jockson, executive vice president
First National Bank. Harrisonburg.
Auchincloss Offers Stock
Auchincloss, Parker g. Redpath
are among the underwriters offering
5000 shares of Pennsylvania Cen
tral Airlines $125 cumulative con-
vertible preferred stock at S25
share. Proceeds will be used in pay
ing of bank loans and for working
capital
Smith, Barney Il Co. offered
10000 shares of Masonite Corp.
common stock at S247s share after
the New York exchange closed yes
terday. Concession to the National
Association of Securities Dealers
was IS cents share.
Washington investment dealers
report continued interest in WASH
hgton Railway g. Investment par
ticipating units. They are now
quoted at ISIS bid and 1864 asked.
National Press Building and May
flower Hotel issues are also getting
. lot of attention.
Financial District Comment.
Thomas H. Welsh, sr., president
Of the Hyattsville Building Associa-
tion, newly elected president of the
Maryland League of Building and
Loan Associations. is the only officer
living outside of Baltimore. He was
vice president last year.
The McLachlen Bank looked like
hothouse today following yester-
days 50th anniversary. when busi-
ness associated flooded the lobby
with flowers. The officers received
scores of phone congratulations.
Straightforward and direct legis-
lation for controls over prices, the
cost of living and wage levels is
advocated by the Chamber of Com
merce of the United States as the
result of a referendum vote just
completed among its member Or
ganizations. The voting was the
heaviest on any referendum taken