Evening star., 1942-09-04
Title Loans Show
Sharp Gains Here
During Quarter
FLA Reports 1854
For $4,25l ,0e6 Made
By D. c. Institutions
BY EDWARD C. STONE.

U1ACCo III Tic blStlltL VA So1LtlIlOAd
IN the second quarter of this year
scored substantial gains in number
and amount, the Federal Housing
Administration reported to the Dis
trict Bankers Association today
Shortage OF materials seems to have
had little effect on repairs and
alterations.
In the Aprl-June quarter Wash
ington lending institutions granted
1854 Title I loans for $4,25l ,096,
against 1893 loans in the second
quarter a year ago, for s2,435, ,226.
This is an increase of 361 in the
number of loans and $2,o71,316 IN
amount. During the quarter the
banks granted 375 loans against CAB
a year ago, for $16o,45l, against
S273.e10 in the 194l quarter. All
other lenders put out 1,47s for s4,-
o90,645.
1872 Title I Loans Granted
From the time Tile I loans were
started under the FILA Housing
Act amendment in June, 1889, Wash
ington banks have made 1888 such
loans for 1854 1927 while other lend
ers have granted 1899 for $40
029.806 making grand total OF
1872 loans for $23,671 ,633.
In the second quarter of 1912 there
was a sharp drop in Title III FHA
insured mortgage loans. The banks
made II such loans for $93,550 and
other lenders granted 254 for 81 $780,
$50, making total of 27l for ST.
433.1oo. compared with 514 a year
ago for s2,605,S5o Cumulative in
sured mortgages total 6,951 for $38,-
$50 .4so, the banks making 1858 for
si2,173,12o. 80.
The banks in the District have
granted no loans under Title VI
which are authorized by the FILA
to insure mortgages on small homes
constructed to meet the needs OF war
workers in defense areas. However,
other lending institutions in the
CAPITAL granted 128 such loans IN
the second quarter for 1892 300, to
bring the cumulative total to 6o5
loans for $2,8s1 ,O50. In the second
quarter last year, 43 loans for $685.
$50 were granted, the summary
revealed.
D, C. Loan Officers Honored.
Robert e. Buckley, president, Ma
tional Permanent Building Assocla-
ton, has been appointed q member
of the Advisory Committee on State
Legislation, of the United States
Building and Loan League, President
r. s. Cannon announced in Chicago
today. There are 4s members who
will study the proposed Uniform
Mortgage Act and work on model
savings and loan code for several
States.
Chaplin B. Bauman, president,
Oriental Building Association, has
been appointed to the Leagues At
torneys Committee, which will be
responsible for the Legal Bulletin"
to be published during the present
year.
E. X. Jones, secretary, Interstate
Building Association, was honored
with appointment to the Committee
on Construction Loan Policies and
Procedures. This committee of Is
will study ways in which building
associations may assist in financing
war housing to a still greater extent.
Carl II. Ellingson, executive man
ager, First Federal Savings 81 Loan
Association, was appointed to the
Committee on Personnel. The COM
mittee of "a will plan for training
people for shifting responsibilities
In the institutions as staff members
are being called into the service or
to civilian posts requiring all or part
of their time.
Treasury Needs " Billion.
Hugh Leach. president of the
Federal Reserve Bank of Richmond,
told the Virginia Bankers Confer
ence at Charlottesville that it is ex-
pected the Treasury will have to
provide more than 77,O00, 900 900 to
meet the financial requirements OF
the Government. This vast sum
he said, must come from taxation
and borrowing.
On the basis of the provisions oi
the House bill for increased taxa
ton, about 1900, 900, 900 may be
expected from taxation. That woulc
leave more than $4,000, 900 ,0O(
which will have to be raised through
the sale of Treasury obligations.
Randolph E. Paul. general counse
of the Treasury, spoke on income
taxes, his address being read by an.
other Treasury official. Another
speaker was Representative A. Willis
Robertsom M. G. Wallace, counse
of the Richmond Reserve Bank
spoke on Collection and Payment
of Checks. In 1941, the Richmonc
Bank handled 36,245, 900 checks, h,
said.
Insurance Rates Reduced.
George E. Keneipp, manager
stated today that in recognition Of
decreased car mileage due to ra.
tioning Of gas, the Keystone Auto
mobile Club announces that it's in.
surance companies have reduced
premiums 1914 per cent and author.
ized an increase OF so per cent ir
the refund to policy holders at tn,
end of the year.
This action means that member,
may continue to get full protection
without feeling the insurance cost j!
out of proportion to car use, he ex.
planned.
Big Sum Used for Regulation.
Wallace H. Fulton, executive di
rector of the National Association O
Securities Dealers, reports tina
members have contributed NOR
than $1,000 900 in their efforts to
ward better regulation of over the
counter trading practices. OF $50
examinations. l67 complaints wer
filed, and 81 resulted in expulsion o
the member involved, he said.
Insurance Agents Honored.
David Samakow, Sidney Simo
and Warren S. Stone have bee
made members of the 1912 Top Clu
OF the New York Life Insurance @
This Is considered a high honor 8
the membership is made up of &c
leading producers among the com
raps,,S 4 f,O0 agents in this collntr