Evening star., 1942-03-18
$1,952,S79 Title |
Loans Granted by
DC. Institutions
Two Months Volume
Shown in Report
From F. n. A.
Nv EDWARD c. STONE.

and alterations to property, amount
ing to s1952.879.
In the same two months, lending
institutions granted 300 Title I loans
on properties located in the District
amounting to s119,701, according to
a Federal Housing Administration
report to the District Bankers AS
sociation.
During the full year 194l institu-
tions with head Offices in the Dis.
trict made 6,905 Title I loans
amounting to $ll ,e85, ,158, a very sub
stantial sum.
Furthermore, lending institutions
regardless of where their Offices are
located, granted 2,440 Title I loan.
on properties in the District Of Co.
lumbia for a total of $1,120, ,704.
From the time the Federal Hous-
ing Act was amended in June, 1889
to the end of February this yeal
lending institutions in Washington
had granted 1330l Title I loans fol
$181O7.295. the survey shows.
In the same period 7.l36 Title
loans were granted for s3.l41,125 or
properties located in the District OF
Columbia.
Title III Loans Reported.
The same report states that from
June, 1899, through l94l Washing
ton lending institutions with heac
Offices here made 6,445 Title II in
sured mortgage loans amounting tc
$36.l78,880. OF these loans CON-
mercial banks extended 1894 fol
$l2,O15, ,720, while other institutions
granted ASH for s24,l63,160.
In 1941 alone commercial banks in
Washington extended 324 Title II
insured mortgage loans for sl,336,-
$50. Other institutions here allowed
1.486 loans. amounting to $8,017,900
making total of 1910 loans for the
sum of s9,354,550.
In 1941 other Title II loans or
properties In the District numbered
1913 for $2,098,9 $50 while from June
1899. these loans numbered 2,547 for
s15,234,500.
While the prioritles situation has
slowed up the demand for both
Title I and Title II loans. the re-
port reveals that the demand in
the recent past here in the Capital
has been heavy.
Check Charges Opposed.
Henry H. Heimann, executive
manager of the National Associa-
tion of Credit Men, in his monthly
letter to the Washington Associa
ton scores the practice of some
banks for making a services charge
for cashing checks. He says:
This organization has always
fought the policy of par payment OF
checks. In doing so we have rec
ognized the need for profitable bank
operations and the value of a sound
banking system, which can only be
insured by such profitable opera
tions We have not objected to es-
Genital service charages if banks
are to remain solvent and properly
perform their functions.
In this day checks are our main
currency And We consequently will
continue to object to having this
dominent business currency dis
counted The fact that these ex-
change charges are levied against
the receiver rather than the sender
emphasizes that the whole principle
is wrong.
THE fact that the banks making
exchange charages in most instances
would not dare to charge their de-
positors for clearing checks they
have received gives to the practice
some semblance of absentee assess
rnent. II is ia business barrier that
should be eliminated"
Two Dividends Declared.
Directors of the American Security
l. Trust Co. have declared a quar-
terly dividend of 2 per cent per
share, payable April 10 to stock
holders of record March 81, it was
announced today.
Directors Of the Carpet Corp,
food distributors, have voted the
regular quarterly dividend of so
cents per share, payable March 81
to stockholders of record March 20,
1t was reported on the Washington
Stock Exchange today.
Kreutz and Mack to Speak.
Oscar R. Kreutz, general man.
ager of the Federal Savings and
Loan Insurance Corp, and Curt c..
Mack, director of underwriting for
the Federal Housing Administra-
ton, will be among speakers at the
North Central Conference of the
United States Savings and Loan
League Friday and Saturday in
Chicago.
Mr.. Kreutz's subject is Holding
and Building Savings Volume Dur
ing the War Period" and Mr.. Mack's
"Today's Residential Valuation
Problems" More than $50 building
and loan managers are expected at
the meeting.
Primm Wins Insurance Honors.
: Paul H. Primm of the Washington
office of the Mutual Life Insurance
Co. Of New York has just completed
his 856th consecutive week of pro-
duction, Director Thomas P. Nor
gan, jr., announced today. He has
written one or more policies every
week for more than Is years and
ranks third among 4,484 agents for
consecutive weekly production.
Robert Goldstein and Edgar r..
Baturin have qualified for member
ship in the National Field Club, for
which they have to write a mini
mum of 100000 new insurance in
the preceding year
q American Stores Sales Up.
Sales of American Stores Co. for
February totaled s15,17O,177, an in
crease Of s4,633,78l, or 439 per cent
over last year. Sales in the first
two months of 1912 totaled s32, ,109,-
046, a gain OF $9,722,545 over the
like 1941 period, or an increase of
434 per cent.
The Arundel Corp. has declared
4 quarterly dividend of Is cents per
share, payable April l to stock OF
record March %, it is reported from
Baltimore.
Today's Trading on Exchange.
woodward e. Lothrop preferred
stock figured in two 10-share sales
on the Washington Stock Exchange