Evening star., 1942-06-16


with the first five months OF lS4l:
January 2O25,367 1,647 64S
Februerv 2l26,059 l,77O,4l7
March 1.875,892 1,76l OH
April -------- l'oo4'ot4 oo,.oo
May ----------- l,Ioo'ZSo S91''0'
Mortgage Bankers to Meet.
w L. King, president, Boss d
Phelps Mortgage Co.. and G. Cal
vert Bowie, vice president, H. L.
Rust Co.. will attend the meeting
of the Board of Governors OF the
Mortgage Bankers Association OF
America in Chicago next Friday and
Saturday, it was announced To-Day.
Both are members.
Principal subjects for review Will
be the associations assistance being
given OPA in its survey Of rental
housing. changes In FILA regula-
tions. the pending revisions in the
Soldiers and Sailors Civil Relief
Act. priorities, war housing, the
proposed Patman bill and the pay
roll allotment plan which the as
sociation is seeking to have all
member firms adopt.
Housing Act Amendments.
Bankers and building and loan
men are much interested in the
amendments to the National Hous-
ing Act relating to defense housing
insurance recently enacted into law.
Authorization as to the aggre-
gate amount Of mortgages insur-
able under Title VI is increased
from $500, 100000 to $500 100000, and
expiration date of the insurance
authority is extended from July l.,
1912. to July l, 1943.
The maximum amount OF mort
CAGES eligible for insurance under
section SOB is increased from $4,000
to S5 400 for singlefamily dwell
ings. from $4,000 to $500 for two
family dwellings, from $4,000
to s9.5O0 for three-family dwellings
and from s10.5OO to $4,000 for four
family dwellings.
Maximum maturity Of mortgages
eligible for insurance under section
SOB is increased from 20 to 25 years.
A new section 606 is added to Title
VI. This authorizes the commits
sioner to insure mortgages. includ-
ing advances during construction,
on large-scale rental projects in
amounts up to S5,000,000 and up to
90 per cent of valuation. These
properties must be offered for rent
to war workers.
Greater Bond Efforts Urged.
Hugh Leach, president ofthe Fed
eral Reserve Bank of Richmond,
and chairman of the Fifth District
Victory Fund Committee, appealed
to all banks in this territory today
to increase their efforts in helping
meet the June War bond quotas.
Only three States in the district met
their May quotas, Washington also
being behind by a small margin.
The same appeal was made to the
securities industry. Financiers were
urged to make special efforts in the
sale of F. and G War savings bonds.
Bankers and investment dealers are
in a particularly good position to
know the needs of prospective pur-
chasers, Mr.. Leach said. They can
render more effective assistance
than any other group or groups, he
added.
The Washington members of the
Victory Fund Committee are Robert
V. Fleming and J. Clifford Folger.
Southern Rail Incomes Soar.
Seventeen class I railroads, rep
resenting 66.2 per cent of total op-
er"''ng revenues in the Southern
district, had estimated operating
revenues in May of $56, TAO, COM
pared with S37 1886. 706 in May, 1941,
or an increase of So per cent.
Freight revenues in May amount
ed to s46 054 SGT compared with S31,-
484510 in May, 1941, or an increase
Of 1853 per cent.
Passenger revenues of those roads
In May, 1912, totaled s7,571,593,
compared with s3,o93,143 in May,
l941, or an increase of 1448 per
cent.
Bankers to Elect Officers.
The safe deposit section of the
District Bankers Association will
hold its annual dinner meeting and
election of officers at the Lee Shera-
ton Hotel on Thursday, June Is,
Chairman Guy D. Cowl announced
today. The section has had an &C
tive year
Returning to Rutgers to continue
their work in the graduate school
of banking are Francis E. Robey,
Bank of Commerce & Savings; w.
j. Ricciardi, Hamilton National;
Robert Mellefont, Riggs National;
j. R. Fitzpatrick, Second National,
and George o. Schweinhaut, Wash
ington Loan & Trust Co. AS already
noted, Thomas J. Morris, Commerce
& Savings. is in the entering class.
Washington Stock Exchange Off
cials expect that the new Wash
ington Gas Light S5 preferred stock
will be listed within the next 10
days. Approval is now being await
ed from the Securities and Ex-
change Commission.
Today's Trading on Exchange.
Washington Gas Light $3.50 pre-
ferred stock was strong on the
Washington Stock Exchange today,
a small lot selling at SO. The market
closed with go bid and 95 asked.
The Atlantic Coast Line Railroad
reports net earnings in the first four
months of 1912 equal to $3.50 a
share on the common stock against
s4.96 per common share in the like
l94l period.
Home owners who borrowed from
the Home Owners Loan Corp. to
finance mortgages are now canceling
these debts at an average rate of
3,700 a month.
Bankers back from the institute
convention in New, Orleans say they
will never again nck about summer
heat In Washington. 1t was the
hottest convention on record, they
say.