Evening star., 1942-10-16
Building and Loan
Advances Reduced
In September
Totol Only $3,076,7o0
Against $5,1l1,221 in
Same l94l Month
BY EDWARD C. STONE.

F. Wilson Camp, secretary of the
District of Columbia Building and
Loan League, today reported a
sharp decrease in advances in Sep
tember by the member associations
for new home and building construc-
tion and drop in other loans.
Total mortgages negotiated in Sep
tember amounted to $3,176, 100
against $5,111,221 in the same
month last year. a decline of ST.
034, ,431, Mr.. Camp stated, the slump
being caused by wartime restrictions
on building materials.
New share money flowing into
the various units showed substan-
tial gains, an increase from $146,-
810,654 last year to $155, 1884, ,092 this
year being noted. This trend is
seen in the amount Of cash on hand
on September 30 which amounted
to $7,199, ,761, up s1,875,832 over last
September, Mr.. Camp said.
Although the real estate loan
portfolio declined in September un-
der the previous month, it is still
considerably ahead of the same time
in 194l. Last year total advances
stood at $3.50, 9,134, ,43l while the pres
ent report disclosed total OF $l64,
749,752 outstanding. New invest
ment accounts continued to gain
over accounts closed, the report
concluded.
Civil Relief Act Analysed.
The Soldiers and Sailors Relief
Act amendments of 1912, which be-
came law on october 6, have just
been analyzed for banks by D. j.
Needham, general counsel OF the
American Bankers Association, the
digest being forwarded to all State
associations. The law has lar
reaching effect on existing BANK
loans and future extensions OF
credit
In general, Mr. Needham says, the
amendments contained in the law
broaden the. scope of the original
act to increase the classes OF persons
entitled to the relief and benefits OF
the act. Dependents of persons IN
military service and accommodation
makers are two of the classes to
which relief is extended as a result
of the amendments.
The digest Is most complete, all
the new subsections and sections
being treated separately. The nu-
merous ways in which men IN the
armed forces are given full financial
protection are explained in detail.
Men in the service must be notl-
fed of all the benefits of the act,
are given protection between the
time of induction and active duty
by agreement with creditors may
adjust all outstanding financial obll-
cations, are protected by $4,000 life
Insurance, and will be given reason
able time after the war to hquldate
all liabilities. The act also has a
lot to say about property rights.
Real Estate Bonds Improve.
Mayf1ower Hotel first 5s gained
half a point in September, closing
with bid of 1872; National Press
Building 4l2s closed with 80 bid, up
half point, while Washington
Properties rs, with bid OF IS. were
up quarter of a point during the
month, according to the review of
200 real estate issues by Amott-
Baker e. Co.
National Press Building first 3-5s
were off a point at the end Of the
month the survey says. The final
bid was 80. The best gain by any
bond in the list was in Robert Treat
Hotel, Newark, 6s, which jumped
7ia points. Bonds of an Asbury
Park hotel were down 6 points.
The average September increase
for the 200 issues were 09 per cent,
with year-to-date gain of 40 per
cent. In September all classifica-
tions showed some Improvement.
Banks Welcome More Paydays.
The increase from to IA Govern
ment paydays suggested by Presi-
dent Roosevelt was welcomed today
by Washington banks. The change
from two paydays month to four
proved very helpful in dividing the
tremendous burden of handling sc
many Government checks. The new
plan will spread the load still fur
tier.
John A. Reilly. president of the
District Bankers Association, sale
the question of possible changes in
banking hours would have to be
settled by the Clearing House AS
sociation, which handles all such
matters. He predicted early action
H. H. Mckee is chairman of the
latter organization. Further changes
in paydays have oeen predicted fol
some time.
King to Address Accountants.
Robert w. King, Office of Price
Administration, will address Wash.
ington Chapter, National Associa.
tion of Cost Accountants, next Wed.
nesday evening at the Hamilton
Hotel on "OPA Financial Reports
Their Purposes and Results" Thom.
as w. Howard, chapter president
announced today.
William H. Deane will lead dis.
cussion of the points made in the
address. Mr.. King, the guest speak
er, has had very wide experience IL
every branch of accounting, at ont
time holding an important position
with the Federal land banks. H,
was born in Alaska, graduated iron
the University of Washington anc
has Phi. D. from Yale.
Group Life Payments Heavy.
Group life insurance paid ou
$79, $4,000 in benefit payments tt
workers families in the first eigh
months of this year, averaging sl,65
per family, the Institute of Life In
surance announced today.
This type of insurance protection
is almost entirely a development
since World War l." the instltut
said, land these benefits now aver
age S2,283, 900 a week for workers
families, sHpplementing the benefit
from ordinary and industrial insur
ance policies"
Financial District Comment.
Washington Gas Light $3.50 pre-
ferred sold at 80 on the Washington
Stock Exchange today. unchanged
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