Evening star., 1943-10-18
Extension Of HOUSING
Loan Act PIeases
Capital Bankers
By EDWARD c. STONE.

Washington banks are pleased BY
enactment of the Steagall bill, which
extends Titles I, II and VI of the
National Housing Act, regarding in
surance and mortgages on rea
estate.
The bill. introduced by Repre-
sentative Steagall, Democrat, OF
Alabama, was signed late last week
by President Roosevelt.
1t was referred to in review OF
pending legislation by the American
Bankers Association Washington
office, which briefly summarized
some of its provisions as follows:
Insurance of moderniZation, reno
vation, and repair loans under Title
I of the National Housing Act was
extended from July l, 1914, to July
/. lo47 Premium charge for such
insurance is increased from three
quarters of per cent to per cent
Insurance of mortgage on exist
Ing construction under Title II OF
act. was extended from July l, 1914
to July /, 1916
Insurance of mortgages on wal
housing under Title VI of the act
was extended from July /, 1914, tc
July !, 1945. Aggregate amount OF
insurance under this title increased
S400 100000. from S200,000,000 tc
60O,O0OO00.
Accountants Open Season.
Mai. Ralph w OlmStead. deputy
director of the Food Distributor
Administration and a member OF
the District bar, will address Dis
trict of Columbia Institute, Certi-
fed Public Accountants, this eve
ming at the Hamilton Hotel.
Millard T. Carlton. president OF
the institute. Will preside. the meet
ing being the first of the current
year Part of the program will be
devoted to discussion of current
problems concerning taxation and
other regulations confronting ac-
COuntanCy.
The institute is composed of certi-
fed public accountants of Washing
ton and includes all of the members
of the District of Columbia Boaro
Of AccountanCy.
Folger Slated for Election.
Arrangements for the coming con-
VentiOn in New York of the Invest
ment Bankers Association of Amer
ica, on November 3, and 5, were
completed today the program calling
for the election of John Clifford
Folger of this city as president for
next year He will succeed J. N
Whipple. Chicago
Among the chief speakers will be
Fred M. Vinson, director of Eco
nomic Sterilization; another, Ed
ward B, Hall, former IBA president
and third, George w. Spinney
president of the Bank of Montreal
Mr. Hall is now in Washington Serv-
ing As assistant to the Secretary of
the Treasury
John F. Fennelly, executive di-
rector OF the Committee for Eco
nomic Development, and Albert P
EvertS, chairman Of the Massachu-
settS War Finance Committee of the
Treasury. will also speak. Special
features of the program will relat te
to Government financing during the
war and financing enterprise after
the war.
Leading Washington investment
bankers are planning to attend the
sessions. which have been cut from
five TO three days
Bank Stock Remains at Peak.
Ten shares of Washington Loan &
Trust Co. stock sold at 220 on the
Washington Stock Exchange today.
remaining at the peak for the year
which was attained last week when
the stock scored a sharp advance
Washington Gas Light common is
now being quoted eX-dividend, the
usual distribution to take place
shortly. 1t is the only stock on the
board so quoted, something that
rarely happens
American Telephone. Riggs Ma
tional Bank common and Bank of
Commerce e. Savings dividends have
just been disbursed.
It IS now being predicted in Wall
Street that year end dividend dis
tributions will at least be as large
as last year.