Evening star., 1944-03-05
Building League
BdcksBi|Ito
End Hole
Associations Favor
Early Liquidation
Of Federal Agency
BY EDWARD C. STONE.

Resolutions have been adopted BY
the District of Columbia Buildinf
and Loan League, made up of 2;
building and loan associations ir
the Capital, heartily indorsing bill
before Congress introduced by Sen.
ator Harry F. Byrd, Democrat, o.
Virginia and Representative Everett
M. Dirksen, Republican, of Illinoi.
which call for early liquidation ol
the Home Owners, Loan Corp, Clar.
ence E. Kefauver, league president
announced last night.
Another resolution was adopted
Mr.. Kefauver added, commencing
the Joint Committee on Reduction
OF Nonessential Federal Expendi-
lures for its thorough study and
comprehensive report on the Home
Owners, Loan Corp"
The District League takes the
position that Hole mortgages and
purchase contracts are salable il:
the present market "at approx
mately 100 per cent of the indebt-
edness and the corporation can oe
Iquidated in the next two years at
a loss only slightly greater than
that already sustained"
Members of the District league
declare that the Hole, which was
created to meet an emergency,
should complete its work now that
the emergency no longer exists, and
that the business should be turned
over to the Nations building and
loan associations and other institu-
tions which are amply equipped to
handle it. They are strongly op-
posed to continued Government
competition.
Building and loan leaders became
aroused recently by the statement
of Commissioner John H. Fahey
that Hole could not be liquidated
before 1852 without heavy loss to
the Government.
Rail Net Income Decline.
Glass l railroads in the Southern
region in January had an estimated
net income, after interest and
rentals. of s1O,3O000O compared
with S13,361,15 in the same 1943
period
Net railway operating income, be-
fore interest and rentals, of s14,-
All ,730 compared with S18,231 ,591 in
the same month year ago.
Operating revenues totaled $l09.-
150,743, an increase of 5.4 per cent.
while operating expenses totaled
s67, ,567 ,498, or 145 per cent above
1943. 4
Advertising Honors Awarded.
A. Wartime advertising awards have
Just been announced by Stuart
Peabody, chairman of a special war
time committee, for the 100 best ad-
vertisements printed in 1943. on the
basis of their bearing. on the well
fare of the Nation amid present war
conditions. The "job done for the
war; was the sole criterion by which
the judges picked the winners.
In Washington awards were won
by the United States Treasury, the
Hecht Co.. Southern Railway, Wom-
ems Army Corps, War Production
Board and the United States Army
Recruiting Service An awards
portfolio displays the brilliant copy
used in the 100 advertisements. It
comes from East Thirty-eighth
street, New York City.
Association Cuts Expenses.
James Parker Nolan, treasurer of
the National Association of Secur-
titles Dealers last year, is being con-
] graduated by Washington members
! on his annual report, just out. One
Of the chief items in the report was
cut Of 81 per cent in expenses over
the previous year At the same
time total income was down 80 per
/ cent from last year.
The Board of Governors employed
a QUESTIONABLE method of exam
ination, the cost of examinations
and complaints being reduced to
$11 ,237 from $58,l47 in the preceding
year. Other substantial economics
were also noted. Total expenditures
were s295,622 against $4O4,107 in
1912.
Radio Leads Active Stocks.
Radio Corp. led the so most ac-
tive stocks on the New York Ex-
change in 1943 with turnover
of 4,369,1 shares. Next in volume
came commonwealth & Southern.
International Telephone, Columbia
Gas & Electric, New York Central,
United Corp, Southern Pacific,
United Gas improvement, Aviation
Corp. and Erie Railroad certificates.
Other common stocks near the top
of the list in volume of trading were
United States Steel, Socony- Vacuum,
Allegheny Corp, Packard Motor,
Curtis Wright, Warner Bros, North
ern Pacific, American Radiator
Nash Kelvinator, North American,
Seabord Airline, General Motors and
Radio-Keith-O -Orpheum, according to
the Exchange Magazine. Others in
the list were Paramount, General
Electric, Anaconda and Southern
Railway.
Financial District Comment.
Miles L. Colleen, vice president
Starrett Bros. g. Eken, Washington,
will take part in forum on Post
war Home Building and Home
Financing" at the ABA savings con-
ference in New York on March %.
Linwood p Harrell, executive vice
president of the Morris Plan Bank
of Washington, spoke before a group
meeting of Morris Plan bankers in
New York Friday on "Keying Bank
Development to Deposits"
Consumer demands of. the buying
public, rather than originality and
inventiveness Of industry, will be the
most important factor in determin-
ing postwar business, Banking
Magazine believes.
A six-point plan for slum clear
ance. general housing and city re-
development programs which can
be sponsored and participated in
locally by building and loan exec
utives will be recommended to the
3,700 member institutions of the
United States Savings and Loan
League by its Postwar Savings ano
Loan Program Committee. which
is putting finishing touches on q
progress" report after fine months
of study.