Evening star., 1953-10-30
Building and Loan
League S Business
Topping 1852 Levels
By Donald B. HodIey
Financial Editor of The Ster

lion last year, F. Wilson Camp,
league secretary, reported today.
In a report at the opening
session of the leagues 46th an
nual convention at the Green
brier here, Mr.. Camp said loan
repayments in 1853 have been at
the rate of $11 million month,
compared with $40 million
month in 1852.
Invested capital poured into
the associations this year at the
rate of SIS million, a month,
compared with $13 million a year
ago, he continued. The ratio of
share redemptions, however
have risen to nearly $40 million
a month, compared with a 1852
average of $S.25O,O0o.
Assets at New High.
Assets of the association
reached a new all-time high of
$576 million on September 80
Mr.. Camp reported. This was a
gain of $72 million from the
total Of year earlier. Outstand-
ing loans on real estate likewise
set a record of $516 million, an
increase of $40 million, while in
vested capital of $485 million
was up $57 million.
In nine months this year, the
associations settled 12,800 loans
~ for $132 million, compared with
12,300 loans for $119 million a
year earlier.
Dedicated to the principles of
thrift and home ownership, the
associations now have more than
100000 savings and borrowing
members in the Washington area,
he said.
Mr.. Camp told the convention
that, in keeping with the trend
toward higher interest rates,
some member associations in
creased dividend rates on June
80 and that others have indi-
Gated they will pay higher rates
for the second half of this year.
New Records Predicted.
Despite all reports of a mort
gage shortage in 1858. it now ap-
pears certain that the volume
of home mortgage lending this
year will shatter all existing
records, Ralph r. Crosby of
Providence, r. l., told the con-
vention.
Mr.. Crosby is slated to become
president of the United States
Savings and Loan League at
Chicago in November and will
serve as chief spokesman for the
$26 billion savings and loan in
dustry. He is president of the
Old Colony Cooperative Bank
Of Providence.
Mr.. Crosby said the United
States League waged vigorous
and successful campaign during
the last year to combat the ''hys-
terra" that mortgage crisis was
sweeping the Nation.
I'VE have felt right along that,
while the ultraliberal mortgage
credit has largely vanished from
the market, there still was an
adequate supply of funds to in
sure high level of home buy
ing and home building" he de-
clared.
Sees Standardization.
He said the league position
now is being substantiated on
three counts:
/. That the volume of new
residential construction will cas-
lily top l million units in 1858,
and possibly will exceed the total
of 1,127,000 units started last
year.
2. That the volume of mort
gage money put into new con-
struction in 1853 promises to
run around 20 per cent ahead
of last years total.
3. That the overall volume OF
mortgage funds advanced for
home construction and for the
purchase of existing homes will
total an estimated $40 billion,
we'll above $18 billion in 1852.
Mr.. Crosby expressed a belief
that the current easing of credit
does not mean an end to the
administration sound money"
policies, but merely indicates the
determination of Treasury and
Federal Reserve officers to keep
the program flexible enough to
meet the changing needs of the
economy.
Pointing out that Washington
associations have the highest ra-
ito in the Nation, Mr.. Crosby said
the average was $400 for every
man, woman and child in the
District.
Praises WaShingtOnianS.
He praised two Washingto-
mans, Edward C. Baltz of Per-
petual Building Association and
c. Clinton James of Jefferson
Federal Savings and Loan ASSo-
citation. for distinguished contri-
buttons to the United States
League. Both are past presi-
dents.
He also greeted third past
president, Walter McAllister, now
chairman of the Federal Home
loan Bank Board and conven-
ton speaker tomorrow.
Clarence E. Kefauver of Co.
lumbia Federal Savings and Loan
Association, who is national ex-
ecutive committeeman for the
fourth district, and Fred A.
Smith of jefferson Federal, who
has served for two years as a
national director, were COM
naended. Mr.. James, also a past
president of the District league
and its only surviving charter
member, preserved his record of
never having missed an annual
meeting by attending today's
session. He has served as coun-
sci for the District league since
its start in 1908.