Evening star., 1934-08-15

ington Savings "a
Bank. While Of 81
ficials of the lat
ter institution
are in full accord d
with the aims of q Addison. ir.
the renovizing
credit plan, they explained today that
their charter does not permit that
type of loans.
All the banks now have the blanks
on which applications are to be made.
AS a matter of fact, some applications
have already been received, and the
FIRST actual loan was reported as ne
gotiated yesterday afternoon. Appli-
cations will be acted upon by each
bank as rapidly as possible through
the regular loan channels, the grant,
ing of all credit resting wholly on the
merits of each individual case. The
interest to be charged will be based
on the Tables of Calculations" pre-
pared by the Federal Housing Admin
iStration.
The application forms call for a
statement of the property owners
credit, according to the provisions OF
the national housing act. The usual
personal information is requested,
statement of salaries and other in
come, what the property is bringing
in, where the applicant is employed,
in what line of business, if he is in
business for himself, and, if so, all
the facts about his business, and the
length of time that he has been SO
engaged.
Other Data Required.
Other data called for on the blanks
covers banking affiliations, type of
accounts carried, such as savings,
checking or thrift accounts. The pres
ent loan position of the applicant
also is requested, and he is asked if
he now is making installment pay
ments on previous loans, required to
state the amount of such loans and
to whom they are being paid.
OF course the applications also re-
quire full details on the proposed al
terations, repairs or improvements. In
fact, the banks will have a complete
credit statement on which to decide
whether the loan should or should
not be granted. SoundneSS and
safety will be the final, deciding fac
tors.
President F. P. H. Siddons of the
District Bankers Association said to-
day that every detail had now been
completed for the handling of these
property modernization credits He
added that loans will even be made
on property in other cities, in cases
where residents of Washington show
that such loans meet all sound bank
ing requirements.
Addis0n's Duties Expanded.
Francis G. Addison, jr., president
of the Security Savings & Commercial
Bank, assumed his new duties today
as liaiSon officer between the Fed
eral Housing Administration and Dis
trict of Columbia financial organiza-
tions interested in housing modern
1zation loans. He will act for the
banks, building and loan associations
and any other institutions dealing
directly in this kind of credit.
Mr.. Addison was appointed to the
new position by the Federal Housing
Association. His appointment was
forthcoming because he has made
special study of the housing situation
here, as result of his position as
chairman of the District Bankers As
sociation Special Housing Loan Com
mittee. He already has worked out
the details covering the loans to be
made by banks, and presented a full
report of these plans to the District
bankers.
T. H. Fitchett, vice president Of
the Equitable Trust Co. of Baltimore,
will serve Maryland in the same Ca
pacity, while VirginiaS liaison officer
will be T. C. Boushall, president of
the Morris Plan Bank of Richmond.
ID. c. Electric Demand Expands.
That business with the Potomac
Electric Power Co. is steadily expand
ing is shown in the latest letter of
President J. F. Fogarty of the North
American Co. to stockholders. He
says:
In June a new high mark was
reached when % electric kitchens
were installed in new homes alone,
u in the District of Columbia and
Is IN Maryland territory served by
the Potomac Electric System. These
represent 42 per cent of all new resi-
dences completed in the Greater
Washington area during the month.
Every major department store in
Washington now has one or more
departments air-cooled by electricity
or has equipment on order.
Air conditioning Will be installed
throughout the new $40. 1000, 900 build
ing of the Interior Department to be
erected south Of the present Interior
Building. Many of the rooms of the
latter had already been included in
the Federal Governments air-condi-
tioning program. Similar equipment
has been specified for certain Offices
of the State Department, Federal
Reserve Board and Naval Research
Laboratory. The addition to the
White House Executive Offices, now
in course of construction. will be
air-conditioned throughout"
IodayS trading on Exchange.
Washington Gas 5s, 1858, again sold
at 81 on the Washington Stock Ex-
change today. on $1,000 turnover.
Capital Traction 5s came out on
$1,000 and $500 sales at 86.
Capital Traction stock moved at %
today on a l0-share sale. closing with
23H bid and "a asked. Potomac Elec-
trio Power 5l2 per cent preferred
moved at ll2 and 1ll1a, ex dividend,
on a tiny turnover
Mergenthaler Linotype came out for
the first time in many sessions. Five
shares changed ownership at 21l2
Bid and asked prices on other issues
were practically unchanged when the
market closed.
The gain in the average amount of
power being sold by the North Amer
ican Co. in the last quarter caused
favorable comment here today.
G. c. Murphy Co. declared the reg