Evening star., 1934-08-25
BANKERS PLEASED
BY HOUSING LOANS
Some Already Negotiated
and Many More Are
Expected Soon.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Washington bankers expressed gen.
eral satisfaction today over the de-
mand for renovizing loans since the
Federal Housing Commission's ma
tional campaign was launched a few
days ago Some loans already have
been negotiated and many more are
to be granted in the near future.
Robert v. Fleming, president of the
Riggs National Bank, who represented
the American Bankers Association in
arranging for liaison officers between
the Housing Commission and each Of
the 48 State bankers associations,
considers that good progress has been
made TO date. Many would-be bor-
rowers have taken the application
blanks to their homes or Offices and
have not yet returned them to the
banks with definite requests for funds,
he said.
Mr.. Fleming declares that the whole
plan is sound and workable and has
recommended the granting of such
loans by banks all over the United
States. In supporting the campaign,
he has the full support of President
F. M. Law of the American Bankers
Association and the members of the
executive council.
Frederick P. H. Siddons, secretary
of the American Security & Trust Co.
and president of the District Bankers
Association this year, says that while
1t Is too soon to tell anything about
how many applications will be received,
loans made, or the amount of money
that will be expended, the campaign
should grow and spread as time goes
on. The banks are cooperating to
the fullest possible extent, ample
funds are available. and every sound
loan that is requested will be granted.
Any summary of the number of loans
made to date would not reflect the real
interest in the renovizing campaign,
he believes, as many borrowers, after
finding out that they are entitled to
loans, say they do not want the money
until the work has been completed.
Mr.. Siddons expects considerably
more interest in the campaign after
September Is, as hundreds of WASH
ington property owners are out of the
city on vacations.
Larger Credit Demand Seen.
Francis G. Addison, jr., president of
the Security Savings & Commercial
Bank, who Is chairman of the District
Bankers Association Housing Com
mittee, and liaison officer between that
organization and the Federal Housing
Commission, is one of the most en-
thusiastic bankers in the city over the
modernization drive and the banks
part in it. He is well pleased with the
interest in housing loans so far mani
tested in Washington and expects a
further expansion in this type of
credit demand. Mr.. Addison declares
1t Is far better to modernize vast
number of existing homes than to
build new houses and thereby render
great many of the city's residences
obsolete In a short time. He Is back
ing up his views by making extensive
renovations in his own home in
Georgetown.
Other bankers and building and loan
officials express the same views. The
number of loans which will be made
aGpCllOo I'LL b44C PoyGAAOAOSy "a WAC 1OA
rowing public. Property owners who
already have siZable loans do not care
to borrow any money, even for mod
ernization Of their homes. Further
more, the banks are turning down this
class of applications. All the banks
in the city, however, are getting in
uuiries and the total amount of
money loaned is certain to help In the
vital move to restore the building in
dustry and allied trades, as well as
expand employment. Every loan
helps, financiers add, regardless Of the
eventual total.
Commission Speeds Practices.
The last week saw the Federal
Trade Commission speed up methods
of handling cases by making these
changes in procedure:
Hearings on complaints issued by
the Commission shall be fixed within
80 days instead of 40 days after a
notice Of complaint served upon re-
spondent.
The time in which the respondent
Is required to make answer to charges
sent out in the complaint is made 20
instead of 80 days.
After the taking of testimony on the
complaint, the time in which the
trial examiner is required to make his
report on the facts to the Commission
Is changed from 20 to Is days.
Reduction is made of from 10 to 5
DAYS in the time in which a tentative
draft of findings by either side in the
case pending before the Commission
shall be submitted.
Counsel for the Commission also
must file briefs in the case within 20
instead of 80 days from the time of
service of the trial examiners report.
Respondents counsel must file answer
within 20 instead Of 30 days from the
date Of service upon a respondent or
his attorney of the brief filed by
counsel for the Commission.
The Commission also advances its
meeting from 1890 to 10 am. each
business day.
Washington Gas Net Off.
The monthly report of the Washing
ton Gas Light Co., filed with the Pub
lie Utilities Commission yesterday
afternoon, shows operating revenues
for July of 1851 ,046, compared with
1856, 1896 for the same month of 1888,
q declease Of $3.50. Operating ex-
penseS including taxes and uncollect-
ible bills, increased 26,628, to total
Of $311,802 as against $285,174 in
July of last year. This leaves O net
operating revenue of $39,244, as COM
pared with ,222 in July, 1888, a
reduction of $31 ,978.
Incorporating revenue figures COM
pare $1l,l27 in July this year with
S7,269 in July, 1888. an increase OF
S3,858. Interest deductions of $69. 1874
from a gross corporate income OF
S50,371 in July this year compare with
interest deductions of $50 .554 from a
gross corporate income OF $78,49l IN
July year ago. The resulting net loss
in July this year of $l9.513 compares
with net income of $8,937 in July a
Waor onO