Evening star., 1936-06-03
BANK LOANS RISE
UNDERF. H. A. ACT
4,491 Are Granted in D. c.
During Year, According
to DuIin Report.
BY EDWARD C. STONE.

under the Federal housing act have
rendered substantial aid to various
lines in the building industry, 1t is
revealed by James c. Dulin, jr., treas
urer of the American Security g. Trust
Co.. and chairman of the Credit Bu-
reau Committee of the District Bank
erS' Association.
An analysis of his annual report
brings out in detail the uses to which
the proceeds under title l of the
housing act were applied to various
lines of the building industry. To
plumbing and heating went more than
% per cent of the funds made avail
able through such loans.
Equipment in Lead.
Machinery and equipment were
helped the most, over 25 per cent OF
the money going for these purposes.
Next came carpentry with II per
cent boost. followed by roofing TO
which u per cent Of the funds we're
applied. More than is per cent OF
the amount put into circulation by
the loans was applied to painting and
decorating while the remaining per
cent was used for miscellaneous
purposes.
The 4,492 loans were made between
April 80. 1885. and the same date IN
1886, Mr.. Dulin said the loans aggre-
eating S2,032,8 ,805.43. This is Consld-
cred a fine total in the number OF
different loans granted as well as in
the total amount involved. One
member bank alone made 1l6 such
loans during the year, totallng S475,-
SOL so.
Out Of all the loans reported by the
District of Columbia banks only 81
are listed as commercial properties.
The figures clearly indicate the pre-
ponderance of homes affected by the
Ienovizing program. In addition TO
the loans granted by the banks, Mr..
Dulin points out, other agencies in
the District, including industrial con-
Germs, real estate and finance COM
panies granted SOS loans aggregatng
S257,349l6.
Loans Are Smaller.
Total loans for the year under title
made by the banks and other lnstl-
tuuons numbered 5,057 and totaled
S2,29O,15459 Individual loans were
slightly smaller during the past year.
In the year ending April 80, 1888,
bank loans averaged 1924 each. Dur
ing the past year they averaged S470.
The average size of loans made by
other institutions was S455 during the
past year and the same a year ago.
Chairman Dulin also refers to title
II loans, quoting from the Federal
Housing Commission a statement that
this type of financing is responsible
for 80 per cent of the homes being
built in Washington and that insur-
ance commitments represented val
uation of S7,734,500 since January,
1885, on 1856 homes.
Echoes of Bank Convention.
James B. Edmunds, Chesapeake &
Ohio general passenger agent, again
played a most important part in the
success Of the train trips and the stay
at the observation-disclosures E. Herrell
ard L. Bert Nye have never missed
convention. this being their eighteenth
Re election of Donald W. Lar
son as permanent secretary drew
universal conmendation. due to his
energy and ability-Right Rev. Ar
thur C. Thomson, Episcopal Bishop
of Southern Virginia. who took
part in the opening session. is a
brother of Eliot H. Thomson-Discus-
sion Of the cost of keeping old and
worthless bank records brought to
light some surprising figures on the
expense involved and made the prob
lem one demanding real attention.
George H. Keesee. cashier of the Fed
eral Reserve Bank of Richmond. who
has been to most every convention
for several years, was greeted by a host
of friendS-Robert V. Fleming paid
two very high tributes at the business
sessions, one to Charles H. DoinL for
his work as president during the year
and the other to Mariner S. Eccles.
head of the Federal Reserve system
The increase in attendance was con-
sidered to reveal clearly the improve
ment in the banking situation during
the past year-Everybody seemed
cheerful over the outlook.
Bank Votes Extra Dividend.
Directors OF the Bank of Commerce
& Savings have declared a dividend
of So per share on the outstanding
stock, and a special dividend of 81
a share, both payable July l. to
stockholders of record June 20, Vice
President Thomas J. Groom an
nounced today.
Announcement was made today
that Marcy L. Sperry, president of
the Washington Gas Light Co.;
Thomas P. Morgan jr, manager of
the Washington Office of the Mutual
Life Insurance Co., of New York; and
Corcoran Thorn jr.. who is connected
with the Riggs National Bank, have
been appointed on the Investment
Committee of the Community Chest.
This is a most important committee
as the members are expected to keep
Chest funds and endoWments bring
ing in the largest possible returns at
all times, the element of safety being
given full consideration.
New State and municipal bond
issues reported approved by the voters
of l28 communities located in 29
States during May total S10,140,-
800, as compared with $7,488, 500
in April according to the Daily Bond
Buyer.
TOday's Trading on Exchange.
A busy days trading on the Wash
ington Stock Exchange today opened
with $1,000 and $500 sales in Capital
Traction SIS at 90. same as other re-
cent sales. Capital Transit stock ap-
peared on the board, with 10 shares
moving at l13i.
Potomac Electric Power per cent
preferred stock came out at l09.
Washington Gas opened at 80 and
moved to 80H4 Washington Railway
& Electric preferred figured in 10, 5
and 20 share sales at Ill.
One bank stock appeared during the
session, two 10-share lots of Washing
ton Loan g. Trust Co. securities bring