Evening star., 1938-07-25
COMBINED BANKS
START BUSINESS
Silver Spring and Takoma
Park Institutions Put
Merger Into Effect.
BY EDWARD C. STONE.


Bank opened for business today in the
two Washington suburbs in unchanged
locations. The consolidation became
effective Saturday noon. Harvey W.
Turnage, who was vice president of
both former banks. is president of the
new institution and is thoroughly con-
versant with the banking needs of both
communities.
The Federal Deposit Insurance Corp
reported today that the corporation
arranged to make all deposits of the
Takcma Park Bank available as de-
posits in the Suburban Nationa! Bank
of Silver Spring. At the opening of
business this forenoon This was done
through loan from the corporation,
the statement said
The report added that the Federal
Deposit Insurance Corp. had been ac-
tive in the merger negotiations. The
corporation has already extended pro-
lection to deposits in the new bank,
the statement said. The new insttu-
ton starts with approximately 81
100000 in deposits, the F. D. l. c.
announced.
The Federal Deposit Insurance Corp
played much the same part in this
consolidation that it did in the recent
merger of the Commercial Bank of
Maryland ard the Western Maryland
Trust Co., a, Frederick
In addition to President Turnaga.
the other officers include: James H.
Cissell. vice president; E V. Critten-
cashier and I Howard Duckett. chair
man of the Executive Committee and
general CouNse'.
Longer Mortgages Granted.
The average length OF the F. H. A.
insured MORTGAGES has increased from
Is years and months to the maxi
mum Of 20 years. according to
the Federal Housing Administration
records.
Analysis Of .hr terms Of mortgages
insured SHOWS tha' in 1886 the aver
age was 1872 Years. in 1887 it was II
years and ! month II is also re-
vealed that the terms extended last
year were more uniform as among
the various tvpeS OF institutions than
W
home mortgages were written from
l9 to 20 wears, the maximum terms
The average duration OF insured
mortgage loans made by savings banks
and State banks fsd trust companies
was l8 months greater than in 1886:
that of loans advanced by insurance
companies and building and loan
associations. months greater; ma
tional banks, 4 months, and mort
gage companies. l month greater
Reserve Index Turns Upward
Industrial production and trade reg
1stered in June their first improve
ment since the break last August and
will accelerate the improvement in
July. according to figures compiled by
the board Of governors of the Federal
Reserve System.
The boards index was the first Off
cial business indicator to signal an
upturn. The June-July advance in
the production index comes after the
index, having fallen 81 points in the
five months ended January, seemed
to find floor in the past four months
levellng-out process, may indicate
definite reversal of trend. officials
said.
The boards SeaSonaliy adjusted IN
dex of industrial production climbed
to II in June, compared with IS in
May.
Bank President Improving.
Edwin c. Graham, president Of
the Hamilton National Bank. who is
suffering with a fractured leg when
he was injured in an automobile mis-
hap, is recovering steadily in Florida.
1t was learned in the financial dis
trict today. He is still confined to
Florida hospital, but hopes to re-
turn to Washington before long.
Charles H. Doing, first vice presi-
dent of the Washington Loan g.
Trust Co. and manager of the West
End office, is completing a months
vacation at Cape May and will be
back at his desk around the first of
August
Roger j. Whiteford counsel of the
Hamilton National Bank. sails from
Montreal next Saturday for tour
of Europe
George o. VaSs, vice president and
cashier of the Riggs National Bank,
will take his vacation during the
month of August
Permit Valuations Increase
Permit valuations for all types of
building construction registered In
creases in June. Secretary of Labor
Perkins announces. The value Of new
residential building permits was II
per cent higher in June than in May.
Non-residential permits were up As
per cent. and the value of additions.
alterations and repairs showed a 4,
per cent gain. The total value of
all buildings for which permits were
granted revealed an increase of Is
per cent. Secretary Perkins said
The North American Co, which has
subsidiaries in Washington. reported
net earnings for the Il months ended
June 30 as sl56 per share on the
common stock. compared with s2.02
share in the previous year.
Interest in the New York Stock
Market remains una bated, judging by
the daily attendance in the local
brokerage offices. Todays opening
saw higher prices and very rapidly
moving tape.
Bond dealers in the financial dis
trict report notable upturn in the
demand for prime investments. The
better demand developed right after
stocks started upward and has been
expanding steadily, dealers state.
New Highs on Exchange.
Mergenthaler Linotype stock fig
nred in three sales at 267s on the
Washington exchange today, a new
high mark on the present move. The
stock closed with 26 bid and 81 asked.
Potomac Electric Power 5l2 per
cent preferred stock figured in So
share sale at 1l4l2. new 1888 nigh