Evening star., 1939-04-20
Banks Increase Loans
For Property Repairs
In District in March
.TotoI of 243 Granted,
Aggreeotine $s9, 1868,
F. H. A. Report Says
BY EDWARD C. STONE.

ny EDWARD u. S1ONEs
Loans under Title I of the Federal
Housing Act on properties in and
around Washington disclosed a
further substantial gain in March,
according to F. H. A. reports OBJ
tanned today.
During March 243 loans were ex-
tended by lending institutions with
their head Offices in Washington,
amounting to $89,868 The great
majority of these loans were granted
by Washington banks, F. H. A. rec
ords disclose.
From February 3, 1888, when the
act was amended, through March
81, 1899, there were 1913 Title I
loans made by District of Columbia
lending institutions. largely banks,
involving a total of 81 ,631 ,655.
AS of March 81, 1899. total of
1855 Title loans had been allowed
on property located in the District
of Columbia, in the total amount of
S1,226,431. In March alone 166 such
loans were made. involving $77,624.
Loans under Title II have also
been in good demand. While March
records are not yet complete, from
the start of the Federal Housing
Act up to the end of February. 1,168
Title II loans had been granted on
property located in the District of
Columbia, for total of $7885 ,050.
Title I loans are for repairs, alter
ations. and all sorts of property i'm
provements, members of the District
Bankers Association having taken
special interest in supplying funds
for such modernization purposes.
Title II insured mortgage loans, as
they are called, deal more with per-
manent construction.
Housing Administration officials
consider the interest displayed in
Washington in both types of loans
as decidedly helpful to business in
general and the construction indus
try in particular.
Capital Transit Moves Higher.
Capital Transit stock chalked up
another 1889 high mark today when
so shares in a single block sold at
1874, a gain of half point over
yesterdays close. The market
closed with 11s. bid; the asked price
boosted to Is.
Anacostia e. Potomac SIS were out
again today. $1,000 bond selling at
8612, followed by two other $1,000
transactions at 81.
Potomac Electric per cent pre-
ferred registered lis and the per
cent preferred at 1882 on light
sales
Terminal Refrigerating & Ware
housing Corp. stock sold at 81 on
a 10-share turnover. National Saw
ings g. Trust and Washington Loan
g. Trust Co. stocks were quoted eX-
dividend today.
Easter Boosts Bank Debts.
Mirroring the earlier Easter this
year, debts to individual accounts
reported by the banks Of Washing
ton last month were 10 per cent
above the March. 1888. totals. This
showing was better than that of
bank debts for the United States as
a whole, which gained per cent
over the year-earlier figure.
The Standard Statistics Co.
March index of Washington bank
debts is computed at 154 (average
of 1920 to 1924 equals 1000, agains+
125 for February, 139 for March.
1888.
The gain in Washington debts
also compares favorably with the 5
per cent increase o.er year earlier
registered by the South Atlantic
States as a whole.
Annapolis Office Opened.
Southeastern Industrial Bankers,
Inc, of Washington, which features
industrial loans, has opened an Of
flee in Annapolis, under the name of
the Annapolis Industrial Loan Co.,
at 224 Main street, in the Maryland
capital, it is announced here.
The Annapolis affiliate has filed
with the Securities and Exchange
Commission proposal to offer for
sale 10000 shares Of per cent Gu
mulative preferred stock with par
value of $40 share and 10000 shares
Of common stocks of no par value
The announcement says the An
napolis concern will start with SILL
600 in total assets and no liabilities.
j. w. Croslev is president, M. W.
Bohrer and Newton w. Parke vice
presidents and Clifton NJ Eisele Sec
retary and treasurer.
Enters School of Banking.
John E. Monk, manager credit de-
partment of the Bank of Commerce
&, Savings, has enrolled in the
Graduate School of Banking at Rut-
gers University, class work opening
at New Brunswick on June 19. Mr..
Monk is a graduate of the Univer-
sity of Maryland with an A. B. de-
gree and from Strayer'S Business
College. where he majored in COM
mercial science.
The New York State Assembly has
passed and sent to the Senate the
bill making each Saturday during
July and August legal holiday for
banks and trust companies if a ma
jority of the directors of the insti-
tutions vote therefor. Bankers here
have been following the bill with
good deal of interest. If the idea
continues to spread it will eventually
be adopted here. bankers predict.
New Jersey banks tried it success
fully last summer.
Representative Henry B. Steagall,
chairman of the House Banking and
Currency Committee. addressing
North Carolina bankers, praised the
Federal Reserve System as "legisla-
ton that will stand as an achieve
ment of craftsmanship and de-
clared that the system needed
amendment to allow the member
banks to share in the profits. He
added that State banks should be
invited and not driven into member
ship"
Western Maryland Assets Up.
The Western Maryland Railway
has issued its pamphlet report for
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