Evening star., 1939-07-14
Washington Banks
Grant Many Loans
For Repair Work
Interest in Property
Betterment Unubuted,
New Survey Reveals
By EDWARD C. STONE.

" chIeIlu lOdIlS III ldI &c lluIilUcIS anu
substantial amounts for property
repairs, alterations and improve
ments under title l of the revised
Federal Housing Act. The number of
such loans granted recently shows
conclusively that residents of the
District are still carrying out large
amount of this type of work.
A survey of the title l loan situ-
alton discloses that from February 3,
1898, which was the date on which
the amended National Housing Act
went into effect, to May 81, this year.
lending institutions with headquar-
tiers in the District of Columbia
granted 1882 such loans.
These involved the sum of nearly
$2,000,000, to be exact, Sl,8479 954,
which has been spent chiefly in
Washington for labor and building
materials. From the housing au-
thorities it is learned that large
majority of these loans were made
by the banks.
Another report states that during
the same period 3,l89 title l loans,
in the amount of 81 ,374 ,557. were eX-
tended on properties located definite
lv within the District of Columbia.
In these cases, the headquarters of
the lending institutions may have
been located in Maryland, Virginia,
New York or any other place.
To show housing activity in the
last two months, it may be stated
that all lending institutions with
head Offices in the District of Co.
lumbia, allowed $40 title l loans,
amounting to $216,299.
From these reports it is evident
that it is not difficult for good bor-
rowers to obtain money for repair
work of all kinds in amounts as large
as may be required.
Mortgage Insurance Scars.
Home mortgage insurance business
of the Federal Housing Administra-
ton was 33 per cent larger in the
first half of 1889 than in 1888, ac-
cordlng to a progress report which
showed that mortgages accepted for
insurance amounted to 1857 ,845 900
as compared with S277 ,370,0 900 a year
ago
In the first half year, small home
mortgages selected for appraisal
amounted to s602,0OO0OO, as COM
pared with S455, 100000 in 1898.
However, much larger proportion
of the total is to be used FOR building
of new homes, with S4l0,2000 900 OF
this years total involving new houses,
as compared with S243 100000 in the
like 1888 period
Construction of new homes reached
a high level in the second quarter
of 1899 when an average of 2,870
new homes was started each week. as
compared with 1910 a week in the
comparable 1888 quarter.
Small home mortgages selected
for appraisal amounted to Sl0l $780,
564 in June, the fourth consecutive
month III which the total exceeded
$l00,000,000. This was an increase
of "A per cent over the June, 1888.
level of s97,231 ,622 but a drop of
8 per cent from the May level of
S109,442,14o.
Many Bond Proxies Mailed.
1t was learned in the banking dis
trict today that large number of
holders of Anacostia & Potomac
River r. R. unguaranteed per cent
bonds and City G. Suburban per
cent bonds have sent their proxies
to the headquarter of the new Pro-
tective Committee in Baltimore and
are giving the committee full sup
port. Letters were sent earlier in
the week to Washington holders
asking for authority to protect their
interests.
Since the recent announcement
of the committee formation, the
Caliber of the committee has been
highly praised in the financial dis
trict. AS already noted, the COM
mittee is composed of Thomas P
Butler, vice president, Safe Deposit
e. Trust Co, Baltimore; c. F
Jacobsen, president, National Metro
politan Bank, Washington; Joseph
B. Walker, vice president, Mercantile
Trust Co., Baltimore; and Henry
S. Baker, treasurer, Johns Hopkins
University, Baltimore.
A suit regarding the liability of
the Capital Transit Co. and the
Washington Railway & Electric CO
is now in the courts. 1t is expected
to be heard in the fall In the
meantime the Protective Committee
has the power to consider any mat
ters that might come to its atten-
ton and make any recommended
tions to the bondholders that might
be considered beneficial.
Bankers Push Relief Plans.
Members of the District Bankers
Association, headed by Ord Preston,
president Of the association, have
been trying for several days TO work
out a plan to help some 1000 en-
ployeS of the District government
meet the payless pay day situation,
The conference with the District
Commissioners today was the result
of much preliminary discussion Of
practical ways in which the banks
might step into the emergency and
be of wide financial assistance.
The problem has many complica-
tions. District employees who have
bank accounts can be easily taken
care of-in fact, many of these need
no special assistance. The per diem
employees are the most difficult to
help Many of them have no bank
accounts and are not known in the
banks. The members of the COM
mittee went to the District Build
ing today ready to consider any
sound plan that would meet emer-
gency conditions and help hundreds
of workers who will be extremely
short of funds without tomorrow S
pay.
In addition to Mr.. Preston, other
members of the special committee
include Hilleary G. Hoskinson, Riggs
National; John A. Reilly, Second
National; George NJ Fisher, Wash
ington Loan & Trust.
Bank Clearings Up Sharply.
Bank clearings in Washington for