Evening star., 1939-02-18
Banks Grant Loans
To3,170 Borrowers
Under Title |
D. c. Institutions PIoy
Important Role in
Improvements
BY EDWARD C. STONE.

Improvements
BY EDWARD C. STONE.
Reports obtained from the Federal
Housing Administration today dis
close that Washington banks have
been playing a vital part in property
Improvements in the Capital ever
since the original National Housing
Act went into effect.
During the year 1888 the Capitals
banks assisted more than 5000 bor-
rowers in improving their property
in the District, under provisions of
Title I of the National Housing Act,
and since 1894 these same banks
have extended more than 10000 such
loans for alterations and general
repairs.
The exact figures show that from
February /, 1888, the date that the
amended National Housing Act
went into effect, up to and through
December 81, 1898, Washington
banks extended credit to 3,l70 bor-
rowers for property improvements,
under provisions of Title I, to the
aggregate amount of 1892 ,937 06
Loans Exceed $5,000,O00.
From the beginning of operations
in 1894 up to and through Decem-
ber 81, 1887, banks in the Capital
extended credit to 10,615 borrowers
for property improvements. to the
aggregate sum of $5,384.65907, the
Housing Administration stated.
It was also learned today that
3,198 Title I loans were made by
all lending institutions whose head
offices are in the District of Colum-
bia, for the amount of $1,395, ,726,
from February 3, 1888, through De-
cember 81, 1898.
In the same period 2.409 Title I
loans were made by all lending in
stitutions on property located in the
District of Columbia proner, for the
total amount of 81 ,031, ,0l9.
To the District Bankers Associ-
alton belongs a lot of credit for
the popularity of these undermining
loans, special efforts having been
made to cooperate with prospective
borrowers. The same member hs nks
have also extended a large number
of loans under Title II of the Federal
Housing Act, this money going to-
ward new construction.
Monthly Hour Basis Possible.
The possibility of placing bank
employees on monthly average hour
basis, instead of a weekly basis, is
seen by Elmer Andrews, wage-hour
administrator, who was consulted
about the matter at press con-
ference. He said such an average
could be reached by taking into con-
sideration all holidays, Sundays and
the difference in the length of the
months.
Banking officials have been urg-
ing such a change. In the middle
and at the end of each month there
is lot of overtime required which
could be adjusted by shorter weeks
when business was not so pressing
Such a plan would do away with
overtime expenses.
However. Mr.. Andrews said that
such an amendment would not be
sought for the banks alone There
would have to be more general
demand for the change, he hinted
The question of avoiding overtime
expenses is one to which bankers
have recently given good deal of
attention and Mr.. Andrews COM
ments on the subject were con-
Sidered encollra pinp
Bank Debts Exceed Year Ago.
Although debts to individual ac-
counts reported by the banks of
Washington in January were under
the December total as is usually the
case for seasonal reasons. they were
above the figures for January, 1888,
and also above those of any 1888
months except November and De-
cember.
The Standard Statistics Co. in
dex Of Washington bank debts for
January is computed at LAG 1920
1924 equals 1000. against 1853 for
December and 139 for January a
year ago.
The Washington debts gain over
. year earlier of 5 per cent also
compares favorably with the coun-
trywide gain of only per cent.
Norris Slated for Director.
Ernest L. Norris, president of the
Southern Railway, has asked the
Interstate Commerce Commission
for authority to serve as a director
Of Railway Express Agency, Inc, as
one Of four directors to represent
the Southern group. Mr.. Norris
told the I. C. c. he expected to be
elected at an Express Agency board
meeting on February %.
The preliminary report of the
Pennsylvania Railroad for the year
ended December 81, 1888, shows a
net income equal to "a cents per
share (par value $500 in comparison
with $207 share in 1887.
The preliminary report of the
Baltimore g. Ohio R. r. for the
year ended December 81, 1888,
shows a net loss of over $4,000 900,
after taxes and charges. as COM
pared with net loss $720,695 in
1887. Recent monthly reports have
been much more favorable than
the statements early in 1888.
Financial District Comment.
The sale yesterday on the Wash
ington Stock Exchange of City &,
Suburban SIS at 86 was a gain of
three full points over the last pre-
vious sale. A $1,000 bond changed
hands. The 10-share sale of Lib
erty National Bank stock at 17e
was of two points.
Members of the District Life Un-
derwriters' Association are await
ing the January sales report for the
Capital with more than usual in
terest. The city average often runs
ahead Of the national average
However, the national average, just