Evening star., 1924-06-09
BANKING ACTIVITIES
BACK TO NORMAL
Local Financial Leaders Consider
Convention Was Marked
Success.
NEW U. S.. LOAN PRAISED
- Z" T. -. =.
Washington Stock Exchange Opens
Week Well.
NEW U. S.. LOAN PRAISED
ny CHAs. p. sHAEFFER.

uoIhdi TENOR To-Day with the TeturH
of the local bankers association
from their annual convention, which
closed Saturday afternoon at White
Sulphur Springs. w. Va.
1t was the unanimo6s opinion OF
the assemblage that the convention
which has just gone into history wss
productive of unequaIed results,
while every phase of the present or
sanization is indicative Of another.
year %I, OF constructive bank Legislation
| victor b. Deyber. new president of
the association. has had bimself sur
| rounded with d cabinet" of recos-
nl1co worth. Francis G. Addison, j..
anu howard Moran, vice presidents
! nave always been foremost in adm
the high standard set for the per
| iormance of the profession here.
| "hlie the initiative of W. W. Spaia
ne"iy elected secretary. cannot b..
| surpassed. The ninth consecutiy,.
| election of Albert :. Galley TO u,
/ Office OF treasurer speaks for itself
! OtheT members of the council c;
administration include Lapier +. Nc
| l.achieh. representing state banks,
EDWARD j. McQuade, representing ma
! uonal banks: John Riordon, repro
sentinS savings institutions, and 9 II
POPE or the trust company Sectro1
These men are all recognized as vcr
:
/ Housing Concerns Under Ban.
Post office orders against ctrcula
| tion OF fraudulent securities data and
| court proceedings in Washington ana
| ~. Louis have completely eliminated
. and per cent housing trust corr
panies IN Washington. II was report
| ed this morning by Howard NJ. Cool
director of the local Better BusiueS.
! Bureau
| Some of these companies have oper
ated locally during the last fouu
years. thousands OF contracts being
signed among the government clerkf
/ ana other people in modest ctrcunI i.
stances. who were led TO believe thf
procedure was An easy method r.
! nnance a homo. On June . when the
| nIted Home Builders pleaded guilty
| to n Indictment at St Louis WhIcl
| resulted in a fine in excess OF S6 o6r
inc housing trust activities wera
! abruptly terminated here, Mr.. Coo
declares
The Indictment to which the Tnftc,l
I Home Builders pleaded guilty in ST
Louis alleged that the company rep-
resented contract holders would rtl
a proflt OF from - 10 3eJ per cent,
which, according to Post Ofice invas-
! tigations was not = fact The Ma
tional Savings and Loan Association.
another three and four per cent com
sought other fields OF operation, while
the Atlantic Society of Home Build
ers has gone into voluntary receiver
Snip as has the Cooperative Home
Builders Trustees Agency
Explaining the plan OF operation
usually followed by these organiza-
tions, Sir. Cool said:
suppose 100 men al! wish 10 Dor
Each of them elects to save sf0 =
month until he has accumulated
$1,000. Except for interest accumu
lation 1t would take each exactly 100
NC.Ff h f. 1.
each saving his money independently
and together in the same fund.
theoreticslH fHd tSsrs of tine dd rss oathn then
this fund; One of the 100 men could
borrow that $1,000 and continue to
pay his $40 month into the fund
until he had paid the $1,000 back.
be an additional $1,000 and either
man could borrow that $1,000 each
month me from the fund; AT The. end OF
100 months 3ns sea each Wouid SoU favt deposit,
have borrowed from the fund $1,000
The Tooth man would. OF course, re.
ceive only his $1,000 back. The other
ninety-nine when they took their
that they themselves had put into
the fund and part of the money that
others had put in. in a proportion
which would depend upon their turn
|
which the members would receive
their loan would necessarily have TO
be determined by lot or chance, and
depending upon the day hour and
minute when the contract holder
signed
New Treasury Loan Praised.
Local authoritative bankers see ir
the new Treasury loan announced
this morning another evidence Of the
economy of operation inauguTated by
Secretary Mellon
The rate of interest the obligation
bears, 2S4 per cent, marks new low
level in post war financing. hut one
that is justifable by the presen:
flooded money market. Surprise.
however. was expressed in some
quarters that a huge loan at d. long
er term was not foated in view or
the favorable conditions now pre-
vailing instead of mourning debt
of only s15ooOo.oo0 at six months Il
care to add to the large total of
, maturing Indebtedness OF Liberty
|, bonds in 1927 and for this reason an
issue of certificates was decided upon
The loan Will undoubtedly be over
subscribed.
Personal Mention.
, Edward l. Hillyer. vice president
J of the Union Trust Company, has re
turned after several weeks in Eu-
, rope.
Ernest f. Herrell. president of the
!, International Finance Corporation.
with Mrs. Herrell. is sojourning Al
White Sulphur Springs.
Francis NJ Savage, president of the
Northwest Savings Bank. is en- route
, TO Italy. where he will join Mrs. Say
age and tour Europe this summer
, He promises a renewal of his anti
, branch bank campaign upon his re
turn.
Dividend Declared.
The Bank of Commerce and Savings 5
has declared its regular semi -annual
dividend of per cent, payable July
] to stockholders of record June 20
The institution has maintained an
annual rate of per cent for years
Today's Local Trading.
Well diversified trading in local
stocks marke ed today'S session on the
4 Washington Stock Exchange.
Il Capital Traction stock sold upward
from "a to e44. with Gas unchangeo
at Asa Railway preferred was off
a slightly to rs, as was Mergenthaler
s at ISL. National Mortgage and In
vestmeRt preferred sold to the extent
of ESQ shares at S1z and forty shares
of Union Trust Company was sold al
1856
Bonds were listless.
NEW BOND OFFERINGS.