Evening star., 1932-09-11
HOME LOAN BOARD
TO LAUNCH DRIVE
Stock to Be Sold in 65 Key
Cities Starting on Wed
neSday.

A Nationwide drive to sell stock
valued at $134,0o0,ooo for capitaliza-
ton of the IL regional banks designed
to aid small home owners will get under
way Wednesday in 65 key cities.
The Federal Home Loan Bank Board
prepared yesterday list of cities where
the campaigns will be held and also ap-
pealed to the Chambers of Commerce
in these localities to provide facilities
for opening the books.
Building and loan associations were
requested by Chairman Franklin w.
Fort to set up bureaus of information in
the various cities. The 65 cities, Mr..
Fort said, are in all States where home
financing institutions are permitted by
law to purchase stock.
washington, Baltimore, Richmond,
Atlanta, Winston-Sa Columbia,
Jacksonville and Birmingham have
been selected as the stock campaign
cities for this district, No. 4, of the
Home Loan Bank system, which COM
priSes the District of Columbia, Ala
bama, Georgia, Florida, North and
South Carolina, Virginia and Maryland.
Bank to Open October Is.
The regional bank for this district
Will DC OpCuSQ VII OJDODGl III al w III
ston-Salem, N. c., and the board has
fixed S10,oO0,O00 as its minimum cap
1talization. Should this full amount not
be subscribed, the deficiency would be
made up by the Treasury.
Other cities in which offices will be
opened to receive subscriptions follow,
by home-loan bank districts:
District No. Bank at Cambridge,
Mass; Montpelier, VT; Concord, N H,
and Cambridge, Mass.
District No. Bank at Newark; Buff
falo, Albany, New York City, Newark
and Trenton, N. j.
District No. 3-Bank at Pittsburgh;
Philadelphia, Pittsburgh, Harrisburg,
Pa. and Charleston, w. Va.
District No. 5-Bank at Cincinnati;
Cleveland, Cincinnati, Columbus,
Youngstown, Ohio; Lexington and
Louisville, KY; Nashville and Memphis,
Tenn.
District No. 6-Bank at Indianapolis;
Indianapolis, Evansville, Fort Wayne.
Ind; Grand Rapids and Detroit.
District No. Bank at Evanston, Ill;
Evanston, Springfield, Ill., and Milwau-
kee, Wis.
District No. s-Bank at Des Moines;
Sioux City and Dubuque, Iowa.
District No. 9-Bank at Little Rock,
Ark; Little Rock, Dallas, Fort Worth,
Houston, Austin, San Antonio and Ell
port. La; jackson, Miss, and Albu-
querque, N. Mex.
Survey Near Close.
District No. 10-Bank at Topeka,
Kans.; Oklahoma City, Tulsa, Topeka,
Wichita and Denver.
District No. 11-Bank at Portland,
Oreg.; Seattle and Spokane, Wash;
Butte, Mont; Salt Lake City, Utah;
Boise, Idaho, and Portland, Greg.
District No. 12-Bank at Los Angeles
Phoenix, AriZ.; Los Angeles and San
Francisco, Calf, and Honolulu, T. H.
MIR; Fort said the board had about
completed its survey of States on the
question of eligibility Of home financ-
ing institutions to subscribe for stock
and thus become members of the Fed
eral Home Loan Bank System.
Building and loan associations, the
chairman reported, are eligible under
the existing State laws to purchase
stock in Alabama, Arizona, Arkansas,
District Of Columbia, Georgia, Illinois,
Indiana, Iowa, Kentucky, Louisiana,
Michigan, Mississippi, Nevada, New
Jersey, Pennsylvania, South Carolina,
Virginia, West Virginia, Wisconsin and
Wyoming.
Savings banks are eligible in Ala
bama. Arizona, Delaware, Florida,
Georgia. Louisiana, Maryland, Missis-
sippi. South Carolina, Texas Utah.
Vermont, Virginia and Wisconsin.
He said in New York State all in
surance companies except life and fra
ternal may purchase stock, but no
other type Of home-financing institu-
ton now Is eligible. It is possible that
building and loan associations in Mary
}and may subscribe, and also In Della
WARE.
Legislatures to Act.
States IN which no type of home
Financing institutions may subscribe are
Maine, Connecticut, Minnesota, Mis-
DouY1, Nebraska, North Dakota, Ohio,
Oregon, South Dakota, Tennessee and
New York, with the exception of GER
balm insurance companies.
The board has been informed that
the Texas Legislature now in session
probably will enact enabling legisla-
zion Immediately. In Ohio a special
session for the purpose Is expected to
be called before October /. There is
ID strong probability, according to ad-
vices received by the board, that a
special session of the Legislature will
be called in Massachusetts, and a pos
sibility that the North Carolina Legis-
lature will be called in a special ses-
sion.
Chairman Fort pointed out that all
of the States which need enabling leg
islation will be called in special ses-
sion.
Chairman Fort pointed out that all
of the States which need enabling
legislation have regular sessions in
January. Those Legislatures which
meet a year from next January hap
pen to be those of States which do not
need enabling legislation.
There are between $4,000 and TO-
900 home-financing institutions now
eligible to purchase stock, according to
a preliminary list compiled by the
board.
BOISE, Idaho, September 10 R.-
idaho building and loan associations