Evening star., 1932-08-31
10000 ASK FOR Jobs
THROUGH BOARD OF
HOME LOAN BANKS
Only 35 Are Employed at Of
fices Here; Others Will Go
to District Branches.
HEADQUARTERS DELUGED
BY REQUESTS FOR WORK
Sign Placed in Corridor of Com
merce Building to Turn Away
Further Applicants.

As the Federal Home Loan Bank
Board today speeded up its activity to
get its subscription books opened to
raise the capitalization of. S134, 000,0 600
for the IL regional banks. job applica-
tion No. 10000 was received at head
quarters for a position in the system,
the personnel of which now totals
only 35.
When the regional banks start oper-
ating october Is, however. hundreds of
positions will be available in various
sections of the country, officials said
Less than 100 more jobs will be created
here.
The board has been deluged under
an avalanche of applications filed To-
cally, resulting in sign being placed
in the corridor of its suite in the Com
merce Department Building reading:
There are no more jobs available
here"
$50 Applications Daily.
The boards personnel officer esti-
mated today $50 applications are being
received daily from all sections. The
papers of those seeking positions in the
regional banks are being held here
awaiting the naming of the regional
boards of II directors each. When
they have been selected these applica-
tions will be forwarded to them, it was
said
The skeleton crew in the Washington
office is now composed of the five board
directors, their secretaries, an execu-
tive assistant to the chairman, a gen.
eral counsel and four assistants, one
economist, his assistant and a secretary
and an assistant secretary, file clerks
and stenographic pool.
The board estimated that from 300
to 500 jobs will be created in each OF
the regional banks when they are open
ed. Positions will also be available
when the stock subscription books are
opened in the various districts.
Franklin w. Fort, chairman Of the
board, said he had received an Offer
from one savings bank to handle this
work free of cost in its district. Nc
decision, however, has been reached
Mr.. Fort said, on the method the board
will adopt in handling these books.
Mr.. Fort said the beard was swampeC
with letters recommending individuals
for the appointment Of officers ano
directors of the banks. The number
thus far received, he declared, runs
into the thousands" He suggested
that this was evidence of the job con-
fronting the board in the selection ol
the regional bank directors.
He said the board was nearing the
point where it could announce ar
rangements for receiving subscriptions
for stock in the institutions.
The chairman explained the boarc
hoped it would be able to reach q
decision respecting the form for the
stock application and the preliminary
set-up necessary for the reception oi
these applications.
Can Issue Debentures.
Whether the board will seek to name
the entire board for each regional bank
in advance of the time when Subscrip-
tions for stock will be received re-
manned uncertain.
The chairman estimated the max
imum potential credit possibilities OF
the system at $1,000, 100000, but said
the practical potential possibilities
range from $1,000, 100000 to $780,
100000.
Mr.. Fort explained that the system
with a capitalization of $134,00O, 600
could obtain additional funds through
the issuance of debentures by the board
All members of the board will leave
here tonight to attend the fortieth an
nual convention of the United States
League of Building and Loan Associa-
tios to be held at French Lick. Ind, be-
ginning tomorrow. They said they ex-
pect to utilize that visit as the oppor-
tunity for presentation of complete de-
tails of board problems as well as as
slstance which the Home Loan Bank
system is designed to give to such or
carnations as are represented in the
meeting.