Evening star., 1932-05-07
LAND BANK LOANS
TOTAL $42,015,3()O
Annual Report of II Federal
Institutions Shows 10,898
! Requests Allowed Aid.
BY EDWARD c. STONE.

The IL Federal Land Banks made
10,898 loans amounting to $42,0l5,300
last year, bringing the total loans made
from organization to 523,094 loans ag-
gregating $1,659 ,932,3 ,3I4, according to
the Federal Farm Loan Boards annual
report, Just sent to Congress. Eleven
per cent of the amount of these loans
has been amortiZed by the borrowers,
while payoffs in full or in part, fore
closures, etc, have reduced the volume
of the principal of the loans outStand-
ing to 81 1.167. .S98, ,205.
Subscription to stock in the II Fed
eral Land Banks amounting to $685.
243.7O0 by the Secretary of the Treas
ury on behalf of the Government, from
the fund of S125.000000 voted by Con-
gress for the purpose. increased their
capitalization to $128,605, ,609, or nearly
100 per cent, according to the annual
report. "As a result of these additions
to the capital, the financial position OF
all the Federal Land Banks have been
greatly strengthened says the report
Banker Discusses Trade Problems.
Norman E. Towson, assistant treas
urer and manager of the foreign de-
partment of the Washington Loan d
Trust Co. addressed the Georgetown
School of Foreign Service yester-
day, and discussed the relationship be-
tween the foreign department OF
bank whose operation he explained In
detail, and some of the principal eco
nomic problems which have served to
disturb the normal operation OF world
trade. Mr. ToWson stressed the fact
! that increasing economic integration OF
the world lis bringing about neceSSl-
tous cooperation between nations, and
added:
II do not make any claim that banks,
however extensive their relations or i'm
portant their standing, have MADE any
contribution to the creation of foreign
trade, but it is an lndlSputable TACT
that without them foreign trade would
be impossible and without their regu-
lative force exercised in behalf OF an
ever-increasing international under
standing, M. Aristide BRAND would not
have been able to say: If the many
problems we have met and solved dur
ing the postwar period had confronted
us some years ago, any one OF them
would have caused war
While we may, perhaps, subscribe TO
Will Rogers statement that "A frozen
asset is just a bankers mistake there
have been so many assets frozen IN the
field of foreign commerce, and there
have been so many conferences and
agreements and arrangements between
debtors and creditors that one lives in
constant state of uncertainty. We have
kept I'D with situations as they arose,
having in mind, perhaps, the epigram of
Cyrus Curtis to the effect that In
time of depression we must run as fast
as we can to stay where we are.
But whether running to keep up
with the faSt-moving events OF the day,
or whether adjusting stand-still agree
ments, let ne urge you who are inter
ested in Americas relation to the prob
lens of foreign trade to keep before you
the facts that America has real obh-
cation to the rest of the world; that
our foreign trade is important to us, to
our own prosperity, and to the pros
perity of others; and that the banks,
however fallible their judgments. have
contributed and are constantly contrib
uting to the maintenance of Americas
important position in world affairs"
Crop Plans in Fifth District.
The annual Spring intention to
plant" report, made recently, says Vir-
ginia farmers reported increases in
acreage to be planted to food and feed
crops, with material reductions in cash
crop acreage. Tobacco growers are
planning to set out about "a per cent
less tobacco than in 1881. which would
give Virginia its smallest tobacco acre
age since 1907 A reduction of % per
cent in early commercial potato acre
age is planned, and commercial sweet
potatoes will be cut about 10 per cent.
Peanut growers plan a 10 per cent re-
duction, and a slight reduction in corn
acreage also is planned, but oats, bar
ley, hay soy beans and COW peas all
will be increased in acreage.
North Carolina farmers report in
tended increases in acreage for oats,
barley, soy beans COW peas, sweet po-
tatoeS, peanuts and hay crops, while
decreases in acreage are expected in
corn, tobacco and early Irish potatoes.
South Carolina expects to reduce
acreage in tobacco and Irish potatoes,
but increases are intended in corn, oats,
sweet potatoes. hay and peanuts. The
intentions to plant" report is forbid
den by law to give information on prob
able cotton acreage.
Bankers Study Glass Bill.
Members of the District Bankers AS
sociation have received word that op-
position to the Glass bill clause requir-
ing abolition of securities afiliates
within three years has been expressed
by the New York State Bankers ASSo-
citation in letter just sent out.
The association also is opposed to the
provisions of the bill which tend to con-
centrate power in the hands of the
Federal Reserve Board, which, under
the original conception of the Federal
Reserve System, was designated as a
co-ordinating and supervisory body.
Other provisions to which it objects
are the deprivation of certain charter
and statutory rights of State banks
and the creation of an open market
committee to control the operations OF
the Federal Reserve banks in the open
market and with foreign central banks.
While it approves. in principle, some
form of branch banking, the association
realizes that this is a highly contro-
versial subject and therefore urges
that this section be divorced from the
bill and some form of branch banking
legislation be embodied \ a separate
bill
The association favors creation of
a liquidating corporate IN order that
funds may more easily oe made avail
able to depositOrs o. closed banks.
Heard in Financial District.
McCrory Stores Corporation reports
April sales at 1888, ,765, against So
703 ,258 in April. 1881, drop of over
per cent. For the first four months
SAFES tOLaIeC SlZ,SZ4,l5O, dlIioAI eAdCtIy
tie same as last year.
Sales Of G. c. Murphy Co. fer April
totaled $1,48S, 1888, against 81 ,5883l5 in
April year ago. a decrease OF 6.3 per
cent For the first four months they
were of IT per cent from last year.
Robert C. Merrick, president Of Mary
land Mortgage Co. has been elected
president Of the Equitable Trust Co. of
Baltimore, succeeding Hugh L. Pope,
who will remain with the institution as
executive vice president.
Paramount Public Corporation has
received $4,000 proxies above the two
thirds majority required TO authorize
the change in its capital stock to SO
par, SO that it will be possible to ap-