Evening star., 1932-09-10
HOME LOAN BOARD
TO LAUNCH STOCK
DRIVE WEDNESDAY
Subscription Books to Be
Opened Here and in 81
Other Cities.
CHAMBER OF COMMERCE
is ASKED TO COOPERATE
Washington Trade Body Requested
to Furnish Facilities in One
Month Campaign.

The Federal Home Loan Bank Board
will open subscription books in Wash
ington and "a other cities throughout
the country next Wednesday for capi-
tai stock in its IL banks. the beginning
of a one-month national drive to dis
pose of shares valued at $134 100000.
The Washington Chamber of Com
merce has been requested by the board,
according to Chairman Franklin w.
Fort. to cooperate with the subscrip-
ton drive in so far as to furnish facil-
ties.
other cities in this district of the
Home Loan Bank system, which have
been designated as key points for the
drive, are Baltimore, Richmond, Win
ston Salem, where the regional bank
will be located Atlanta, Columbia,
Jacksonville and Birmingham.
Mr.. Fort said the board plans to have
subscriptions sent to from $4,000 to
10000 home-flnancing institutions
throughout the country which are ell
gible as purchasers of capital stock. At
least one Office in every State where
institutions are eligible to subscribe for
stock will be opened next week. he said.
Banks to Open by October Is.
He explained the books will be closed
at the end of 30-day period, as re-
Quired by law, and the board expects to
have the regional banks functioning by
October Is.
Besides requesting the Washington
Chamber Of Commerce to provide facili-
ties here, Mr.. Fort said he had te,e-
graphed to chambers of commerce in
the other 80 cities requesting them to
make available facilities for the open
ing of subscription books at their head
quarters. The chairman explained this
step was necessary because of the lin
tied appropriations made by Congress
for the establishment of the system.
Chairman Fcrt also made public the
States in which building and loan asso-
Citations are eligible by law to SUBJ
scribe to stock. They are Alabama,
Arizona, Arkansas, District of Columbia,
Georgia, Illinois, Indiana, Iowa, Ken
lucky, Louisiana, Michigan. Mississippi,
Nevada, New Jersey, Pennsylvania,
South Carolina, Virginia, West Virginia,
Wisconsin and Wyoming.
States in which savings banks are
eligible to buy stock are Alabama, Ari-
zona, Delaware, Florida, Georgia, Lou
1siana, Maryland, Mississippi, South
Carolina, Texas, Utah, Vermont, Vir-
ginia and Wisconsin.
Laws quite Complicated"
LAWS ulfOlNlIlS SuUSCIlEtlOLS Dy III
surance companies were characterized
by Mr.. Fort as being guile compli-
Gated" but some companies of various
types can buy stock in Alabama, Arkan-
sas, California, Delaware, Florida, Illi-
nois, Louisiana, Maryland, Massechu-
sets, Michigan, Mississippi, Montana
North. Carolina, Oklahoma, South
Carolina, Vermont, Virginia, Utah and
Washington.
The chairman explained that it was
also possible for some building and loan
associations in Maryland and some types
of insurance companies in New York to
subscribe to stock.
There are only five States which per-
nit building and loan associations, saw
ings banks and insurance companies to
purchase stock. They are Alabama,
Louisiana, Illinois, Mississippi, South
Carolina and Virginia.
He said the board had not heard Off
cially from New Hampshire and New
Mexico. The chairman said the board
had been informally told all classes
could participate in these two States,
but he would not place them on the list
until some official word had been re-
ceived.