Evening star., 1932-04-02
CREDIT BODY WILL
! CONTINUE LOANS
Sum of $3.50, 900, 900 Already
;. Allowed 1900 Banks in
T Relief Move.
BY EDWARD C. STONE.

EOlQ notes, does not lnJeLu 10 AquludtS
and abandon its operations. The cor
poration continues to make loans, al
though the demand upon it is not so
great as formerly, due to the formation
of the Reconstruction Finance Corpora
tion and the enactment of the Glass
Steagal bill. 1t is even probable that
additional redemptions Of the corpora
tons gold notes may take place.
Formed last October, the National
Credit Corporation has accomplished
much in relieving a situation among
certain banks and trust companies
which otherwise might have resulted in
serious disturbances. The total of its
loans, according to reports from New
York headquarters. has approXimated
$50, 900, with grants to about l,2OO
institutions in the United States. Its
operations currently may be considered
as supplementary to the more extensive
activity of the Reconstruction Finance
Corporation, organized in February to
render assistance to financial institu
tionS commerce, industry and agrlcul-
ture.
The GlasS-Steagall law, enacted on
March 3, permits emergency lberalizing
OF IUS FRQGIdl fNGSGING dCl 81 Illdi NCA
tain assets of banks and trust companies
heretofore not eligible may be redis-
counted at the Federal Reserve banks.
The subscriptions to the gold notes
of the National Credit Corporation ap-
proximated S450000 900, on which calls
were issued for 80 per cent, or about
S135, 900 900.
1t will be recalled that the Washing
ton unit organized and raised its quota
quicker than any other unit in the
United States. The units in Virginia,
Maryland and other States in the Fifth
Reserve District have also done their
full share in meeting the emergency.
Suggests Depression Cures.
In suggesting ways to end the ma
tional depression, a Washington mer-
chant asks these two questions:
q. To relieve depression would it not
be advisable for our manufacturers, such
as Ford General Motors, General Elec-
tric, International Silver and many
others that have branches in Canada,
England, France and Germany. to close
their branches in these countries so as
to give employment to the working men
here. BY creating employment here it
would relieve depression and it would
also benefit the manufacturer as well,
because when man has employment
he will buy an automobile and build a
home, which would change the present
condition to a great extent.
%. To have reciprocity treaty with
Canada, Germany, England and France
on certain specified goodS?"
Bankers Pushing Moving Plans.
Local bankers are pushing plans for
removal of their headquarters into the
n011d E21Ii1dino q Nou VOrly oY1i
Fourteenth street northwest. AS the
new and larger headquarters will also
be the home of Washington Chapter,
American Institute of Banking, the stu
dent bankers are especially interested
in the preliminary arrangements.
At the request of President c. H
Pope of the Bankers Association,
President Aubrey o. Dooley of the in
stitute and Richard 4. Norris, who will
be president next year, have already in
oicated on blueprints how the class
room space should be divided in order
best to serve the banking students.
F. P. H. Siddons, secretary of the
association, has offered many Sugges-
tions and George o. VaSs, who has de-
veloped great strength as a golfer has
agreed to do any of the heavy lifting
that may prove too much for the others. |
Mr.. VaSs was chairman of the commit |
tee which found the new headquarters
and believes they will meet all the needs
of both organizations. The executive |
Offices of the District Bankers Asso- |
citation and the Credit Bureau will be |
particularly well located. The change |
takes place May IS.
Urges More Investing knowledge.
Unquestionably one of the best pres
entations Of the social, economic and |
financial structure of our neighbors
south of the Rio Grande, Latin Amer |
ican Problems" by Thomas F. Lee, re-
Neals thorough knowledge of South
American history, and communicates an
understanding Of present conditions
based on such a historical background.
Special emphasis is placed upon the
fundamental differences in psychology. |
racial inheritance, institutions politi-
cal and economic procedure in South
American republics, as compared with
cur Anglo-Saxon conception of these
factors.
Mr.. Lee understands the art Of pre-
senting mass of statistical data with |
out dulling the interest of the reader. |
His scholarly treatment Of the finan- |
cial part of the subject is interspersed |
with anecdotes with humorous favor. |
notwithstanding their SAD experience
for the American investor. who for |
several years purchased South American |
bonds by the millions, ana on which he |
receives no return at the present time. |
He feels sure North American bank |
ers, merchants and other investors will |
send millions of dollars to that coun-
try and expresses amaZement on the
meager knowledge which former in |
vestors have exhibited
s7,OO0,0OO B. & o. Loan Approved.
The Interstate Commerce Commits |
sion has approved an immediate loan
of S7,000,000 to the Baltir ore g. Ohio
Railroad by the Reconstruction Finance
corporation to meet its March 80 re-
qulrements for outstanding bills.
Action upon the Baltimore e. Ohio
loan is without prejudice for the con-
sideratlon Of additional loans covered
IN It's application for S55 100000 to
meet its financial requirements this
year
The Interstate Commerce Commits
Sion has approved a loan of S9l8.375
TO the receivers of the Florida East
Coast Railway by the Reconstruction
FINANCE Corporation for three years.
Heard in Financial District.
Wade H. Cooper, president Of the
Commercial National Bank and the
United States Savings Bank. has re-
turned from business trip to New York. |
w. W. Spaid, partner in the broker
age flrm Of W. B. Hibbs &, Co, has re-
turned from short business trip to the
Wall Street section of New York.
Sllas H. StraWn, president of the
United States Chamber of Commerce,
Will address the Bond Club of New York
at the Bankers Club in that city
April II.