Evening star., 1933-01-05
LAND BANK LACKS
/ EXTENSION MONEY
Funds for Renewal of Notes
| on Overdue Payments
Exhausted.
BY EDWARD c. STONE.

1IlbSItSlS "a MAJ ldllb ~ mia anu
West Virginia is an announcement
made today in Baltimore by Charles
6. Jackson, president Of the Federal
Land Bank of that city, stating that
the bank has practically exhausted the
Federal funds allotted to it for the
purpose of granting extensions on in
stallmentS on overdue first farm
mortgages.
The funds allotted to the Federal
Land Bank of Baltimore from the S25,-
600 900 earmarked by Congress to be
used by the u banks in granting eX-
tentions on installments amounted to
ST Asa PAS. said Mr.. Jackson. "Ap-
proximately this full amount has been
used in the granting Of extensions both
in the States covered by the bank,
Virginia, Pennsylvania, West Virginia,
Maryland and Delaware, and in Puerto
Rico.
"All of our extensions are granted
only after careful inquiry has been
made concerning the borrowers ability
to pay, provided there is a reasonable
advance in the prices Of agricultural
commodities. We also take into con-
sideration the past record of the bcr-
roWers in paying installments during
good times and. other existing indebt-
edness. We require, OF course that
the cooperation be not all one-sided.
1T is the policy of the Federal Land
Bank of Baltimore to consult with and
be guided by, to a very large extent,
the recommendations Of the national
farm loan associations through which
the loans were made by the bank.
This is only fair to the associations
for they guarantee the loans to the
Federal Land Bank
n ryII IN % which
have been granted, the bank is carrying
large number of borrowers who have
not signed formal applications for ex-
tensions. All told, 10,839 loans are be-
ing carried. the principal of which
amounts to S29284937. Loans in
process of foreclosure, as compared
with this number of delinquentS,
amounted to only AZ per cent" Mr..
jackson said.
Sees Insurance Gains in 1888.
Karl s. Hoffman, general agent of
the National Life Insurance Co. of Yer
mont, believes economic conditions are
going to be better in 1888 in WASH
ington. While entertaining members of
the local agency at the Hamilton
Hotel, he said that December business
in his agency had been the best for
several years. He looks for even better
results next year. Business in 1882
surpassed 1881.
Mr. Hoffman reported that Vernon
E. Brown, jr., was the largest Decem-
Der producer and Joseph F. P New
hall largest for the whole year. The
local agency men are now working hard
to qualify for the annual convention in
Chicago in September.
As guests of Mr.. and Mrs. Hoffman
at the nlnPhnOn w JnhT
hore, Phillips Blake, Robert Brown,
Vernon E. Brown, Edna M. Clyburn,
Clifford T. Day, Carl S. Engel, Arthur
w. Greer, William Harmon, j. Leo
Kolb, jr.; Eva v. Lunsford, William
H. P. Mckinley, Joseph F. P. Newhall,
Georgia K. Walker and Elnora v. zim-
norman.
Stonier to Address ID. C. Bankers.
The midyear meeting of the Educa-
tional Committee, Board of Consuls,
members OF the faculty, committee
chalrmen, officers and governors of
Washington Chapter, American Insti-
tute Of Banking will take place next
Wednesday evening, January H. at s
O'Clock, in the American Security g.
Trust Building
DR.. Harold Stonier; national educa-
tional director of the banking institute,
will be the principal speaker. AS usual.
reports will be submitted by the various
committee chairmen A buffet supper
will be served.
Leslie l.. Vivian, manager CT the in
vestment department of Fenner, Beane
& Ungerleider, which he established in
June, 1881, has been admitted as a
general partner in the firm. Mr.. Vivian
started his Wall Street career in 1909
with Kissel, Kinnicutt & Co., and was
later a member of the New York Stock
Exchange firms Of Floyd-Jones, Vivian
& Co. and Of Bauer, Pogue, Pond g.
Vivian. He was secretary of the Bond
Club, OF New York in 1921 and also
served as a governor Of the club.
Ayres Foresees Business Turn.
I'VE shall look back on the year 1888
as the great year of debate Col Leon
ard P. Ayres of the Cleveland Trust Co..
says. There will be serious debates
about imitation, on debt readjustments.
on the Federal budget and, in short, on
everything that has assumed impor-
tance as the depression wears on. But
probably at the end of the year we will
be doing business with the same dollar
and in the same old way and we prob
ably will find that 1888 will be the
turning point in business, Just as we
probably can say that 1892 has marked
the turning point in finance.
we will have to do one of two things
in 1888. We will either have to raise
the price structure to meet our debts
or We will have to make whatever read
justmentS necessary to enable us to
carry on business profitably at or near
present levels"
Todays Trading on Exchange.
Washington Gas Light 6s. series A.
opened trading on the Washington
Stock Exchange today with three ST 900
sales, all made at 100i4.
Washington Gas 6s. series B. were
also active, $1,000 selling at 103la.
$1,000 more at 103 L, and $500 at I0234
Capital Traction stock opened with
10 shares selling at IL and closed with
10 more moving at lll2. The market
closed with 1lli bid and 1914 asked
Capital Traction SIS also appeared on
the board today, two $1,000 sales being
recorded at 52ia the same price as the
last previous sale
Two shares of Potomac Electric
Power 532- Der cent preferred changed
hands at l07.
Graymur Approval Sought.
Tri-Continental Corporation is to ac-
QuHe tIIe assets OF Craynur Corpora
tion. a general management investment
company sponsored by G. Mp. Murphy
& Co. subject to the approval by the
stockholders Of Graymur at a special
meeting to be held January IA. If the
transaction is approved, stockholders of
Graymur will receive for each share of
Graymur stock held $40 principal
amount Of new per cent convertible
debentures Of Tri-Continental and one
share Of Tri-Continental common stock
New York dispatches state.
Upon completion Of the acquisition.
in accordance with agreements signed
Tuesday, the outstanding funded debt
OF Tri-Continental will consist of ST.
100000 of the new convertible deben-
lures and S5.l26, 900 Of Investors EQUITY
Co, Inc, per cent debentures. which
were assumed by TTi-Continental last
May.
Graymur Corporation was formed in
Iar l,al H.