Evening star., 1934-09-13
b c. FIRM BUYS
ISSUE
Brown, Goodwin Z & Co.
/ Pays s1,022.07 Per Bond
~ for 1000 Offering.
By EDWARD C. STONE.


By EDWARD C. STONE.
The firm Of Brown. Goodwin g. Co.,
american Security Building. were sue
icessful bidders for $4,000 City Of
sAlexandria. Va, per cent bonds ma
kuring from 1884 to 1947, inclusive,
(which were offered for sale yesterday
by the Reconstruction Finance Cor
poration. The Capital firm paid ST.
sO22.07 per bond for the issue and re-
offered the bonds Immediately at prices
TO yield from " per cent on the first
nlaturlty and per cent on the last
three maturities. The firm announced
to-day that the entire issue had been
sold.
4 These Alexandria bonds are part
of an issue originally acquired by the
Public Works Administration, and
were issued for street and sewer pur-
poses. The high price paid for the
bonds is an interesting commentary
On the excellent financial condition Of
The City Of Alexandria which for years
has enjoyed conservative management
ipf its fiscal effects. This block was
of 20 different lots offered yesterday
by the Reconstruction Finance Corp.
! Brown, Goodwin g. Co. has been
active In municipal securities, and was
the high bidder some time ago on
1900, 900 City Of Lynchburg, Va, 4 per
cent bonds which were sold by the
Public Works Administration.
D. VIII Push Convention Plans.
H. H. Mckee, chairman, General
llConvention Committee In the District
slof Columbia for the American Bank
llers' Association, which will hold its
sIconvention in this city october %
Ito IS, has called meeting OF the
nExecutive Committee and chairmen
Ito be held tomorrow afternoon at 4
,lo'clock at headquarters Of the Dis
.trict Of Columbia Bankers Associa-
iItion. At this meeting consideration
twill be given to various matters re-
Hating to the coming convention.
Plans have been shaping up rapid
NV for the big A. B. A. gathering here.
Announcement that President Roose-
welt would address the annual session
twas greeted with Nationwide inter-
lest. His address alone assures the
lbankers of q successful program.
liOther high Government officials also
llare expected to give addresses.
Mr.. Mckee, the Washington chair
ssnan, Is president Of the National Capt.
Ital Bank and chairman of the WASH
dngton Clearing House Association. He
has been In very close touch with
IA. B. A, affairs for many years.
Bank Records Being Moved.
John r. Moran, receiver of the Park
Savings Bank. announced today that
dngs Bank and of the Continental
Trust Co. are being moved to the Office
of the Park Savings Bank. On and
after Saturday, September Is, the
liquidation of the North Capitol Saw
.ings Bank and the Continental Trust
/ Co. win be handled at the Office of the
! Park Savings Bank.
The annual dinner of the women's
Committee Of Washington Chapter,
American Institute Of Banking, takes
place this evening at the Carlton Ho-
I tel, ct $50. The speakers will be Wal
ton L. Sanderson, chapter president;
- GoAiS k0S>fC0Ays cAuCdtAOkAnA CAidAA
man. and r. p. r. Siddons, president
Of the District Bankers Association.
Miss Constance d. Fogle, chairman
Of the Women's Committee, has been
In charge Of the arrangement. Spe-
cial guests win be Mrs. Lucille Foster
MacMllin and Miss Malvina s. Lind
sey.
Realty Loan Rules Sent Out.
Regulations under which national
banks may make loans secured BY real
estate, in accordance with the amend
ment to the Federal Reserve act con-
tained In the national housing act,
approved June a, have Just been sent
TO the banks by j. F. T. OConnor,
controller Of the currency.
On farm land, the ruling outlines.
there must be no prior lien; it must
be improved; located in the same Fed
leral Reserve district as the lending
bank. and within the radius of 100
miles Of the place in which the bank
Is located, irrespective of district lines.
The amount of the loan must not
exceed so per cent of the actual value
sof the property upon which it is Sc
cured. The loan may be for a period
not exceeding five years. Similar
fcondttious are imposed with respect
30 real estate that is not farm land.
In his letter, the controller points
fout that the national housing act
C0ntains an amendment to section "a
Sof the Federal Reserve act which
makes certain exceptions to the above
Limitations.
\ Presidents Action Lauded.
] Washington bankers today expressed
deep satisfaction that President
5Roosevelt has dipped into the bank
%examiner situation and sent out a
9call TOR the use of more common
ksenSe by bank examiners. He has
staken particular note of the sugges-
4tions made by President Law of the
American Bankers Association and
brought to light a condition that had
caused a great deal of worry and an
4noyance.
4 The President has cited instances
4where the examiners showed poor
Judgment In their work. Bankers
here could add a great many more
such cases. In any quantity of instances
Eloans that were known to be good by
lbank officials have been rated as poor
10y examiners, cases where al interest
had been paid promptly and the past
record of the borrower was sound.
Bankers do not ask for or want lax
examinations, only a fair deal for
them and their patrons. They have
been between the devil and the deep
sea. Asked to be more liberal in
making loans, they have gone to the
limit, only to be called down later by
the bank examiners. Looks now as If
fkis Sit,,a fiox, ,,airrI,4 l.- .<>,.-...-a --.4L