Evening star., 1934-07-24

After obtaining
early business training in New York,
he became an executive OF the Mont
clair Savings Bank In 1914 he be-
came a member OF the firm of Lud-
wig a. Crane, a municipal bond house
in New York. and during the war
was with the New York Federal Re-
serve Bank, being manager Of the
member bank relations department.
His present Affiliations started in 1921.
Mr.. Crane has been active in the
Investment Bankers Association since
1925, being chairman Of the New York
group In 1880 He was a member Of
the national committee Of % which
drafted the fair practice provisions OF
the association code.
Fewer Loan Shares offered.
During the last half of 1888 in
vestors in building and loan shares
seeking associations to repurehase
their holdings decreased 20 per cent
from the figure recorded for the first
half OF the year. Philip Lieber Of
Shreveport, La, president Of the
United States Building g. Loan
League, states. In the fir1 six months
OF this year. he said, another decrease
Of "a per cent In their number was
registered in comparison with the last
six months OF 1898.
This is not only one of the more
hopeful signs that conditions are
changing for the better" commented
Mr.. Leber, "but IL indicates that the
continued ability Of building and loan
associations by and large to meet the
repurchase demands OF those actually
in need has borne fruit in maintain
ing the confidence Of those who can
afford to continue their investments
in these institutions"
The disbursal to home owners dur
ing 1884 shows an increase over the
volume for the first six months of
1888, he reported, a direct reflection
Of the improved condition among the
savers.
Board Rooms More Active.
During the past two days the at
tendance in the local New York Stock
Exchange board rooms has been much
larger than 1t was last week. The in
crease In volume, even though there
has been considerable selling. has
brought out market traders and other
observers in large numbers. Some are
said to be watching their stocks very
closely while other traders are look
ing for bargains.
While the majority OF trade news
over the tickers is favorable, the
action Of individual stocks has not
been bullish so far this week. Margin
calls have been numerous in some
Offices.
The new Stock Market Control
Board has received little attention.
The feeling prevails in brokerage cir
cles that the commission does not
need to take the bulls by the horns
and apply special control measures.
Right now 1t is claimed the bulls
should be patted and encouraged and
helped to keep the market up. At
least, that Is the board room gossip.
Financiers Taking Vacations.
Howard Moran, vice president Of
the American Security g. Trust Co..
who has been on a sixIReek trip to
San Francisco. will be back from his
vacation in a few days. He went
both ways via the Panama Canal
@. Bowie Chapman, manager of the
Washington Office of Laidlaw g. Co..
has returned from short vacation
passed at his Summer home at
Castine, Me. He will probably pay
another visit to the Maine coast in
August.
Charles Carroll Morgan. one of the
managers of the Washington office
of G. NJ. p. Murphy g. Co, left the
city this noon for a vacation in Can
ada. He hopes to hang up some new
fishing records on Georgian Bay.
c. Melvin Sharpe, assistant to the
president of the Potomac Power Co.,
has just returned to his desk after
his annual vacation.
Charles j. Brand. executive secre-
tary of the National Fertilizer Asso-
citation. sailed Saturday from New
York for a brief vacation and busi-
ness trip to Europe.
Treasury Issue Announced.
Public offering of Sl00, 900 900 in
per cent bonds of the Federal Farm
Mortgage Corporation is announced
by the Secretary of the Treasury.
Tenders on the bonds, which are
dated May Is, 1884. and mature May
is, le49, Will be received at the Fed
eral Reserve Banks or their branches
up TO pm tomorrow.
The new bonds form a part of a
series OF 3 per cent bonds, I944-49.
OF the Federal Farm Mortgage Cor
poration They are redeemable at
the option Of the corporation on and
after May IS, 1914 They are I'M
conditionally guaranteed as to in
terest and principal by the Govern
ment.
Commenting on the issue. Gov. Will
liam l. Myers of the Farm Credit
Administration. stated that the great
er part of the proceeds of the Offering
viii be used to repay advances by the
Reconstruction Finance Corporation
to the Federal Land Banks and to
return deposits of public monies made
In such banks by the Treasury.
New d. c. Exchange Member.
The board of governors of the
Washington Stock Exchange today
elected Donald H. McKnew to mem
bership, The new member is head OF
the investment firm Of D. H McKnew
& Co. and has been active in the
financial district for long time He
is the first member to be elected in
several months.
Trading was quiet on the Exchange
today. The first sale was in Potomac
Electric Power 5l2 per cent preferred
which again changed hands at llSIs
Washington Railway & Electric pre-
ferred sold in tiny lots at e97s and
three shares OF LanSton Monotype
stock brought 46
The regular quarterly dividends on
Potomac Electric Power 5ia per cent
and per cent preferred stocks will
be paid on September TO stock
holders of record August is. Both
dividends were declared a few days
ago.
Banks opened in 1884 passed the
1000 mark in the week ended july 20,
according 10 the American Banker
At the close of the week the total
reopenings and replacement institu-
tions chartered was iu20, pf which