Evening star., 1934-11-01
LOANS ARE RUSHED
IN HOUSING DRIVE
More Than 80 Millions a
Month Provided by In
stituti0,1S.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Within eight weeks Of the inaugu-
ration of the home moderniZing and
repair campaign, loans made by banks
and other lending institutions were
running at the rate of over $50 100000
month, says Banking, journal of
the American Bankers Association.
Perhaps the most significant fea-
ture Is that for every dollar put out
in the way of loans the building trades
report from So to SIS in cash con-
traccs as a result of the campaign"
the article says. "At the end of the
first week in october, 8059 banks and
other loan institutions had made con-
tracts with the Government under
the loan guaranty or loan insurance
provisions of the law to cover their
advances, while a considerable num-
ber of banks report loans made before
coming to an agreement with the
Government under the housing act.
About 400 banks week are now COM
ing into the system"
The Federal Housing Administra-
tion has divided the country into dis
trictS, each being covered by re-
gional or district director, and with
him is associated a liaiSon officer of
the American Bankers Association
and similar officer representing the
United States Building and Loan AS
sociation League. it says, continuing:
up to October 3 there were 1920
local organizations. On each one of
these community committees is at
least one outstanding banker or flnan-
cier who acts as treasurer in raising
money and carrying on the financial
work of the local organization. Bank
erS also, in many of the local orgaui-
cations, head the entire movement
and are largely responsible for the
success of the local campaign.
"On october 3, of the 8,059 institu-
tions which had been brought into
the housing campaign by formal
agreement with the Government,
6,714 we're commercial banks. These
banks have resources Of $34,250,000,-
600, or roughly 78 per cent of the
total resources of all commercial
banks in the United States. Other
banks are rapidly joining in the cam
pagin."
Crane Heads Investment Group.
Washington delegates to the In
veStment Bankers Association conven-
tion reached home from White Sulphur
Springs today. enthusiastic over the
meeting. The association pledged
,ull support to the administration in
recovery efforts, and voted to have a
committee to work with Government
agencies with the special object of
speeding up the re-opening of capital
markets.
Ralph T. Crane of Brown, Harri-
man & Co. was elected president for
the coming year. He is well known to
many bond men in this city. Presi-
dent Crane said that at present the
banks are more willing to lend money
than the corporations are to borrow
The association is very anxious to
help reverse this situation.
Section Al of the securities act is
considered too all-embracing "a
good many corporations have been
unwilling to comply with the provi-
sions Of that section" Mr.. Crane said,
'the burden placed on them being
excessive
The recent Liberty Loan bond con-
version clearly indicated that investors
prefer short-term Government to a
long-term one, the Bond Committee
reported. The Investment Bankers
Code was praised highly for what has
already been accomplished The Ma
tional Code Committee is soon to be
held in Washington for complaint
considerations. This is the only code
oo
chinery.
Among the members from here were
Y. E. Booker, vice president of the
Washington Stock Exchange, and
James M. Johnston, treasurer of the
exchange.
Home Life Changes Agents.
Vernon w. Holleman has been ap-
pointed general agent at Washington
for the Home Life Insurance Co. of
New York, effective today, succeeding
H. r. Bryarly, who resigned because
of his health after 20 years in that
post.
Mr.. Holleman is one of the younger
men in the business. He started in
life insurance with the Home Life in
,
after completing his studies at Mill
SapS College in Jackson. He became
one of the ranking personal producers
of the Home Life, a member of its
Presidents Club and in 1880 was ap-
pointed supervisor of agents in the
Whitten agency of the company at
jackson. He was active in social and
civic affairs, being a Shriner and a
past president of the Mississippi Asso-
citation Of Life Underwriters
In 1888 Mr.. Holleman was called
to the home office of the company to
become agency field assistant, travel
Ing among the agencies countrywide
In recruiting, training and production
work. He is now taking up general
agency work on his own behalf, the
agency here being one of the COM
pany's leading offices.
Seasonal Gains In District.
The Federal Reserve Bank of Rich
mond reported today for the fifth
district that trade last month was
ahead of last year and showed sea-
sonal gains in most lines. The textile
strike did not hurt business as much
in the Southern area as had been
feared
Farmers are better off now than in
any recent years. the report says,
and the outlook for the rest of the
year is considered good. RediscountS
declined between September Is and
october Is, but circulation of Fed
eral Reserve notes showed more than
a seasonal increase The Richmond
Bank increased loans to industry
Commercial failures were fewer and
liabilities lower last month than in
any other month since 1920. The
report adds:
Debts to individual accounts, re-
fecting transactions passing through
the banks of leading cities in the
fifth district, increased seasonally
during the four weeks ended October
10 in comparison with the preceding
four weeks ended September IL, and
also exceeded debts in four weeks
ended October IL. 1888, by nearly 20
per cent"