Evening star., 1934-10-16

.EdplCdl lOdllS.
He told New England bankers the
other day that the campaign IS no
mere gesture, his Boston bank alone
having had 1,100 inquiries which re-
suited in applications totaSng $8,-
500 900, "a loans being granted un-
conditionally, and II with conditions,
for a total Of $500 900. New Eng
lands quota of money for this pur-
pose is $20,000,000, he said. As to
this loan service involving too much
work, he added:
There may be some trick formula
that will pull us out Of this depres-
sion without work, but am old
fashioned enough to believe there is
only one way out, and that Is to
work out. New England has been a
leader in the past in many financial
Undertakings. Why not do it now?"
The latest report from the Federal
Reserve Bank of Richmond for this
district stated that s481 900 had been
loaned directly to industry up to Octo-
Der 10. Richmond Reserve officials
put a great deal of time into preparing
blanks showing the complete require
ments for obtaining loans. There have
been many inquiries, and the desired
information has been spread widely
over the district, new loans being made
constantly.
Make A. b. A. Farley Plans.
I Members of the Executive Commit
tee of Washington bankers, who are
making elaborate ARRANGEMENTS for
the coming annual convention of the
clude these flnanciers:
/ Henry H. Mckee, chairman, Ma
tional Capital Bank; Sidney F. Talia-
ferro, vice chairman, Riggs National:
Francis G.. Addison, jr., Security Saw
ings & Commercial; C. F. Burton, City
Bank; Victor B. Deyber, Second Ma
tional; Joshua Evans, jr., Hamilton
National; Robert " Fleming, Riggs
National; A. S. Galley, Lincoln Ma
tional; E. c. Graham, Hamilton Ma
tional: G. r. Jacobsen, National Met
ropolitan; Howard Moran, American
Security & Trust Co.; C. H. Pope,
Munsey Trust Co., and w. w. Spaid.
w. B. Hibbs & Co.
Active Day ON Exchange.
Business was good on the Washing
ton Stock Exchange today. First sales
dncluded two $1,000 and one $500
transfer in Capital Traction IS at 81
unchanged from yesterday.
y Railway & Electric As came out al
;985a, $1,000 changing hands. There
was another $1,000 sale in Columhis
Country Club SIS which woCnd ur
the bond trading.
Capital Transit stock moved at 28s
Potomac Electric Power 6 per CEN
preferred sold at 110h and small lott
;of Washington Railway g. Electric
preferred changed ownership at 100h
Mergenthaler Linotype, which ha'
recently been so active, was quiet to-
day, IL shares appearing on the board
again priced at 22h. It closed witt
"a bid and 221z asked.
Heard in Financial District.
] The Securities and Exchange Com
missions new margin rules went into
effect without causing ripple ir
Washington's brokerage houses. Pres.
ent business volume leaves ample time
for figuring margins as fast as they
are requested, brokers said today
Insurance agents in the Capital be-
lieve they wrote more insurance ir
September than in the same month
last year. The national average wa.
on 4 per cent, the first monthly de.
crease reported this year. The figure.
for this city will be available shortly.
The Treasury announces that of the
total bids of $237, 7,719, 900 made on thu
offer of 182-day bills dated October II
$75,248,00o were accepted. The bill
mature April II, 1895.
Resumption Of activity in the textile
industry may mark termination Of th'
most recent business recession, Col
Leonard P. Ayres, vice president Of tn
Cleveland Trust Co., states In hi